By 2015, Dalian Wanda Group of China is quickening its development of luxury hotel business and targets to become the world's largest five-star hotel owner by the end of that year.
This announcement was made by Wanda Hotels & Resorts Co. Ltd., a wholly owned subsidiary of Dalian Wanda Group Corp. Ltd. The company will build new hotels in 100 Chinese travel destinations by 2015 to become the world's leading five-star hotel owner.
The company's vision is to own more than 150 luxury hotels in four regions--China, Europe, the United States and Australia--to have these completed by 2018.
Wanda Hotels & Resorts Co. Ltd. is the owner and manager of Wanda Realm, Wanda Vista and Wanda Reign. The company's definitive goal is to become China's foremost global luxury hotel brand.
The company was founded on 2012 and by the end of 2014, it will own 71 luxury hotels in China.
Meanwhile, Chinese billionaire Wang Jianlin, who controls Dalian Wanda Commercial Properties Co., has raised $3.7 billion in an initial public offering in Hong Kong, "after pricing the deal near the high end of an indicative price range."
Dalian Wanda Commercial's IPO is now the largest-ever listing by a real-estate company globally, beating Singapore's Global Logistics Properties Ltd. which debuted in 2010.
This move made by Dalian Wanda will ease pressure on heavily indebted property companies, whose share prices rose after rates were cut. The Dalian Wanda Commercial listing comes after China's central bank cut interest rates in November.