Disneyland beware: Chinese property developer Wanda invests US$577m in record deal to 'reshape' tourism industry
China’s Dalian Wanda Group, the country’s largest real estate developer, has made a 3.58 billion yuan (US$576.8 million) investment in online travel service platform Ly.com. Wanda is now either operating or about to launch a dozen large-scale cultural and tourism projects in China, including water-themed amusement parks and indoor skiing venues. It said it will invest in eight more projects by 2020, by which point it aims to be the "most visited tourist attraction". Chinese tourists undertook more than 3.6 billion individual and group tours in China last year, according to official data.
Wanda Movie Park, an indoor theme park the group opened in China's Hubei province last year. The group aims to further cash in on China's travel boom and ultimately attract more visitors than Disney to its various amusements. Photo: Simon Song