Dalian Wanda is bringing the Basketball World Cup to China in 2019, as China’s richest man extends his reach further into the world of sports and entertainment.
China’s thirst for movies and sport has seen a rush of deals in the sector, reflecting both urbanisation — with more city dwellers looking to enjoy leisuretime — and the transition in the economy away from exports and towards services.
Wang Jianlin, Wanda Group’s chairman, epitomises that switch. Mr Wang reaped much of his estimated $28.7bn fortune in domestic real estate but is now focused on building a global leisure and entertainment empire, acquiringthe World Triathlon Corporation for $650m.
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