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Chairman attends culture fair, talks about innovation and ambition

May 17,2013

Chairman attends culture fair, talks about innovation and ambition

Wanda Group Chairman Wang Jianlin (R) is interviewed by a reporter at the venue of the ninth China International Cultural Industries Fair.

Chairman attends culture fair, talks about innovation and ambition

Wanda Group Chairman Wang Jianlin (L) inspects the pavilion of Beijing Wanda Culture Industry Group at the venue of the ninth China International Cultural Industries Fair.

 Chairman attends culture fair, talks about innovation and ambition

The pavilion of Beijing Wanda Culture Industry Group at the venue of the ninth China International Cultural Industries Fair.

 

China’s leading property conglomerate Wanda Group, who also owns the country’s biggest culture company, attended the ninth China International Cultural Industries Fair to be held in the southern economic powerhouse of Shenzhen from May 17 to 20, 2013.

The second time for the group to attend the annual event as an exhibitor, Wanda will present in its 432sq pavilion all of its culture brands including the American theater chain AMC, Wanda Cinema Line, theme parks, Wanda Media Company, the joint venture with Franco Dragone Entertainment Group, the film technology park, etc.

Wanda Group purchased AMC's entire stake and inherited its debt with $2.6 billion under an agreement signed last May. The transaction marked the largest overseas cultural investment of a domestic private enterprise and it also strengthened Wanda's global status as an owner of movie theater chains. After just half a year since the acquisition, AMC has returned to profit.

“We began to invest in culture sector since 2005 and established the Beijing Wanda Culture Industry Group in 2012 with registered capital of 5 billion yuan, total assets of 31 billion yuan and the annual revenue of 20.8 billion yuan. Now it’s the biggest culture company in China and ranks 38th in the world according to the recently released Top 50 Global Culture Industry Players Study by Roland Berger,” the group’s chairman Wang Jianlin told the reporters before the opening of the culture fair in Shenzhen.

Secrets to success

In an interview with Shenzhen Economic Daily, Wang attributes Wanda’s success in culture industry to four moves: “In the first place, the group made innovations in business integration, technology and management. Besides, we attach great importance to people by attracting top talents not only from the country but also from the world. Furthermore, we have the courage and the capability to invest heavily into cultural projects. In addition, the group realized quick expansion by mergers and acquisitions.”

“Above all, innovation is the key,” Wang noted, “For example, we are the first Chinese culture company to adopt the chain management. With unified brand, regulation and operation, our cost is 30% lower than that of the counterparts.”

Aiming for world-class

“The group’s cultural revenue is projected to surpass 40 billion yuan by 2016, placing it among the world’s top 20 cultural enterprises. By 2020, the group’s cultural revenue is expected to exceed 80 billion yuan, making it one of the world’s top 10 cultural enterprises, ” Wang said when talking about Beijing Wanda Culture Industry Group’s blueprint for development.

Related News:

Wanda, Shenzhen ink cooperation deal

AMC returns to profit after acquisition by Wanda

Wanda Attends Shenzhen Cultural Fair

About Wanda Group:

The Dalian Wanda Group was founded in 1988 and operates in four major industries, including commercial properties, luxury hotels, culture & tourism, and department store chain. The company has assets of 300 billion yuan ($48 billion) and an annual income of 141.7 billion yuan ($23 billion), and pays 20.2 billion yuan ($3.2 billion) in taxes every year. The company now operates 67 Wanda Plazas, 38 five-star hotels, 6,000 cinema screens, 57 department stores and 63 karaoke outlets across the country. By 2015, the company aims to increase its assets to 400 billion yuan ($64.8 billion) and annual income to 250 billion yuan ($40.5 billion), and pay 30 billion yuan ($4.8 billion) in taxes every year, becoming a world-class enterprise.

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