Tuesday, March 19, 2024
 
Columnist
Martin Hennecke

Wanda pulls out from property
 
14/01/2019
 
Dalian Wanda Group plans to divest all real estate business this year and radically transform to a business management and operation company, said chairman Wang Jianlin.

Wang, one of China's richest men, said Wanda will not have any property development projects this year, adding that it will promote asset securitization of Wanda Plaza in the meantime.

Wang said the property industry has two large defects. First, it is a cyclical industry that is significantly affected by macro-economy and many companies fail. Second, the cash flow of real estate is not long-term. The real estate market will shrink and the number of companies in the industry will be reduced sharply when the urbanization rate in the country reaches 70 percent, Wang said.

Dalian Wanda's revenue fell 5.7 percent to 214.28 billion yuan (HK$248.4 billion) last year as it sought to relieve debt pressure by offloading domestic and overseas holdings amid a government crackdown on leverage and overseas acquisitions.

Previous news : Second phase of e-HKD pilot begins
 

 

 
Login
Password
Register  Forget Password
Advanced Search
© 2024 The Standard, The Standard Newspapers Publishing Ltd.
Home | Business | Metro | Focus | Opinion | Markets | World | Sports | Entertainment | Monday Money | Property | Macau | Weekend