Great investment opportunities exist in China's economic transition: Wanda Group chairman
During China's economic transition, the economy will being more reliant on services and household consumption, while there are huge investment opportunities in the services sectors, Wanda Group Chairman Wang Jianlin has said at Oxford University.
He said that China's economy was mainly dependent on investment, export and consumption in the past. With global demand shrank and traditional industry investment saturated, the economic restructuring is imperative and entertainment, sport and tourism have broad prospects.
Wang was invited to give a lecture at the prestigious university on Tuesday, during which he expounded on Wanda's globalization efforts.
He said the first step of his company's globalization was a focus on acquisitions. The priory of his group's overseas development was given to mergers in entertainment, sports and tourism, followed by acquisitions with synergic value.
Wang stressed to operate successfully in China, Wanda's cross-border mergers must be able to form an integral part of the group's current businesses.
He thought highly of local talents. The key for mergers is to retain the original management, hire locally for all positions and improve incentive schemes to motivate employees and enhance the company's overseas performance, he added.
Wang said that by 2020, Wanda would become a world-class international company and enter the world's top 30 companies in terms of Group assets, revenue and profit.
Wanda Group began their international development efforts in 2012, and in just four years invested over 15 billion US dollars in over 10 countries. They are one of the most successful Chinese companies to have invested the most in overseas projects.