Wanda and HBN lead the move to invest in winter sports

Beijing and Zhangjiakou beat Almaty, Kazakhstan by a vote of 44 to 40 for the right to host the 2022 Winter Olympics. 

As one of the most active players in sports field, Wanda Group has been investing heavily in winter sports projects since the turn of the year.

In early February, Wanda has reached an agreement to acquire Infront Sports & Media AG, the world's most respected international sports marketing company based in Switzerland at approximately EUR 1.05 billion, which enables the company to have the broadcasting rights to Winter Olympics and agency rights to seven winter sports. The Chinese conglomerate also invested 20 billion yuan to build a cultural and tourist center in Harbin, equipped with world's largest indoor ski slope, movie theatre and hotel compound. 

Beijing Hualu Baina Film and TV Inc (HNB) recently also announced a strategic partnership deal with local authorities in Hebei Province. The agreement will see a capital injection of 1 billion yuan ($161 million) from HNB into projects in Zhangjiakou, a city in Hebei province that lies 200 kilometers northwest of Beijing and one of the event venues for 2022 Winter Olympics. The investment is primarily for upgrading the winter sports facilities in the city, said the company.