© Reuters. FILE PHOTO: A sign of Dalian Wanda Group in China glows during an event announcing strategic partnership between Wanda Group and FIFA in Beijing

BEIJING (Reuters) – Chinese conglomerate Dalian Wanda Group said on Wednesday that it will invest an additional 80 billion yuan ($11.64 billion) in the city of Shenyang, as part of its effort to help revitalize China’s northeastern rustbelt.

Wanda Group had previously invested 25 billion yuan in Shenyang, capital of Liaoning province.

The group posted its third year of revenue decline in 2018, amid a government crackdown on leverage and overseas acquisitions.

In recent months, Wanda, owned by tycoon Wang Jianlin, one of China’s richest men, has embarked on a series of domestic investments as it pulled back overseas.

In December, the group signed a 12 billion yuan agreement to build a sprawling complex for patriotic tourists to visit a site where the Communist Party traces its roots in Shaanxi province.

In April, it said it will invest about 45 billion yuan in the impoverished province of Gansu over the next three years.

($1 = 6.8729 renminbi)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link

2019-05-14