Wanda Chief Says Company Can Spend $5B A Year On Foreign Acquisitions: Reuters

Was the Dalian Wanda Group just whetting its Hollywood appetite with the $2.6B acquisition of AMC Entertainment? The president of the Chinese property developer has hinted as much in a recent interview with Reuters. According to the news agency, Wang Jianlin said that Wanda can spend as much as $5B a year on foreign acquisitions and would be prepared to pay more than $5B for a single acquisition, if the right opportunity avails itself. Although he did not specify which firms or assets his company is eyeing, he told Reuters that the focus will continue to be on hospitality and entertainment. In September last year, Wanda closed its $2.6B purchase of AMC, making it the world’s biggest owner of movie theaters. In June, it signaled it would acquire a majority stake in yacht maker Sunseeker International whose boats have appeared in at least four James Bond movies. It also has plans to build five-star luxury hotels in London and New York, investing more than $2B. Wanda also said today that it will hold the opening ceremonies for its new $4.9B film studio in Qingdao later this month. The company currently owns 72 Wanda Plazas and 40 five-star hotels in China, 6,000 movie screens, 62 department stores and 68 karaoke centers, according to Reuters.

This article was printed from https://deadline.com/2013/09/reuters-wanda-chief-says-company-can-spend-5b-a-year-on-foreign-acquisitions-584030/