China's Dalian Wanda Group posts revenue drop for third straight year
SHANGHAI, Jan 12 (Reuters) - Chinese conglomerate Dalian
Wanda Group's revenue fell by 5.7 percent in 2018 as the company
sought to relieve debt pressure by offloading domestic and
overseas holdings amid a government crackdown on leverage and
Total group revenues were 214.28 billion yuan ($31.70
billion), the company said on Saturday in a statement on its
official WeChat account. It was the third consecutive year of
falling revenues for the group.
The company did not disclose information about its profits
for the year but said total assets fell 11.5 percent to 625.73
Owned by tycoon Wang Jianlin, one of China's richest men,
Wanda has been squeezed by government pressure to cut down on
what Beijing sees as irrational overseas deals.
Last year it offloaded stakes in cinema operator AMC
Entertainment and Spanish soccer club Atletico Madrid, as well
as some property developments.
The company recently filed for a U.S. initial public
offering of its sports unit.
($1 = 6.7596 Chinese yuan renminbi)
(Reporting by Andrew Galbraith; Editing by Kirsten Donovan)
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