HONG KONG (AP) - Chinese property and cinema giant Dalian Wanda Group says it's buying the company that owns the Ironman triathlon brand and race series.

HONG KONG (AP) Chinese property and cinema giant Dalian Wanda Group says it's buying the company that owns the Ironman triathlon brand and race series.

Wanda said in a statement Thursday that it's paying $650 million for Tampa, Fla.-based World Triathlon Corp. as it forecasts explosive demand in China for the sport.

The acquisition adds to Wanda's sports investment portfolio, which includes Swiss marketing firm Infront Sports & Media and a stake in Spanish champion football team Atletico Madrid.

The company said its purchase "will bring a top international competition to China for the first time."

Wanda is controlled by one of China's richest people, Wang Jianlin. It bought the U.S. movie theatre chain AMC in 2012.