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Wanda starts RMB 4-bln project in Hubei

Aug. 10, 2009 (China Knowledge) - Dalian Wanda Group Corp Ltd, which is engaged in the development of real estate, hotels and chain department stores, on Aug. 6 started construction on a mixed-use property project in Xiangfan, Hubei Province, called Wanda Plaza, worth RMB 4 billion, sources reported.

The plaza, which will cover a land area of 133,300 square meters and will have a floor area of 600,000 sq m, will consist of shopping malls, five-star hotels, Grade A office buildings, cinemas and high-end apartments. The commercial properties of the project will be put into operation at end of 2010, and the apartments will be completed in 2011.

Reportedly, another of the real estate developer's projects, a RMB 4.2-billion Wanda Plaza project located in Wuhan, the capital of Hubei Province, will be completed in December 2010. On Jul. 30, the group obtained an RMB 2-billion loan from five banks to develop the project.

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