Wanda Group holds 1st half-year work conference

Wanda Group convened the work conference for the first half of 2013 at the Wanda Vista Hotel in Quanzhou, Fujian Province on July 13.

Chairman Wang Jianlin said in his speech that although the slowdown in economic growth has put much pressure on the development of all industries, the group’s performance in the first half of the year exceeded expectations.

The group grossed 74.5 billion yuan in the first half of the year, accomplishing 109% of their target and enjoying growth of 33% year-on-year.

With five new plazas and two five-star hotels opened in the first half of the year, the group increased the area of its real estate space by 940,000 sqm, bringing its total area to 13.73 million sqm. To date the group has 72 plazas and 40 five-star hotels.

Wanda Cultural Tourism Cities in Harbin and Nanchang have begun construction this year. With unique innovation and Wanda's own intellectual property rights, the Wanda Cultural Tourism City will be the world’s first mega-project combining culture, tourism and commerce.

Wanda opened five new cinemas with a total of 49 screens, bringing the total number of Wanda cinemas to 119 and the screen number to 1,038.

Five Dagexing KTVs were opened and became operational this year. Till now Wanda has 68 KTVs, ranking first in China in terms of scale.

The number of Wanda Department Stores has grown to 62 following five new store openings this year.

The group also made headway in its’ overseas expansion this year with several successful acquisitions, including an acquired stake in Hengli Commercial Properties in Hong Kong, the acquisition of luxury yacht-maker Sunseeker International Ltd in London as well as the planned development of a five-star hotel in London.

Wang also outlined several work requirements for the second half of the year: All group subsidiaries should strive to meet the annual targets with determination and persistence; Wanda will put more emphasis on cultural tourism, which will become a part of the group’s backbone along with commercial property; The group must continue to build on enhancing product quality; The group will steadily push forward its internationalization strategy; While further innovating its business management, the group must also strengthen its corporate management.

Leaders of group subsidiaries held discussions about Wang’s instructions and staff expressed their determination to fulfill annual targets.