Wanda hits $4.35bn in H1 sports revenue

China’s Dalian Wanda Group unveiled its first-half figures on Tuesday July 5th. It shows that the revenue of the privately-owned group has reached RMB 119.93 billion (about $18 billion).

The group’s revenue increased by a better-than-expected 10.6%, driven by its aggressive expansion into the entertainment and leisure businesses as it diversifies away from property.

It is worth noting that Wanda’s sports businesses have generated RMB 29.03 billion (about $4.35billion) in the January to June period.

Owned by China’s richest man Wang Jianlin, Wanda has made some high-profile purchases in the sports industry, including the Infront sports marketing firm from Italy and the World Triathlon Corp, owner of the Ironman (sports) franchise.

According to industry analysts, Wanda’s sports strategy is helping to diversify the business fields of the real estate conglomerate. Its acquisitions of international sporting icons will bring more profits in events authorization, business promotion, broadcasting rights and sponsorships.

Source: iyiou.com

Proofread by Sean O Diobhilin