Dalian Wanda Group, China’s largest developer, is accelerating its expansion into lines of business outside of real estate as the country’s property market continues its slump.
The company is looking to make five “substantial” acquisitions this year, with a focus on sports and the entertainment industry, the company’s CEO Wang Jianlin, China’s richest man, said at a briefing Tuesday.
In a separate announcement, the firm predicted its sales will drop 12 percent in 2016, Bloomberg reported.
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The firm, known for its massive mixed-use Wanda Plazas, owns hundreds of properties throughout China, but has expanded into other business, especially entertainment, in recent years.
Wanda bought Legendary Entertainment – the Hollywood studio behind “Jurassic World” and other films – for $3.5 billion late last year. It bought AMC theaters, the U.S.’s second largest movie theater chain, in 2012 for $2.6 billion.
The firm owns no properties in New York, though it has considered major hotel purchases here in the past. It recently closed its only office in the city, at 1330 Sixth Avenue. [Bloomberg] – Ariel Stulberg