China’s Dalian Wanda opens $5.1-billion tourism park

Shanghai, Sept 24: Dalian Wanda Group, the Chinese entertainment giant owned by the country’s richest man, opened the first phase of a sprawling $5.1-billion tourism park in the city of Hefei on Saturday. Wanda is building similar projects around the country, betting that China’s rising incomes will drive more domestic tourism. In a recent interview with Reuters, chairman Wang Jianlin said that Wanda would look to build at least 20 such complexes in China.

The 160-hectare first phase of Hefei Wanda City includes a theme park, hotels and a shopping mall. The second phase will be an “indoor recreation project”, according to a statement from the company. Wanda intends to extend the park into a third phase, which is still in the planning stages, it said.

Wang has been open about his rivalry with Walt Disney Co, which opened a $5.5-billion resort in Shanghai in June. “At Wanda, I always say we want to ensure Disney is not profitable for 10-20 years in this business segment in China,” he told state-run China Central Television (CCTV) in a May interview.

China’s slowing economy has taken a toll on some areas of consumer spending. Outbound tourism numbers—which rose 16% in 2015— are set to flatline this year, according to China National Tourism Administration (CNTA) data.