Dalian Wanda Commercial Properties cut its 2016 contracted sales target almost 40 per cent year on year, as China’s biggest commercial property group said it would stop developing and selling some properties in lower tier cities.
The developer on Thursday said it expected a 39 per cent year-on-year drop in contracted sales in 2016 to Rmb100bn ($15.3bn), as it increasingly moves into property management.
The property arm of Dalian Wanda Group, owned by China’s richest man Wang Jianlin, said it would cease buying land for home and office developments in the country’s third- and fourth-tier cities, but would continue to build hotels and shopping centres.
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