Wanda Group revenue up nearly 20% in 2015

Chinese real-estate conglomerate Wanda Group said revenue had grown to RMB290.16 billion (US$44 billion) in 2015, up 19.1% from the previous year, Agence France Presse reported, citing a statement from the company. The property giant is rapidly diversifying amid a severe property downturn in China, and reported its cinema unit, Wanda Cinema Line, had recorded 49.9% revenue growth, reaching RMB8 billion last year. Founder Wang Jianlin’s 2012 acquisition of US cinema chain AMC Entertainment reflected the firm’s rapid expansion into entertainment, and Wanda Cinema Line now holds 14.5% of the Chinese box office. Recent reports have suggested the company may soon buy a controlling stake in US film studio Legendary.