KINIGUIDE | Following the termination of Iskandar Waterfront Holdings (IWH) and China Railway Engineering Corp (CREC) consortium’s RM7.4 billion 60 percent stake in Bandar Malaysia, Prime Minister Najib Abdul Razak paid a visit to Chinese conglomerate Dalian Wanda Group in his latest trip to China.
During the visit, Najib had expressed confidence in Wanda’s ability to do “great things” in Bandar Malaysia.
Although a deal has yet to be signed between the two, many cannot help but wonder what or rather who is behind the world’s biggest private property developer.
So who founded Wanda?
The real estate and entertainment conglomerate was founded in 1988 by Chinese billionaire Wang Jianlin, who, up until last week, was China’s richest man until he was overtaken by Alibaba Group founder Jack Ma.
Forbes estimated that Ma’s fortune was worth US$30.9 billion. Wang follows closely behind with a staggering fortune of US$30.7 billion.
Following in the footsteps of his father who had a career in the military, the 62-year-old spent sixteen years in the People’s Liberation Army, where he rose from border guard to regimental commander.
After leaving the People’s Liberation Army in 1986, Wang started working as an office administrator for the Xigang district government in Dalian.
He managed to turn around a failing state-owned property developer after obtaining a loan with the help of an army friend. Wang became chairperson of Wanda, a post he has held since 1989.
Turning the company into a moneymaking enterprise, Wang grew his empire by building his signature Wanda Plazas across China.
What has Wanda acquired?
Keeping true to its entertainment nature, Wanda in 2012 acquired US-based cinema operator AMC Theatres, which turned Wanda Cinemas into the world’s largest cinema operator. Two years later, Wanda Cinemas announced that it had acquired Australian cinema chain Hoyts....
Unrestrained power in your hands
For almost 20 years, Malaysiakini has stayed true to the cause of providing the Malaysian public with the truth. We believe that with unadulterated information, the people will obtain power to make informed decisions.
Decisions which lead to a healthy, robust nation - ours!
Keep the truth alive. Support your robust, independent media. You have the unrestrained power to do so.
Who says it's not our fault?
We aren’t trained to take responsibility.
Everytime we observe an injustice - and choose to keep mum - the prevalence of injustice becomes our fault.
Astute journalism paves the way for the public to be continuously furnished with the fastidious truth. You are continuously empowered to act and to uphold the integrity of the nation.
The Rakyat owns Malaysiakini
We choose to take a risk on independent media because we believe that only through independent reporting can one be NOT beholden to the interest of businesses or organisations. This allows us to really pursue the truth - aggressively.
Independent for 20 years.
The victorious people
In the light of holding the truth to power, Malaysiakini will continue to uphold its mission of providing credible news to its discerning public. Your support for Malaysiakini is always treasured as a testament of innate nationalism. Your victory is our history.
Quietly. Effectively. Says it all. Malaysiakini.
Speaking truth to power
When we embarked on this journey 20 years ago, we knew we would face intimidation, harassment, raids, arrests and perhaps even jail terms. We got into this venture with our eyes wide open.
The main reason we have survived this long - when many others have folded - is partly because we are prudent in our finances. But while we may be tightfisted in our budgeting, we do not hold back when it comes to speaking truth to power and holding power to account. And certainly, this new administration will not stop us from continuing to do so.