Wanda to Invest RMB100 Billion in Hunan, construct Wanda City in Changsha
11.11.2016
On November 11, Wanda Group signed a strategic cooperation agreement with Changsha Municipal Government of Hunan Province. Under the agreement, Wanda Group will invest another RMB100 billion in Hunan with the construction of Wanda Cities and Wanda Plazas across the province.
The Group will invest RMB60 billion in Changsha with RMB50 billion allocated to the construction of a Wanda City. In addition, Wanda will also look into organizing international sporting events in Hunan. Together with the group’s earlier investments, Wanda is set to invest a total of over RMB120 billion in Hunan. The agreement signing ceremony was attended by Xu Dazhe, acting governor of Hunan Province, and Wang Jianlin, Chairman of Wanda Group.
Changsha Wanda City will be the second Wanda City to be built in central China following Nanchang Wanda City. It will be designed and constructed in accordance with the highest international standards and, once completed, it will drastically strengthen the tourism sector in Changsha, making it a world-class vacation destination and adding a new super IP to Changsha, which is called China’s Entertainment Capital.
Wanda Group plans to invest RMB50 billion to build 15 Wanda Plazas in cities across the province including Changsha, Yueyang, Hengyang, Changde, Zhuzhou, Chenzhou and Yongzhou; 5 of which in Changsha. This also marks the group’s first investments in Yueyang, Zhuzhou, Chenzhou and Yongzhou. With the new Wanda Plazas, the Group will have complete coverage of Hunan. The Wanda Plazas will significantly improve Hunan’s commercialac sector and promote consumers’ spending in the area. This, in turn, will ensure stable tax sources, create jobs in the service sector and promote the economic transformation of Hunan.