A second $15 billion development project in a week has been announced by Beijing-based conglomerate Dalian Wanda Group Co. as Chairman Wang Jianlin ramps up his stated efforts to supplant Disney as the world’s biggest theme park and entertainment company.
It has agreed with China’s Shaanxi provincial government to invest 103 billion yuan ($15 billion) to build commercial centers and theme parks, including a Wanda City complex in the capital Xi’an. Wanda had only last week announced a similar project in China’s central Hunan province.
Wanda intends to have 15 “Wanda City” projects throughout China by 2020, planning on being the biggest Chinese theme parks operator. The $5.5 billion Shanghai Disneyland Resort, which opened in June, had over four million visitors in its first four months and Disney analysts forecast it to be close to breaking even in its first full year of operation.