China's Wanda has $5 billion a year for foreign acquisitions
By Koh Gui Qing
DALIAN, China (Reuters) - Chinese property developer Dalian Wanda Group says it can afford to spend as much as $5 billion every year to buy foreign firms or assets, underscoring the rising clout of the firm as it expands abroad.
Just weeks after completing its buy-out of British yacht maker Sunseeker International Ltd, Chairman Wang Jianlin says that he's prepared to spend even more than $5 billion in a single acquisition if the right opportunity arises.
Wang, ranked as China's richest man by Forbes this week, said the company will continue to focus on the hospitality and entertainment industries.
"Every year we should have around a few billion U.S. dollars," said Wang, who was speaking in an interview on the sidelines of the World Economico Forum in Dalian, northern China.
Wanda Group, a privately-held conglomerate that operates businesses ranging from hotels and shopping malls to cinemas, has expanded rapidly outside China in recent years.
In June, Wang told Reuters that he planned to invest about $1 billion to build a five-star hotel in New York and that he wanted to build Wanda hotels in eight to 10 cities outside China over the next decade in an effort to increase the company's global presence.
The New York announcement followed a 1 billion pound ($1.57 billion) British investment that included the acquisition of Sunseeker, Britain's largest luxury yacht maker by sales, and the construction of a 160-room Wanda hotel and apartment building in London.
Wanda made its first international foray last year, buying U.S. cinema chain AMC Entertainment for $2.6 billion. Continued...