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Dalian Wanda focuses on home market
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WANG Jianlin, the richest person on the Chinese mainland and Dalian Wanda Group’s chairman and founder, said his company will focus on the domestic market for growth even as it seeks to expand overseas.
Wang, the owner of the country’s biggest commercial land developer with an estimated personal wealth of US$14 billion according to Forbes Magazine, said the size of the company’s overseas business is rather “insignificant” unlike its investment within the country.
“The Chinese mainland remains the core growth engine for Wanda Group though we will keep investing in overseas markets such as the United States and the UK as we move forward with our globalization plan,” Wang said in an interview with NetEase’s financial channel during the World Economic Forum which started yesterday in Dalian in Liaoning Province.
Wanda’s investment in the domestic property market will exceed 100 billion yuan (US$16 billion) annually as the firm extends its footprint and cements its leading position in the country, Wang said.
He disagreed there is a bubble in the Chinese property market. “The domestic real estate market will continue to grow as more properties need to be built to keep pace with the country’s urbanization.”
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