Wang Jianlin talks at Harvard Business School
Chairman of the Dalian Wanda Group (万达集团) and recently named “Richest Man in China”, Wang Jianlin, addressed an audience of over 800 students and faculty at Harvard Business School on Thursday, October 29, 2015.
Described by Professor Willy Shih as “the leader in commercial real estate in China,” Dalian Wanda Group is perhaps best known in China for Wanda Plaza. The company is increasingly visible in the U.S., however, for its acquisition of brands such as AMC Cinemas and the Ironman triathlon group, as part of a strategic shift from a regional company, to a national and now global conglomerate.
After an introduction by Professor William Kirby, Mr. Wang addressed the 800-strong audience, saying “Harvard is famous for its intellectual freedom. Ask me anything at all.”
“Harvard is famous for its intellectual freedom. Ask me anything at all.”
Mr. Wang described how Dalian Wanda group strategically planned its expansion to become China’s largest private property developer, as well as the company’s expansion into tourism and cultural industries.
“We are currently experiencing the fourth transformation since 2012 — we are going global. We began the process [to go global] very early, and at that time we were not as ambitious as today, we had just bought our first U.S. company,” said Mr. Wang (translation from the Fairbank Center). Mr. Wang also stated that he hoped the Dalian Wanda Group would become an ambassador for Chinese companies investing overseas, with overseas revenue currently counting for 50% of Dalian Wanda Group’s overall revenue.
“Our Strategic goal is to have $200 billion in assets in 5 years time, so that in 2020 we are a public company worth over $20 billion with over $10 billion in profits. Among these, revenue from overseas will be 30%. This is part of our process of transformation from a Chinese company to a global company,” Mr. Wang remarked.
Professor Shih then engaged Mr. Wang in conversation, with a live Q&A with the audience.
For questions about the event, please contact the Fairbank Center for Chinese Studies.