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Chinese firm buys UK's largest luxury yacht maker


20:36, June 20, 2013

BEIJING, June 20 (Xinhuanet) -- Chinese property developer Wanda -- is making waves again. Wanda plans to buy UK’s largest luxury yacht maker Sunseeker for around half a billion US dollars. And that’s not all for the conglomerate’s overseas plans.

Skeptics about Wanda’s gung ho expansion have questioned the company’s cashflows in order to afford these multi billion dollar deals. There are also doubts about whether the softer growth in these developed markets can justify the high prices of the buyouts.

Cashed up and ambitious. China’s Wanda is not content with being the country’s largest commercial property developer; it’s using acquisitions to grow overseas. Wanda’s buyout trail is one of the most aggressive among Chinese companies.

Wanda’s deal to buy yacht maker Sunseeker -- is part of a 1.6 billion dollar investment in the UK that also includes plans for a luxury hotel and apartment complex. The company has also sights on developing property in New York. Just months ago,Wanda completed a 2.6 billion dollar takeover of American cinema chain AMC.

Wanda’s chairman explains the attraction of the Sunseeker deal.

Despite the takeover, the yacht maker will remain a British company. It will keep its production centers and workforce as well.

This is the second luxury yacht maker to be bought out by a Chinese firm, after Shandong Heavy acquired Italy’s Ferretti last year. For Chinese acquirers, this is a quicker way to brands and knowhow. For overseas targets, being bought out by a Chinese firm gives them easy access to the huge China market.

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