Wang Jianlin: Does CNN Want to Be Acquired? I Could Buy It Too

2014-08-01 801 0人评论

He is the founder of Dalian Wanda Group, and its Wanda Plazas are synonymous with retail and real estate. Nationwide, Wanda owns a total of 88 plazas. Wang Jianlin says more and more people are asking him to build more Wanda Plazas.

CNN recently conducted an exclusive interview with Chairman Wang Jianlin, focusing comprehensively on Wanda Commercial Properties' development layout in China and Wanda's overseas expansion ambitions. The following is a transcript of the interview:

CNN: Why are Wanda Plazas so popular?

Wang Jianlin: Because we value the shopper's experience. Besides shopping, more than half of the stores are used for dining and entertainment.

CNN: Retail is only part of Wanda. Wanda also builds luxury apartments, high-end hotels, and more. Like many of Wanda's projects, they all bear the personal style of the boss.

Wang Jianlin: I communicate directly with the design teams for hotels and apartments.

CNN: Wang Jianlin is particularly proud of the presidential suite at the Conrad Hotel, which was built by Wanda Group and is located in Wanda's hometown of Dalian.

Wanda is catering to China's growing middle class. Unlike their parents who struggled for a living all their lives, the middle class has certain wealth and spending power, pursuing what President Xi Jinping calls the "Chinese Dream."

CNN: Do you think the Chinese Dream and the American Dream are similar to some extent?

Wang Jianlin: I think they are basically the same. The only difference is that China was very poor and backward in the past, and now it has gradually developed.

CNN: Wang Jianlin is now one of the two richest people in China, but he remains ambitious. Although he believes the domestic market has great potential and can keep his company's current growth rate for the next 20 years, he is actively expanding into overseas markets.

Wang Jianlin: In 2014, we will become the world's largest real estate company, and without a doubt, an international company as well.

CNN: Who knows, in the near future, this KTV room might turn into a bar in New York or London, and this grassland song might become "My Way" (a song by American singer Frank Sinatra).

CNN: The name of China's richest man and chairman of Dalian Wanda Group, Wang Jianlin, is a household name in China, and it is about to become known worldwide. Next, let's talk about his overseas expansion ambitions.

Hollywood has set its sights on the vast Chinese market and is aggressively moving east, which also brings opportunities to China. Last year, Wanda's $5 billion Oriental Movie Metropolis officially broke ground, and Wang Jianlin held a star-studded red carpet event for it.

Wang Jianlin founded China's largest commercial real estate company—Dalian Wanda Group. Wanda and Wang Jianlin are already household names in China, but his ambitions go beyond the domestic market.

Wang Jianlin: Our goal is to build Wanda into a globally renowned Chinese brand, similar to Walmart, IBM, or Google.

CNN: Behind this ambition is Wanda's formidable strength. Wanda's revenue last year reached $30 billion, and by 2020, that number will exceed $100 billion. Wang Jianlin says real estate profits are his stepping stone into overseas markets.

Wang Jianlin: The real estate industry gives us the opportunity to accumulate capital. We will consider acquisitions in culture, entertainment, retail, or high-end hotel industries.

CNN: So far, Wang Jianlin has completed two overseas acquisitions. In 2012, Wanda acquired the American cinema chain AMC for $2.6 billion. Last year, he spent $500 million to acquire the British yacht company Sunseeker. Sunseeker yachts have appeared in James Bond films. For Wang Jianlin, a yacht once driven by James Bond must be a good choice.

Tourism is also his target. Wanda is investing in and building five-star hotels in Europe and America. In Wang Jianlin's grand plan, by 2020, overseas revenue will account for one-third of Wanda's $100 billion annual revenue.

Are you planning to acquire any other big brands recently?

Wang Jianlin: Our investment department and investment banks are negotiating with many companies, but nothing has been finalized yet. However, you can go back and ask your boss: Does CNN want to be acquired? I could buy it too.

CNN: Although this is a joke, the billionaire is indeed seriously planning Wanda's territory. For him, Wanda's territory is a world map.
 

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