(Yicai Global) Jan. 22 -- Chinese real estate giant Dalian Wanda Group Co. will exert efforts to clear overseas debt in 2018 following a second consecutive year of earnings decline in 2017.

The Beijing-based firm's revenues fell 10.8 percent annually last year to CNY227.4 billion (USD35.54 billion), while assets declined 11.5 percent to CNY700 billion (USD109 billion), Wanda said in a press briefing on Jan. 20.

Wanda's net profit growth remained flat last year, the company said without confirming specific figures.

The debt-laden firm came under scrutiny from China's regulators last year for reportedly transferring a large number of assets abroad, though most of the company's assets remain in China, Chairman Wang Jianlin says.

"Wanda invested in a few projects overseas in the past few years and now we have decided to clear all overseas debt," he said at Wanda's general annual meeting.

Wanda's financial data shows that the firm failed to achieve goals for its TV and film and network sectors, but profitability in the financial sector was beyond expectations.

The company has made early headway in diversifying its layout in pursuance of business transformation. Service revenue accounted for 63.4 percent of total revenue, an increase of 8.4 percent over the same period of last year. Wanda's service revenue has surged in recent years and will keep rising in the future, Wang added.