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Dalian Wanda to Close 40 Shopping Malls in China
来源： 时间：2016-05-13
Chinese commercial real estate developer Dalian Wanda Commercial Properties Co. has confirmed that it will close 40 shopping malls throughout China, including in Jinan, Tangshan, and Shenyang.
The company will also close 80 KTVs at the same time.
Dalian Wanda Commercial Properties is the largest commercial real estate developer in China, and it owns numerous shopping malls, hotels, office buildings and KTVs. However, the cooling Chinese economy and a decreasing rental income has placed the company under great pressure.
The company noted that one of the reasons for closing the shopping malls is because more consumers are now choosing to shop online.
Dalian Wanda Chairman Wang Jianlin emphasized that the company must shift more of its revenue sources from traditional real estate development to more consumption-related businesses such as entertainment.
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