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。
译文摘录（保密内容以XXX替代）：
（二）持续转型显示效果
(II) Continuous transformation yielded results
万达初始转型始于20年前，从单纯住宅开发转向持有商业中心开发运营，4年前集团又提出全面转型现代服务业，2018年，我们坚持转型见到明显效果。
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、服务业收入占比提高。2018年，万达服务业收入XXX元，占总收入的XXX%，房地产收入仅占XXX%。应该说万达已经不是房地产企业，而是以服务业为主、有房地产业务的综合性企业集团。服务业收入中，有稳定增长预期的租金收入达XXX元，占总收入的XXX%。这是集团收入中，我们最希望看到增长的部分，也是最可靠的部分。
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、轻资产战略见到效果。2018年开业的万达广场中，轻资产已达XXX个。新发展的XXX个万达广场中，轻资产达XXX个。从2019年起，开业的轻资产广场超过一半，以后占比越来越高，也许几年以后开业项目全部都是轻资产。新开业的酒店全部是委托管理的轻资产。
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、转型认识更趋一致。万达为什么要从房地产转型？为什么否定自己已经成熟、做得不错的商业模式？为什么折腾自己？因为房地产行业有两个比较大的缺陷，一是房地产是强周期性行业，好几年差几年，在周期变化中很多企业死掉。大型企业通过开发比较多的项目，似乎可以一定程度熨平周期，但是不可能完全摆脱周期。二是房地产现金流不长远。房子不是快销品，即使比起汽车这样的耐用消费品，更新速度也慢得多。买多套房的人基本都是为了投资，真正自己居住，更新换代是很慢的，很多人买一套房子住一辈子，甚至传承几代人。一个国家城市化率达到70%左右，房地产市场就会萎缩。一些企业在房地产行业活上几十年、上百年是可能的，但是市场销量萎缩后，行业里的企业数就会大幅减少。
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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