Wanda sets higher target for assets expansion

Dalian Wanda Group currently holds 12.9 million sq m of properties, the world's second largest property company by assets, chairman of the property conglomerate said.

Wang Jianlin, chairman of Wanda Group, said during the group's annual meeting that the company aims to expand its assets value to 350 billion yuan ($56 billion) in 2013, a significant growth from 300 billion yuan in 2012, according to a report from caijing.com.

Wanda Group reaped 109.7 billion yuan in revenue from the core business commercial properties, a growth of 15.1 percent year-on-year. But Wang stressed Wanda Group gets a large portion of its revenue from non-realty sectors, which is "delightful" to him.

In 2012, cultural business contributed 14.6 percent of the group's revenue. Wang expected the newly established Beijing Wanda Culture Industry Group to generate 22 billion yuan in revenue, with 16.5 billion yuan coming from the newly acquired AMC Theatres.

As of Dec 20, there were 68 Wanda Plazas in operation nationwide, which is a premier brand commercial property brand of Wanda. Wanda Group plans to build another 19 Wanda Plazas in 2013.