Wanda Agrees to Build $9.5 Billion Culture Project in China
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Billionaire Wang Jianlin’s Dalian Wanda Group Co. agreed to build a 63 billion yuan ($9.5 billion) culture-and-tourism project in northeastern China, in its latest effort to become an entertainment giant rivaling Walt Disney Co.
Wanda signed a framework agreement on Friday with the government in Jinan City, Shandong Province, in northern China, the group said in a statement. The project will include a cultural, sports and shopping complex, it said. The accord isn’t binding, according to a Wanda spokesman.