Wanda eyes hotels, tourism as real estate slows

Hong Kong

DALIAN Wanda Commercial Properties Co Ltd on Tuesday said it plans to invest in one to two overseas hotel projects annually, spending up to US$1 billion on each, as it pushes into tourism and entertainment while domestic real estate slows.

China's biggest commercial property developer by sales is looking at France and Germany to add to its six projects in the United States, United Kingdom, Spain and Australia. "We're prudent in choosing our overseas projects," chairman Ding Benxi said, without offering further details, at Wanda's first earnings briefing since its US$3.7 billion December listing.