China's Wanda to scale back construction in smaller cities

Hong Kong

CHINA'S biggest commercial property developer, Dalian Wanda Commercial Properties Co Ltd, on Thursday said it would scale back investment and construction in small cities due to oversupply.

The property arm of Dalian Wanda Group, owned by China's richest man, Wang Jianlin, said that it would stop land purchases for home and office developments in these cities while continuing to build hotels and shopping malls.