(Yicai Global) Aug. 21 -- Dalian Wanda Group Co. will build a large cultural tourism project in Lanzhou in China's northwestern Gansu province and 10 new projects in other cities in Gansu, Wanda chairman Wang Jianlin said in a meeting with the local government.
Wang Jianlin met with Lin Duo, secretary of the provincial party committee and his deputy Tang Renjian in Lanzhou Aug. 18, Gansu Daily reported.
Wanda has invested in the construction of Wanda Plaza, a commercial complex in Lanzhou. Wanda Plaza projects in other provincial cities such as Jiuquan, Wuwei, and Xigu are also under planning and construction. These projects will facilitate consumption by and ease the lives of locals, while directly promoting employment, said Lin.
Although Gansu's economy is underdeveloped, the province has a long history, with rich cultural and tourism resources. Ren expressed the hope that Wanda Group will conduct an in-depth study in the province, and actively participate in developing its cultural tourism and alleviating poverty. Wanda will increase its investment in Gansu and actively participate in poverty relief within the province, Wang said.
Wanda Group sold 91 percent of its stake in its 13 cultural tourism projects for USD6.573 billion (CNY43.844 billion) to Tianjin-based Sunac China Holdings Ltd. [HK:1918]. Wanda Group will continue to invest in cultural tourism projects, but will build and operate them with "light assets," market analysts said.