Asia's richest man Wang Jianlin's Dalian Wanda Group has announced plans of investing in the construction of a $10 billion (Rs 67, 780 crore) industrial park in the northern part of India. This is expected to be the largest development project in the country.

On Friday, a preliminary contract was signed between Wanda Group and the Haryana government. The construction of the said project will begin this year. According to insiders from the Indian government, the project will cover more than 13 sq km featuring an entertainment park and an industrial park. Dubbed as the "Wanda Industrial New City," the first phase of the site will house establishments from the software, healthcare, machinery and automobile sector.

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Aside from that, a residential location and a "Wanda Cultural Tourism City" are also part of the masterpiece, Wanda said in a statement. The Chinese company will initiate the construction of infrastructures, and then eventually, real estate developers will attract other establishments to invest in the project, according to China Daily.

According to Sanjay Dutt, Cushman & Wakefield's executive MD for South Asia, Wanda's investment will be the largest foreign investment in India. Initial talks about the project began last year between Prime Minister Narendra Modi, Chief Minister Manohar Lal Khattar and Wang.

While most Chinese real estate developers are eyeing more developed countries such as Europe and the United States, experts reveal that Wanda's aims are more of expanding internationally and brand exporting. "Wanda's advantage lies in its low-cost operation, mature development mode and rich operation management experience in investing in India," said Xie Yifeng, the president of the Realty Association of Asia-Pacific Cities.

Wanda is not the first Chinese company to express interest in the Indian market. China Fortune Land Development Co Ltd., another real estate developer with specialty in industrial parks construction, has inked a memorandum of understanding with the state of Haryana to establish industrial parks, which will become an avenue through which other Chinese businesses can enter the Indian market.

TagsDalian Wanda, India, industrial park, China Fortune Land Development Co Ltd., real estate