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Business

The Chinese tycoon determined to steal Disney's thunder

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The porcelain-esque facade of Wanda Mall in Nanchang, Jiangxi Province   © Reuters

SHANGHAI/NANCHANG, China -- A Chinese property tycoon has made it clear he is not going to let Walt Disney waltz in and dominate the country's tourism industry.

"We will make Disney's China venture unprofitable in the next 10 to 20 years," Wang Jianlin, the founder of Dalian Wanda Group, told state broadcaster China Central Television on May 22 in reference to the new Shanghai Disney Resort. About a week later, on May 28, Wanda opened a 22 billion yuan ($3.33 billion) entertainment complex in Nanchang, in the southeastern province of Jiangxi.

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