Wanda plans 'substantial' deals as sales slump

Dalian Wanda Group Co, the property-to-entertainment conglomerate headed by Asia's richest man, is planning five "substantial" acquisitions this year as the company braces for a drop in sales.

Wanda, led by billionaire Wang Jianlin, is aiming to complete three overseas purchases and two domestic ones, excluding cinema chains, it said in an e-mail on Monday.

Separately, Wanda forecast that sales will fall 12 percent in 2016 as slumping revenue from its main real estate business overshadows gains from the burgeoning entertainment operations, the first time it is seeing a drop since at least 2009, when the firm started disclosing annual targets.