Wanda’s 1H Revenue Surpassed RMB 60 Billion, Key Indicators Led Private Enterprises
On the Wanda Group 1H work conference held recently, Chairman Wang Jianlin announced that Wanda made the revenue of RMB 61.82 billion for the first half year, 153% of the 1H target, with 69.7% YoY growth. Wanda Group was expected to see revenue to cross RMB100 billion for the whole year.
Among the five sectors Wanda operates in (commercial property, high class hotels, chain department store, culture industry and tourism vacation), revenue growth for the modern services sector has been extraordinarily fast, of which, YoY revenue growth for department store chains, Wanda Hotel Investment and Development Co. and rental revenue for Wanda Commercial Management Co. was 200%, 100.8%, and 85.8% respectively.
Wanda Group contributed tax revenue of RMB 9.37 billion in the first half year, 98.7% growth YoY; it’s expected that the tax revenue for the whole year will cross RMB 20 billion. The Huai’an Wanda Plaza and Shanghai Hongqiao Wanda Plaza opened in 1H created 9193 jobs, of which 1759 jobs were provided to graduates. Assuming the same scenario, Wanda will create over 100 thousand jobs including 20 thousand to graduates with the opening of the 16 Wanda Plazas and 12 five-star hotels for the whole year. Wanda donated RMB 138 million in cash to public welfare in the first half year; the cash donation for the whole year is expected to exceed RMB 400 million.
The key indicators for Wanda’s 1H performance, including revenue, tax, job creation and charity etc were all on the top of the private enterprises list; Wanda has achieved rapid growth, primarily attributable to Wanda started pro-actively responding to the national economic structure reform several years ago, transformed and upgraded the company promptly, heavily invested in the development of the modern services, and diversified the business from solely property to commercial real estate, high-end hotels, tourist resorts, department stores, culture and entertainment etc. At present, Wanda’s speed of growth in the modern services sector has by far exceeded that of property; we expect modern services will become Wanda’s core business within five years.