Disney and Wanda are clashing over the massive Chinese tourist industry, set to expand because of more middle class consumers, new high-speed public transportation through rail, a planned increase of national holidays, and a government eager to support the growth of the tourist sector as part of a rising Chinese service economy. “Shanghai has one Disney, while Wanda, across the nation, will open 15 to 20”. The company is now breaking ground on their 11th theme park set to open near Guilin in 2020. In January, Wanda reached a $3.5-billion deal to acquire Burbank-based Legendary Entertainment, one of the film production companies behind “The Dark Knight”, “Jurassic World” and “Godzilla” movies.
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And Disney, Wang suggested, has relied too heavily on aging intellectual properties and characters – although he apparently didn’t mention Disney’s acquisition of the “Star Wars” and Marvel Comics franchises, which are being incorporated into attractions.
Wanda and Disney’s rivalry is not limited to China.
Still, there’s been concern among investors and analysts about Wanda itself.
The Shanghai Disney Resort has had to adopt a high-price strategy to be viable as the theme park cost about $5.5 billion in total, said Wang, adding that it will lose customers easily.
By comparison, the Wanda City complex in Nanchang is a 21 billion yuan project, according to the company’s website.
A story in the Los Angeles Times says almost 60 theme parks are proposed for construction in China by 2020. Wanda Group, also called Dalian Wanda, is China’s largest private property developer and the world’s biggest cinema chain operator. There is constant innovation and we combine indoor and outdoor activities. “So I think that Disney’s prospects in China, at least its financial status, don’t look good to me”. “On top of this China already has Wanda”.
According to CNN and China’s official Xinhua news agency, the six rules were drafted after the “uncivilized behaviors” displayed leading up to the theme park’s trial run that began earlier this month.
Wanda Commercial’s Hong Kong shares have been suspended since April 25, pending disclosure of the price and timetable of its potential more than HK$30 billion general offer.
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“We still haven’t seen a real craze here or a generation blindly following Mickey Mouse or Donald Duck”, he said.
