Wanda Group has big plans for 2014
Updated: 2014-01-13 15:54
By Yang Ziman (chinadaily.com.cn)
Dalian Wanda Group Co Ltd, a real estate and entertainment conglomerate, plans to expand its revenue to 240 billion yuan ($39.7 billion) by the end of 2014, National Business Daily reported.
The company puts its assets at 450 billion yuan with 15 billion yuan in operational profits this year.
Wanda held 380 billion yuan in total assets by the end of 2013. It registered 186.6 billion yuan in revenue, up 31 percent year-on-year, according to a profit statement it released on Saturday.
The company reported 145.6 billion yuan of revenue from its commercial estate last year. With the opening of 18 new plazas, the company now has property of 17.04 million square meters in 85 plazas, making it the second-largest real estate provider in the world, National Business Daily reported.
There are expected to be about 10 real estate companies in China with more than 100 billion yuan in assets by 2015, said Song Yanqing, chief executive officer of Rand Consulting (China) Co Ltd.
"These giants face the common challenge of maintaining growth momentum in the future," Song said, "as supply gradually outweighs demand in real estate, companies must think about expanding their portfolio to survive and flourish, such as moving upward or downward along the industrial chain, exploring overseas markets and seeking diversified development."