Wanda to build $1.74bn “red tourism” theme park in China

Yanan Shaanxi meeting hall, an example of Red Tourism

Wanda Group will build a 12 billion yuan (US$1.74 billion) theme park in the Communist Party’s revolutionary birthplace, Yan’an.

The company hopes to be part of the so-call“red tourism”, the SCMP reports.

The theme park will include shopping malls, indoor parks, theatres and hotels built in the style of the 1930s. Construction is set to begin in the first quarter of 2019 for completion by the first half of 2021 in time for the ruling party’s centenary celebration.

Last year, 484 million tourists visited 436 historical sites around China that hold special significance in the Communist Party’s history.

Last year, Wanda sold 91% of its “cultural tourism” business – including theme parks – to Sunac for RMB 29.57 billion ($4.4bn). Earlier this year, the group handed over the management to Sunac China Holdings Ltd.

Wanda has sold off over $11 billion in assets, according to Bloomberg, amid government pressure to stem capital outflow and reduce debt. As well as its 13 theme parks, Wanda has also sold its real estate projects in London and Australia, as well as minority stakes in AMC Entertainment Holdings Inc.

Earlier this month, China’s ruling Communist Party published a list of the country’s top-100 private sector business leaders which excluded Dalian Wanda chairman Wang Jianlin.

Wanda Group is based in Beijing.  It was founded in 1988 and is the world’s largest private property developer.

Image courtesy Wuyouyuan via Wikicommons

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