Author | Cat Brother
Source | Big Cat Finance pro
Wang Jianlin sold two more Wanda Plazas.
In the past two days, Yantai Zhifu Wanda Plaza and Yichun Wanda Plaza have changed owners, and has been sold to Xinhua Life Insurance and Jiangxi Chengze Real Estate respectively.
Previously, Wanda had sold more than 20 Wanda Plazas. Beijing Wanda Plaza, where Wanda’s headquarters is located, was sold to Xinhua Life Insurance. Wanda’s headquarters was moved from Beijing to Zhuhai, and China United Fund has taken over 9 Wanda Plaza.
is sold again? In the past year, hasn’t the Wang family turned around?
Last year, it was suspected that the biological mother of Wang Sicong's daughter asked Wang Sicong for milk powder money. Wang Sicong's reply was, "I didn't tell you that I had no money."
However, the chat records also show that Wang Sicong said, "You will have money if you survive next year."
The result is true. In this year's New Fortune 500 list, Wang Jianlin and Wang Sicong, father and son, once again made the list with Wanda, ranking ninth with a net worth of 140.84 billion..
The richest man fell behind and eventually caught up. This period was also the peak period for the former richest man to sell assets.
Will Boss Wang clear out Wanda Plaza? is really possible.
Among Wanda’s asset-light routes, Wanda Plazas are actually asset-heavy. Wanda currently owns nearly 400 Wanda Plazas. The failure of to be listed in the first place was also related to these real estate businesses.
Wanda Commercial Management’s profit model really does not necessarily require owning Wanda Plaza.
1. For many Wanda Plazas, was actually built by Wanda. After was completed, it was handed over to the owners, such as Pearl River Life and CITIC Trust;
2. Financial capital took over Wanda Plazas, such as China United Fund, which owns real estate. Business, but mainly relies on real estate issuance of REITs and other real estate to generate money. commercial management business still belongs to Wanda. Wanda Commercial Management still has very strong control over Wanda Plaza.
Wang Jianlin once said, "Wanda can lose any company, but Wanda Commercial Management cannot lose it."
naturally sells assets to keep Wanda Commercial Management.
Wanda’s crisis began in 2017. It can be said that Wang Jianlin has repeatedly "broken his wrist". At that time, the "deal of the century" was selling cultural tourism and hotels. Wang Jianlin was so angry that he threw a glass on the spot. Now 2546 days have passed. On the other side, overseas Mergers and acquisitions are also gradually being discontinued.
Wanda took a breather, and Wang Jianlin was praised as "prescient." The remaining assets of
are naturally high-quality assets, but in order to retain Wanda Commercial Management, high-quality assets must also be sold.
Last year, Wang Jianlin sold Beijing Wanda Investment in two transactions, . This year, lost its identity as the actual controller of Wanda Film.
Now, even though he has become the ninth richest man, it is not the time to breathe easy.
In the past two years, Wanda Commercial Management has repaid a lot of its debts, but it has not repaid more.
At the end of 2023, Dalian Wanda Commercial Management's liabilities were still 304.149 billion, non-current liabilities due within one year were 66.526 billion, long-term borrowings were 93.4 billion, but monetary funds were only 13.4 billion.
Liabilities fell slightly in the first quarter, but monetary funds were also less. Moreover, the cash flow generated from operations was 54% less than the same period last year, and the cash flow generated from financing was already -4.386 billion.
In other words, the pressure on to repay debts is still great, and the financial risks are not small.
If you want to pay back the money, you have to sell assets. All types of real estate companies are doing this.
Boss Wang sold commercial assets earlier, and it was still a "foresight". In the past two years, Boss Wang has been a "prophet" repeatedly.
In addition to debt, in terms of business operations, increasing revenue does not increase profits.
In 2023, Dalian Wanda Commercial Management's revenue was 52.3 billion, a year-on-year increase of 6%, but net profit fell by 32%;
revenue in the first quarter was 13.54 billion, a year-on-year increase of 8.02%, but the profit dropped by more than 36%, returned to the parent company Net profit was only 2.837 billion.
Where does the profit come from?
Business management and hotels, Hotels’ income is too low, and they mainly rely on business management. The one that has a greater impact on business management is Zhuhai Wanda Business Management.
However, the variable is Zhuhai Wanda.
Wang Jianlin had a headache because of the listing and gambling issue, but when the deadline came, Wanda still received new investment.
In March this year, the new investment failed. PAG Group joined four large consortiums to invest 60 billion in Dalian Xindameng Company, holding 60% of the shares.
According to various previous agreements, Zhuhai Wanda became a subsidiary of Xinda Alliance. Dalian Wanda Commercial Management's shareholding dropped from 79.23% to 40%, while Wang Jianlin's indirect shareholding only left 20.108%.
Can Wang Jianlin continue to be the actual controller?
This depends on the distribution of equity and voting rights of the new shareholders. After all, it has not yet been reflected in the industrial and commercial registration.
However, what is certain is that after the industrial and commercial changes, Dalian Wanda Commercial Management's performance will definitely be affected.
Before, Wanda Group defined Zhuhai Wanda Commercial Management as “the sole business entity for the operation and management of commercial properties under Wanda Group.”
In other words, the commercial management business of 's 472 Wanda Plazas are all managed by Zhuhai Wanda.
’s shareholding dropped from 79% to 40%, and its performance contribution will naturally be cut in half.
"Only business management can't be lost?"
There is nothing that cannot be lost with Boss Wang. When will
be discontinued? Maybe we have to wait until Boss Wang really recovers his strength.
