Dalian Wanda Group posts revenue drop for third straight year
Chinese conglomerate Dalian Wanda Group's revenue fell by 5.7 percent in 2018 as the company sought to relieve debt pressure by offloading domestic and overseas holdings.
Total group revenues were 214.28 billion yuan (31.70 billion U.S. dollars), the company said on Saturday in a statement on its official WeChat account. It was the third consecutive year of falling revenues for the group.
Wanda's sprawling business empire ranges from real estate to sport to cinemas, 75 percent of its 2018 revenue came from service industry, the company said in the Saturday statement.
Wanda did not disclose information about its profits for the year but said total assets fell 11.5 percent to 625.73 billion yuan.
Owned by Wang Jianlin, one of China's richest men, Wanda has been cutting down on overseas deals. Last year it offloaded stakes in cinema operator AMC Entertainment and Spanish soccer club Atletico Madrid, as well as some property developments.
The company recently filed for a U.S. initial public offering of its sports unit.