Chinese conglomerate Dalian Wanda which recently taunted Walt Disney Co, saying it would be no match for the Chinese firm, has unveiled its most ambitious tourism project yet.
It has signed an agreement for a $9.5 billion sports tourism and theme park complex which will be built in Jinan City.
The development will feature malls, sports facilities, hotels and a theme park.
The Jinan Wanda City project is expected to begin construction in 2017 and scheduled to open in 2021, Wanda said in the statement.
"With the age of high-speed rail and people’s incomes climbing, I think tourism in the future could become the number one industry," Wanda chairman Wang Jianlin told Reuters, who is China’s richest tycoon.
The company hopes the 5.3 million square metre complex will attract 20 million tourists a year, and create up to 20,000 jobs.
It will be the first park with a focus on sports and will include a 10,000 seat stadium.
The company has already invested heavily in professional sports including a stake in Spanish football club Atletico Madrid.
Wanda has already outlined plans for up to 20 theme parks across the country in the coming years.
