Wanda, Suning to strengthen capital cooperation

Chinese billionaire Wang Jianlin, president of conglomerate Dalian Wanda Group Co, said on Tuesday that next year it plans to carry out capital cooperation with Suning Commerce Group Co Ltd, China's leading home-appliance retailer.

The two companies said they were going to undertake in-depth and comprehensive cooperation next year, but they haven't signed any agreements yet.

Starting from 2018, Wang said within 10 years, Wanda plans to set up about 1,000 Wanda Plazas, covering over 90 percent of the Chinese cities. Currently, there are 212 Wanda Plazas nationwide, according to its official website.

Zhang Jindong, president of Suning Group, said on Tuesday that in three years, Suning plans to open about 15,000 stores. So far, data, logistics and financial products at the company have been connected with the internet, he added.

Wang said Wanda has been barely affected by the growth of e-commerce business, and in the future, the group will continue to strengthen experiential shopping to increase consumer loyalty.

"We also plan to forge large-scale tailored commercial centers for Suning Group, meaning that we will take the storefront of Suning as the core, and help the retailer to integrate its various sectors, including fresh food supermarkets and maternal care products," Wang said.