China's Wanda to build $900m complex in Chicago

A Chinese real estate firm plans to invest $900 million in an 89-story hotel-and-apartment tower that would be built on the Chicago River east of Michigan Avenue.
Beijing-based Wanda Group said construction of the Wacker Drive skyscraper would begin this year, with the building expected to open in 2018, according to a statement on the firm's website.
The tower would be the third tallest in Chicago, reaching about 1,150 feet into the sky, and include a five-star hotel with 240 rooms.
"The Chicago project is just the first step of Wanda's property investment in the United States," Wanda Group Chairman Wang Jianlin said in the statement, adding that the company would invest in five-star hotels in major U.S. cities including New York, Los Angeles and San Francisco within a year.