China’s Wanda Sees Asset Value Hit $115 Billion in 2016

China's Wanda Sees Asset Value Hit
Photo by Gerry Shih/AP/REX/Shutterstock

China’s privately-controlled Dalian Wanda group disclosed net assets of $115 billion (RMB796 billion,) an increase of 21%, at the end of 2016.

The figures were announced Saturday at the group’s annual staff meeting. It also reported a double digit increase in profits, built on a 3.4% increase in operating income in 2016. Definition of double digits was not specified.

Chairman Wang Jianlin said that the performance in 2016 represented a reduced emphasis on commercial property, and a rebalancing towards entertainment, tourism and sports.

The expanding cultural group saw income increase by 25% to RMB64.1 billion. That included RMB39.2 billion of revenue from cinema exhibition, distribution and production. Data for Legendary Entertainment, acquired last year in a $3.5 billion deal, was not disclosed.

During 2016 the separately listed Wanda Cinema Line opened 154 new cinemas with a combined 1,391 screens. With the acquisitions it also made in the exhibition space last year, that lifted Wanda’s year end screen count to 14,347 worldwide.

Tourism revenue, mostly from theme parks, climbed 37% to RMB17.4 billion. Sports income grew 9% to RMB6.4 billion.