Chinese property conglomerate Dalian Wanda group plans to expand its holdings in China, investing heavily in shopping malls and at least one tourism resort. The plan is part of a company effort to tap into a booming tourism industry.
Dalian Wanda chairman Wang Jianlin said during the weekend that his aim is to revolutionize the tourism industry in Yunnan Province, adding another layer to the company controlled by China’s richest man.
Yunnan has plenty of tourist destinations and is one of the most scenic provinces in China.
“We will revolutionise Yunnan’s tourism industry,” said Wang during a ceremony to mark the opening of Wanda’s RMB15 billion ($2.36 billion) resort in Xishuangbanna, near the border between China, Vietnam, Laos, Thailand and Myanmar. The resort sits on 5.3 square kilometres and incorporates three hotels – including a Mandarin Oriental and a Hilton.
The project is Wanda’s third in the tourism space, after a ski resort in Jilin Province that opened in 2014 and another resort in Hubei Province.