Wanda Group signed an investment framework agreement with the Chengdu municipal government on April 3. At the signing ceremony, Wanda Group Chairman Wang Jianlin announced the company will invest 53 billion yuan to build a cultural tourism city in the Dujiangyan area of Chengdu.

The Dujiangyan Wanda Cultural Tourism City will be Wanda's tenth large-scale cultural tourism project following those in Wuhan, Changbaishan, Xishuangbanna, Harbin, Nanchang, Hefei, Qingdao, Wuxi and Guangzhou.

The cultural tourism city will house an indoor Wanda Mall, an outdoor theme park and feature its own stage show, movie park, hotels, a bar street and more. The majority of the city's projects will be independently designed and built by Wanda and will fuse local culture with state-of-the-art technology.

The project is expected to open to public in 2019. It will create 30,000 job vacancies, attract 20 million visitors every year, and generate annual revenues of 5 billion yuan.

The project will place Dujiangyan firmly on the map as the primary destination for culture, tourism, business and healthcare in Sichuan province, according to Wang Jianlin.