Photo: IC Photo
Real estate and entertainment conglomerate Wanda Group is not completely out of the theme park business, even though it decided to sell off the management arm of that division in 2018.
Wanda will invest 20 billion yuan ($2.94 billion) in a “cultural and tourism” project that involves real estate businesses including theme parks and hotels in southern China's Chaozhou city, according to an announcement Friday.
The company will also help Chaozhou host cultural and entertainment events, and has promised to produce a film or TV series in the city to boost the area's reputation.
Wanda said the cooperation with the Chaozhou government will create a new model for collaboration between Chinese corporate investment and cities.
The company did not provide an immediate response to Caixin’s question of whether the project is a public-private partnership (PPP). Previously, before sales of related businesses, Wanda operated cultural and tourism projects for its own commercial purposes and engaged in limited direct collaboration with local governments.