Wanda posts 14% sales de­cline

China Daily (Canada) - - NEWS CAPSULE -

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.

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