Wanda eyes more M&A deals this year

Wang Jianlin, the self-made Chinese billionaire who made his fortune by building shopping malls, is actively diversifying his assets through global mergers and acquisitions.

"Wanda Group is targeting revenue of 100 billion yuan ($16 billion) by 2020 from its culture business," said Wang, chairman of Wanda Group Co, on Tuesday, at a news conference in Beijing to announce the company's purchase of Swiss Sports Group Infront.

By culture business, Wang was referring to the emerging media and entertainment sector, as Chinese consumers are spending more on "spiritual life" and the nation's leadership stresses reducing reliance on traditional industrial growth like property development.