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

"His team wanted to know about the availability of land banks in these states for commercial and retail infrastructure construction. They also wanted to know about the specific investible projects available in states," said a government official.

During his visit to Beijing last month, Modi pitched for Chinese investment in India to help bridge a widening trade gap. His visit saw deals worth $22 billion being signed. Increased Chinese investment in India is seen as a possible way of addressing India's trade deficit with China, which widened to $48 billion in 2014-15.

"To correct this trade imbalance, it was necessary that Chinese industry invests and manufactures in India instead of exporting its products to India. India needs to look at infrastructure financing from China," DIPP secretary Amitabh Kant said at a FICCI event on Wednesday.

The Wanda group shared its intent to develop 10 urban complexes in the next 4-5 years in the country.

Though the group entered India through a deal with the Reliance Group in December 2012 to develop the Dhirubhai Ambani Knowledge Centre in Navi Mumbai, it is firming up plans to invest heavily here only now. Wang also met railway minister Suresh Prabhu, Haryana chief minister Manohar Lal Khattar and private developers. According to sources, Wang met officials of real estate developer DLF as well. The government allowed 100pct FDI in railway infrastructure last year.
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