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Dalian Wanda first-half revenue jumps, propelled higher by financial businesses
July 6, 2017 / 4:36 AM / 5 months ago

Dalian Wanda first-half revenue jumps, propelled higher by financial businesses

SHANGHAI/HONG KONG (Reuters) - China’s Dalian Wanda Group said on Thursday that first-half revenue surged 12 percent, with revenue from its financial businesses showing particularly strong growth.

A sign of Dalian Wanda Group in China glows during an event announcing strategic partnership between Wanda Group and FIFA in Beijing, China March 21, 2016. REUTERS/Damir Sagolj

Wanda has been investing heavily in entertainment, leisure and financial businesses and the buying spree has drawn attention of Chinese regulators, who ordered lenders last month to assess exposure to overseas deals by Wanda, HNA Group, Anbang Insurance [ANBANG.UL] and Fosun (0656.HK).

The property developer, which has businesses stretching from theme parks and shopping malls to sports clubs and cinema chains, said in a statement its January-June revenue reached 134.85 billion yuan ($19.8 billion), exceeding its own targets.

It was not immediately clear if Wanda was referring to contract or operating revenue.

The company, owned by Wang Jianlin who is one of China’s richest men, said at the beginning of the year it would report only operating revenue rather than contract revenue as it had done in the past. Its operating revenue was up 3.4 percent in 2016.

The company does not provide profit figures.

In the first half of this year, revenue from Wanda Commercial Properties climbed 14.2 percent to 73.5 billion yuan, while its cultural industry unit that includes entertainment companies saw sales rise 5.9 percent to 30.8 billion yuan.

Its financial group’s revenue rose 46.8 percent to 20.6 billion yuan.

Dalian Wanda has purchased a slew of cinema assets globally, acquiring AMC Entertainment Holdings Inc (AMC.N) in the United States and taking a controlling stake in U.S. film studio Legendary Entertainment last year.

Reporting by Adam Jourdan and Clare Jim; Editing by Edwina Gibbs

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