PARIS — Wang Jianlin’s Dalian Wanda Group is set to announce a multibillion-dollar investment in EuropaCity, a 3.1 billion Euros ($3.4 billion) retail and leisure project to be built on the outskirts of Paris by 2024.
Wang is expected to unveil the deal Friday, according to a source at EuropaCity. Sources close to Wanda who asked for anonymity because they are not authorized to speak on the subject, also confirmed the company’s role in EuropaCity.
The site will spread over 80 acres and will include hotels, restaurants, shopping centers and cultural sites as well as parks. It could even include a snow park. Construction will begin in 2019 for an expected delivery in 2024. It is being built in Gonesse, a town 16 kilometers northeast of Paris, between Le Bourget and Charles de Gaulle airports. A subway station is being built so that tourists will be able to access the site directly via metro from within Paris.
EuropaCity is expected to attract 31 million visits every year and generate 11,800 new jobs in the area, which has a high rate of unemployment.
Wanda’s investment in EuropaCity underscores the Chinese powerhouse’s aim of expanding its footprint internationally. Last month, Wanda Pictures agreed to pay up to $3.5 billion for Legendary Entertainment, the outfit behind such films as “The Dark Knight Rises” and “Pacific Rim.”