After the purchase of a 20-percent stake in Spain's reigning football champions, Atletico Madrid, Chinese multi-billionaire Wang Jianlin is continuing a series of overseas acquisitions. Jianlin is an admirer of Atletico's Turkish midfielder, Arda Turan, and this is why he invested in the club, according to the Spanish daily El Mundo. Now, Jianlin's Dalian Wanda Group, China's biggest commercial real estate conglomerate, said yesterday it was investing $1 billion in a prime property development close to Sydney Harbor, its second large investment in Australia. The amount includes A$415 million ($327 million) paid to U.S. private equity firm Blackstone Group for the Gold Fields House office building, an undisclosed sum for an adjacent building, Fairfax House and the cost to construct a complex that will consist of a hotel, apartments and retail projects. The purchase adds to a string of deals as Wanda diversifies away from a weak domestic market and highlights growing Chinese investment in Australia's red-hot property market. Australia was the third top destination for Chinese property investment after the United States and Britain in the first 11 months of 2014, with around $2.1 billion in inbound investment, according to real estate consultancy firm Savills.China's Country Garden Holdings and the state-backed Greenland Group have also made large investments in Australia. Jianlin, China's fourth-richest man, backs Wanda. Last year, Dalian Wanda Commercial Properties Co. Ltd. raised $3.7 billion through a Hong Kong listing. Shares in the Dalian Wanda Commercial were up 3.5 percent in morning trade after the news. "We look forward to creating a new Sydney landmark," Wanda said in a separate statement from Blackstone, adding that the complex will include a 185-meter-tall building. The investment is the first in Sydney for Wanda. The group announced in August it would invest $900 million in a joint venture project on the Gold Coast and develop a luxury hotel and service apartments.The recent announcement is the latest in a series of international acquisitions for the Chinese firm. It has already agreed to invest nearly $2 billion in London and Madrid hotels and properties in the last two years, according to Reuters. The group also owns U.S. cinema chain AMC and luxury British yacht maker Sunseeker.60-year-old Jianglin is ranked as China's second-richest man behind Alibaba boss Jack Ma. He is worth $13.2 billion according to Forbes magazine. Jianlin is planning to open up amusement parks in China to rival the likes of Walt Disney and Universal Studios. He was also reportedly in talks over a stake in the Hollywood studio behind the Hunger Games franchise, Lions Gate Entertainment.