Dalian Wanda, led by Chinese richest man Wang Jianlin, said that it will continue to invest in film, entertainment and sports. The aim is to make its cultural revenue triple to 150 billion yuan (£17 billion) by 2020.

It is reported that the Beijing-based conglomerate, ranked 385th in the world, has been included in the Fortune Global 500 list posted on Wednesday.

Wanda has recently reported that its first-half revenue increased by 10.6% to 119.9 billion yuan. This was led by 57% growth in its cultural division, according to a report by Reuters.

“For 2015, Wanda reported revenue of 290.16 billion yuan, including 190.45 billion yuan from real estate and 51.3 billion yuan from its culture unit,” the report added.

In recent years, Wanda has been looking to bolster its cultural unit, which has already seen it purchase the Hollywood studio Legendary Entertainment, sports marketing firm Infront Sports & Media AG and the Ironman franchise owner, the World Triathlon Corporation.

Source: Reuters

Proofread by Sean O Diobhilin