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Companies

China's Dalian Wanda Group posts revenue drop for third straight year

Government pressure to unload assets hits earnings

Wanda, owned by tycoon Wang Jianlin, has partly reversed its aggressive overseas expansion.

SHANGHAI (Reuters) -- Chinese conglomerate Dalian Wanda Group's revenue fell by 5.7 percent in 2018 as the company sought to relieve debt pressure by offloading domestic and overseas holdings amid a government crackdown on leverage and overseas acquisitions.

Total group revenues were 214.28 billion yuan ($31.70 billion), the company said on Saturday in a statement on its official WeChat account. It was the third consecutive year of falling revenues for the group.

The company did not disclose information about its profits for the year but said total assets fell 11.5 percent to 625.73 billion yuan.

Owned by tycoon Wang Jianlin, one of China's richest men, Wanda has been squeezed by government pressure to cut down on what Beijing sees as irrational overseas deals.

Last year it offloaded stakes in cinema operator AMC Entertainment and Spanish soccer club Atletico Madrid, as well as some property developments.

The company recently filed for a U.S. initial public offering of its sports unit.

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