The Wanda Group signed a strategic partnership agreement with Liaoning province in Shenyang on April 21.

Under the agreement, Wanda will invest 120 billion yuan in the province to build 19 Wanda Plazas and a cultural tourism city, making Liaoning one of the provinces receiving most investment from Wanda Group.

"Dalian is Wanda's hometown, from where we go to other places in China and the world. Wherever we go, Wanda will always be a Liaoning enterprise," said Wanda Group Chairman Wang Jianlin at the signing ceremony.

70 billion yuan of the total investment will go to Dalian, where Wanda will build the Dalian Wanda Cultural Tourism City and 7 Wanda Plazas. Most of the Wanda Plazas in Liaoning will be situated in third or fourth tier cities. These plazas will greatly promote local commerce, stimulate consumption, increase local governments' tax income, and create stable service sector jobs.

Liaoning, which was China's industrial base, is facing a downturn in its economy during a period when the country is calling for economic transition. Wanda Group hopes to contribute to the province's economic growth through investment.

Before the signing ceremony, Liaoning Party Secretary Wang Min met with Wang Jianlin.