Wanda to open 20 plazas next year

Dalian Wanda Group, China's largest commercial property developer, will open no fewer than 20 shopping malls and 15 hotels each year after 2014, group chairman Wang Jianlin said on Thursday.

Wanda opened 18 plazas and 12 five-star hotels this year and plans to open 20 plazas and 17 hotels next year, Wang said.

By the end of 2012, there will be around 70 Wanda plazas open to business around the country.

China's economic slowdown, however, has affected people's consumption, according to Wang.

The average growth rate of passenger traffic to Wanda plazas, Wang said, will be single-digit this year, compared with double-digit growth before 2012.

The average spending by individuals in the plazas is also falling, indicating that either consumers' spending capacity or willingness to spend is fading.

In addition, many multinational chain stores changed their plans to open new stores in China, according to Wang, who added that "China's consumption market encountered a challenge this year."