Wanda Group aims to triple entertainment and sport revenue by 2020

The Dalian Wanda Group, the fast growing Chinese entertainment and real estate company headed by Chinese billionaire Wang Jianlin, has announced plans to triple its entertainment and sport revenues to 150 billion yuan (US$22 billion) a year by 2020.

It is reported that the Beijing-based conglomerate, ranked 385th in the world, will continue to invest in film, entertainment and sport.

Wanda has recently reported that its first-half revenue increased by 10.6% to 119.9 billion yuan. This was led by 57% growth in its cultural division, according to a report by Reuters.

Reuters reported "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.”

In recent years, Wanda has made significant acquisitions with the purchase of the Hollywood studio Legendary Entertainment, sports marketing firm Infront Sports & Media AG and the Ironman franchise owner, the World Triathlon Corporation.

In May, it opened its first Wanda World theme park in the Chinese city Nanchang, the first of 15 theme parks that it plans to operate in mainland China.

In Australia it now owns Hoyts Cinemas and has previously announced plans to develop or acquire a theme park on the Gold Coast.

Image: Wang Jianlin

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