November 23, 2014 / 2:21 PM / in 4 years

Chinese developer Dalian Wanda plans more than 150 hotels by 2018: Xinhua

BEIJING (Reuters) - Chinese property developer Dalian Wanda Group plans to build more than 150 premium hotels around the world by 2018 in an expansion of its luxury hotel business, state news agency Xinhua said on Sunday.

The announcement comes as Dalian Wanda Commercial Properties, a subsidiary of Dalian Wanda Group, plans to raise up to $6 billion in a Hong Kong initial public offering this year.

The targeted overseas markets for the new hotels include Europe, the United States and Australia, Xinhua said, citing the group.

The group, chaired by Wang Jianlin, one of China’s richest men, was founded in 1988 and operates in four major industries - commercial property, luxury hotels, culture and tourism and department stores.

Reporting by Sui-Lee Wee. Editing by Jane Merriman

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