Wanda’s Wang Jianlin, along with the chairman of Gree, Dong Mingzhu, and three other entrepreneurs, signed a $3 billion RMB capital increase agreement with Zhuhai Yinlong for cooperation in the new-energy auto-making industry.

Among the five investors, China International Marine Containers (CIMC) Group will pour 200 million RMB of capital into developing jointly with Zhuhai Yinlong, a Chinese green energy solution provider, in areas of new-energy trucks, airport shuttle buses and cars, along with parking lot charging stations.

The cooperation with Zhuhai Yinlong is Wanda’s first move into the manufacturing industry, according to Wang, chairman of real-estate developer Wanda Group and the richest man in China.

“Yinlong offers a great advantage for energy storage,” the chairman said. “If we could commercialize its green technology properly, the market value will double.”

The boom in China’s electric car sales has been developing since China surpassed the U.S. to become the largest new-energy vehicle market in the world. The substantial incentives offered to EV buyers in China no doubt played a large part in the growth.