Wanda posts 14% sales decline
Dalian Wanda Group Co’s revenue fell for the first time in at least 11 years after a slump in its property business outweighed growth from entertainment operations at billionaire Wang Jianlin's conglomerate.
Sales, which included propertycontracted sales, declined 14 percent in 2016 from a year earlier, according to a Wanda statement, more than a January 2016 forecast of a 12 percent drop.
Revenue at Dalian Wanda Commercial Properties Co, the group’s real estate unit, declined 25 percent to $20.7 billion (143 billion yuan).
Wanda’s operating income rose 3.4 percent to 255 billion yuan, while profit grew more than 10 percent, it said, without giving specifics. China’s second-richest man has been acquiring Hollywood assets — he bought film producer Legendary Entertainment last year — to help Wanda diversify away from its real estate roots.
Wanda Cultural Industry Group Co, which includes most of Wanda’s theme parks, film production and exhibition businesses, saw sales climb 25 percent.