The Wanda Group is to announce a multi-billion dollar investment into the currently under-development Europa City on the outskirts of Paris.

The €3.1bn (US$3.5bn, £2.4bn) project – one of the largest ongoing leisure developments on the planet – is reportedly gaining investment from Wanda, China’s largest private property developer, and its owner Wang Jianlin.

According to Variety, sources close to Wanda have said the company would confirm its role in Europa City on 4 March.

Designed by Bjarke Ingels, Europa City will cover more than 80 acres (324,000sq m) and will include a selection of hotels, restaurants, cultural sites, parks and shopping centres.

Public consultations about the masterplan will take place between March and June, with the plans expected to be finalised by 2017. Developer Alliages will begin construction in 2019 and the city is expected to open in 2024.

Speaking to Attractions Management last month, Europa City’s director, Christophe Dalstein, said the development will be perfectly placed near France’s proposed Olympic venues for visitors, bolstering Paris’s 2024 bid.

Europa City is expected to attract more than 31 million visitors each year and underscores Wanda’s ambition to expand its international footprint and overtake Disney as the leading tourism entity worldwide.