Wanda Group to build US$1.74 billion “red tourism” theme park in China

Saturday, December 15, 2018

Wanda Group will build a US$1.74 billion theme park in the birthplace of revolutionary Communist Party, Yan’an.

This new theme park will include shopping malls, indoor parks, theaters and hotels built in the style of the 1930s.

The construction  of the theme park is set to begin in the first quarter of 2019 for completion by the first half of 2021 in time for the ruling party’s centenary celebration.

Last year, there are about 484 million tourists visited 436 historical sites around China that hold special significance in the Communist Party’s history. Last year, Wanda sold 91% of its “cultural tourism” business – including theme parks – to Sunac for RMB 29.57 billion ($4.4bn). Earlier this year, the group handed over the management to Sunac China Holdings Ltd.

Wanda has sold off over $11 billion in assets. It was due to government pressure to stem capital outflow and reduce debt.

As well as its 13 theme parks, Wanda Group has also sold its real estate projects in London and Australia, as well as minority stakes in AMC Entertainment Holdings Inc. Earlier this month, China’s ruling Communist Party published a list of the country’s top-100 private sector business leaders which excluded Dalian Wanda chairman Wang Jianlin.

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