China's richest man, Wang Jianlin, has signed an agreement to invest RMB 63 billion (US$9.45 billion) to build a tourism and sports complex in Jinan, Shandong Province, according to an official statement posted last Friday.

The project will consist of malls, sports facilities, hotels and a theme park. It aims to rival Walt Disney Co, which opened a US$5.5 billion resort in Shanghai in June. The project is scheduled to start in 2017 and open in 2021, as revealed by the company.

It is understood that the complex will include a 10,000-seat stadium for hockey and basketball. It is the first time for Wang’s Dalian Wanda to launch a project that focuses on sports. Industry insiders believe that this will become an integration of sports and entertainment.

Earlier, Wanda broke ground on a $2.44 billion tourist "city" in Southwest China and opened another park in Southeastern Nanchang in May.

Source: China Daily

Proofread by Sean O Diobhilin