Wanda City Opening to Rival to Shanghai Disney (NYSE:DIS)
China’s Wanda Group on Saturday opened a RMB 40-B (US$6.1-B) theme park in the eastern city of Nanchang, capital of Jiangxi Province.
Wanda Cultural Tourism City (Wanda City), is the latest rival to Shanghai Disney (NYSE:DIS) opening to the public in June.
At the opening ceremony, Wanda’s Chairman Wang Jianlin said Wanda hopes to have influence and a voice in the culture, tourism and entertainment industries and Nanchang’s Wanda City is the 1st step towards that goal.
The huge Wanda City attraction includes a theme park, a shopping mall, restaurants and hotels.
Wang told the China Central Television that Shanghai Disney relied too much on out-of-date IP (intellectual property) such as Mickey Mouse and Donald Duck, lacked anything new and costs too much.
Wang said Wanda would make it impossible for Disney China venture to make profit in the next 10 to 20 years.
Wanda, a leading commercial real estate developer in China, has turned its investment toward the entertainment and tourism sectors. It has built 3 holiday resorts in Wuhan, at Changbai Mountain and in Xishuangbanna.
Another 8 Wanda City projects are under construction and by Y 2020, 15 will have been built in China and another 3 overseas.
Wang said Wanda City Hefei will open in September, Harbin in Y 2017 and Qingdao, Guangzhou and Wuxi in Y’s 2018 and 2019.
“After Guangzhou and Wuxi open, I believe that people will then know which of the domestic and overseas brands is best,” said Wang.
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Have a terrific weekend.