Billionaire Wang Jianlin is setting his sights back on China after government scrutiny of his group’s overseas deals resulted in an end to a global expansion spree.
Wang’s Dalian Wanda Group Co unveiled plans to spend $11.6 billion in the northeastern city of Shenyang, the biggest of the mainland investments it announced in the past six months. The money will be used to build a cultural tourism project, a hospital, an international school and five Wanda Plaza commercial complexes, the conglomerate said.
Wanda is returning its focus to building leisure and commercial facilities after selling off some of its largest overseas assets amid a government crackdown on debt-financed overseas acquisitions.
The investment in Shenyang comes on top of the 25 billion yuan it spent in the city on earlier projects, according to Wanda. Construction on the projects announced is set to begin in the third quarter, the company said.