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Wang Jianlin, chairman of Dalian Wanda Group, and David Cameron, the UK Prime Minister, announced this major investment project after their meetings at the annual meeting of the World Economic Forum.
Dalian Wanda Group, one of China's largest real estate and shopping mall developers, announced its intention to invest 2-3 billion pounds ($3.30-$4.95 billion) in projects in the UK on January 24, 2014, the main one being its multi-use cultural and tourism commercial project. Wang Jianlin, chairman of Dalian Wanda Group, and David Cameron, the UK Prime Minister, announced this major investment project after their meetings at the annual meeting of the World Economic Forum. This announcement comes shortly after Cameron's recent visit to China, of which Chinese investment in the UK was a key feature. Last year, Wanda announced a five-star hotel and luxury residential apartment project in London. Wanda, which is one of a handful of large but unlisted property developers in China, still has plenty of cash to burn: The company said at its annual meeting that its revenue jumped 31% on-year to hit 186.6 billion yuan ($30.9 billion) in 2013. That marked the eighth consecutive year its revenue rose by more than 30%, the company said in a statement on its website that 2013. To date, Wanda said it has 380 billion yuan worth of assets world-wide and has opened 85 malls and 54 hotels across China. This year, it’s setting its sight high again. On its website, the Beijing-based firm said it plans to open 24 more Wanda Plazas and 18 five-star hotels this year, with a target on eventually becoming the world’s largest owner of five-star hotels. The firm has set a goal to grow its revenue by 29% to 240 billion yuan this year, with 15 billion yuan in profit, and it hopes to bump the profit figure up to 20 billion yuan in 2015. Its rival, state-owned Greenland Holdings Group—which is also unlisted—will release its 2013 results later this week. The Shanghai-based developer acquired property projects in the U.S., Australia and South Korea to tap on demand from Chinese homebuyers looking for an overseas address. Last week Greenland said it is investing 1.2 billion pounds ($2 billion) in two residential projects in London; in the same breath, it also said it is looking to expand in Canada, France and Singapore. In December, Greenland raised 11.73 billion yuan from five private equity investors, and in recent days said it is hopeful that it could complete a listing on the domestic stock exchange by the first half of 2014. |
