Wang Jianlin: China’s richest man buying up the world
18 October 2016
Global domination
Wang Jianlin is Asia's wealthiest person and a man with 'Napoleonic ambition' according to The Economist magazine. From building Disney-goading theme parks to snapping up Hollywood movie studios, we reveal how this mega-driven property and entertainment tycoon is taking on the world.
Military background
Jianlin, who was born in 1954 in Guangyuan in north east China, spent 16 years in the People's Liberation Army before he embarked upon his stellar business career.
Career break
Quitting the army in 1986, Jianlin briefly worked as an office administrator for the city of Dalian before he was transferred to state-owned property company Dalian Wanda in 1988.
Private ownership
Jianlin quickly worked his way up to become chairman of the company, overseeing surging growth and the transfer of the firm into private ownership during the 90s.
Thriving business
Since the 90s, Dalian Wanda has grown from a medium-sized property firm to the world's biggest private property developer and owner, as well as the planet's largest cinema chain operator.
Lucrative IPO
The group's property division Dalian Wanda Commercial Properties was floated on the Hong Kong Stock Exchange in December 2014. The most lucrative property IPO in history, it netted Jianlin a cool £20.5 billion.
Private again
The division has since reverted to private ownership. In September, Dalian Wanda bought back the division for £3.6 billion citing concerns that shares at the IPO had been undervalued. The company hopes to take the division public again within the next two years.
Richest man in China
Overtaking Alibaba's Jack Ma (pictured on the right) to become China and Asia's richest man earlier this year, Jianlin's net worth currently stands at £26.9 billion, according to Forbes.
China domination
A domestic property and entertainment giant, Dalian Wanda owns and operates two major theme parks, 1,247 cinema screens, 134 shopping malls, 99 department stores, 84 karaoke centres and 82 luxury hotels throughout China.
Tough boss
Jianlin is reported to rule Dalian Wanda with an iron fist – he did spend 16 years in the military after all – and employees are alleged to have been sacked on the spot for minor infractions, such as poor timekeeping and flouting the company's strict dress code.
Aggressive diversification
Since 2005, Dalian Wanda has focused on diversifying its portfolio and moving away from domestic property investment, to boosting its entertainment businesses at home, as well as acquiring property and entertainment companies overseas.
High-end yachts
In 2013, Dalian Wanda forked out £350 million for a majority stake in British high-end yacht manufacturer Sunseeker International.
Spanish property
A year later, Jianlin bought Madrid's Edificio España, one of the Spanish capital's most iconic buildings for the bargain price of £117 million.
Spanish football club
Further diversifying his international business empire, in January 2015 Jianlin paid £43 million for a 20% stake in football club Athlético Madrid.
UK property
Jianlin has also invested heavily in London's lucrative property market. The Chinese tycoon owns a £82 million mansion in Kensington Palace Gardens, aka Billionaires' Row, and his company counts swathes of land in the Vauxhall district within its bulging portfolio.
Chicago's priciest penthouse
Stateside, Dalian Wanda is building what is set to be Chicago's third tallest building. The 95-storey Wanda Vista skyscraper will boast the Windy City's most expensive penthouse priced at £14.1 million.
E-commerce platform
The Financial Times reports that Dalian Wanda is seeking to set up an e-commerce platform with social media giant Tencent and Baidu, China's answer to Google.
Taking on Disney
Jianlin has waged war on the recently opened Disneyland Shanghai, which he hopes to make “unprofitable in the coming two decades” by launching a chain of rival parks.
First Dalian Wanda theme park
The first Dalian Wanda park, which opened in Nachang, south east China earlier this year, is expected to attract 10 million visitors a year.
Second Dalian Wanda theme park
A second theme park opened in Anhui province in September, a few hours drive from Shanghai. Dalian Wanda is planning to open a total of 15 parks in China.
Paris theme park
Jianlin doesn't just have his sights set on cornering the domestic theme park market. Earlier this year, the go-getting tycoon signed off a £2.7 billion investment in EuropaCity, a theme park mega-project just outside the French capital, which will compete with Disneyland Paris.
Taking on Hollywood
Over the last few years, Dalian Wanda has also been busy snapping up Hollywood movie industry companies. Jianlin's goal is “to buy Hollywood companies and bring their technology and capability to China”.
North America movie theatres
In May 2012, Dalian Wanda splashed £2.1 billion on North American movie theatre behemoth AMC Theaters, acquiring 5,048 screens in 347 cinemas in the US and Canada.
Movie theatre control
This year, Dalian Wanda added to its movie theatre portfolio by bagging UK-based Odeon & UCI Cinemas Group and Carmike Cinemas in the US. The company now controls 15% of global box office revenues.
New Hollywood HQ
In 2014, Jianlin acquired prime property on LA's Wiltshire Boulevard and launched a £1 billion 900,000 square foot project called One Beverly Hills. The complex will house Dalian Wanda's US HQ, high-end condos and a luxury hotel.
Legendary Pictures
In January, Jianlin achieved his ambitious plan to acquire a major movie studio by purchasing Hollywood finance and production company Legendary Pictures, the studio behind Jurassic World, for £2.9 billion.
Sony deal
After an attempt to buy a 49% stake in Paramount Pictures fell through, Dalian Wanda sealed a deal with Sony Pictures in September, investing an undisclosed sum in the company, giving Dalian Wanda a modicum of creative input and control.
Dick Clark Productions talks
Variety reports that Dalian Wanda is currently in talks to buy a majority stake in Dick Clark Productions, the world's largest producer of televised events, which include the Golden Globe Awards.
Giving back
Jianlin is reported to donate millions of dollars to charitable causes. In 2015, for instance, he contributed £164k towards the restoration of the Electric Fountain in Beverly Hills.
China's answer to Hollywood
Jianlin is now financing the Oriental Movie Metropolis, a huge movie-making facility in the city of Qingdao.
Luring Hollywood's finest filmmakers
In October 2016, Dalian Wanda unveiled a range of attractive production incentives – including a generous 40% subsidy – to entice projects away from Hollywood to its Oriental Movie Metropolis. You never know, most blockbuster movies could end up being filmed in China in the not-too-distant future if Jianlin has his way.
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