Chinese conglomerate Dalian Wanda has opened its second theme park in Hefei, further escalating its competition with Walt Disney in China. The 34bn yuan ($5.1bn; £3.9bn) complex, which also includes hotels and a shopping mall, welcomed its first visitors on Saturday.
Wanda plans to build up to 20 more such parks across China by 2020, adopting a strategy of smaller, cheaper venues compared to Disney's single large-scale park in Shanghai. Wanda's owner, Wang Jianlin, has been outspoken about his desire to challenge Disney, stating in May that he wants to move away from Western imports and build a global brand rooted in Chinese culture.
Disney's Shanghai park, which opened in June, is a $5.5bn entertainment behemoth. However, Wanda's offerings are more modest, with fewer rides and animated characters, but at a lower price point. Wang has claimed he wants to ensure Disney does not become profitable in China for 10 to 20 years.
Despite the rivalry, Disney holds a significant advantage in intellectual property, with franchises like Star Wars and Marvel alongside Mickey Mouse. Wanda is seeking to develop its own IP through its cinema chain and the acquisition of Legendary Entertainment earlier this year.
Further Wanda parks are under construction in Harbin (2017), Qingdao, Guangzhou, and Wuxi (2018-2019). A Wanda movie park in Wuhan opened in 2014 but closed unexpectedly for renovation in July. The competition comes amid China's slowing economy, which has impacted consumer spending, with Wanda's cinema ticket sales growth dropping to 12.8% in the second quarter from 61% in the first.
