Internet finance is driver for Dalian Wanda's growth

Wang Jianlin, chairman of the company, speaks at the Asian Financial Forum in Hong Kong on Jan 18, 2016. [Photo/IC]

Dalian Wanda Group Co Ltd, China's largest commercial property company, sees Internet finance as the most important driver for its future development.

The company is to have an initial public offering (IPO) for its Internet finance arm, Wang Jianlin, chairman of the company, said at the Asian Financial Forum in Hong Kong on Monday.

Although he did not reveal a specific time for the IPO or money to be raised, Wang laid out strategic targets for the development of Wanda's Internet finance.

By 2020, the group's Internet finance services will cover 5,000 shopping centers and 700 million to 800 million consumers. It will issue 500 million membership cards that combine multiple functions including applications for retail, catering and entertainment services, loans, credit card services and points earning for rewards.

It will also extend 300 billion yuan ($45.6 billion) of loans online, of which personal lending will reach 200 billion yuan and corporate lending 100 billion yuan.

"The membership cards will account for the largest value of Wanda Group," Wang said.

The company will focus on five major platforms: big data analysis, credit investigation, online lending, mobile payment and membership cards issuance and development.