Wanda Group to Invest $26B in Developments across the Province of Sichuan
- May 07, 2015
Siuchuan, China—Dalian Wanda Group, one of China’s largest property developers and the world’s largest cinema chain operator has announced plans to invest 162 billion yuan (more than $26 billion) in developments across the Sichuan province.
According to a news release, the Beijing-based company signed a strategic cooperation agreement with the Sichuan Provincial People’s Government on April 24th 2015. Wanda plans to bring its total investment in the region to 225 billion yuan (more than $36 billion), with the development of 21 Wanda Plazas and other cultural and commercial projects.
CEO and founder of Dalian Wanda Group, Wang Jianlin—a Sichuan native—explained that the company’s main focus will be to develop Wanda Plazas in third and fourth-tier cities, aiming to boost local economies and generate tax revenues. The Wanda Plaza urban concept is a mixed-use development that combines a large commercial center with office and residential buildings, as well as five-star hotels.
Wanda Group is also planning to invest in the development a Wanda Cultural Tourism City, a high-end international medical center, a cloud computing base, as well as other commercial projects in Sichuan’s capital city of Chengdu. “We estimate that over 300,000 jobs will be created from the projects we have signed in Sichuan,” said Jianlin. “As a businessman from Sichuan, I’m proud of the development happening here.”
The Chinese company is also working on its first-ever project in the U.S., the Studio Gang-designed Wanda Vista Hotel & Residences proposed for Chicago’s Lakeshore East. If completed, the $900-million mixed-use development would become Chicago’s third tallest building.
Wanda CEO Wang Jianlin is currently the richest man in China, according to Forbes Magazine.
Image courtesy of Dalian Wanda Group