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Dalian Wanda Group announced its second USD 15 billion development project in a week in an effort to surpass Walt Disney Co. as the world’s largest tourism company by the end of the decade. The property conglomerate signed an agreement with China’s Shaanxi provincial government to pour RMB 103 billion (USD 15 billion) in investments to build theme parks and commercial centers there, including a Wanda City complex in the capital Xi’an. Last week, Wanda announced a similar project in China’s central Hunan province. Wanda plans to have 15 Wanda City projects across China by 2020, betting on strength in numbers to become the biggest Chinese theme parks operator amid rising competition from overseas. The USD 5.5 billion Shanghai Disneyland, which opened in June, attracted four million visitors in its first four months and the company expects it to be close to breaking even in its first full year of operations. |
