Chinese business conglomerate Wanda Group and the government of Shenyang, in Northeast China’s Liaoning province, reached an agreement on May 15 for the company to invest a further 80 billion yuan ($11.64 billion) in the city, on top of the previous 25 billion yuan in funding.

According to the agreement, Wanda will build a world-class large-scale cultural tourism project, a world-class international hospital and an international school, as well as five Wanda Plazas in the city.

Zhang Lei, Shenyang municipal Party secretary, Jiang Youwei, mayor of Shenyang, and Wang Jianlin, chairman of Wanda Group, attended the signing ceremony.

The large-scale cultural tourism project is expected to cover an area of 267 hectares and contain a cultural tourism city, a sports park and resort hotels.

The international hospital will cover 400,000 square meters and the international school will offer primary school to senior high school education.

In addition, the five Wanda Plazas will be built in areas including Shenbei new district and Dadong district, where there is currently a lack of large-scale modern commercial facilities.

Focusing on the modern services sector, the investment is one of Shenyang's largest in recent years.

Representatives from the Shenyang government and Wanda Group sign an agreement for the company to invest a further 80 billion yuan, on May 15. 

[Xinhua]