CHINESE property developer, Dalian Wanda Group, said it will invest US$1.2 billion to set up an entertainment office in Los Angeles.

    After a three-month bid, Wanda has beaten 10 other bidders for a 32,000-square- meter slot in the Beverly Hills neighborhood.

    The slot, which is a 10-minute drive from Hollywood, will be the location of Wanda’s North American entertainment office.

    The company said the office will mainly be used as the base for managing investment in local film production companies and global theatrical releases. (SD-Agencies)