Chinese conglomerate Dalian Wanda Group has signed an agreement with Lanzhou Municipal Government to build a tourism unit for RMB30bn (around USD4.3bn), according to Wanda’s announcement on its official website on November 8. The tourism resort will occupy 214 acres and cover a series of facilities, including a mall, hotels, sports center and theme parks. The new site will commence construction in 2019 and open to the public in 2021. The project will help Lanzhou city, which is the capital of China's northwestern Gansu Province, to build a service industry and promote the development of the Belt and Road (BaR).
Wanda mainly engages in commercial property development and it has built 18 tourism resorts in the mainland. However, since 2017, Wanda sold 17 leisure properties to Sunac [1918:HK] and the remaining one to Dalian Yifang Group. At the end of this October, Wanda also sold a 75% stake in Chengdu Wanda Theme Cultural and Tourism Management, and a 99% holding in Wanda Culture Travel Innovation Group to Sunac. Despite the sales, Wang Jianlin, the chairman of Wanda, stated that the company will continue committing to the development in such an industry. According to sources, Wanda has signed agreements to construct other themed tourism units in Yan’an, Shaanxi Province, and Zunyi, Guizhou Province, respectively.