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China's Wanda group says to invest additional 80 billion yuan in Shenyang

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05/15/2019 | 01:02am EDT
A sign of Dalian Wanda Group in China glows during an event announcing strategic partnership between Wanda Group and FIFA in Beijing

BEIJING (Reuters) - Chinese conglomerate Dalian Wanda Group said on Wednesday that it will invest an additional 80 billion yuan ($11.64 billion) in the city of Shenyang, as part of its effort to help revitalise China's northeastern rustbelt.

Wanda Group had previously invested 25 billion yuan in Shenyang, capital of Liaoning province.

The group posted its third year of revenue decline in 2018, amid a government crackdown on leverage and overseas acquisitions.

In recent months, Wanda, owned by tycoon Wang Jianlin, one of China's richest men, has embarked on a series of domestic investments as it pulled back overseas.

In December, the group signed a 12 billion yuan agreement to build a sprawling complex for patriotic tourists to visit a site where the Communist Party traces its roots in Shaanxi province.

In April, it said it will invest about 45 billion yuan in the impoverished province of Gansu over the next three years.

(Reporting by Ryan Woo; Editing by Muralikumar Anantharaman)

Stocks mentioned in the article
ChangeLast1st jan.
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.13% 7.0937 Delayed Quote.3.37%
US DOLLAR / CHINESE YUAN RENMINBI (USD/CNY) -0.03% 7.0908 Delayed Quote.3.05%
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