Dalian Wanda group has signed a co-development deal to build a $9.4bn theme park in the eastern Chinese city of Jinan, Shandong Province.

The deal, which was signed on August 27 between the Jinan government and Wanda chairman, Wang Jianlin, will see the creation of a full-scale theme park to rival that of the recently-opened Shanghai Disney Resort.

According to reports, Jinan Wanda City will feature a dominant sports theme complete with a 10,000-seat ice hockey and basketball arena.

Other facilities include a Wanda Mall, an outdoor theme park, hotels and multiple food and beverage options.

The project will break ground in 2017, with operations due to commence in 2020.

Dalian said it expects Jinan Wanda City to receive over 20 million tourists per year, create 20,000 jobs and generate large tax revenue for the local government.