China's biggest property developer is "expanding sports empire in Europe," according to Emma Glez of CHINA DAILY. Dalian Wanda Group is interested in purchasing a 30% stake of Serie A side AC Milan, as the company "continues its shopping spree to build a sports empire in Europe."
Wanda, which controls the nation's biggest property developer and largest cinema chain, is considering paying $170M "for the minority stake in the team," according to Italian newspaper Il Sole 24 Ore.
The property developer "may also be planning to build AC Milan's new stadium in the Portello district." The real estate company "declined to comment on the news." Local media suggested that AC Milan President Silvio Berlusconi "would favor a Wanda offer for the Rossoneri team as Wanda pledged to help the club in its objective to build the new stadium." Italian sports journalist Marco Bellinazzo wrote, "The arrival in Italy of the Wanda Group and Wang Jianlin (chairman of Wanda Group) has created a new scenario, because it ties in very well with the new stadium project" (CHINA DAILY, 2/26).
