Art And Culture

China Group Will Invest $3.3b in EuropaCity

China Group Will Invest $3.3b in EuropaCityChina Group Will Invest $3.3b in EuropaCity

China’s Dalian Wanda Group (DWG) has confirmed that it will invest $3.3 billion by 2024 in EuropaCity, a mega-project near Paris’ Charles de Gaulle airport that will boast a theme park, attractions, cultural exhibitions, retail shops, outdoor sports venues and restaurants over about 200 acres.

It is Wanda’s biggest-ever single project in Europe, which the company said will create about 14,000 jobs, reported.

“We have wanted to develop ourselves in France for a while, and particularly in Paris, as I had told the French president during his visit to China last November,” DWG president Wang Jianlin said.

“EuropaCity allows us to finally reach that objective and we are pleased to collaborate with a famous French stakeholder to develop this ambitious and innovative project. For us, it is the most important project outside of China,” he added.

Wanda earlier this year said it was looking at five major acquisitions in 2016 with three of them outside China. The company in January set a $3.5 billion deal to acquire Legendary Entertainment which would fold into its Wanda Pictures once the deal closes formally.

The real estate play would see money going toward a big amusement park inside the urban development project. Wanda has designs on diversifying its real estate holdings beyond China’s borders, especially with a volatile stock market. Its other offshore real estate interests include a major development on the banks of London’s River Thames and plans for an industrial park in India with a $10 billion investment.