Wanda to Invest $16 Billion in Tourism and Mall Projects in Hunan

Patrick Frater

China’s Dalian Wanda said that it will spend some RMB120 billion in South West China’s Hunan Province, through a combination of tourism, mall and sports investments.

The figures emerged as Wanda chairman Wang Jianlin signed an agreement with the Changsha municipal government.

Its Changsha Wanda City resort, to cost $8.8 billion (RMB60 billion,) will be the second Wanda City to be built in central China following Nanchang Wanda City. Wanda said that it would create a world-class vacation destination and enhance what it called “China’s Entertainment Capital.” A further 15 shopping malls will account for a further $7.35 billion (RMB50 billion) of investment.

Wang has said that the group plans to have 20 “city resorts” across China by 2020 and that these would pose a threat to the traditional theme parks being opened by Disney and Universal. Ithas opened two to date in Hefei and Nanchang.

Related stories

Wanda's Massive Studio Plans Leave Hollywood Anxious

Wanda's Wang Jianlin Unveils $8 Billion Qingdao Studio, Vows to Not Compete With Hollywood

Wanda Nearing $1 Billion Deal for Dick Clark Productions

Get more from Variety and Variety411: Follow us on Twitter, Facebook, Newsletter