An international cultural and tourism center will be built at the Western Bank Economic New Zone in the city of Qingdao, according to a contract signing ceremony by Qingdao Municipal Government and Wanda Group on Sunday.

The Qingdao Wanda International Cultural and Tourism Building will have a cultural industrial part, conference and exhibition center, hotels, yacht exhibition center and bars, to realize TV and film production, cultural tourism and shopping.

The construction is planned to start in 2014 and completed by 2017 with Wanda Group investing 30 billion yuan, and is expected to, annually, attract 20 million visitors to Qingdao, after completion.