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Wanda Group

wanda group, wanda group chairman
Wanda Group simplified Chinese: 万达集团; traditional Chinese: 萬達集團; pinyin: Wàndá Jítuán, or Dalian Wanda Chinese: 大连万达, is a Chinese multinational conglomerate corporation and the world's biggest private property developer and owner5 and the world's largest cinema chain operator, owning Wanda Cinemas and the Hoyts Group, as well as a majority share of AMC Theatres67

The company operates in four major industries—commercial property, luxury hotels, culture, Internet, finance, tourism, and department stores It was established in Dalian, Liaoning and is now headquartered in Beijing It ranked 385th on the Fortune Global 500 List in 20158 In 2016 its assets amounted to 7962 billion yuan with operating revenue of 255 billion yuan Wanda Cultural Industry Group is China’s largest cultural enterprise, with annual revenue of 641 billion yuan in 20169

Contents

  • 1 History
    • 11 Diversification push
    • 12 Initial public offering
    • 13 Sports
  • 2 Operations
  • 3 Sponsorships
  • 4 See also
  • 5 References
  • 6 External links

Historyedit

The company was founded in Dalian, Liaoning, in 1988 as a residential real estate company by Wang Jianlin10 Incorporated in 1992, the company was "one of the first shareholding companies in the PRC" after the economic reform11

Diversification pushedit

Since 2005,2 recent years Chinese property developers like Dalian Wanda and Evergrande have made forays into "alternative, income-generating businesses away from the property market" The Financial Times noted that Dalian Wanda was the "most aggressive" in pursuing this strategy, pointing to its 2012 acquisition of US cinema chain AMC Theatres and 2013 purchase of British yachtmaker Sunseeker It noted that it was also "building theme parks across China, and has a joint venture with Tencent and Baidu to set up an e-commerce platform"12

Dalian Wanda acquired the US-based cinema operator AMC Theatres in May 2012 for $26 billion, the largest Chinese acquisition of an American company to that date13 The acquisition went through successfully in August 2012, making Wanda Cinemas the world’s largest cinema operator14 As of 2016, Wanda owns approximately 6% of all commercial movie screens in China, and about 13% in the US14 The company made major changes in AMC theater design and layout, including generously sized reclining seats, waiter service, and expanded food and drink offerings Ticket sales at AMC nearly doubled in the 18 months following the acquisition, and by the end of 2014 Wanda had reaped a reported profit of about US$900 million14 AMC also owns 50% of Open Road Films

In June 2013, Dalian Wanda planned to invest $11 billion to develop a new five-star hotel in London next to the Thames River in Vauxhall, South London, as part of the Nine Elms regeneration2 Mayor of London Boris Johnson welcomed this move15 It is building "Western Europe’s tallest residential building"11 Plans were scrapped in 2015,

In June 2013, Dalian Wanda acquired Sunseeker International, a UK-based maker of luxury yachts used in the James Bond movies, for $500 million2 This acquisition will give them a 92% stake in the company15

In January 2015, Dalian Wanda purchased an office building in Sydney, Australia, from Blackstone Group for around $327 million16 The company is "aggressively expanding overseas to move away from China's property market, which has been hit by a slowing economy"12

In June 2015, Wanda Cinemas announced that it had acquired Australian cinema chain Hoyts7

In November 2015, it was announced that a holding company, Wanda Film Holdings, will group all film-related assets17

Dalian Wanda plans for a skyscraper in Chicago to be called Wanda Vista, designed by Chicago architect Jeanne Gang and will become the city's third-tallest building If completed, it will become the tallest building in the world designed by a woman, passing Chicago's Aqua Tower18

In January 11, 2016, Wanda Group acquired Legendary Entertainment for $35 billion The acquisition of Legendary made Wanda Film Holdings the highest revenue-generating film company in the world19

In May 2016, Wanda Group acquired Propaganda GEM The Entertainment Marketing and product placement agency becomes part of Wanda Group's focus on entertainment but also Hollywood content20

Wanda Group also owns 20% of Mtime21

In September 2016, Wanda announced a major partnership with Sony Pictures Entertainment, in which it will take minority investments in a number of upcoming releases Sony stated that Wanda planned to "highlight the China element in the films in which it invests" The deal came in the wake of Wanda's failed bid to acquire a stake in Paramount Pictures2223

In November 2016, Wanda announced it would buy Dick Clark Productions for around $1 billion24 However, the deal fell through, with Bloomberg citing increasing regulation of Chinese investments both domestically and in the United States, and Deadlinecom citing financial struggles in Wanda's real estate business2526

In May 2017, Wanda announced it would invest $33B by 2024 in EuropaCity, a mega-project near Paris' Charles de Gaulle airport that will boast a theme park, attractions, cultural exhibitions, retail shops, outdoor sports venues and restaurants over about 200 acres It's Wanda's biggest-ever single project in Europe Its other offshore real estate interests include a major development on the banks of London's River Thames and plans for an industrial park in India at a $10B investment27

Initial public offeringedit

In December 2014, Dalian Wanda Commercial Properties, the group's property division, raised $37 billion in an initial public offering on the Hong Kong Stock Exchange,28 the "most money a real estate company has raised in the public markets"11 The IPO made founder Wang Jianlin worth more than $25 billion, making him one of China's richest men5

In 2016, the group sought to privatize Dalian Wanda Commercial Properties less than 18 months after the unit's listing on the stock exchange29 Standard & Poor was concerned that the move would weaken Wanda Commercial's transparency29

Sportsedit

On January 20, 2015, it was reported that Wang Jianlin was buying a 20% stake in the La Liga club Atlético Madrid30 The purchase was finalised March 31, 2015, when the company Wanda Madrid Investment, a subsidiary of Dalian Wanda Group, officially become a partial owner of Atlético Madrid after gaining control of 726707 shares, representing a 20% ownership stake The purchase price was €44,983,16330, or €6190 per share31

In February 2015, Dalian Wanda won an auction to purchase Infront Sports & Media, a sports marketing company based in Zug, Switzerland, for $12 billion3233 Infront distributes broadcasting rights for some of the world’s biggest sporting events; for example, it has the exclusive sales rights to broadcast FIFA's events from 2015 to 2022, including the 2018 and 2022 World Cups According to Wang Jianlin, "the acquisition is expected to help boost sports in China and increase Wanda’s influence in global sports"34

Wanda Plaza

In August 2015, Dalian Wanda announced that it was purchasing the World Triathlon Corporation, a US-based company promoting and licensing various triathlon competitions, for $650 million35

In November 2015, it was announced that a sports division will include all sports-related assets17

In March 2016, FIFA announced that Wanda would be a major sponsor for international events until 2030

Operationsedit

Wanda Group has its headquarters in the Wanda Plaza Chinese: 万达广场 in Beijing's Chaoyang District, where it moved in 200936 In May 2015, Dalian Wanda Group announced that it was in the process of relocating its corporate headquarters to Shanghai, which will become the third Chinese city to host the company's headquarters37

As of Dec 31st, 2016, Dalian Wanda owned 185 Wanda Plazas, 90 hotels, 3,947 cinema screens throughout China38

In 2013, the company’s assets totaled 380 billion yuan $628 billion, its annual income reached 1866 billion yuan $308 billion and net profits exceeded 125 billion yuan $206 billion

By January 2017, Dalian Wanda Group was the largest film exhibitor in China, with Shanghai Film Group in second39

Sponsorshipsedit

Since 2011, Dalian Wanda has been the major sponsor of the Chinese Super League football league40 From 1994 to 2000, it was the primary sponsor for the Dalian Shide FC then named Dalian Wanda FC, during which time the club won four titles in the Chinese top-tier Jia-A League41

The "China's Future Football Stars" project, kicked off in 2013, is being funded by the Wanda Group with an initial phase-I investment of at least 200 million yuan approximately $325 million, the biggest sponsorship in domestic youth sport development since 1949 The program will see 30 young footballers sent to Spain each year for a three-year training program that will consist of football training, as well as education in Spanish language and local culture

On March 18, 2016, Wanda signed a deal with FIFA to provide sponsorship at the next four World Cup competitions, up until 2030 Although it is still unclear as to how much money has changed hands, and also which Wanda Subsidiaries will be appearing This deal makes Wanda the first Chinese First-Tier FIFA Sponsor

On December 9, 2016 Wanda signed a deal with Atletico Madrid to have the new stadium named after the Wanda Group The new stadium's name will be Wanda Metropolitano Wanda Group already owns 20% of the Spanish football club

See alsoedit

  • Chinese property bubble 2005–11
  • Real estate in China

Referencesedit

  1. ^ Spender, Tom "Interview with Dalian Wanda’s Wang Jianlin" Tomspendercom Archived from the original on January 1, 2015 Retrieved 29 December 2014 
  2. ^ a b c d e Wei, Michael 19 August 2013 "Property Mogul Emerges as China's Richest Person" Bloomberg News Archived from the original on August 19, 2013 Retrieved 19 August 2013 
  3. ^ a b c "Corporate Profile" Official website of Wanda Group Retrieved 1 January 2015 
  4. ^ http://wwwwanda-groupcom/employees/
  5. ^ a b "It’s a Wanda-ful life" The Economist February 14, 2015 
  6. ^ "Industry Partners: Dalian Wanda Group" World Economic Forum Archived from the original on February 4, 2015 Retrieved 15 February 2015 
  7. ^ a b Matthew Miller 2 June 2015 "China's Dalian Wanda buys Australian cinema chain Hoyts" Reuters Retrieved 3 June 2015 
  8. ^ "Dalian Wanda Group" Fortune Retrieved 2017-04-14 
  9. ^ "Corporate Profile - Wanda Group" wwwwanda-groupcom Retrieved 2017-04-26 
  10. ^ "Wanda Group threw 5 billion yuan for rock-bottom price bargains, and Wang Jianlin predicted a complete shuffle for the real estate industry - Column of Wang Jianlin - About Wanda" Dalian Wanda Group November 29, 2008 Archived from the original on February 10, 2013 Retrieved 2012-05-22 
  11. ^ a b c Alexandra Stevenson; Michael Forsythe December 16, 2014 "Dalian Wanda Commercial, a Chinese Developer, Raises $37 Billion in IPO" New York Times 
  12. ^ a b Josh Noble; Gabriel Wildau January 15, 2015 "Dalian Wanda changes property strategy after IPO" Financial Times 
  13. ^ "News Summary: AMC theater chain to be sold" Bloomberg Businessweek May 21, 2012 
  14. ^ a b c Shih, Willy; McGee, Henry December 2015 "Hollywood on the Yellow Sea" The Atlantic 316 5: 44–51 Retrieved February 3, 2016 
  15. ^ a b "China's Dalian Wanda to buy UK yacht maker and hotel" BBC June 19, 2013 
  16. ^ "Blackstone to sell prime Sydney property to Dalian Wanda for $327 million", Reuters, 26 January 2015
  17. ^ a b Patrick Frater November 2, 2015 "China’s Wanda Establishes Global Film Division" varietycom Retrieved November 7, 2015 
  18. ^ Kamin, Blair Apr 14, 2015 "Proposed skyscraper could be third-tallest -- or fifth-tallest -- in Chicago" The Chicago Tribune Retrieved May 30, 2016 
  19. ^ Brzeski, Patrick 2016-01-11 "It's Official: China's Wanda Acquires Legendary Entertainment for $35 Billion" The Hollywood Reporter Retrieved 2016-01-11 
  20. ^ "Wanda Buys Marketing Specialist Propaganda GEM, Hoolai Games", Variety, 2016
  21. ^ Tartaglione, Nancy June 15, 2016 "Is ‘Warcraft’s Outsized China Box Office A Game-Changer For Hollywood" Deadlinecom Retrieved June 16, 2016 
  22. ^ "Wanda Group partners with Sony Pictures, giving China’s richest man a leg up in Hollywood" Los Angeles Times Retrieved 29 October 2016 
  23. ^ "China’s Wanda Forming Major Alliance With Sony Pictures" Deadlinecom Retrieved 29 October 2016 
  24. ^ Angeles, Erich Schwartzel in Los; Beijing, Wayne Ma in 2016-11-04 "China’s Wanda Group to Buy Dick Clark Productions for About $1 Billion" Wall Street Journal ISSN 0099-9660 Retrieved 2016-11-04 
  25. ^ "Wanda's $1 Billion Bid for Dick Clark Faces Hurdles" Bloomberg Retrieved 21 February 2017 
  26. ^ "Dick Clark Productions Owner Scraps $1B Sale To Wanda Group" Deadlinecom Retrieved 10 March 2017 
  27. ^ Tartaglione, Nancy 2016-02-26 "China’s Wanda Group Confirms $33 Billion Investment In EuropaCity Complex Near Paris – Update" Deadline Retrieved 2017-06-11 
  28. ^ Ho, Prudence December 15, 2014 "Dalian Wanda Commercial Properties Raises $37 Billion in IPO" Wall Street Journal 
  29. ^ a b Jim, Clare May 30, 2016 "Dalian Wanda makes $44 billion offer to take Hong Kong-listed property arm private" Reuters Retrieved 30 May 2016 
  30. ^ "China’s 2nd-Richest Grabs Stake in Spanish Soccer Club", Bloomberg News January 20, 2015
  31. ^ http://enclubatleticodemadridcom/noticias/wanda-group-is-now-the-owner-of-20-of-the-club-s-shareholding
  32. ^ Cotterill, Joseph; Massoudi, Arash; Blitz, Roger "Dalian Wanda buys Sepp Blatter nephew’s sports rights agency" Financial Times Retrieved 10 February 2015 
  33. ^ "China's Wanda buys sports group Infront for 105 billion euros" Business Insider Retrieved 2015-02-09 
  34. ^ Burkitt, Laurie February 9, 2015 "Dalian Wanda to Buy Swiss Sports Group Infront" Wall Street Journal 
  35. ^ "China's Dalian Wanda Buys Ironman Triathlon Brand for $650M" The New York Times August 26, 2015 Archived from the original on August 30, 2015 Retrieved August 27, 2015 
  36. ^ "Contact" Wanda Group Retrieved on January 4, 2015 "Headquarters Address: Tower B, Wanda Plaza, No 93 Jianguo Road, Chaoyang District, Beijing" - Chinese address: "北京市朝阳区建国路93号万达广场B座"
  37. ^ "China's Richest Man Plans To Move Headquarters To Shanghai From Beijing" Forbes Retrieved 11 May 2015 
  38. ^ "Introduction: About Wanda" Dalian Wanda Group Retrieved 2012-05-22 
  39. ^ Schwartzel, Erin January 19, 2017, Paramount Pictures Gets a $1 Billion Infusion from China, New York: The Wall Street Journal, retrieved January 22, 2017 
  40. ^ "Dalian Wanda to invest millions in Chinese football" Soccerex Archived from the original on April 21, 2014 Retrieved 2012-05-22 
  41. ^ van de Ven, Johan "Death of an Institution: The Dalian Shide Story" Wild East Football Retrieved 22 November 2014 

External linksedit

  • Company website English
  • Company website Chinese

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