China's Dalian Wanda Group said on Tuesday that first-half revenue "climbed a better-than-expected 10.6 percent, helped by its aggressive expansion into entertainment and leisure businesses as it diversifies away from property," according to Clare Jim of REUTERS. Owned by China's richest man Wang Jianlin, the conglomerate "has made some high-profile purchases including U.S. film studio Legendary Entertainment and World Triathlon Corp, owner of the Ironman franchise." Revenue rose to 119.9B yuan ($18B) in January-June, "stronger than its initial target of flat revenue." The unlisted conglomerate "does not provide profit figures." Its sports, film, entertainment and tourism unit saw revenue surge 57% while property revenue fell 17.3% "as it struggled with a supply glut in smaller cities where most of its real estate is concentrated" (REUTERS, 7/5). VARIETY's Patrick Frater wrote Wanda's "overseas revenue climbed" by 79% to $2.68B. That "reflects a string of overseas acquisitions that have included the Hoyts cinema chain in Australia and the Infront sports marketing firm from Italy." The group "is currently in the process of reorganizing many of its units." Wang "announced an offer to take private the Hong Kong-listed Wanda Commercial Properties company," which had revenues of $10B. And in recent weeks, bolstered by the "sexy" Legendary deal, it "has raised capital from third parties for Wanda Cinema" (VARIETY, 7/4).
