Wang Jianlin, Chairman of Dalian Wanda Group, Lu Zhiqiang, Chairman of China Oceanwide Holdings Group and Akhmed Bilalov, Chairman of Russia’s North Caucasus Resorts, signed a letter of intent involving an investment of $2.5-3 billion Tuesday in Beijing.

The letter of intent has been submitted to China’s National Development and Reform Commission and the Ministry of Foreign Affairs.

According to the letter of intent, the investors will build major cultural, tourist and commercial facilities in Moscow, St. Petersburg, North Caucasus and other regions in Russia.

Chairman Wang Jianlin said: “What we signed this time is only a letter of intent. There is a long way to go before we can turn the intent into actual investment. The investment project still contains some uncertainty.”

(Editor: Guan Xiaofeng)