May 6, 2009 (China Knowledge) - Dalian Wanda Group Co Ltd, a real estate company engaged in business in commercial property, luxury hotels, cultural industries and chain stores, plans to spend over RMB 3 billion to build a mixed-use project named Wanda Plaza in Wuhan, the capital of Hubei Province, sources reported.

Wang Jianlin, board chairman, said that the new Wanda Plaza project, which will cover 9.4 hectares and has a potential floor area of 400,000 square meters, will be located in Hubei's New Huaxi Road and will consist of shopping malls, hotels, office buildings and apartments.

The undeveloped land on which the new Wanda Plaza will be built was purchased by the group for RMB 1.2 billion on Apr. 30. The real estate developer has earmarked RMB 2 billion for construction.

The new Wanda Plaza will be the largest commercial center in Wuhan City.

Reportedly, another Wanda Plaza, worth RMB 2 billion, will start construction in Yichang, Hubei Province in June and will be completed within two years.