Quote:
Originally Posted by wrab
Wanda's own website gives a figure of US$900-million. Link.
That seems like a more realistic figure. |
I may get pilloried by some for saying, so - but Wanda's own website is definitely wrong about the price tag of their investment in this single project (and of course by implication the price tag of the overall project). I do believe instead the WSJ article that stated they authorized an investment of up to US$226 mil. in the project. That very same Wanda Plazas press release also states that Chicago is the US' second largest city. I stopped reading after that, rather than ingest another handful of factual errors before breakfast. Who knows how they screwed up on that figure (exchange rate calculation flub, lost in translation, general sloppiness, the US$900 figure is an investment representing much more than just the LSE tower, etc - you find these errors about their own information much more often than you'd think - or maybe not - in emerging world company websites) but they assuredly did err here. Total project cost here I'm guessing is less than $600 million (not Wanda's equity investment, but total project cost) - who knows, at the end of the day, perhaps no more than $450-500 million. I also am guessing that height may come in at less than 1,000' from Upper Wacker (consistent with New Yorker article), and that actual construction will not begin this year. Chinese websites in general should not be thought of as reputable sources of information - the WSJ, New Yorker on the other hand are.......
Here's another guess - Magellan was caught completely off guard by Wanda's announcement. They probably have some misinformation they'd like to correct a little right about now!