(File photo)

China's largest commercial property group Dalian Wanda and its French partner Immochan announced Friday that they have reached an agreement over investment contract to develop together the project of Europacity, a leading private project for leisure, culture, retail and entertainment in Europe.

According to a press release by Immochan, the leaders of both groups signed a partnership agreement Friday night to develop the major project which will be located between Paris and the Charles de Gaulle international airport.

Immochan said that Europacity, launched and implemented by the French company, was fully based on a private investment of over 3 billion euros (about 3.3 billion U.S. dollars), and it would create a destination of leisure, that will foster economic, social and urban development around Paris.

Dalian Wanda will contribute to the funding of the project and provide its expertise and know-how in terms of leisure, hotel service and entertainment.

Wang Jianlin, president of Dalian Wanda Group, said in the press release that for Wanda, Europacity "is the most important project outside of China".

Vianney Mulliez, President of Immochan, said that EuropaCity was a key project for the development of the north-eastern part of Greater Paris, and "Dalian Wanda's know-how in terms of entertainment and Wang Jianlin's ambition to develop his Group on a global scale have convinced us that Wanda could make a substantial contribution to the development of EuropaCity."

According to Immochain, Europacity is planned to open in 2024 and to attract 31 millions of visits annually.

As a filial of the Group Auchan in the sector of real estate, Immochan has been founded in 1976 and become one of the leading European commercial real estate companies. Dalian Wanda group, established in 1988, is a global leader in several sectors as commercial property development company, owner of five-star hotel, cinema chain and sports company.