Wang Jianlin reveals Wanda’s overseas expansion plan
Wanda Group is poised to be among China’s first group of “real” multinational companies and will firmly adhere to its internationalization strategy, said Chairman Wang Jianlin at the group’s semi-annual meeting in Harbin on July 12th.
While 100 Chinese companies made the newly released Fortune 500 list, they cannot be compared to their multinational counterparts in Europe and the US, who have constantly been tested by the market and possess advanced technical expertise and intellectual property, said Wang.
In the second half of this year, Wanda will intensify its investment in the entertainment sector overseas by acquiring one or two large international entertainment companies, declared Wang, adding that the investment arm of Wanda is currently undergoing negotiations with certain companies.
The company will also invest in two five-star hotel projects in major international cities in the second half of the year. By then, Wanda will have five-star hotel projects in five major international cities, according to Wang. He added that Wanda will have 15 five-star hotels in major foreign cities by 2020 and thereby break the monopoly of foreign hotel brands in major cities.
Wanda also plans to enter the overseas financial investment area in the second half of the year, said Wang.