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LONDON (Reuters) - Chinese conglomerate Dalian Wanda Group said it would spend $1.6 billion (1 billion pounds) to buy British yacht maker Sunseeker and develop an upmarket London hotel, the latest example of a trend for Chinese companies to acquire top luxury global brands. The company said on Wednesday it had agreed to buy a 91.8 percent stake in privately-held Sunseeker for 320 million pounds and would invest 700 million pounds to build a 160-room luxury hotel and apartment complex overlooking London's River Thames. ...
LONDON (Reuters) - The Financial Conduct Authority (FCA) has fined a property agent nearly a million pounds for defrauding vulnerable people, the largest-ever fine for a sole trader in the consumer sector. The FCA also banned Gurpreet Singh Chadda from working in the financial services industry for the way he conducted sale and rent back agreements that netted him 695,277 pounds from seven transactions. The agreements refer to where a homeowner, often in financial difficulties, sells and then rents the property back from the agent so they can still live there. ...