Reporters' Log

Wanda bets on property market expansion

By Ding Qingfen and Hu Yuanyuan (chinadaily.com.cn)
Updated: 2009-03-04 15:37

Dalian Wanda Group, one of the country's largest private property developers, plans to spend 20 billion yuan ($2.92 billion) to boost its landbank this year, a company executive said on Wednesday.

"That will be our largest annual investment since establishment, and we believe the economy and property market will warm up before the end of this year," Wang Jianlin, Wanda's chairman, told China Daily on the sidelines of the annual session of the Chinese People's Political Consultative Conference (CPPCC).

The company has spent 11 billion yuan in grabbing five pieces of land in cities including Shijiazhuang, Tangshan, Tianjin, Hefei and Hohehot since the fourth quarter of last year, despite the sluggish property market.

"We have no plan to float shares this year," Wang added. "But we will consider a listing next year."

He expects Wanda's sales income to hit 30 billion yuan this year, up 50 percent over 2008.

Central Economic Work Conference

• Interest Rate Cut
• 30 Years of Reforms
• Coping with Financial Crisis
• Housing in China
• 2008 Tsinghua Management Global Forum
• more

Hot Words

• 政府注資 pump priming
• 軟環(huán)境 soft environment
• 糧食最低收購價 crops' minimum purchase prices

• 保八 Eight Percent Protection
• 以人為本 Put People First
• 農(nóng)民企業(yè)家 Farmer-turned-entrepreneur
• 窗口指導(dǎo) window guidance
• 下崗再就業(yè) Re-employment after being laid off
• more

From Foreign Press

• German media give full coverage to Premier's report
• Overseas press praise China's 8% economic growth
• German media: Economy tops agenda at NPC session
• From the foreign press
• World media keeps close watch on 'two sessions'
• more

Letters

• Corruption top issue for public
• China adopts Food Safety Law
• China's economic growth in 2009
• more