Wanda expanding tourism empire with US$30bn investment
by Tom Anstey | 25 Nov 2016
Wanda has several multi-billion dollar investments in the pipeline, such as Europa City in France
Wanda has announced two US$15bn (€14.2bn, £12bn) development projects in China, signalling chair Wang Jianlin’s continued efforts to make Wanda the world’s largest tourism entity by 2020.
The two major projects were both announced in the space of a week, with agreements signed between both China’s Shaanxi provincial government and Changsha municipal government to build theme parks, commercial centres and sports developments in Xi’an and Hunan Province.
In Hunan, a US$8.8bn (€8.3bn, £7bn) Wanda City will become the second in central China following Nanchang Wanda City. In addition to becoming a world-class tourism destination, Wanda will spend a further US$7.35bn (€6.95bn, £5.9bn) building 15 shopping malls in the region.
In Xi’an – the former Chinese capital home of China’s famous Terracotta Warriors – US$7.3bn (€6.9bn, £5.85bn) will be pumped into the development of a Wanda City, while a further US$7.7bn (€7.3bn, £6.2bn) will be invested across the province to develop commercial properties, and enhance culture, internet technology and finance. The investment will also include 19 shopping malls built across 10 cities.
With his Wanda City plan, Wang Jianlin is attempting to topple Disney as the world’s largest tourism enterprise by 2020. By that time, Wang wants his parks to have welcomed more than 200 million people and be earning annual tourism income in excess of US$14.9bn (€13.4bn, £11.4bn).
Wang sparked a public feud with Disney in May, telling the company that “one tiger is no match for a pack of wolves” ahead of the launch of Disneyland Shanghai in June.
Wang opened two Wanda Cities in Hefei and Nanchang this year, with plans to have 15 such projects across China by 2020. Wanda is also plans to open a further five complexes overseas.
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Wanda has announced two US$15bn (€14.2bn, £12bn) development projects in China, signalling chair Wang Jianlin’s continued efforts to make Wanda the world’s largest tourism entity by 2020. The two major projects were both announced in the space of a week, with agreements signed between both China’s Shaanxi provincial government and Changsha municipal government to build theme parks, commercial centres and sports developments in Xi’an and Hunan Province. In Hunan, a
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