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Wanda Sells Disney Rival Entertainment Park for £7.2bn

2017-07-11 18:25:20 Editorial

The billionaire private property developer, CEO of Wanda, Wang Jianlin said last year in an interview that Shanghai Disneyland will fail to make a profit in the coming 20 years as long as Wanda Group exists. Featured on a hit reality TV show, he fiercely defended the Wanda entertainment complex.

Wang Jianlin on reality TV show lamented about Shanghai Disneyland

The Wanda Group has its own Chinese-themed development park, with plans to open 15 in 2020. It’s ‘Wanda City’ are big complexes which offer not just rides, but shopping centres and aquariums. Yet a year after, China’s richest man has pulled out and has sold the massive entertainment complex to Developer Sunac for $9.3bn (£7.2bn).

Wanda Park

The sale, which is China's second biggest property deal ever according to Reuters data, also includes at least nine other theme parks and tourist attractions which are yet to be built, reports BBC.

The ambition is to establish a brand based on Chinese culture, one that moves away from western imports and followers simply blindly admiring the West. The entertainment complex had ‘porcelain teacup rides’ and ‘bamboo forests’, boasting the highest and longest rollercoaster in China.

The reasons stated are to reduce company debt, and to raise its chances of being re-listed as a non-property company in mainland China having delisted from the Hong Kong market last year.

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