Wanda posts first sales decline in 11 years

Hong Kong

DALIAN Wanda Group Co's revenue fell for the first time in at least 11 years after a slump in its property business outweighed growth from entertainment operations at billionaire Wang Jianlin's conglomerate.

Sales, which include property-contracted sales, declined 14 per cent in 2016 from a year earlier, according to a Wanda statement on Saturday, more than a January 2016 forecast of a 12 per cent drop. Revenue at Dalian Wanda Commercial Properties Co, the group's real-estate unit, declined 25 per cent to 143 billion yuan (S$29.6 billion).