https://www.scmp.com/rss/309556/feed The latest news on Wang Jianlini, Chinese business magnate, investor, philanthropist and chairperson of the Wanda Group, including business news and updates. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Sophie Li Sophie Li Eighty-year-old Wang Wanlin has no children of his own. However, over the past four decades, he has been called “Dad” by the hundreds of people he has helped and sheltered during their darkest times. Wang took in a wandering child for the first time in 1979, following a life-changing event. Since then, he has devoted his life to helping troubled youth, saying he did not want to see them go down the wrong path. https://www.scmp.com/lifestyle/family-relationships/article/3330267/chinese-man-devotes-life-helping-young-drifters-find-their-way-home?utm_source=rss_feed https://www.scmp.com/lifestyle/family-relationships/article/3330267/chinese-man-devotes-life-helping-young-drifters-find-their-way-home?utm_source=rss_feed Sun, 26 Oct 2025 01:00:18 +0000 Eight years ago, when asked during a television interview for advice on how to become a billionaire, Wang Jianlin – then China’s richest man – gave an answer that is still frequently quoted today: “First you set a small goal that’s achievable, for example, earning 100 million yuan.” Over the years, however, Wang has lost more than 1,800 “small goals” after seeing his estimated wealth shrink from 215 billion yuan in 2016 to 30 billion yuan (US$4.1 billion) in 2023. In the meantime, the Wanda... https://www.scmp.com/economy/china-economy/article/3264719/how-did-wanda-founder-wang-jianlin-escape-wave-swept-away-embattled-evergrande-property-tycoon-hui?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3264719/how-did-wanda-founder-wang-jianlin-escape-wave-swept-away-embattled-evergrande-property-tycoon-hui?utm_source=rss_feed Thu, 30 May 2024 22:00:13 +0000 A consortium of investors agreed to inject capital into a unit owned by the Chinese property magnate Wang Jianlin, offering some relief to a cash-starved developer who has had to sell assets to repay debt. Wang’s Newland Commercial Management unit has received close to 60 billion yuan (US$8.4 billion) from a consortium comprising PAG, Citic Capital, Ares Management, Abu Dhabi Investment Authority (ADIA)’s wholly-owned Platinum Peony unit, and the Mubadala Investment Company, according to... https://www.scmp.com/property/article/3257331/wang-jianlins-wanda-unit-gets-us84-billion-capital-injection-pag-led-consortium?utm_source=rss_feed https://www.scmp.com/property/article/3257331/wang-jianlins-wanda-unit-gets-us84-billion-capital-injection-pag-led-consortium?utm_source=rss_feed Sat, 30 Mar 2024 13:43:08 +0000 The cash-strapped Dalian Wanda Group, a major Chinese conglomerate and the country’s largest shopping mall operator, has sold its luxury hotel in Shanghai to Indonesian pulp and paper billionaire Sukanto Tanoto as it looks to overcome a liquidity crisis. The 193-room luxury hotel, opened in June 2016, is located in Shanghai’s famed Bund waterfront and was acquired last month by Singapore-based Pacific Eagle Real Estate, the property investment and development arm of Tanoto’s conglomerate, RGE... https://www.scmp.com/business/banking-finance/article/3247162/cash-starved-chinese-property-group-dalian-wanda-sells-shanghai-luxury-hotel-indonesian-billionaire?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3247162/cash-starved-chinese-property-group-dalian-wanda-sells-shanghai-luxury-hotel-indonesian-billionaire?utm_source=rss_feed Wed, 03 Jan 2024 10:30:19 +0000 Chinese conglomerate Dalian Wanda’s dollar bonds jumped to a new high on Monday after it said creditors of loans worth US$1.3 billion had not demanded early repayments following the failed initial public offering (IPO) of unit Zhuhai Wanda Commercial Management Group. Its US$400 million 6.875 per cent dollar bond due on July 23 this year was indicated at 87.271 cents on a dollar on Monday, its highest level in two weeks, rising from 77.875 cents on a dollar on Friday, according to Bloomberg... https://www.scmp.com/business/banking-finance/article/3222213/dalian-wanda-bond-prices-rise-after-chinese-conglomerate-says-creditors-have-not-sought-early?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3222213/dalian-wanda-bond-prices-rise-after-chinese-conglomerate-says-creditors-have-not-sought-early?utm_source=rss_feed Mon, 29 May 2023 12:30:07 +0000 Chinese conglomerate Dalian Wanda Group has failed to list its management unit in Hong Kong for a third time. The initial public offering (IPO) application of Zhuhai Wanda Commercial Management Group, controlled by Dalian Wanda Commercial, the group’s commercial property management arm, had “lapsed” on Tuesday, according to the Hong Kong stock exchange. Wanda, founded by Chinese tycoon Wang Jianlin, had failed for the third time to list its subsidiary as it did not submit the relevant listing... https://www.scmp.com/business/article/3218309/dalian-wanda-units-hong-kong-ipo-application-lapses-third-time-bonds-come-under-further-pressure?utm_source=rss_feed https://www.scmp.com/business/article/3218309/dalian-wanda-units-hong-kong-ipo-application-lapses-third-time-bonds-come-under-further-pressure?utm_source=rss_feed Tue, 25 Apr 2023 10:21:50 +0000 The offshore bonds of Dalian Wanda Commercial Management, the commercial property management arm of Chinese conglomerate Dalian Wanda Group, have taken a hit this week despite the company denying recent rumours of possible extensions to onshore trust loans. The slide in bond prices also comes as a six-month deadline by the Hong Kong stock exchange for the initial public offering of an entity controlled by Dalian Wanda Commercial Management is due to expire by the end of this month. The notes of... https://www.scmp.com/business/banking-finance/article/3217603/dalian-wanda-group-firms-bond-prices-slide-loan-extension-concerns-subsidiarys-ipo-deadline?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3217603/dalian-wanda-group-firms-bond-prices-slide-loan-extension-concerns-subsidiarys-ipo-deadline?utm_source=rss_feed Wed, 19 Apr 2023 10:29:09 +0000 Dalian Wanda Commercial Management is poised to issue US$300 million of high-yielding bonds in the coming days, its second dollar-denominated note offering in less than a month, according to people familiar with the matter. The company, Chinese conglomerate Dalian Wanda Group’s commercial property management arm, was marketing the three-year notes with an initial price guidance of 12.5 per cent earlier on Monday, the people said. It was oversubscribed by more than one-and-a-half times by 7pm... https://www.scmp.com/business/banking-finance/article/3209284/chinese-property-firm-dalian-wanda-tap-offshore-bond-markets-second-time-year-us300-million-offering?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3209284/chinese-property-firm-dalian-wanda-tap-offshore-bond-markets-second-time-year-us300-million-offering?utm_source=rss_feed Mon, 06 Feb 2023 13:11:45 +0000 Dalian Wanda Group, the Chinese conglomerate controlled by billionaire Wang Jianlin, plans to open a new mall in Beijing in June 2023 under its “asset-light” business model, further expanding its shopping-centre empire on the mainland. Wanda has taken over the 300,000-square-metre Wukesong Shopping Center in the northwestern Haidian district and renamed it as Beijing Wukesong Wanda Plaza. It is Wanda’s first mall in the area, and one of the biggest in China’s capital. The mall will definitely... https://www.scmp.com/business/china-business/article/3204599/chinese-billionaire-wang-jianlins-dalian-wanda-open-renovated-beijing-mall-under-asset-light-model?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3204599/chinese-billionaire-wang-jianlins-dalian-wanda-open-renovated-beijing-mall-under-asset-light-model?utm_source=rss_feed Mon, 26 Dec 2022 11:00:11 +0000 Chinese conglomerate Dalian Wanda Group has sold almost all of its stake in US cinema chain AMC Entertainment Holdings, the highly indebted company said on Sunday. “The company has been trimming its position in AMC Entertainment since 2018, in line with our strategy of focusing on the domestic market,” Wanda said. As of Sunday, the company has sold stake worth a total of about US$1.5 billion and retained a 0.002 per cent holding, making a gain of about US$675 million including dividends since... https://www.scmp.com/business/companies/article/3134663/embattled-chinese-conglomerate-dalian-wanda-waters-down-amc?utm_source=rss_feed https://www.scmp.com/business/companies/article/3134663/embattled-chinese-conglomerate-dalian-wanda-waters-down-amc?utm_source=rss_feed Mon, 24 May 2021 11:05:01 +0000 Dalian Wanda Group’s stake in the largest cinema chain in the United States has been diluted to less than 10 per cent, dealing a significant blow to Chinese tycoon Wang Jianlin’s ambition of becoming a global entertainment mogul. Wanda held 9.8 per cent of AMC Entertainment Holdings’ ordinary shares as of March, down from about 23 per cent at the end of 2020, according to AMC’s annual report filed with the US securities regulator on March 12. “Although Wanda is no longer the controlling... https://www.scmp.com/business/china-business/article/3125852/dalian-wandas-amc-stake-falls-less-10-cent-after-dilution?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3125852/dalian-wandas-amc-stake-falls-less-10-cent-after-dilution?utm_source=rss_feed Wed, 17 Mar 2021 16:15:11 +0000 Dalian Wanda Group, controlled by Chinese billionaire Wang Jianlin, is embarking on an ambitious plan in the Greater Bay Area by tapping into the tourism potentials of Zhaoqing city in southern Guangdong province. The property-to-entertainment conglomerate has teamed up with the Zhaoqing municipal government to develop a state-level tourist resort by 2022, according to a Tuesday notice on Zhaoqing Fabu, the government’s official WeChat account. The resort will include holiday and leisure... https://www.scmp.com/business/china-business/article/3103557/dalian-wanda-unveils-ambitious-zhaoqing-tourism-project?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3103557/dalian-wanda-unveils-ambitious-zhaoqing-tourism-project?utm_source=rss_feed Wed, 30 Sep 2020 01:30:20 +0000 Dalian Wanda Group, controlled by Chinese billionaire Wang Jianlin, is selling another overseas asset to pare its multibillion-dollar debtload. Its Hong Kong-listed unit Wanda Hotel Development has agreed to sell its 90 per cent stake in the 101-storey Vista Tower for US$270 million to Chicago-based real estate company Magellan Parcel, according to a stock exchange filing on Thursday. The sale will generate a net gain of HK$94 million (US$12.1 million), it added, and hand Magellan Parcel full... https://www.scmp.com/business/companies/article/3095322/billionaire-wang-jianlins-wanda-group-sells-chicago-tower-it?utm_source=rss_feed https://www.scmp.com/business/companies/article/3095322/billionaire-wang-jianlins-wanda-group-sells-chicago-tower-it?utm_source=rss_feed Thu, 30 Jul 2020 08:02:35 +0000 Wanda Film Holding, China’s biggest cinema chain operator controlled by billionaire Wang Jianlin, is feeling the strain from the closure of cinemas and delay in movie releases due to the coronavirus pandemic. The Shenzhen-listed company said in a stock exchange filing on Tuesday that it expects first-half net loss to reach up to 1.6 billion yuan (US$228.4 million) compared to a net profit of 524.27 million yuan a year ago. “While the coronavirus pandemic has caused an unfavourable impact to the... https://www.scmp.com/business/companies/article/3093178/wang-jianlin-controlled-wanda-film-flags-first-half-loss-us228?utm_source=rss_feed https://www.scmp.com/business/companies/article/3093178/wang-jianlin-controlled-wanda-film-flags-first-half-loss-us228?utm_source=rss_feed Tue, 14 Jul 2020 13:21:41 +0000 Wanda Film Holding, China’s biggest cinema chain operator controlled by billionaire Wang Jianlin, plans to build 50 to 70 new cinemas by the end of this year, shrugging off the crippling effects of the coronavirus pandemic on its business last quarter. The expansion plan follows a State Council edict last week that put the economy on the mend, allowing some entertainment centres across the country to reopen after more than 100 days of shutdown. The news is a relief for the 64 billion yuan (US$9... https://www.scmp.com/business/china-business/article/3083846/wanda-film-open-50-70-new-cinemas-year-drive-market-share?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3083846/wanda-film-open-50-70-new-cinemas-year-drive-market-share?utm_source=rss_feed Mon, 11 May 2020 09:47:14 +0000 A semblance of normal life is slowly returning to China. People are heading to work, visiting malls, and even shopping at the wet markets that were among the places where coronavirus was first identified. But one gathering place remains closed: the cinema. With cinemas closed worldwide, it’s an early and ominous sign of the difficulties the industry will face even after the lockdowns lift. An enclosed space accommodating hundreds of patrons is ill-suited to the social-distancing requirements... https://www.scmp.com/business/companies/article/3080322/chinese-tycoon-wang-jianlins-cinema-empire-feels-pain-theatres?utm_source=rss_feed https://www.scmp.com/business/companies/article/3080322/chinese-tycoon-wang-jianlins-cinema-empire-feels-pain-theatres?utm_source=rss_feed Fri, 17 Apr 2020 01:25:53 +0000 Dalian Wanda Group, the entertainment and property group owned by one of China’s wealthiest men, has described reports that its AMC Entertainment cinema chain is facing imminent collapse as speculation even as its bonds are trading at distressed levels, while its stock crashed this year. “The recent online media speculation that Wanda’s AMC was filing for bankruptcy is pure rumours,” Wanda said in a statement on its website on Tuesday. The company did not immediately respond to email requests to... https://www.scmp.com/business/companies/article/3080003/dalian-wanda-says-reports-about-amcs-imminent-bankruptcy-are?utm_source=rss_feed https://www.scmp.com/business/companies/article/3080003/dalian-wanda-says-reports-about-amcs-imminent-bankruptcy-are?utm_source=rss_feed Wed, 15 Apr 2020 05:21:08 +0000 Wanda Sports Group, the China-based sports marketing and event promoter, is considering selling the Ironman triathlon business it bought in 2015, according to people familiar with the matter. The company, part of Chinese billionaire Wang Jianlin’s conglomerate, is working with an adviser and has held discussions with some private-equity buyers that expressed interest in the business, said the people, who asked not to be identified as the information is private. Wanda Sports is seeking about US$1... https://www.scmp.com/business/article/3051024/wanda-sports-considering-us1-billion-sale-ironman-triathlon-business?utm_source=rss_feed https://www.scmp.com/business/article/3051024/wanda-sports-considering-us1-billion-sale-ironman-triathlon-business?utm_source=rss_feed Mon, 17 Feb 2020 11:12:34 +0000 Wang Sicong, the high-profile son of one of China’s richest men and the chairman of private equity company Prometheus Capital, has reached a settlement with more than 10 creditors of Shanghai Panda Entertainment, a company he founded in 2015 that went bankrupt in March. Wang and Prometheus Capital had compensated the investors, shouldering losses that amounted to nearly 2 billion yuan (US$285 million), Prometheus Capital said in a statement on its website on Thursday. “In the past few years,... https://www.scmp.com/news/china/society/article/3043560/wang-sicong-son-chinese-property-billionaire-reaches-deal?utm_source=rss_feed https://www.scmp.com/news/china/society/article/3043560/wang-sicong-son-chinese-property-billionaire-reaches-deal?utm_source=rss_feed Thu, 26 Dec 2019 09:59:06 +0000 A Beijing court has seized assets belonging to Wang Sicong, the son of a Chinese billionaire, over 151 million yuan (US$21.4 million) in debts. “The court has restricted luxury spending by Wang Sicong and sealed off properties, cars and bank accounts under Wang’s name,” Gao Zhihai, spokesman for the Beijing No 2 Intermediate People’s Court, said on Friday. “Wang Sicong has declared his assets to the Beijing No 2 Intermediate People’s Court. The parties involved have reported to the court that... https://www.scmp.com/news/china/society/article/3038919/chinese-court-seizes-assets-billionaires-son-wang-sicong-over?utm_source=rss_feed https://www.scmp.com/news/china/society/article/3038919/chinese-court-seizes-assets-billionaires-son-wang-sicong-over?utm_source=rss_feed Fri, 22 Nov 2019 07:43:30 +0000 Wang Sicong, the son of Chinese billionaire Wang Jianlin, who was identified as having personal debts totalling US$21.6 million has also been told he must restrict any future spending to life’s necessities, according to a court report. Issued by Shanghai Jiading District Court last month, the order came following a request by Cao Yue, an e-sports gaming host who in December last year won a lawsuit against Shanghai Panda Entertainment Co – founded by Wang Jnr – involving a 3.6 million yuan... https://www.scmp.com/news/china/society/article/3037056/billionaires-son-wang-sicong-who-owes-us216-million-ordered?utm_source=rss_feed https://www.scmp.com/news/china/society/article/3037056/billionaires-son-wang-sicong-who-owes-us216-million-ordered?utm_source=rss_feed Sat, 09 Nov 2019 14:24:40 +0000 Wang Sicong, the son of China’s former “richest man” Wang Jianlin, has been named by a Beijing court as personally liable in a financial dispute involving about 151 million yuan (US$21.6 million) in debts. A national database for debt recovery listed Wang Sicong, 31, as an “enforced person” following a court case in the Beijing No 2 Intermediate People’s Court. The database did not identify the creditors. The Weibo account of People’s Court Daily, a newspaper affiliated with the Supreme People’s... https://www.scmp.com/news/china/society/article/3036996/son-chinas-former-richest-man-lands-list-debtors?utm_source=rss_feed https://www.scmp.com/news/china/society/article/3036996/son-chinas-former-richest-man-lands-list-debtors?utm_source=rss_feed Fri, 08 Nov 2019 13:52:50 +0000 Chinese conglomerate Dalian Wanda Group said on Wednesday it had formally signed an operational agreement to develop a high-end hospital in partnership with the University of Pittsburgh Medical Centre in Chengdu, in China’s southwestern Sichuan province. Construction work on the 6 billion yuan (US$870.85 million) project started late last year, and it is part of a framework agreement with the US health care provider for the development of general hospitals in five top-tier Chinese cities.... https://www.scmp.com/business/companies/article/3016142/wanda-university-pittsburg-medical-centre-formalise-deal-us870?utm_source=rss_feed https://www.scmp.com/business/companies/article/3016142/wanda-university-pittsburg-medical-centre-formalise-deal-us870?utm_source=rss_feed Wed, 26 Jun 2019 07:34:50 +0000 China is getting ready to be hit by a wave of retirements of ageing business titans who built the private companies that fuelled the country’s economic boom and created its middle class. These companies are nearly all family owned, headed mostly by men who forged empires largely in real estate and manufacturing since China began experimenting with capitalism 40 years ago. The changes at the top will hugely impact China’s future, as it speeds up its shift from manufacturing to technological... https://www.scmp.com/business/companies/article/2180732/china-faces-tidal-wave-exits-ageing-tycoons-their-succession?utm_source=rss_feed https://www.scmp.com/business/companies/article/2180732/china-faces-tidal-wave-exits-ageing-tycoons-their-succession?utm_source=rss_feed Wed, 09 Jan 2019 00:00:45 +0000 Growing up as the child of fabulously wealthy parents who run hugely successful family businesses is not always easy. If they rest on their laurels they will be criticised, but if they go to work for their parents they will not always get the credit they deserve when things go well. How do the children of billionaires spend their parents’ money? Yet some of these children have shown they are determined to prove themselves – by working just as hard – sometimes even harder than their parents – to... https://www.scmp.com/magazines/style/fashion-beauty/article/2179324/5-china-and-hong-kong-scions-who-are-stand-outs-world?utm_source=rss_feed https://www.scmp.com/magazines/style/fashion-beauty/article/2179324/5-china-and-hong-kong-scions-who-are-stand-outs-world?utm_source=rss_feed Mon, 24 Dec 2018 03:30:43 +0000 Amid a cooling market, Chinese developers are making a push into the insurance sector in an effort to forge stable revenue flows and offset volatile property sales. Hong Kong-listed developer Greentown China Holdings announced on Monday that it will spend 2.718 billion yuan (US$390 million) to acquire an 11.55 per cent stake in Aeon Life Insurance. Analysts said offering services such as insurance would enable the developer to take advantage of opportunities spun out by its property arm. “It is... https://www.scmp.com/business/companies/article/2178604/home-sales-soften-chinese-developers-look-insurance-services?utm_source=rss_feed https://www.scmp.com/business/companies/article/2178604/home-sales-soften-chinese-developers-look-insurance-services?utm_source=rss_feed Tue, 18 Dec 2018 15:00:00 +0000 Wanda Group, the property and theme park conglomerate built by former People’s Liberation Army officer Wang Jianlin, will spend 12 billion yuan (US$1.74 billion) to build a theme park in the Communist Party’s revolutionary birthplace Yan’an to cash in on the growing trend of so-called “red tourism”. The theme park, in the loess plateau of Shaanxi province near Gansu and Shanxi, will feature shopping malls, indoor parks, theatres and hotels built in the style of the 1930s when the prefectural... https://www.scmp.com/property/hong-kong-china/article/2177994/wanda-build-us174-billion-theme-park-cradle-chinese?utm_source=rss_feed https://www.scmp.com/property/hong-kong-china/article/2177994/wanda-build-us174-billion-theme-park-cradle-chinese?utm_source=rss_feed Fri, 14 Dec 2018 07:06:15 +0000 At the Oriental Movie Metropolis in this seaside city, workers are putting finishing touches on the fittings and glitzy lights of the world’s largest movie production studios: a 50-billion yuan (US$7.9 billion), five-year undertaking by Wang Jianlin, once China’s wealthiest businessman. On a hill overlooking the site, four gigantic Chinese characters read out the studios’ name Dongfang Yingdu, in a nod to Hollywood’s fabled sign in Los Angeles. Feng Shen, a trilogy based on the classical Chinese... https://www.scmp.com/business/companies/article/2143888/media-mogul-bets-worlds-largest-movie-studios-turn-qingdao-chinas?utm_source=rss_feed https://www.scmp.com/business/companies/article/2143888/media-mogul-bets-worlds-largest-movie-studios-turn-qingdao-chinas?utm_source=rss_feed Sun, 29 Apr 2018 05:19:43 +0000 Wang Jianlin, the billionaire boss of China’s Dalian Wanda Group, said on Saturday he would turn the northern port city of Qingdao into a global film production hub as he launched a sprawling studio complex in a ceremony attended by hundreds. Covering an area equivalent to more than 200 soccer pitches, the 162-hectare (400-acre) Qingdao Oriental Movie Metropolis boasts the world’s biggest movie studio and has been touted as China’s answer to Hollywood. The US$8 billion project, built partly on... https://www.scmp.com/news/china/economy/article/2143819/wanda-opens-worlds-biggest-movie-studio-chinas-answer-hollywood?utm_source=rss_feed https://www.scmp.com/news/china/economy/article/2143819/wanda-opens-worlds-biggest-movie-studio-chinas-answer-hollywood?utm_source=rss_feed Sat, 28 Apr 2018 07:08:17 +0000 Four of China’s biggest companies – Tencent Holdings, JD.com, Sunac China Holdings and Suning Commerce Group – have invested a combined 34 billion yuan (US$5.4 billion) for a total 14 per cent stake in Wanda Commercial, the country’s largest owner and operator of shopping malls and part of the Dalian Wanda Group led by billionaire Wang Jianlin. Who are the four and why did they put up the money? Tencent goes old school as it leads US$5.4b investment in Wanda Commercial Properties Tencent... https://www.scmp.com/property/hong-kong-china/article/2131243/explainer-four-big-chinese-firms-investing-shopping-centre?utm_source=rss_feed https://www.scmp.com/property/hong-kong-china/article/2131243/explainer-four-big-chinese-firms-investing-shopping-centre?utm_source=rss_feed Tue, 30 Jan 2018 11:00:45 +0000 Chinese conglomerate Dalian Wanda Group has tapped three banks including Citigroup and UBS Group to work on a proposed initial public offering (IPO) for its sports businesses, four people with knowledge of the matter told Reuters. An IPO would follow a string of asset sales as Wanda works to meet debt repayment deadlines. It was one of several domestic conglomerates to be targeted by a government crackdown last year for aggressive overseas acquisitions, with sources saying banks were told to... https://www.scmp.com/business/companies/article/2130054/wanda-taps-citigroup-clsa-ubs-arrange-initial-public-offer-its?utm_source=rss_feed https://www.scmp.com/business/companies/article/2130054/wanda-taps-citigroup-clsa-ubs-arrange-initial-public-offer-its?utm_source=rss_feed Mon, 22 Jan 2018 10:15:00 +0000 Dalian Wanda Group, one of China’s biggest private enterprises, will further cut debt “through all available means”, including the sale of non-core assets and stake disposal on the basis of maintaining power of control, said group founder and chairman Wang Jianlin. Wanda will require “two to three years to bring down debt to an absolutely safe level” and will “avoid any credit default globally”, he said in a speech to staff members on January 20 that was cited by the company’s website on... https://www.scmp.com/business/companies/article/2129920/wang-jianlin-comes-out-swinging-he-vows-slash-debt-projects-9?utm_source=rss_feed https://www.scmp.com/business/companies/article/2129920/wang-jianlin-comes-out-swinging-he-vows-slash-debt-projects-9?utm_source=rss_feed Sun, 21 Jan 2018 23:30:49 +0000 Chinese developer Guangzhou R&F Properties was the buyer of conglomerate Dalian Wanda Group’s hotel and residential project under construction in London, according to people familiar with the matter. Wanda Hotel Development said in a stock exchange filing in Hong Kong late on Tuesday that it would sell a 60 per cent stake in Wanda International Real Estate Investment, which was set up to invest in the Nine Elms project in southwest London, for £35.6 million (US$49.1 million) to an unnamed... https://www.scmp.com/business/article/2128632/chinas-guangzhou-rf-emerges-buyer-dalian-wandas-london-hotel-and?utm_source=rss_feed https://www.scmp.com/business/article/2128632/chinas-guangzhou-rf-emerges-buyer-dalian-wandas-london-hotel-and?utm_source=rss_feed Wed, 17 Jan 2018 06:31:35 +0000 Wanda Network Technology Group, a unit of the property conglomerate founded by one of China’s biggest overseas asset buyers, is slashing its workforce, the latest sign that the technology ambition of one of the country’s wealthiest men is faltering. Wanda Network would shrink its workforce to 300 jobs from 6,000, according to a December 29 report by The Paper, a Chinese news website. The company is transferring staff to the Guizhou provincial capital of Guiyang with a monthly salary of 2,800... https://www.scmp.com/business/companies/article/2126550/wang-jianlins-tech-ambition-falters-wanda-network-shrinks?utm_source=rss_feed https://www.scmp.com/business/companies/article/2126550/wang-jianlins-tech-ambition-falters-wanda-network-shrinks?utm_source=rss_feed Tue, 02 Jan 2018 10:59:29 +0000 Mainland Chinese billionaire Wang Jianlin has vowed to accelerate the opening of his flagship malls to hit 1,000 by 2028 as he announced an upcoming cooperation with retailer Suning Commerce Group in his first high-profile speech after dumping the bulk of his domestic assets in July. “The expansion of Wanda Plaza will significantly speed up from 2019 and hit 1,000 malls in 10 years. What does that mean? The average [footfall] traffic of a Wanda Plaza that has been in operation for a year is 20... https://www.scmp.com/business/companies/article/2124981/wanda-founder-wang-jianlin-vows-speed-openings-hit-1000-mall?utm_source=rss_feed https://www.scmp.com/business/companies/article/2124981/wanda-founder-wang-jianlin-vows-speed-openings-hit-1000-mall?utm_source=rss_feed Tue, 19 Dec 2017 22:59:19 +0000 Chinese conglomerate Dalian Wanda Group Co said there was no truth to allegations made by a Chinese blogger that the company is suffering a cash flow problem or that its assets have shrunk massively. “Wanda has more than 200 billion yuan (US$30 billion) cash on book, and generated more than 200 billion yuan in revenue this year,” the company, controlled by billionaire Wang Jianlin, said in a statement. “All operations of the company are normal and we have not had a single default.” On Monday, a... https://www.scmp.com/business/china-business/article/2124359/wanda-says-it-does-not-have-cash-flow-problem-denying?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2124359/wanda-says-it-does-not-have-cash-flow-problem-denying?utm_source=rss_feed Thu, 14 Dec 2017 10:54:41 +0000 Chinese tycoon Wang Jianlin is buying a controlling 65 per cent stake in Hong Kong-listed company Wanda Hotel Development for HK$3.67 billion (US$469 million), at HK$1.20 per share, the latest step in the ongoing reorganisation of his Dalian Wanda Group. According to a regulatory filing on Monday, Wanda Investment Holding, a company wholly owned by Wang, has signed a non-legally binding letter of intent to buy 65 per cent of Wanda Hotel Development from Wanda Commercial Properties Overseas,... https://www.scmp.com/property/hong-kong-china/article/2122800/wanda-tycoon-wang-takes-control-hong-kong-listed-hotels?utm_source=rss_feed https://www.scmp.com/property/hong-kong-china/article/2122800/wanda-tycoon-wang-takes-control-hong-kong-listed-hotels?utm_source=rss_feed Mon, 04 Dec 2017 09:18:40 +0000 China’s government may be showing the first sign of relaxing its tight grip on fundraising by the Wanda Group, five months after putting billionaire Wang Jianlin and his sprawling conglomerate under the regulatory spotlight for its aggressive asset buying spree. Dalian Wanda Group received a written approval on November 7 to issue an offshore bond by the National Development and Reform Commission (NDRC), the state agency that coordinates industrial policies and oversees debt issues, according to... https://www.scmp.com/business/money/article/2122102/china-relaxes-leash-wanda-allowing-its-unit-issue-offshore-bond-raise?utm_source=rss_feed https://www.scmp.com/business/money/article/2122102/china-relaxes-leash-wanda-allowing-its-unit-issue-offshore-bond-raise?utm_source=rss_feed Wed, 29 Nov 2017 06:50:51 +0000 Chinese magnate Wang Jianlin is on course to merging his mainland hotel management business with the Hong Kong-listed Wanda Hotel Development, in a move aimed at boosting its flagging share price with the introduction of the asset-light model. But history suggests this yields mixed results. In a meeting on December 8, shareholders of Wanda Hotel Development will vote on the proposed acquisition of the entire equity interest in Wanda Hotel Management, a company controlled by Wang Jianlin involved... https://www.scmp.com/business/companies/article/2120703/wanda-checks-marriott-model-will-shareholders-buy-its-asset-light?utm_source=rss_feed https://www.scmp.com/business/companies/article/2120703/wanda-checks-marriott-model-will-shareholders-buy-its-asset-light?utm_source=rss_feed Mon, 20 Nov 2017 07:23:51 +0000 Chinese conglomerate Dalian Wanda Group, once a serial acquirer of overseas assets, is offering to sell all five of its large-scale projects in Britain, the US and Australia to a single buyer for an estimated US$5 billion, as Beijing tightens control over companies’ offshore investments. It is the latest move by Wanda, owned by billionaire Wang Jianlin, to offload assets as the central government ramps up pressure on the company to curb offshore expansion and reduce its debt levels. China has... https://www.scmp.com/business/companies/article/2120421/wanda-wants-us5b-single-buyer-five-offshore-assets-china-reins?utm_source=rss_feed https://www.scmp.com/business/companies/article/2120421/wanda-wants-us5b-single-buyer-five-offshore-assets-china-reins?utm_source=rss_feed Fri, 17 Nov 2017 11:00:00 +0000 A unit of Dalian Wanda Group Co. is negotiating with lenders about rescheduling some debt after its credit ratings were cut to junk, triggering a clause requiring early payment of some offshore loans, according to people familiar with the matter. Covenants requiring mandatory prepayments at Wanda Commercial Properties were triggered on loans totalling more than $1 billion, according to people, who aren’t authorised to speak publicly and asked not to be identified. The specific borrowings,... https://www.scmp.com/business/companies/article/2115751/wandas-unit-talks-banks-junk-credit-rating-triggers-early-payment?utm_source=rss_feed https://www.scmp.com/business/companies/article/2115751/wandas-unit-talks-banks-junk-credit-rating-triggers-early-payment?utm_source=rss_feed Tue, 17 Oct 2017 09:45:06 +0000 Rumours have circulated in recent weeks that Bayern Munich’s manager Carlo Ancelotti could soon quit his post in Germany to go and work in Chinese football’s Super League. That aside, right now not much is being said about China and its football, inevitably leading football’s sometimes fickle stakeholders to inevitably claim the Chinese bubble has (or soon will) burst. Unlike the hysteria and hyperbole of recent years, during which speculation about which player would next head to China has... https://www.scmp.com/sport/soccer/article/2111781/why-has-chinas-global-soccer-takeover-frenzy-suddenly-gone-so-quiet?utm_source=rss_feed https://www.scmp.com/sport/soccer/article/2111781/why-has-chinas-global-soccer-takeover-frenzy-suddenly-gone-so-quiet?utm_source=rss_feed Tue, 19 Sep 2017 02:39:43 +0000 Hui Ka-yan, 58, chairman of property developer China Evergrande, became China’s richest man – unseating Tencent’s Ma Huateng and Alibaba’s Jack Ma Yun – for a day. The Henan-born Hui’s wealth advance has been driven by an extraordinary rally in Hong Kong-listed Evergrande’s share price. The country’s largest home builder by sales has seen its shares soar over 480 per cent so far this year, the biggest winner among all the mainland China property stocks listed in Hong Kong. Evergrande surged... https://www.scmp.com/business/article/2111707/evergrandes-hui-ka-yan-topples-chinas-top-two-tech-tycoons-become-countrys?utm_source=rss_feed https://www.scmp.com/business/article/2111707/evergrandes-hui-ka-yan-topples-chinas-top-two-tech-tycoons-become-countrys?utm_source=rss_feed Mon, 18 Sep 2017 09:25:53 +0000 Wang Jianlin, the property-to-entertainment founder of Dalian Wanda Group, travelled to Hong Kong last week to meet the city’s former chief executive Tung Chee-hwa, making a journey that quashed rumours circulating on China’s social media that the magnate had been barred from leaving the mainland. Wang was photographed withTung, currently a vice-chairman of the Chinese People’s Political Consultative Conference (CPPCC), according to photos displayed on Wanda’s website on Monday. The meeting took... https://www.scmp.com/business/china-business/article/2110610/wang-jianlin-meets-hong-kongs-ex-chief-executive-tung?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2110610/wang-jianlin-meets-hong-kongs-ex-chief-executive-tung?utm_source=rss_feed Mon, 11 Sep 2017 04:28:13 +0000 Dalian Wanda Group said it has taken legal action in China and is considering legal action through US courts in relation to what it says are false reports and “malicious rumors” related to company founder and chairman Wang Jianlin. The company said in a statement on its website on Wednesday that it had filed suit on Tuesday, without specifying details of the offensive comments. “Regarding the malicious rumors that have recently been fabricated and spread with respect to the Chairman of the... https://www.scmp.com/business/article/2109955/wanda-group-files-defamation-suits-against-social-media-accounts-wechat-and?utm_source=rss_feed https://www.scmp.com/business/article/2109955/wanda-group-files-defamation-suits-against-social-media-accounts-wechat-and?utm_source=rss_feed Wed, 06 Sep 2017 04:00:30 +0000 Wang Jianlin, the magnate who has had to sell the majority of his hotels and theme parks last month to repay debt, has doused rumours that he’d been barred from leaving China, speaking out to quash speculations amid plunging stock and bond prices in his flagship company. “Some people with malicious motives have been spreading fake rumours about chairman Wang Jianlin,” his company Dalian Wanda Group said in a statement, dismissing as “groundless” the online claim that he had been detained by... https://www.scmp.com/business/china-business/article/2108550/wanda-rebuffs-rumours-its-chairman-wang-jianlin-barred?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2108550/wanda-rebuffs-rumours-its-chairman-wang-jianlin-barred?utm_source=rss_feed Mon, 28 Aug 2017 03:48:52 +0000 In the great race for China’s development, it used to not matter whether the mouse was black or white, but whether it caught mice. Now, it seems, it has to be red. No matter how powerful the business elite, the politicians have absolute control over wealth, jail, or exile. “Every so often, they need to rein things in, and the people who get hit are the politically incautious,” said Arthur Kroeber of Gavekal Dragonomics. The State Council, China’s cabinet, has tightened the rules on overseas... https://www.scmp.com/business/banking-finance/article/2107932/communist-partys-congress-looms-politics-trump-all-else?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/2107932/communist-partys-congress-looms-politics-trump-all-else?utm_source=rss_feed Wed, 23 Aug 2017 05:32:49 +0000 Dalian Wanda Group, magnate Wang Jianlin’s sprawling property conglomerate, has backed away from its third overseas acquisition in less than a year, taking the cue from last week’s government instructions directing Chinese companies’ outbound investments. Wanda wasn’t the buyer of the 10-acre plot of land in London’s Nine Elms district that Vinci St Modwen sold for £470 million (US$593 million), according to a statement. “The buyer is another company. Not Wanda,” Wanda said in its statement,... https://www.scmp.com/business/companies/article/2107749/wanda-drops-ps470-million-london-purchase-after-state?utm_source=rss_feed https://www.scmp.com/business/companies/article/2107749/wanda-drops-ps470-million-london-purchase-after-state?utm_source=rss_feed Tue, 22 Aug 2017 04:25:03 +0000 Chinese magnate Wang Jianlin, fresh from an epic sale of 77 of his hotels and 13 theme parks to pursue what he calls an “asset light” business model, has injected the management and operations of his erstwhile assets into one of his Hong Kong affiliates, as he rearranges his corporate portfolio after closing China’s largest real estate disposal. In an overnight announcement, Wang announced the sale of Wanda Culture Travel innovation Group and Wanda Hotel Management Co. for a combined 7.05... https://www.scmp.com/business/companies/article/2106202/wanda-hotels-shares-soar-wang-jianlins-plan-turn-it-hotel-and?utm_source=rss_feed https://www.scmp.com/business/companies/article/2106202/wanda-hotels-shares-soar-wang-jianlins-plan-turn-it-hotel-and?utm_source=rss_feed Thu, 10 Aug 2017 04:44:41 +0000 Chinese tycoon Wang Jianlin, chairman of Dalian Wanda, has sold off 70 billion yuan’s (HK$81 billion) worth of assets since the real estate and entertainment conglomerate’s loan records came under strict scrutiny from China’s banking regulator. Among the properties sold, a yet-to-be-completed massive film studio complex in the port city of Qingdao (青島) was let go cheaply. Just four years ago, Wang had announced his plans for a “Hollywood of the East” at a red-carpet event attended by Hollywood... https://www.scmp.com/comment/insight-opinion/article/2105803/money-alone-cant-build-china-thriving-movie-industry?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/article/2105803/money-alone-cant-build-china-thriving-movie-industry?utm_source=rss_feed Mon, 07 Aug 2017 09:22:13 +0000