Dalian Wanda is significantly downsizing its ecommerce arm as the Chinese conglomerate returns to its core real estate business model.
Wanda Internet Technology Group will cut at least 1,000 jobs this year, according to two people familiar with the matter. The group, which runs Wanda’s online retail and finance services, employs about 6,000 people.
“The group is readjusting in order to better develop more quickly and in a healthy manner,” said Qu Dejun, the group’s president, on his public social media account.
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