Dalian Wanda enters Paris market with US$3.3b project
Beijing-based Dalian Wanda Group Co has plans to invest more than €3 billion (US$3.3 billion) in EuropaCity, a retail and leisure project to be built on the outskirts of Paris by 2024. The firm will partner with Immochan, a subsidiary of France’s Auchan Holding.
EuropaCity is being built in Gonesse, a town northeast of Paris, between Le Bourget and Charles de Gaulle airports. Construction will begin in 2019. EuropaCity is expected to attract 31 million visits every year and generate 11,800 new jobs in the area. The 80-hectare EuropaCity will include hotels (about 2,700 rooms), restaurants, shopping centres and concert halls (3,000 to 5,000 seats) as well as parks, nightclubs and bars. It also will include a subway station, which will provide access to the site from Paris.
Dalian Wanda’s investment in EuropaCity is the biggest project investment in France made by a Chinese firm and the largest single investment in the continent. Dalian Wanda’s partnership, its f