Wanda to build $15 billion project
Dalian Wanda Group Co announced its second multibillion dollar development project in a week, as Chairman Wang Jianlin stepped up his efforts to surpass US resort goliath Walt Disney Co by the end of the decade. The Beijing-based conglomerate signed an agreement with Shaanxi provincial government to pour 103 billion yuan ($15 billion) in investments to build theme parks and commercial centers there, including a Wanda City complex in the capital Xi’an, the company said in a statement on Wednesday. Last week, Wanda announced a similar project in Hunan province. Wanda plans to have 15Wanda City projects across China by 2020, betting on strength in numbers to become the biggest Chinese theme park operator.