‍‍Wang Jianlin recently claimed that Wanda Group was going to purchase more sports companies and bring more good news to the Chinese sports industry in 2015. This plan was stressed again in his speech at the half-year working report meeting of Wanda Group. 

He claimed in his speech that an important goal for Wanda was to make progress in the cultural industry, and one means to achieve that is to make Wanda Group a sports holdings group. 

The standard that Wanda uses to choose companies is that the company’s businesses must be able to land in China, according to Wang. Overseas sports companies could gain significantly more growth if they operate in China, because the Chinese sports market is relatively under developed, providing large growth potentials. 

Wanda’s acquisition of sports companies would focus on three business areas: sports events, sports agency, and sports broadcasting. 

Wang said that sport is a very promising industry. “The Chinese government stated that by 2025 the revenue of the sports industry would reach 5 trillion RMB, which means that the revenue needs to increase 500 billion RMB every year for the next ten years. This is very ambitious. As many as 13 Provinces and districts have published local policies to boost the development of sport industry.”

“I believe the Chinese sports industry will achieve huge growth, similar to the Chinese cultural industry where the film sector has been growing for 35% every year for six years in a row. Moreover, the sports industry contains more values, because it combines physical fitness with mental enjoyments.” 

Source: www.sports.cn