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E-Land Group Attracts Investment from China’s Wanda Group

(SEOUL=NEWSIS) E-Land Group is receiving investments from China’s Wanda Group, a global corporation in the retail, real estate and leisure industries.

E-Land Group announced on June 10 that it had signed a memorandum of understanding with Wanda Group for its leisure business in China at Wanda Group’s Beijing headquarters on June 5. The signing was attended by Wanda Group Chairman Wang Jianlin, the wealthiest man in mainland China, and E-Land Group Vice Chairman Park Sung-kyung.

Wanda Group will invest in E-Land’s leisure businesses, including resorts, hotels and themed cities. The two groups decided to follow the Korean conglomerate’s decision on the scale of investment.

“E-Land Group has long built trust with Wanda Group, so the Chinese corporation wants E-Land to invest as much as it wants to. But E-Land Group plans to counter-propose to Wanda Group after considering the proper scale of investment,” said an E-Land executive.

Wanda Group has businesses in department stores, real estate development, hotels, travel and more. The group acquired AMC Entertainment, the second-largest cinema operator in the United States in 2012, and acquired the British yacht builder Sunseeker International in 2013.

Source Text

Source: Newsis (June. 10, 2014)

** This article was translated from the Korean.
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