Billionaire property magnate Wang Jianlin’s overseas hotel arm, Wanda Hotel Development, reported a net loss of HK$176.03 million in 2014 in the first set of figures published since a reorganisation of China’s biggest real estate group last year. Wang renamed Hengli Commercial Properties, a Hong Kong-listed shell company he bought in 2013, as Wanda Hotel Development in August, ahead of the Hong Kong listing of his empire’s main business, Wanda Commercial Properties, which took control of 178 domestic projects in 112 cities. Wanda Hotel disposed of a subsidiary in June 2013 as part of the reorganisation, which generated HK$875.5 million of revenue that year. Meanwhile, the firm’s property sales in a Fuzhou project also fell to HK$297.8 million last year. “The company expects the hotel business will grow over the years and become an important part of the company’s operating activities,” Wanda Hotel Development said in a stock exchange filing of its results. “With support from the parent Dalian Wanda Commercial Properties, the company will continue to focus on international gateway cities which attract large tourism and business travel and international tourists, and actively participate in the development and operation of mixed-use property projects with a focus on hotels,” it said. On January 23, Wanda Hotel Development acquired a property project in Sydney which will be developed into a residential, retail and hotel complex. The firm also has a London project to build a high-end complex comprising residential and hotel units which is expected to be completed in 2018. The results statement said pre-sale of the London project began in November, “with outstanding results achieved”, without giving further details. Last year, Wanda Hotel also acquired property projects in Madrid, Chicago and Australia’s Gold Coast.
