Chinese Realty Major Looks To Invest U.S. $5 Billion In India

NEW DELHI: In what could be the first significant investment by a Chinese company, the country's top real estate player, Dalian Wanda Group, plans to invest $10 billion in India in the next 10 years to construct industrial townships and retail properties.

Wang Jianlin, the billionaire chairman of the Beijing-headquartered group, expressed his intent to explore business opportunities in India at a meeting with Prime Minister Narendra Modi in New Delhi.

The Dalian Wanda Group, which had an annual income of $38.8 billion in 2014, has a presence in commercial property, tourism, ecommerce and department stores. It is looking at building five industrial parks in India, besides shopping malls and theme parks. Wang is ranked by Forbes as the world's ninth-richest person with a net worth of $40.4 billion.

The government has relaxed foreign direct investment norms in the construction sector, easing a three-year lock-in period and other stringent conditions related to built-up area and minimum capitalisation to attract funding in the cash-starved sector.

In meetings with officials from the Department of Industrial Policy & Promotion, the Ministry of External Affairs and state governments, Wang was keen to know about incentives offered by states and the land acquisition process. He sought information on policies for commercial development and retail construction in Delhi, Haryana, Andhra Pradesh, Gujarat and Maharashtra.
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