-
Advertorial
-
FOCUS
-
Guide
-
Lifestyle
-
Tech and Vogue
-
TechandScience
-
CHTF Special
-
Nanshan
-
Futian Today
-
Hit Bravo
-
Special Report
-
Junior Journalist Program
-
World Economy
-
Opinion
-
Diversions
-
Hotels
-
Movies
-
People
-
Person of the week
-
Weekend
-
Photo Highlights
-
Currency Focus
-
Kaleidoscope
-
Tech and Science
-
News Picks
-
Yes Teens
-
Budding Writers
-
Fun
-
Campus
-
Glamour
-
News
-
Digital Paper
-
Food drink
-
Majors_Forum
-
Speak Shenzhen
-
Shopping
-
Business_Markets
-
Restaurants
-
Travel
-
Investment
-
Hotels
-
Yearend Review
-
World
-
Sports
-
Entertainment
-
QINGDAO TODAY
-
In depth
-
Leisure Highlights
-
Markets
-
Business
-
Culture
-
China
-
Shenzhen
-
Important news
在线翻译:
szdaily -> Markets -> 
Wanda, Suning plan ‘large-scale’ capital ties
    2017-12-21  08:53    Shenzhen Daily

DALIAN Wanda Group expects to form significant capital ties with retail giant Suning Commerce Group and outlines a rapid expansion for its real estate empire.

Wanda has invested heavily in entertainment and sports assets over the last few years, but like other Chinese conglomerates, its dealmaking has drawn the gaze of domestic regulators looking to stem perceived risky spending overseas.

“From next year, Wanda and Suning will arguably be among the companies which embark on the deepest cooperation,” the group’s billionaire founder Wang Jianlin said at a Suning event Tuesday, according to a copy of the speech.

“We will also have capital cooperation. Next year, there will be such cooperation on a large scale.”

Wanda and Suning signed a cooperation deal in 2015 for the electronics retailer to open stores at Wanda Plazas, which are commercial real estate development projects, throughout China.

Earlier this year, Wanda agreed to sell most of its tourism projects and hotels in China to local rivals for about US$9 billion.

Just last week, responding to a local online media report that questioned its financial health, Wanda issued a statement that the firm’s operations were normal and that globally it had not defaulted on any loans, adding that 2017 revenues had exceeded US$30 billion.

In addition to capital ties, next year’s partnership with Suning will also see the two companies work together on stores and other areas, Wang said.

He also said in his speech that over the next 10 years Wanda aims to open over 700 new Wanda Plazas which incorporate shops, food, entertainment and cultural activity areas.

Wanda, which currently runs 231 Wanda Plazas, has accelerated openings in the last two years with more than 100 new complexes. Prior to 2016, it opened at most 25 of these schemes a year.

“We have a grand vision to run about 1,000 Wanda Plazas within 10 years [as of 2028] from next year,” the speech said.

(SD-Agencies)

 

深圳报业集团版权所有, 未经授权禁止复制; Copyright 2010, All Rights Reserved.
Shenzhen Daily E-mail:szdaily@szszd.com.cn