Wanda joins For­tune 500

The Pak Banker - - COMPANIES/BOSS -

China's Dalian Wanda Group said rev­enue from its cul­tural di­vi­sion will triple to 150 bil­lion yuan ($22.44 bil­lion) by 2020 as the prop­erty de­vel­oper con­tin­ues its in­vest­ments in film, en­ter­tain­ment and sports.

Ac­cord­ing to this year's For­tune 500 list, which was re­leased on Wed­nes­day, Wanda made de­but on the list and ranked 385 among the world's largest com­pa­nies.

Wanda, con­trolled by Chi­nese bil­lion­aire Wang Jian­lin, ex­pects ser­vices to com­prise two-thirds of rev­enue and net in­come by 2017, up from about 40 per­cent last year, the com­pany also said in a state­ment. Wanda this month re­ported its first-half rev­enue in­creased 10.6 per­cent to 119.9 bil­lion yuan, led by 57 per­cent growth in its cul­tural di­vi­sion. The group doesn't pro­vide de­tails on prof­its. For 2015, Wanda re­ported rev­enue of 290.16 bil­lion yuan, in­clud­ing 190.45 bil­lion yuan from real es­tate and 51.3 bil­lion yuan from its cul­ture unit. Wanda is mak­ing high-pro­file off­shore ac­qui­si­tions to bol­ster its cul­tural unit, in­clud­ing the pur­chase of Hol­ly­wood stu­dio Leg­endary En­ter­tain­ment, sports mar­ket­ing firm In­front Sports & Me­dia AG, and Iron­man fran­chise owner World Triathlon Corp.

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