Dalian Wanda Group on Saturday announced its results for 2016, saying that half of its income was from the services industry.
The figures show that the conglomerate, which started out in the housing business, is no longer a real estate company.
According to data posted on its website, the company said its income from commercial property reached 143.02 billion yuan ($20.73 billion) last year, down 25 percent, compared with income from the culture group, which was up 25 percent to 64.11 billion yuan.
Tourism income was up 37.1 percent to 17.43 billion yuan.
Operating income grew 3.4 percent to 254.98 billion yuan, while profit had a double-digit jump, the data showed.
Wang Jianlin, head of the Wanda Group, said in an online statement that Wanda Commercial is no longer a real estate company and the group's transformation is "finished basically."
As to why the housing sector's role had been reduced, Wang said that the shift did not indicate pessimism toward Chinese housing, but there have been too many controls on the housing sector.
He said Wanda can now earn money via its brand reputation, so there's no need to rely any longer on residential and commercial realty.
The company has been reducing its revenue from commercial property while boosting income from entertainment, tourism, and sports for years.
Wang, who is fond of singing, performed at the annual meeting held in Hefei, East China's Anhui Province. He is jokingly hailed as the best singer among the executives in enterprises.
