China’s biggest commercial developer by sales, Wanda, aims to increase its turnover from $30bn to $100bn by 2020 by going global.
Last year it purchased a site in Vauxhall, south London, where it plans to build 440 homes and a hotel in two towers. The first group of homes at the site, called One Nine Elms, will go on sale this week.
Wanda, primarily a real estate developer, all owns 60 hotels in China, US cinema chain AMC and the Sunseeker yacht company.
Meanwhile China’s housing developers are diversifying into a range of different businesses as the housing downturn hits revenues. China’s developers are reliant on sales of actual property for revenue, but have now moved into solar panels, online shopping and even hog-farming to keep up income.
Financial Times, 19
