Wanda dreams big with Guangzhou sports center

Real estate and entertainment giant Dalian Wanda Group Corp Ltd is planning to bring more big-ticket sports events to China and has set up a global sports headquarters in Guangzhou, the capital of Guangdong province, for the purpose.

The company said in a statement that it has signed a deal with the local government for the new Wanda Sports building in Huadu, a suburban district in Guangzhou. It is being set up with registered capital of about 1 billion yuan ($154.1 million).

"We are here because of the city's geographic advantages and rich sports heritage," said Wang Jianlin, chairman of Wanda.