Business Translation for Wanda Group, Chi-Eng. 我们为万达集团提供翻译；翻译内容：万达产业发展报告；翻译语种：中译英。
(II) Continuous transformation yielded results
Wanda began its initial transformation 20 years ago, from a developer of residential houses only to a developer and owner of commercial centers. Four years ago, the Group proposed to fully transform into a player in the modern service industry; and tangible results were achieved in 2018.
1. The proportion of income from services increased. In 2018, Wanda reaped RMB XXX income from services, accounting for XXX% of its total revenue, while real estate income took only XXX%. It should be said that Wanda is no longer a real estate developer, but a conglomerate running real estate business but with services as its pillar. Of the income from services, rental income that is expected to grow steadily amounted to RMB XXX, making up XXX% of the total revenue. This is the part of the Group's revenue where we most would like to see growth, and also the most reliable part.
2. Asset-light strategy paid off. Among Wanda plazas opened in 2018, XXX are asset-light ones; and XXX out of the XXX newly-developed Wanda plazas are also asset-light ones. Starting from 2019, more than half of the plazas to be opened are asset-light ones, and the proportion will increase ever after. Perhaps a few years later, all the projects opened by Wanda will be asset-light ones. The newly opened hotels are all light assets entrusted to management.
3. Agreement on the Group’s transformation. Why does Wanda seek transformation from real estate? Why does it deny its mature, well-done business model and enter a new frontier? The reason is that the real estate sector has two big flaws. First, real estate is a strong cyclical sector which may see fast growth in the first several years but sluggishness in next few years, and a lot of companies may come to an end during the cyclical changes. Large enterprises seem to be able to flatten cycles to some extent by developing more projects, but they can't get rid of cycles completely. Second, the cash flow in the real estate sector is not long-term. Houses are not fast moving goods, and even when compared to durable goods such as cars, they are much slower to update. People who buy multiple apartments are basically for investment. The renewal of houses for dwelling purpose is slow. Many people buy an apartment for life, even for generations. The real estate market will shrink when a country's urbanization rate reaches about 70%. It is possible for some companies to live in the real estate sector for decades or a hundred years, but after the market sales shrink, the number of companies in the sector will be greatly reduced.
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