Wanda Group accelerates transformation

Wanda Group Chairman Wang Jianlin delivers keynote address

Wanda Group announced that it would accelerate its transformation and released new growth targets during its semi-annual meeting held in July 11.

According to the new plan, Wanda Group will complete the transition into a service-oriented enterprise by 2018, when 65% of the group's revenues and net profit will come from its service-orientated businesses. Before the semi-annual meeting, the company was expected to reach this target by 2020. This is a clear signal that Wanda's transformation is poised to accelerate dramatically.

Wanda Group also formally announced the "2211 plan: By 2020, the company will increase assets and market capitalization to $200 billion respectively, while growing revenue to $100 billion, and net profit to $10 billion. Meanwhile, Wanda Group will become a leading international brand, with investments in key global markets and 30% of revenue coming from its overseas businesses.

In early 2015, Wanda Group targeted 20% income from overseas business and within the space of half a year has revised that figure to 30%.