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Wanda Group sets eyes on Guizhou's tourism market

By Ou Xinfa and Li Yang ( chinadaily.com.cn )

Updated: 2015-03-11

The Chinese real estate giant Wanda Group signed a landmark cooperative agreement with Guizhou in Beijing on March 10.

The deal will see an investment of $9.58 billion over five years.

In line with the agreement, over 10 'Wanda plazas' will be built in Guizhou, along with an unspecified tourism project.

After the completion of the projects, as many as 100,000 jobs are expected to be created for local residents.

As one of the poorest provinces in china, poverty alleviation has become a top priority for government officials.

"Poverty relief is our main intention instead of investment but we find Guizhou an excellent place for investment due to its abundant tourism resources and colorful cultural customs," said Wang Jianglin, the chairman of Wanda Group.

Guiyang, the capital city of Guizhou, is the preferential choice for Wanda to invest on tourism.

In 2014, a poverty-relief agreement between the Guizhou government and Wanda Group attracted wide attention. The $159 million five-year agreement was signed to help lift locals out of poverty.

Industry, education and employment were the three fields that Wanda attached importance to for the benefit of local farmers in poverty.

"Poverty-relief is a grand work and industrial investment plays a crucial role in both regional development and the income increase of local people," said Wang.

Until now, Guizhou was one of two provinces that had yet to receive investment from Wanda Group according to Wang, who added that the investment was not only a way alleviating poverty but also boosting the development of Wanda itself.

A poverty relief project in Danzhai county will be carried out as part of the plan.

Wanda will help 10,000 people in Danzhai to find jobs and 10 percent of them will be hired by Wanda.

"Guizhou has changed on daily basis in recent years and its economic growth has outperformed other provinces in China. The improved transportation makes Guizhou a superior province for investment," said Wang.

Wanda will invest in 11 projects in Guizhou. The sites of the tourism and culture projects concerned in the investment plan have yet to be decided but the county's capital, Guiyang, is a preferred choice.

With the support of Guizhou's government, propositions for potential sites will soon be put forward.

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