Dalian Wanda Group, which is owned by China's richest man Wang Jianlin, signed a non-bidding framework agreement with local officials to establish a culture and tourism complex equipped with hotels and a theme park worth 63 billion yuan ($9.5 billion) in the northeastern city of Jinan, Shandong Province, the company announced on Friday.

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Wanda is planning to break ground on its tourism project, dubbed Jinan Wanda City, in 2017 with operations expected to start by 2021, according to Fortune. The company is anticipating to attract over 20 million visitors annually, to open about 20,000 jobs, and to generate substantial tax revenue for the local government.

The Jinan project would cover up to 290 hectares including a 10,000 seat stadium for sports such as hockey and basketball, the company said, according to Skift. The Jinan Wanda City would be the company's 13th theme park out of at least 15 planned locations throughout the country.

Wanda has made no secret of its goal to become one of the biggest players in the tourism and entertainment sectors. The accord, which came just a few months after Disney opened its $5.5 million theme park in Shanghai, would boost Jianlin's ambition to beat Disney by the end of the decade. "One tiger is no match for a pack of wolves," Wang said in June, referring to his many theme parks versus Disney Shanghai.

Meanwhile, Wanda's shift from real estate to the entertainment sector saw the company' sales rise by 57 percent to 29 billion yuan ($4.34 billion) in the first six months of the year.

TagsWanda, wang jianlin, Disney, Disney Shanghai, tourism industry