Dalian Wanda founder and real estate tycoon Wang Jianlin is on a five-day European tour, including a stop in the U.K. where he revealed Dalian's plans for a "major acquisition" in the coming days. (Photo : Getty Images)
Chinese conglomerate Dalian Wanda Group Co. is planning to announce a “major transaction” sometime this week, the company’s chairman Wang Jianlin said on Tuesday.
Wang, who made his remarks during a speech at Oxford University, declined to provide details of the transaction beyond saying it would be outside of the U.K., Bloomberg Business reported on Wednesday.
Wanda is also eyeing a "comprehensive" project involving the U.K.'s entertainment sector that would add up to 10,000 jobs in the country, he added.
Separately, Wanda Cinemas, the movie theater unit of Dalian Wanda Group, announced the suspension in trading of its shares on the Shenzhen Stock Exchange. The cinema chain cited a pending acquisition by its parent but declined to provide further details, according to the Global Times.
Wang, who vies with Alibaba Group founder Jack Ma as China's richest man, said during his speech that Dalian Wanda has invested more than $15 billion in more than 10 countries and regions and plans to make three major acquisitions overseas by the end of this year.
Dalian Wanda has had a string of high-profile acquisitions in recent months. In January alone, the company agreed to buy Legendary Entertainment (makers of 2014 "Godzilla" remake and the upcoming "Warcraft" fantasy film) for $3.5 billion; invested $2.3 billion in three hospitals in Shanghai, Chengdu and Qingdao; and signed a $10 billion development deal with India.
Wanda is looking toward acquisitions to bolster growth as the group braces for falling sales from its main property business. This has prompted Wang, whose fortunes are valued at around $27.2 billion, to increasingly look toward expanding his entertainment business, said Bloomberg.
Wang said Dalian Wanda will continue to expand its business worldwide and expects it to account for 30 percent of overall revenues in the future.
"The projects should be related to Dalian Wanda's present business, so that the purchased projects could help Dalian Wanda expand the scale of its industry," Wang added.
