May 15, 2019 / 5:08 AM / a year ago

China's Wanda group says to invest additional 80 billion yuan in Shenyang

FILE PHOTO: A sign of Dalian Wanda Group in China glows during an event announcing strategic partnership between Wanda Group and FIFA in Beijing, China March 21, 2016. REUTERS/Damir Sagolj

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 Chinese yuan renminbi)

Reporting by Ryan Woo; Editing by Muralikumar Anantharaman

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