Wanda Group has released more information about its 20 billion yuan ($2.9 billion) investment in a cultural tourism project, which includes theme parks.
The company has signed a comprehensive strategic cooperation agreement with Chaozhou Municipal Government to cooperate on projects in culture, tourism, sports, film, TV, exhibition, and performing arts.
In an announcement last week, Wanda confirmed that it will invest in the project in China’s Chaozhou, which will feature theme parks and hotels.
Wanda Group will invest in ‘Five Ones’ projects in Chaozhou to forge a new brand for the city in collaboration with the municipal government.
Wanda’s ‘Five Ones’ in Chaozhou
‘One Project’: Wanda will invest 20 billion yuan to build a large cultural tourism project, with cultural blocks, a kids’ park, e-sports and e-music parks, a navigation park, and resort hotel group.
‘One Activity’: Wanda will help Chaozhou Municipal Government to hold the ‘World Chaozhou People’s Festival’, a major annual festival for Chaozhou people around the world.
‘One Sports Event’: Wanda will hold a world-class high-level annual sports event in Chaozhou every year to increase the city’s global influence and visibility.
‘One Show’: Wanda will produce a world-class show, reflecting the Chaozhou culture.
‘One Film or TV Series’: Wanda will produce a film or TV show to boost Chaozhou’s reputation.
Wanda’s Chairman, Wang Jianlin, stated: “Whatever you want, Chaozhou has it all!”
Still in the cultural tourism game
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.
Images: Wanda Group