Dalian Wanda Group's Wanda Plaza building is pictured in Beijing, China, May 17, 2016. [Photo/Agencies]

China's Dalian Wanda Group said revenue from its cultural division will triple to 150 billion yuan ($22.44 billion) by 2020 as the property developer continues its investments in film, entertainment and sports.

According to this year's Fortune 500 list, which was released on Wednesday, Wanda made debut on the list and ranked 385 among the world's largest companies.

Wanda, controlled by Chinese billionaire Wang Jianlin, expects services to comprise two-thirds of revenue and net income by 2017, up from about 40 percent last year, the company also said in a statement.

Wanda this month reported its first-half revenue increased 10.6 percent to 119.9 billion yuan, led by 57 percent growth in its cultural division. The group doesn't provide details on profits.

For 2015, Wanda reported revenue of 290.16 billion yuan, including 190.45 billion yuan from real estate and 51.3 billion yuan from its culture unit.

Wanda is making high-profile offshore acquisitions to bolster its cultural unit, including the purchase of Hollywood studio Legendary Entertainment, sports marketing firm Infront Sports & Media AG, and Ironman franchise owner World Triathlon Corp.

Earlier this month, AMC Entertainment Holdings, the US-based movie theater chain that Wanda bought in 2012, agreed to buy Odeon & UCI Cinemas Group for $1.2 billion.

The company's overseas revenue in the first half of 2016 accounted for 14.8 percent of total revenue, reaching 17.69 billion yuan, said the company's statement. Overseas income is forecast to reach 30 percent of the total by 2020.

Wanda earlier set 2020 targets, stating that company assets would reach $200 billion, with revenue of $100 billion and net profits of $10 billion.

Wanda controls most of its commercial real estate assets through Dalian Wanda Commercial Properties and its domestic motion picture houses through Wanda Cinema Line Corp.