Wanda reports first revenue drop in six years

Dalian Wanda Group, run by China’s richest man, Wang Jianlin, reported its first revenue decline in at least six years, citing a softening commercial-property market while it makes a shift into entertainment. Dalian Wanda said Saturday that total revenue dropped 13.9% in 2016 from the year before, but didn’t disclose its total revenue. The company’s revenue in 2015 came in at 290.16 billion yuan ($42 billion), and had been increasing every year since at least 2010, according to financial statements reviewed by The Wall Street Journal. Income from the commercial-property business reached 143 billion yuan in 2016, down 25% from a year earlier. Commercial property was expected to comprise more than half the company’s net profit, the company said.