Dalian Wanda Group Corp Ltd, engaged in the development of commercial properties, luxury hotels, cultural industries and chain stores, obtained a loan of RMB 850 million from Bank of China (BOC)<601988><3988> for two hotels to be built in Sanya City, Hainan Province, sources reported.

The two hotels will be located in Sanya's Haitang Bay and will cost a total of RMB 1.43 billion.

Reportedly, the group will start to sell mixed-use properties covering a floor area of 1 million square meters, in Jinan City, Shandong Province at the end of May.