China’s Dalian Wanda said that it will spend some RMB120 billion in South West China’s Hunan Province, through a combination of tourism, mall and sports investments.
The figures emerged as Wanda chairman Wang Jianlin signed an agreement with the Changsha municipal government.
Its Changsha Wanda City resort, to cost $8.8 billion (RMB60 billion,) will be the second Wanda City to be built in central China following Nanchang Wanda City. Wanda said that it would create a world-class vacation destination and enhance what it called “China’s Entertainment Capital.” A further 15 shopping malls will account for a further $7.35 billion (RMB50 billion) of investment.
Wang has said that the group plans to have 20 “city resorts” across China by 2020 and that these would pose a threat to the traditional theme parks being opened by Disney and Universal. Ithas opened two to date in Hefei and Nanchang.