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Dalian Wanda starts RMB 15-bln property in Dongguan

Apr. 17, 2012 (China Knowledge) - Dalian Wanda Group Co Ltd, one of the few non-listed property giants in China, last weekend kicked off construction on a mixed-use property project, named Wanda Plaza, in Dongguan, Guangdong Province, with an investment of RMB 15 billion.

The new complex, the company's second Wanda Plaza in the Pearl Delta River, is designed to have a floor area of around 374,000 square meters, including a hotel, restaurants, stores and high-end apartments.

Qi Jie, vice president of Wanda Commercial Properties Co Ltd, said Dalian Wanda Group intends to invest more in South China, especially in the Pearl Delta River.

Dalian Wanda Group, which had 49 Wanda Plazas under operation as of Dec. 31, 2011, aims to open about 20 Wanda Plazas this year, mainly in Chinese second and third-tier cities, such as Wenzhou of Zhejiang Province and Zhangzhou of Fujian Province.

In addition, the real estate developer expects to add 3.8 million square meters in land reserves of potential floor area in 2012, bringing its total reserves to nearly 17 million sq m by year end, sources reported.

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