Recruiting in China

Dalian Wanda Group Co Ltd announced moves over the weekend that it said will support its transformation into a services empire by 2018.

The conglomerate said that it would establish a financial group and that it would accelerate its acquisition of banks, securities firms and insurance companies in the second half of the year.

The moves were announced by chairman and founder Wang Jianlin during a strategy presentation in Beijing on Saturday.

Wang said that the vision for the financial group entails a focus on Internet finance, a strategy that will allow Wanda to distinguish itself from traditional financial enterprises.

As part of its transformation, Wanda will reduce the number of physical stores to cut costs and raise profits with the help of e-commerce and online payments, according to Wang.

Wanda now conducts its business in the financial sector mainly through 99Bill Corp, a Shanghai-based online payment service provider in which Wanda bought a 68.7 percent stake for $315 million in 2014.

In June, Wanda and 99Bill Corp jointly launched an Internet financial product to raise funds for Wanda to build shopping plazas.

The crowdfunding effort raised 10 billion yuan ($1.61 billion) within two weeks, according to the presentation.

In terms of expansion and diversification, Wanda will complete the acquisition of three domestic companies and three foreign enterprises in the second half, according to a press release posted on Wanda's website on Saturday. None of those companies was identified.

Wanda spent more than 15 billion yuan in acquisitions in the first half, taking a 20 percent stake in the Atletico Madrid football club in January, acquiring Swiss sports marketing firm Infront in February and buying a dozen cinemas in China and abroad in June.

It also invested 3.58 billion yuan in Suzhou-based online travel platform Tongcheng Network Technology Co on July 3.

Wang said that the group aims to derive more than 65 percent of income from services by 2018, which would be a decisive shift away from its current focus on property.