Photo taken on Dec. 12, 2018 shows the night view of a Wanda Plaza in the city of Dongguan, south China's Guangdong Province. (Xinhua)
SHENYANG, May 15 (Xinhua) -- Chinese commercial giant Wanda Group announced Wednesday it will invest 80 billion yuan (about 11.65 billion U.S. dollars) in northeast China's Shenyang City in its latest move to tap the potential of the revitalization of the country's old manufacturing base.
The money will be spent on building world-class projects including a cultural tourism project, an international hospital, an international school and five Wanda Plazas, according to a comprehensive strategic cooperation agreement inked by Wanda and the local government.
Wanda has invested about 25 billion yuan in the capital city of Liaoning Province, and the new investment focuses on a package of projects and modern services in a bid to boost Shenyang's service sector in an all-around way.
Wanda Chairman Wang Jianlin attributed the additional hefty investment in Shenyang to the company's optimism about the city's future development as the local economy has bottomed out and is showing positive developmental trends.
Shenyang reported steady economic growth in the first quarter of this year, with GDP expanding 6.1 percent year on year. The service sector saw its value-added output increase by 5.6 percent year on year.