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Wanda eyes role as world's largest developer
Brief:Dalian Wanda Commercial Properties Co Ltd, China's largest property developer renowned as an ambitious buyer of high-end Western assets, is aiming to become the largest real estate company in the world.Last year, the company spent $500 million to purchase a UK yacht maker. In 2012, it acquired US movie theater chain AMC Entertainment Holdings Inc for $2.6 billion.
Dalian Wanda Commercial Properties Co Ltd, China's largest property developer renowned as an ambitious buyer of high-end Western assets, is aiming to become the largest real estate company in the world by 2014, said chairman and founder Wang Jianlin when interviewed by the Cable News Network.
 
The company also aims to increase its appetite for acquisitions in the culture, entertainment, retail and luxury hotel sectors.
 
"Our investment department and investment banks are in negotiation with many companies, but nothing is confirmed yet," said Wang, when asked if he is looking at any big brand name as a potential takeover target.
 
As one of China's richest billionaires, Wang joked that he may consider buying CNN if the network is up for sale.
 
With business interests extending from 88 Wanda Plaza shopping malls to hotels and cinemas, the real estate and entertainment tycoon has increased his overseas investment in recent years.
 
Last year, the company spent $500 million to purchase a UK yacht maker. In 2012, it acquired US movie theater chain AMC Entertainment Holdings Inc for $2.6 billion.
 
The Wanda group is also building a five-star hotel in London along the Thames river. In 2013, the company's revenue surged 31 percent year-on-year, and reached 186 billion yuan ($30.9 billion), signaling the eighth consecutive year that its revenue rose by more than 30 percent, according to the company's statement. It plans to hit revenue of $100 billion by 2020.
 
"Our goal is to make Wanda a brand like Wal-Mart, IBM or Google, a brand known by everyone in the world," Wang said.
 
In early July, the company's IPO plan was terminated by the China Securities Regulatory Commission as it didn't update the application documents in a timely manner.
 
Wanda Group said it will continue to seek other methods to go public in the future.
 
"Given the large amount of financing demand for the real estate business, it's very hard for companies like Wanda Group to go public as a whole," Song Yanqing, chief executive of Lande Consulting Group, a real estate consulting firm, told The Beijing News.
 
Song said the termination will not have a significant impact on the company's commercial real estate business, as the group maintains a strong capability of financing and a standard model of business development.

Source:Sourece:China Daily
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