Dalian Wanda chairman says plans IPO for Internet finance unit

[HONG KONG] Chinese conglomerate Dalian Wanda Group plans an initial public offering (IPO) for its Internet finance business, betting on booming growth as it leverages the millions of customers packing its shopping malls, chairman Wang Jianlin said on Monday.

The plan is part of a broader goal to capitalise other units including its film, tourism and sports businesses via stock listings, Mr Wang, China's richest man, said at the Asia Financial Forum. He gave no timeline for any IPOs.

The company also sees more risk investing in China's largest cities, so-called tier 1 cities, because of high land costs, and will continue to focus on third-tier cities, Mr Wang said.

REUTERS