Chinese business tycoon Wang Jianlin inaugurated a new "Wanda City" in Nanchang on Saturday, signaling corporate war with Disney. The theme park features rides, an aquarium and shopping centers. The city is said to have cost more than $3 billion. A statement released by the group claims that the park has "the highest and longest roller coaster and the highest drop tower in China."

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Wang Jianlin owns Wanda Group which is gearing to be a formidable competitor for Disney. Disney  is set to open a park in China later this year. Wanda group plans to have as many as 15 theme parks across China by 2020. In an interview with CCTV, group chief Jianlin said, "We want to ensure that Disney will not be able to make a profit in this (theme park) sector in China for between 10 and 20 years."

The Wanda Cultural Tourism City is spread across two square kilometers and has two theme parks in it. Apart from this, the city also homes various hotels and shops. Wanda is looking ahead to hold the top position in China's tourism industry, which is valued at over $600 billion. The group will be inaugurating another Wanda City in Hefei city in September this year.

The group announced that the entrance ticket to the city will cost 198 yuan on most days while it will priced at 248 yuan on weekends and holidays. The prices are significantly lower than the ones charged by Disneyland which stand at 370 yuan apiece on regular days and 499 yuan on peak days.

Wanda group has business interests in the entertainment sector as well. It bought US cinema group AMC Entertainment Holdings in 2012.

Tagswang jianlin, Disney Park, wanda group