China real estate giant eyes $10 bn industrial park in Haryana | business | Hindustan Times
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China real estate giant eyes $10 bn industrial park in Haryana

China’s real estate giant Wanda Group will set up an industrial park in Haryana which could be valued at $10 billion when completed.

business Updated: Jan 23, 2016 16:01 IST
HT Correspondent
(Twitter/FMOHaryana)

China’s real estate giant Wanda Group reached an understanding with the Haryana government on Friday to set up an industrial park which could be valued at $10 billion when completed.

The understanding was reached when Haryana chief minister Manohar Lal Khattar met Wanda chairman Wang Jianlin at the company’s headquarters in Beijing.

The state government and the Chinese group have held several rounds of discussions on the park, which will also be an entertainment hub.

The Haryana government and the China Fortune Land Development and its business partners signed six MoUs to explore investment projects in the state.

“Haryana and Wanda Group concluded an understanding to establish a world class industrial park in Haryana by the Wanda Group that on completion is anticipated to have a total investment value of $10 billion,” said a statement from the Indian embassy.

“Wanda will also attract other international and Chinese industrial, tourism and residential companies to invest in the development,” it added.

Earlier in the day, Khattar told Beijing-based Indian reporters his government is ready to help the Wanda Group and other Chinese firms to invest and set up shop in Haryana. Khattar also met 11 potential investors from China.