Dalian Wanda Group Corp Ltd, a large group engaged in development of real estate, hotels and chain department stores, has spent more than RMB 56 billion in project development since last October, sources reported.

Since last October, the group has invested RMB 10.5 billion in a project in Nanjing, RMB 8 billion in Chengdu, RMB 8 billion in Tangshan, RMB 7 billion in Shijiazhuang, RMB 6 billion in Hohhot, RMB 3 billion in Xi'an and RMB 2 billion in Yichang.

Most recently, Wang Jianlin, chairman of the group, announced on Mar. 9 that Dalian Wanda will invest RMB 10 billion in the development of three projects in Wuhan, Hubei Province.

Wang added that the group expects to reach RMB 30 billion in sales revenue and hit RMB 4.5 billion in net profit this year.