Billionaire Wang Bets $15 Billion on Hunan’s Wanda City, Malls
- Wanda chairman targets 15 Wanda City projects throughout China
- Malls planned as commercial property unit seeks China listing
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Dalian Wanda Group Co. is investing 100 billion yuan ($14.7 billion) to build a theme park complex and series of commercial centers in China’s central Hunan province, as its chairman Wang Jianlin targets to surpass Walt Disney Co. to build the world’s largest tourism company by 2020.
The Beijing-based conglomerate has signed an agreement with the local government to plow 50 billion yuan in a Wanda City project in Changsha, the provincial capital, with the remainder of the investment to build 15 Wanda Plaza malls in cities such as Yueyang and Changde, according to a statement posted on its website Friday.