Wanda ready to re­veal big Euro­pean in­vest­ment

Com­pany set to site its head­quar­ters for con­ti­nent in Lon­don

China Daily (Canada) - - LIFE - By CHRIS PETER­SON in Lon­don andWANG ZHUOQIONG in Bei­jing

Dalian Wanda Group Co, the Chi­nese en­ter­tain­ment, prop­erty and fi­nance con­glom­er­ate, is ex­pected to an­nounce a “ma­jor deal” in Europe and to make the United King­dom the group’s head­quar­ters in Europe, Wanda Chair­manWang Jian­lin said.

Wang, speak­ing at Ox­ford Univer­sity on Tues­day, said he was ne­go­ti­at­ing a ma­jor pro­ject, which would gen­er­ate about 10,000 jobs and the com­pany is go­ing to make a ma­jor an­nounce­ment on a big pro­ject in Europe.

Wanda has in­vested 1.2 bil­lion pounds ($1.68 bil­lion) in the UK in build­ing a ho­tel and res­i­dences on a site in Lon­don on the south bank of the River Thames.

Wang also ac­quired Sun­seeker In­ter­na­tional Ltd, a UK-based lux­ury yacht­maker, and his com­pany em­ploys 1,200 peo­ple across the UK.

“Soon we will be em­ploy­ing 3,000 peo­ple here,” Wang said. His plan also in­cludes a large retail pro­ject.

Wanda is China’s largest prop­erty de­vel­oper, gen­er­at­ing about $40 bil­lion in rev­enue glob­ally each year.

He cited the im­por­tance of the mar­kets in the United States and the UK. “The US is the big­gest mar­ket, but theUK is a freer mar­ket. Here you have no ap­provals pro­ce­dure, but the US has many ap­proval pro­ce­dures, and they can take back your li­cense at any time over 50 years,” he said.

“The UK has a good le­gal frame­work,” Wang added.

Last yearWanda be­came the big­gest cinema chain op­er­a­tor in the world, when it ac­quired AMC En­ter­tain­ment Hold­ings Inc, a US-based movie the­ater chain, as well as buy­ing Swiss­based In­front Sports and Me­dia AG, a sports mar­ket­ing com­pany, for $1.2 bil­lion.

It also an­nounced in Jan­uary it would be pay­ing $3.5 bil­lion to ac­quire Hol­ly­wood stu­dio Leg­endary En­ter­tain­ment.

Wang was re­cently es­ti­mated to be worth $25 bil­lion by the Hu­run Re­port, mak­ing him the 26th rich­est man in the world. Wang wants the world to come to un­der­stand Chi­nese man­age­ment phi­los­o­phy and cul­ture through his book, The Wanda Way, which was launched in English in Lon­don onMon­day.

“I hope peo­ple can get to knowChi­nese cul­ture and phi­los­o­phy. A coun­try is strong when its com­pa­nies are strong,” he told an au­di­ence at the British­Mu­seum.

The book has al­ready been reprinted 15 times and has sold 1 mil­lion copies in its orig­i­nalMan­darin, af­ter its launch in China in 2015.

Rhodium Group re­search shows that in­vest­ment from China ac­counts for nearly 10 per­cent of global over­seas in­vest­ments. In 2015, China made a record-high in­vest­ment in Europe of 20 bil­lion euros ($22 bil­lion), up 44 per­cent year-on-year. In the past five years, to­tal in­vest­ment to Europe from China each year was more than 10 bil­lion euros.

Eco­nom­ics ex­perts from Lon­don & Part­ners are fore­cast­ing that there will be record in­vest­ment from China in the UK in 2016, in­creas­ing by 35 per­cent.

As a re­sult of Pres­i­dent Xi Jin­ping’s visit to the UK last

On theUKleav­ing the EU: year, Bri­tish au­thor­i­ties an­nounced 40 bil­lion pounds worth of in­vest­ment deals with China. The past year saw some ma­jor merg­ers and ac­qui­si­tions in the UK from Chi­nese in­vest­ment, to­tal­ing 22 deals, said Jin Xu, min­is­ter coun­selor of the eco­nomic and com­mer­cial of­fi­cer of China’s em­bassy in the UK.

Zhuzhou CSR Times Elec­tric Co bought UK-based sub­sea equip­ment man­u­fac­turer, Spe­cial­ist Ma­chine De­vel­op­ments Ltd, for about 229 mil­lion pounds.

Geely Hold­ing Group un­veiled a 300-mil­lion-pound in­vest­ment in new R&D and a man­u­fac­tur­ing fa­cil­ity for Lon­don Taxi Com­pany in prepa­ra­tion for the in­tro­duc­tion of the next gen­er­a­tion elec­tric and ul­tra-low emis­sion Black Cab.

Chi­nese footwear re­tailer C.ban­ner In­ter­na­tional Hold­ings took over the 255-year-old Bri­tish toy re­tailer, Ham­leys, from France’s Lu­dendo Groupe, which has owned the chain since 2012, for 100 mil­lion pounds.

Ac­cord­ing to Jin, fi­nance, en­ergy, prop­erty, re­search and de­vel­op­ment cen­ters, health­care, avi­a­tion and retail are among pop­u­lar sec­tors for Chi­nese com­pa­nies in­vest­ing in the UK.

Con­tact the writ­ers at chris@mail.chi­nadai­lyuk. and wangzhuo­qiong@chi­nadaily.com.cn

Newspapers in English

Newspapers from China

© PressReader. All rights reserved.