The richest man in China, Wang Jianlin, wants to enter the global luxury hotel market by buying his way into it, reports the Travel Daily News.
He is openly seeking to acquire high-end hospitality companies through his investment firm, the Wanda Group. Investment-banking firms have been retained to look into taking over the privately owned Four Seasons, as well as the Morgans Hotel Group, the Kimpton Hotel & Restaurant.
Jianlin told TDN that he plans to build five-star-level hotels in 10 major cities around the world at annual growth rate of 15%.
….Wanda Inc. was founded in 1988 as a residential real estate company and since 2005, it has diversified into several areas including hotels, cinemas, karaoke centers, and department stores. By 2012, the company owns a total of 49 Wanda Plazas, 28 five-star hotels, 730 cinema screens, 40 department stores, and 45 all karaoke centers, making itself one of the hugest corporations in China. In the report of Huren.net, CEO of Wanda Co., Wang Jianlin is ranked the richest man in China who is worth 135 billion RMBs.