Real estate giant Wanda is expanding its upscale hotel chain, both domestically as international. Wanda Hotel and Resorts wants to be a top-player in their industry, tells China Rich List founder Rupert Hoogewerf in CRIEnglish.
Rupert Hoogewerf, who compiles the annual China’s billionare list, said Wanda’s expansion should not be read as xenophobic, but as an aggressive business move.
“I think the ambition of Wanda Hotel and Resorts is clear. They want to be a top player in China. As a large real estate developer, they have a lot of properties that they can either start with and give themselves a brand. if a property has been under performing, if the brands that they had previously had not met their management standards, and if they feel they can do better with their own brands, and then they can kick them out.”
Hoogewerf says he wouldn’t be surprised to see the Wanda hotel brand go global.
Earlier last year, the company bought the world’s biggest cinema chain, AMC, making Wanda a dominant player in North American. In the same year, the company also won the right to develop a patch of land in central London, the first footprint of Wanda’s expansion into the global hospitality industry.