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Not content to open theme parks that directly challenge Walt Disney World Resorts in both Paris and Shanghai, Wang Jianlin is now taking on the hubris of Dubai hotels with a new property in Shanghai.

On July 18, Wanda Hotels & Resorts opens its new $516 million property Reign on the Bund, which is already calling itself Shanghai’s first “7-star” hotel. Dubai’s Burj Al Arab and Milan’s Hotel Seven Stars Galleria have also been described as “7-star.” In each case the star ratings are either self-awarded or not recognized by an established body. Internationally, “stars” or “diamonds” and other accolades are typically granted by editorial or marketing groups. Within countries such as France and Italy, stars are used to denote levels of quality and require inspections by government officials.

Reign on the Bund was built by 28-year-old Wang Sicong, son of the richest man in China, Wang Jianlin, chairman and founder of Dalian Wanda Group. Wang Jianlin is estimated to be worth $31.3 billion. British architect Norman Robert Foster designed Reign on the Bund, which features a French restaurant by French chef Marc Meneau.

The hotel’s grand opening immediately follows the opening of Shanghai’s new $5.5 billion Disney resort, the largest foreign investment yet from the world’s biggest theme park operator. Disney’s park opened one week after Wanda Cultural Tourism City park, also in Shanghai.

CNBC’s segment on the hotel is available here.

Photo Credit: Rendering of the Reign on the Bund hotel in Shanghai. The hotel has given itself 7 stars. Wanda Hotels & Resorts