LANZHOU - Chinese commercial conglomerate Wanda Group plans to invest about 45 billion yuan ($6.7 billion) in Northwest China's Gansu province in the next three years, as the Belt and Road Initiative (BRI) boosts local consumption.
The new investment will mainly flow to cultural tourism and modern services in the form of a mega cultural tourism project, five Wanda Plazas and three five-star hotels, according to Wanda board chairman Wang Jianlin.
The Wanda Cultural Tourism City in the province's capital city Lanzhou, with an estimated investment of 400 billion yuan, is the company's first super project on the Silk Road Economic Belt.
The commercial property and services giant has invested about 18 billion yuan in Gansu since it inked a strategic cooperation agreement with the province in 2017, creating about 400,000 local jobs.
Wang attributed Wanda's heavy investment in Gansu to the province's unique and rich history and culture as well as its advantageous geographical position on the Silk Road Economic Belt.
"Investing in Gansu is a move to seize the BRI's historical opportunities, which will expand enterprise growth space," Wang said.