Chairman Wang Jianlin Gives Speech in Chengdu

In a speech given to the “2017 Sichuan International Investment Fair” on April 7, 2017, Wanda Group Chairman Wang Jianlin announced that Wanda will move into the healthcare sector and that it will start from Sichuan. Below is an excerpt of his speech.

With respect to Wanda’s investments in Sichuan, I have three points of view:

First, Sichuan has business opportunities. In one month, Wanda will mark its 20th anniversary of its first investment in Sichuan. Twenty years ago, Wanda was not as large as it is now, and was a medium-sized enterprise. But even at that time, we were seeking cross-region development, and Chengdu was one of the first cities of our destination. In Chengdu, Wanda has created many firsts, including our first five-star hotel, first Wanda Plazas, first cloud service center, first international hospital, first upgraded Wanda Cultural Tourism City, and first healthcare industry park for which we signed the contract just yesterday.

These many firsts were not entirely for feeling’s reason. Investments are always for a return. Entrepreneurs are rational, and don’t make investments in one place just because it is their hometown. They make an investment in a place not in order to be charitable, but because they see a business opportunity there. We have signed strategic development agreements with Sichuan provincial government and Chengdu municipal government. We have become the largest investor in Sichuan, having invested more than RMB 100 billion here.

Secondly, Sichuan offers attractive returns on investment. Besides business opportunities, the most important thing is the promise of making money. Our investment projects in Sichuan over the years have basically all exceeded our expectations, including the Wanda Plaza in Guangyuan, my hometown, established with some emotional factor, which, however, proved to be a huge success far beyond our expectation. Our investment in Neijiang New Area also exceeded our expectation. Overall, all our investments yielded attractive returns and made good money.

Based on our experience, investing in Sichuan offers a good return. For an investment fair, the most important thing is not to attract as many investors as possible, but to convince them of a compelling return on their investments. As the secretary mentioned right now, signed projects have been more than 90% performed and more than 80% of them have started construction. What do these figures mean? It is an effect of money-making investors attracting other investors.

Thirdly, there is happiness in Sichuan. Sichuanese are industrious and honest, and to top it all, they are optimistic and ready to use tomorrow’s money to fulfill today’s dream. They rarely complain and would rather take actions for things to improve. Because of their upbeat outlook on the future, they are ready to spend. I remember that in 1998 when we sent out year-end bonuses for the first time, with amounts ranging from RMB 20,000 to RMB 30,000, many employees used it to buy their first car without much thought.  

Consumption on cultural activities, entertainment and dining-out has always been strong across Sichuan. People generally expect a better future and enjoy being themselves. There is a saying that describes the worry-free lifestyle of the typical Sichuanese as “eating hot pots and playing mahjong”. In other words, they are happy-go-lucky and easily contented. Sichuan folks are generally kind, easygoing and friendly, with an abhorrence of any acts of treachery, fraudulence and dishonor. Overall, there is a high level of happiness in Sichuan, especially in Chengdu, known as the city where once you come, you would be reluctant to leave.