China’s Wanda Commits $15 Billion to Development in Xi’an

Dalian Wanda, the Chinese group that is making inroads into Hollywood, has signed a deal to build a $15 billion Wanda City in Xi’an, home of China’s famous Terracotta Warriors.

Wanda City is the company’s brand of operations that integrates culture, sports, tourism, hospitality, and commercial properties. It is the second such project greenlighted in the past days, having signed one in Hunan Province last week.

Xi’an, a former capital of China and the start of the ancient Silk Road, is already a major tourist destination. It boasts world heritage-protected temples, pagodas and relics. Wanda says that it will cooperate with the Shaanxi provincial government in commercial properties, culture, Internet technology and finance.

It will invest $7.3 billion (RMB50 million) in the Wanda City and a further $7.7 billion (RMB53 billion) across the province, including the building of a further 19 Wanda Plaza shopping malls in 10 cities.
Wanda promises to bring the Ironman competition and other sporting events to Xi’an. It acquired the World Triathlon Corporation, which operates the Ironman endurance competitions, in a $650 million deal last year.

Wanda sees its cultural tourism centers as rivals to the theme parks being developed in China by Western entertainment conglomerates including Disney, Six Flags and Comcast-Universal-DreamWorks Animation.

More Biz

  • Bert Salke and Jennifer Salke

    Feds Looked Into Amazon Studios Chief Jennifer Salke in College Admissions Scandal

    Federal investigators looked into Amazon Studios chief Jennifer Salke and her husband, Fox 21 Television Studios president Bert Salke, as they conducted a sprawling probe of cheating in elite college admissions, a source close to the case told Variety. It does not appear, however, that prosecutors will charge the Salkes in the case. The Salkes [...]

  • Variety Cord Cutting Placeholder Cable

    Big Blackout Looms as CBS, AT&T Go Down to Wire on Renewal Talks

    A blackout affecting CBS stations in major markets throughout the country looms as CBS and AT&T executives go down to the wire on negotiations for a retransmission consent deal covering 28 O&O stations. The sides have sparred publicly during the past few days as 11 p.m. PT Friday expiration of the previous contract approached. AT&T [...]

  • Contract Placeholder Business WGA ATA Agent

    ICM Responds to WGA Packaging Lawsuit: Claims are 'Baseless' and 'Absurd'

    ICM Partners has asked a judge to dismiss the lawsuit filed against four major talent agencies by the Writers Guild of America as part of the larger war between agencies and the guild over packaging fees on TV series and movies. The guild sued ICM, CAA, WME and UTA in California state court in April, [...]

  • New York City NYC Placeholder

    CityFM Podcast Takes a Deep Look at New York’s Music Scene (Listen)

    First among the many projects listed at the beginning of New York Music Month in June was a WNYE radio show and podcast called CityFM that promised to “explore the city’s music culture, emerging artists and trends, and upcoming events told through the lens of what’s happening around the city in Summer 2019.” And while [...]

  • Live Nation Logo. (PRNewsFoto/Live Nation)

    Live Nation Confirms Placing Tickets Directly on Secondary Market at Artists’ Request

    Representatives for Live Nation, the world’s largest live-entertainment company and owner of Ticketmaster, confirmed that it bypassed conventional channels and directly placed thousands of concert tickets on the secondary market upon artists’ request, in an article published in Billboard. In a statement shared with Variety, the company acknowledged that it has facilitated the transfer of [...]

  • Costume designer Michele Clapton

    Costume Designers Fashion a Plan to Fight for Pay Parity in Upcoming Contract Talks

    The Costume Designers Guild Local 892 is gearing up to fight for pay equity in its 2021 contract negotiations with the Alliance of Motion Picture and Television Producers, establishing a pay-equity committee to raise awareness of the scale disparity between the mostly female CDG membership and the mostly male membership of the Art Directors Guild Local [...]

More From Our Brands

Access exclusive content