Wanda Rolls Out China Challenger to Tour de France

(Beijing) — Real estate giant and entertainment aspirant Dalian Wanda Group has announced it will stage a major new cycling tour in scenic Guangxi province, in its second major domestic initiative this year to build up a global sports business.

Wanda and its billionaire chairman Wang Jianlin made their original fortunes in China's booming real estate market, but are attempting to diversify into entertainment with billions of dollars in purchases and new developments over the past two years. That drive includes major acquisitions in movie production and cinemas, as well as theme parks and sports.