Real estate and entertainment giant Dalian Wanda Group has announced that it has set up a global sports headquarters in Guangzhou, the Capital of Guangdong province, and is planning to bring more international sports events to China.

The newly-established sports unit, Wanda Sports, was set up with two companies, Infront Sports & Media and the World Triathlon Corporation (WTC), being integrated into one sports unit. It is being set up with registered capital of one billion yuan ($151.1 million).

“We plan to keep merging and adding new content to our sports branch. Wanda Sports aims to become the world's most profitable sports company and the first sports company with an annual income of more than $10 billion,” Wang said in an earlier statement. 

The company said that it had signed a deal with the local government for the new Wanda Sports building in Huadu, a suburban district of Guangzhou, according to China Daily.

"We are here because of the city's geographic advantages and rich sports heritage," said Wang Jianlin, chairman of Wanda. “We will achieve rapid growth by virtue of the good investment climate in Guangzhou and we are planning to bring two major international sports events to Guangzhou in the next three years, making Guangzhou the ‘sports centre’ of China.”

Source: Sohu & China Daily

Proofread by John Devlin