(Yicai Global) Oct. 27 -- Chinese commercial property giant Dalian Wanda Group Co.'s e-commerce platform has lowered its revenue target for this year from the USD135.32 million (CNY900 million) set earlier this year to CNY100 million, insiders said.

Wanda set up Ffan.com in 2014 and sought to leverage intelligent methods to upgrade Wanda Plaza's business model. To boost the e-commerce platform's development, Wanda then established a financial platform, which it then merged into Wanda Internet Technology Group.

Wanda Chairman Wang Jianlin wanted Wanda Internet Technology Group to raise CNY10 billion, make a profit and generate revenue of CNY650 million this year.

Ffan.com underperformed and slashed its revenue target. Wanda Internet Technology Group will delay a USD1.5 billion financing scheme it intended to conduct this year to next year or later.

Ffan.com is also laying off employees. Wang previously planned for the platform to have a revenue of CNY3 billion next year, insiders said.