Dalian Wanda Group is investing 1 billion yuan (US$162.5 million) in pork production in China’s poorest province of Guizhou, the Financial Times reported, citing a company statement.
Although the investment is being billed as a charitable donation, the pork will eventually be sold in the Dalian Wanda retail chain or partner stores, the newspaper said.
The Chinese retail conglomerate is adding pig farming to its already extensive array of businesses, which include property and US cinemas, as it prepares to list in Hong Kong later this month. The company seeks to raise as much as US$4 billion in the initial public offering.
Wanda said its venture in Guizhou will create 10,000 jobs, and “combine short-term and long-term goals, merging industry with education in a way that will eventually increase per capita income and poverty alleviation as a whole”.
The project will also recruit local technical school students, many of whom are expected to work at Wanda after graduation, the report said.
The company earlier said it plans to invest 50 billion to build an entertainment park in Qingdao, a coastal city in eastern China, that will include a movie museum and 20 studios. The park is set for completion in 2017.
Wanda’s founder and chairman Wang Jianlin is the country’s fourth-richest man, with a net worth of US$13.2 billion, according to Forbes.
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