Chinese property giant Wanda Group further diversifies its businesses

Dalian Wanda Group's Wanda Plaza building is pictured in Beijing

Wanda Group further diversified its businesses in 2016, reducing revenue in commercial properties while boosting income in entertainment, tourism, and sports.

The Group’s operation income grew by 3.4% in 2016 from a year ago to RMB 254.98 billion, while profit had a double-digit jump. Total assets increased to RMB 796.1 billion, up 21.4%.

Income from Commercial Properties reached RMB 143.02 billion, down 25%. Wanda opened 50 new Wanda Plazas in 2016 and two Wanda Cultural Tourism Cities. It also opened 18 new high-end hotels, totaling 6,333 rooms. Among the newly opened 50 Wanda Plazas, 21 used asset-light models.

Income from the Culture Group rose 25% to RMB 64.11 billion. Including: RMB 39.19 billion from the film business, up 31.4%. Wanda opened 677 new cinemas around the world last year, totaling 6,788 screens. In China alone, 154 new cinemas were opened, totaling 1,391 screens. As of the end of 2016, Wanda owned 1,352 cinemas in the world, totaling 14,347 screens. Tourism income was up 37.1% to RMB 17.43 billion. Sports income gained 9% to RMB 6.4 billion.

Other income data:

Internet Technology Group: RMB 4.19 billion; Finance Group RMB 21.35 billion; department stores: RMB 17.82 billion.

Source:Wanda Group

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