EuropaCity, a complex that would be the face of cultural tourism in Europe, would be developed jointly by a Chinese real estate and entertainment conglomerate and its French partner.
Groupe Auchan and Dalian Wanda Group signed an agreement to develop EuropaCity in Paris, France, Global Times reported. Groupe Auchan, based in France, announced the partnership on Friday for the 3-billion euro venture to develop the leisure, tourism, culture and entertainment complex.
It would be the biggest project investment in France made by a Chinese firm and the largest single investment in the continent. Wanda Chairman Wang Jianlin said that the complex would be its most important venture outside China.
In view of EuropaCity, Wanda is consolidating through acquisitions and merger in the foreign and local markets, according to Chen Shaofeng, deputy dean of the Institute for Cultural Industries at Peking University. Wanda would still focus on tourism and the film and TV sector in China and on tourism, sports and movies abroad, Chen stated.
Chen said it is wise on Wanda’s part to spread its wings into the global market, achieved through its low cost and diverse resources.
The 80-hectare EuropaCity will be built in northeastern Paris near the Paris Charles de Gaulle Airport. It would create 20,000 jobs during the construction phase and 14,000 jobs when it becomes operational. The mixed-use development is expected to open in 2024, reported The Wall Street Journal.
Besides its investment in Europa City, Wanda is reportedly interested also in acquiring Amaury Sports Organisation, the firm that operates the Tour de France cycling competition. In other parts of Asia, Wanda would be the builder of the $10-billion Haryana industrial park in India.