Wanda Group announced it would invest 50 billion yuan to build a Wanda Cultural Tourism City in Guangzhou, Guangdong province on October 23.

According to Liu Wei, Assistant to the President of Dalian Wanda Commercial Properties Co., Ltd. and General Manager of Guangzhou Wanda Cultural Tourism City Investment Co., Ltd., the new project is Wanda’s only cultural tourism city located in a first tier city and the total investment value will exceed 50 billion yuan.

The new cultural tourism city will not only be an international entertainment center but will also become a playground for world property investors, said Liu.

Upon completion, Guangzhou Wanda Cultural Tourism City will have the capacity to accommodate 55,000 tourists simultaneously and is estimated to receive 20 million tourists annually. The project will create 35,000 job opportunities and produce annual revenue of 5 billion yuan.