Chinese Dalian Wanda Group reported a decline in revenue in 2017

Beijing. January 23. Silkroadnews - China’s Dalian Wanda Group reported a decline in revenue in 2017, the Global Times reported.
“Dalian Wanda Group announced a drop of 10.8 percent in revenue to 227.4 billion yuan ($35.54 billion) and a drop of 11.5 percent in total assets for 2017,” the report said.
Despite this, net profit remained unchanged compared to 2016.
In July 2017, Wanda sold a 91% stake in its projects in the field of tourism and theme-parks. It also sold its R&F hotels to one of the top 20 developers in China.
In his speech at the annual meeting, Wanda’s head Wang Jianlin tried to convince investors the company would be able to repay its both domestic and foreign debts.
“Wanda will adopt all capital means, such as disposing non-core assets, to reduce the corporate's domestic and overseas debt,” Wang said.
The group also plans to reduce corporate debt to an “absolute safe” level in the next two to three years.
In 2017, Wanda Group achieved a 32.6% increase in revenues from business in the cultural sector, this did not offset though heavy losses in real estate sector. Revenues from its business in real estate declined 23.7% compared to the previous year.
In response to rumors that Wanda has been transferring assets abroad, the company said that foreign assets account for 7% of the total assets.
On Thursday, Fitch Ratings, one of the three global rating agencies, downgraded Dalian Wanda from BBB to BB+ after Wanda did not issue offshore promissory notes in 2017.
According to the sources, Wanda plans to sell two Australian property projects. Last week, Wanda announced that it plans to sell its interests in the London project One Nine Elms.