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China's Wanda Cinema Line is to buy Australia's second largest chain of movie theatres Hoyts Group.

Wanda Cinema is a unit of the giant Dalian Wanda group which also owns North American cinema chain AMC Entertainment.

The value of the transaction has not been disclosed by Wanda, however, the price tag is likely to be in excess of 750 million U.S. dollars.

Wanda Cinema Line is China's largest private sector cinema operator with over 150 multiplexes in 80 cities. Hoyts operates some 450 cinema screens in Australia.

The move further underlines the Wanda group's moves into entertainment and leisure and also into Australia.