Wang Jianlin, chairman of Wanda Group, announced during the company's semi-annual work conference that the company will focus CNY5 billion to enhance the group's online commerce efforts.
Wang revealed that Wanda will cooperate with China's largest e-commerce providers to establish Wanda e-commerce and the first-phase investment will be estimated at CNY5 billion. Wanda e-commerce aims to discover a profit-making model in about three years.
According to information revealed by Wang, Wanda Group's assets reached CNY460 billion in the first half of 2014, a year-on-year increase of 21%; and its revenue was CNY92.07 billion, a year-on-year increase of 24% and achieving 38% of the annual target of the company.
Meanwhile, Wang said that during the first half of 2014, the customer traffic of Wanda Plaza retail outlets reached over 720 million people, marking a significant increase compared with the 500 million people during the same period of last year. The total customer traffic for the entire year of 2014 is expected to reach over 1.5 billion people.