Wanda Group is investing a further 80 billion yuan in a cultural tourism project in Shenyang.
The company has revealed that, on top of the 25 billion yuan already invested in the city, an additional 80 billion yuan ($11.6 billion) will build a cultural tourism project, an international hospital, an international school, and five Wanda Plazas.
During the signing ceremony on May 15, Wanda Chairman Wang Jianlin said that Shenyang will take the lead in the revitalisation of China’s northeast.
The project will include a cultural tourism city, sports park and vacation hotels. The five Wanda Plazas will be located in areas including Shenbei and Dadong.
Construction will start in the third quarter of 2019.
Wanda previously 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 developer Sunac China.
Wanda’s plans in Gansu, Lanzhou and Chaozhou
Wanda recently confirmed that it will invest 20 billion yuan ($2.9 billion) in a cultural tourism project, which includes theme parks and hotels, in China’s Chaozhou.
Last month, Wanda Group revealed plans to invest an additional 45 billion yuan ($6.7 billion) in Gansu over the next three years.
According to Wanda chairman Wang Jianlin, the investment will mainly go on cultural tourism projects, five Wanda Plazas and three 5-star hotels in Gansu over the next three years.
In August 2017, Wanda announced plans for a massive cultural tourism project in Lanzhou, capital of the Gansu province.
‘Red tourism’ – Wanda theme park in Yan’an
Wanda also confirmed that it will build a 12 billion yuan ($1.74 billion) theme park in the Communist Party’s revolutionary birthplace, Yan’an.
Image: Wanda Group