HONG KONG: Chinese billionaire Dalian Wanda says China’s era of rapid urbanization will end within a decade, so he is speeding up his company’s shift toward tourism and entertainment after a $3.7 billion initial public offering.
Wang Jianlin became China’s fourth richest man in part by following the migration of 300 million people into cities. His Dalian Wanda Commercial Properties Company Limited, which debuts on the Hong Kong stock exchange on Dec. 23, owns 159 Wanda Plaza shopping centers across 109 Chinese cities, including 88 projects under construction.
Wang told a business summit in Beijing on Saturday the industry has to seize the last 10 years to transform. Once the urbanization rate hits around 70 percent, urbanization will be basically completed. Then there may be no more chances.
About 54 percent of China’s 1.4 billion people now live in cities, and Beijing has set a target of 60 percent by 2020. City dwellers earn and spend more, which is critical as China shifts to consumption-led growth instead of manufacturing
