Wanda Group is investing 20 billion yuan ($2.94 billion) in a cultural tourism project, which will include theme parks.
In an announcement this week, Wanda confirmed that it will invest in the project in China’s Chaozhou, which will feature theme parks and hotels.
The company will also help Chaozhou to host cultural and entertainment events, and will produce a film or TV series in the city to boost the area’s reputation (via Caixin).
On May 9, #WandaGroup formed a strategic partnership with Chaozhou municipal government. The two sides will have a comprehensive cooperation in areas such as cultural tourism, sports, films, exhibitions, and arts and performance. pic.twitter.com/xz8OPfas5T
— DalianWanda (@DalianWanda) May 10, 2019
Wanda wrote on Twitter: “On May 9, #WandaGroup formed a strategic partnership with Chaozhou municipal government.
“The two sides will have a comprehensive cooperation in areas such as cultural tourism, sports, films, exhibitions, and arts and performance,” the company continued.
Wanda Group said the cooperation with the Chaozhou government will create a new model for collaboration between Chinese corporate investment and cities.
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 and Lanzhou
Last month, Wanda Group revealed plans to invest an additional 45 billion yuan (US$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
Recently, Wanda confirmed that it will build a 12 billion yuan (US$1.74 billion) theme park in the Communist Party’s revolutionary birthplace, Yan’an.