Wanda Group to pour RMB 6 bln into Fuzhou project

Sep. 14, 2009 (China Knowledge) - Dalian Wanda Group, which is engaged in the development of commercial properties, hotels and chain stores and in cultural industries, plans to invest RMB 6 billion in a property project in Cangshan District, Fuzhou, Fujian Province, sources reported.

Vice President Chen Ping said that the firm will start construction on the project, another Wanda Plaza, prior to the end of this year. The project, which has a potential floor area of around 600,000 square meters, will consist of office space, stores, entertainment facilities and apartments.

On Financial Street, Fuzhou, the Group started construction on another mixed-use property project, which is also named Wanda Plaza and will be completed at the end of 2010. The RMB 3-billion project will have a floor area of 400,000 sq m, 160,000 sq m of which is for stores.

Reportedly, Dalian Wanda Group's first tourism project, located in Fusong District, Baekdu Mountain, Jilin Province, has started construction and is estimated to be completed by 2015. The group will spend RMB 8 billion and hold a 40% stake in the RMB 20-billion project, and China Oceanwide Holdings Group will invest RMB 7 billion for a 35% stake. The remaining 25% will be owned by other firms including Elion Resources Group Co and Dalian infinna Group Co Ltd.