Dalian Wanda Group Co. will invest 100 billion yuan ($15 billion) to develop a theme park complex and 15 shopping malls in China’s central Hunan province.

The company’s chairman Wang Jianlin aims to exceed Walt Disney Co. in building the world’s largest tourism business by 2020, according to Bloomberg. The Chinese conglomerate has a goal of building 15 Wanda City projects in China by 2020 as well. It aims to be the biggest Chinese theme park operator in the country despite its tight competition with foreign investors like Disney. 

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The Beijing-based firm has a signed an agreement with the local government of Hunan’s capital Changsha, which states that Wanda will invest in a Changsha Wanda City resort. The other investment includes building 15 Wanda Plaza malls in cities such as Yueyang and Changde.

The Changsha Wanda City resort is estimated to cost 60 billion yuan ($8.8 billion), which marked as the second Wanda City to be built in central China after the Nanchang Wanda City. According to the chairman, these Wanda cities will develop a world-class vacation destination and improve its “China’s Entertainment Capital,” Variety reported. On the other hand, the 15 additional shopping malls will cost 50 billion yuan ($7.35 billion). 

“The entry of (more) Wanda Plazas will significantly raise the business standard in Hunan cities, stimulate consumption, increase stable tax income and create a lot of jobs in the service industry,” Wanda said in a statement.

Wanda is also building similar projects around the country with a goal of increasing more domestic tourism. In August, the company said that it plans to create at least 20 commercial complexes in China. The additional shopping malls and theme park will boost the property portfolio and receive higher valuation for Dalian Wanda Commercial Properties Co.

TagsWanda, Dalian Wanda, Disneyland, china, Walt Disney Co, Wanda City, Hunan Province, China theme park