Dalian Wanda targets 1,000 malls by 2025
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Hong Kong
CHINA's Dalian Wanda Group said it aims to have 1,000 shopping malls open by 2025, a ninefold jump from the end of last year, as the country's largest commercial property developer bets on growth in consumer activity, especially in lower-tier cities.
Wang Jianlin, chairman of Wanda Group and China's richest man, according to Forbes, said that the group will open at least 50 "Wanda Plazas" each year from 2016, and have 400-500 shopping malls by 2020 and 1,000 by 2025, focusing on third and fourth-tier cities. The group had 109 such plazas at the end of last year.
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