Wanda announces first-half results-Growth targets exceeded across the board
Wanda Group convened its 2015 semi-annual meeting in Beijing on July 11. In the midst of a global economic restructuring and a slow down in domestic growth, Wanda continued its exceptional growth across its entire business portfolio:
Total revenue up 18%
Wanda Group's first-half revenue grew by 18%
Wanda Commercial Properties rental income up 33.3%
Wanda Commercial Properties revenue for the first half of 2015 reached RMB 73.41 billion, a 101% fulfillment of its growth target and a 12% increase YoY. Rental income for the same period was RMB 7.02 billion, meeting targets by 102% and up 33.3% YoY, while the company posted a rental collection rate of 100%, an industry leading performance in this category. Rental growth far outpaced growth in overall revenue and is expected to account for over 50% of WCM's overall profits in the future, during which the company will have accelerated its transition from a property focused business to a service focused business.
Retail foot traffic reaches 924 million
In the midst of a slowdown in overall offline retail consumption and facing the threat of online retailers, nationwide foot traffic at Wanda Plazas grew 27.8% YoY to 924 million and is expected to surpass 2 billion by the end of the year.
Wanda Cultural Industry Group revenue up 30%
Wanda Cultural Industry Group's first half-year revenue grew 30% YoY, significantly outperforming overall growth of the real estate sector.
Wanda Cinema Line revenue up 41%
Wanda Cinema Line first half-year revenue grew by 41% YoY to RMB 3.48 billion, fulfilling its targets by 135%. Revenue from box office sales grew by 43.3% YoY to RMB 2.85 billion, meeting targets by 138%, while revenue from online ticket sales grew by 300% to RMB 1.55 billion. Wanda Cinema Line grew its membership base to over 40 million, 14 million more than end of 2014. 80% of the business’ total revenue is generated from its membership base.
Wanda Tourism revenue up 147%
Wanda Tourism first half-year revenue grew by 147% YoY