‘China Real Estate Needs New Business Model’:Asia’s Richest Man Wang Jianlin
Dalian Wanda Group, the real estate and entertainment business led by Asia’s richest man Wang Jianlin, has reached a strategic cooperation framework agreement with China Vanke, one of China’s largest real estate firms, to work together.
Dalian Wanda Group, the real estate and entertainment business led by Asia’s richest man Wang Jianlin, has reached a strategic cooperation framework agreement with China Vanke, one of China’s largest real estate firms, to work together on domestic and overseas projects, Wanda said in a statement today.
The two will cooperate on the acquisition of land and joint project development, with Wanda focusing on commercial business and Vanke on residential.
“The real estate market in China has entered into a new phase of development characterized and driven by the intent to achieve a balanced supply and demand environment, and with that, real estate companies must develop a new way of thinking and a new business model to adapt to this trend,” Wang said in a statement.
“Our strategic cooperation with Vanke is a first attempt at a brand new direction for the industry. For Wanda, through our cooperation, we will be able to focus on accelerating the implementation of our ‘asset-light’ business model,” Wanda said.
Dalian Wanda Commercial Properties is the largest real estate operator in the world, owning a gross floor area of 39.04 million square meters — including properties under construction — as of the end of 2014, Wanda says.
Wang’s Dalian Cinema Line is one of China’s largest theatre chains; he also controls AMC, one of the largest in the United States.
Nurullah KIRMACI / emlakcoulisse.com
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