Wang Jianlin, China’s richest man and chairman of conglomerate Dalian Wanda Group Co. Ltd., is contemplating incorporating a company in Hong Kong rather than simply having its business arms listed in the city.
The new office is poised to be Wanda’s overseas headquarters for the management of assets acquired in foreign countries, the Hong Kong Economic Journal reported Tuesday.
Wang has two listed entities in the city — Dalian Wanda Commercial Properties Co. Ltd. (03699.HK) and Wanda Hotel Development Co. Ltd. (00169.HK).
“We have met with the Hong Kong government and had a discussion with the leaders regarding the establishment of the overseas headquarters,” Wang said.
The group intends to acquire more assets in the field of tourism, entertainment and sports.
Wang said the group has invested US$15 billion overseas, so further depreciation in the renminbi will not have much of an impact on it, although the cost of acquisitions overseas will rise.
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