Wanda banks future on Internet finance

Property giant Dalian Wanda Group Co Ltd is planning to launch an initial public offering of its Internet finance arm and has announced huge plans for development of the Internet finance business, a top official said on Monday.

Wang Jianlin, chairman of Wanda Group, said the company will focus on five major Internet-related businesses, namely big data analysis, credit investigation, online lending, mobile payment, as well as membership cards issuance and development.

Speaking at the Asian Financial Forum in Hong Kong on Monday, Wang said by 2020, Wanda's Internet-based financial services will extend to 5,000 large shopping centers, 2 million commercial tenants, and 700 million to 800 million consumers.