Wanda Group on Monday announced that it beat out 10 bidders to acquire a plot of land located at 9900 Wilshire Boulevard in Beverly Hills, California.

Wanda Group on Monday announced that it beat out 10 bidders to acquire a plot of land located at 9900 Wilshire Boulevard in Beverly Hills, California, and plans to invest US$1.2 billion to construct a mixed-use development.  Reports were not clear as to whether Wanda will develop a hotel at this site.

The project site is located only 10 minutes walking distance from Rodeo Drive and a five-minute drive from UCLA. It is also adjacent to the Los Angeles Country Club. Wanda stated the project is expected to aid in China's entry into Hollywood's film industry and generally promote Chinese culture abroad.

Shanghai-based Wanda Group said the company will set up a Los Angeles office, which will handle entertainment sector investments, while the company's New York office will be responsible for commercial sector investments.

“The Los Angeles office will be able to leverage on Hollywood's solid film industry resources to support the Group's Qingdao Oriental Movie Metropolis and Qingdao International Film Festival projects in China,” a statement added. “The office will also be the base for investment in local film production companies or global theatrical releases.”

In July, Wanda said it would invest US$900 million to build a new tower that would be the third-tallest building in Chicago. In June, it bought a 28-story building in Madrid from Spanish bank Banco Santander SA for US$361 million.