The Dalian Wanda Group is one of China’s foreign investment powerhouses. The multinational conglomerate’s latest project, the Vista Tower, will become one of Chicago’s tallest buildings once completed.
The 94-story mixed-use skyscraper is already under construction on East Wacker Drive across from Trump Tower on the Chicago River.
While many point to the tower as an example of Chicago’s latest building boom, writer Ted Fishman says it’s also a story about how China invests. Most of the money for Vista Tower is being supplied by Chinese real estate investors, according to Fishman. China’s economy has been slowing lately, but companies like Wanda have continued to invest, like their 2012 acquisition of AMC Theaters. Ahead of the 19th National Congress of the Communist Party of China later this month, Chinese officials are investigating whether or not corruption has led Chinese conglomerates to siphon their money into risky overseas investments.
Fishman, who wrote about the Wanda Vista Tower for Chicago magazine, joins Worldview to discuss.