onsdag 16. august 2017

Chinese billionaire battles talk of trouble at real estate empire

Chinese billionaire Wang Jianlin is fighting back against talk that his sprawling business empire is in trouble. Wang's Dalian Wanda Group is one of China's biggest conglomerates, with several international acquisitions under its belt. Less than a year ago, Wang was promising to become the world leader in real estate, tourism, entertainment and sports. Now he's on the defensive. Last week Dalian Wanda sold several theme parks and dozens of hotels for $9.3 billion, marking the end of Wang's dream to defeat Disney (DIS) in China. The billionaire said the deal would reduce his company's debt burden.