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Work on the 40 billion yuan (US$6.5 billion) Wuxi Wanda Cultural Tourism City project has commenced in eastern China's Jiangsu province.

Intended as a rival to Shanghai's Disneyland park, the development is being undertaken by the Dalian Wanda Group, one of China's largest real estate developers and also the world's largest cinemas after its purchase of AMC Entertainment Holdings for US$2.6 billion in 2013.

Commenting on the development Group Chairman Wang Jianlin told the Beijing-based Economic Observer "the Disney resort is an American-style outdoor amusement park. It is totally different from Wanda's model."

Stressing the "importance of highlighting Chinese elements," Wang stresses that the new attraction will differ from the Disney resort because its theme park will be divided into both indoor and outdoor areas.

Located on 202 hectares the development will include the world's highest and fastest roller coaster, an indoor children's amusement park, cinemas and shopping malls.

Wanda plans to inject 21 billion yuan (US$3.42 billion) into the project's cultural and tourism precincts, including setting up a performance stage, a large outdoor theme park and holiday hotels.

After focusing its investment in the rapidly developing property industry for decades, Wanda will now concentrate its investment to the cultural industries, aiming to get long-terms returns on investment through expanding this sector in China.

7th January 2014 - CHINA’S WANDA GROUP COMMITS TO BUILD UP TO 120 NEW IMAX SCREENS BY 2021

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