Source: Visual China
1.63 million square meters, equivalent to the sum of the construction area of 6.3 bird nests.This is the total construction area of 11 Wanda Plaza sold by Wanda Group since 2023.
"Selling and selling" has become the keywords of Wanda in the past year. From Wanda's film equity, to Wanda Plaza and Wanda Hotel Heavy assets, and then to the Group Headquarters Building ... Wanda has almost taken the most precious assets.
On April 12, a change in equity in Beijing Wanda Plaza Industrial Co., Ltd., the company holds Beijing Wanda Plaza, where Wanda Headquarters is located.
Following Wanda Headquarters Easy Lord, Wanda Movies are also officially changed.On April 17, Wanda Film issued an announcement on the completion of the equity transfer of indirect controlling shareholders and the change of the company's control rights. Wanda Cultural Group and Wang Jianlin's shares have completed the registration of industrial and commercial changes, and the transferee is Shanghai Confucianism.
As the assets of the headquarters building were sold and Wanda's film equity changed, Wanda Movies have begun to move. From the original group headquarters, Beijing Chaoyang District, Beijing, No. 93, Wanda Plaza B, to Laijin Cultural and Creative Industrial Park.
"President Wang has always been a fierce person to do things. It is a ruthless person. When the company encounters a crisis, he dares to break his wrist and sell the most precious assets before." A former Wanda employee said to the author.
The 2024 Hurun Global Rich List released by the Hurun Research Institute shows that in the past year, the wealth of the Wang Jianlin family has fallen by 80 billion yuan, shrinking by 72%.In 2023, the wealth of the Wang Jianlin family fell by 50 billion yuan.
In just two years, Wang Jianlin's assets shrink 1,300 "small targets".After a series of assets sold, the Wang Jianlin family wealth was only 30 billion yuan.
Selling headquarters building
Recently, Beijing Wanda Plaza Industrial Co., Ltd. has undergone equity changes. The former wholly -owned shareholder Dalian Wanda Commercial Management Group Co., Ltd. withdrew.In order to control shareholders; Kun Yuanchen Xing (Xiamen) Investment Management Consulting Co., Ltd. holds 0.01 %.
This has aroused the attention of Wanda's sales of the group headquarters.
"Block B of Beijing Wanda Plaza office building has always been self -sustainable." A staff member of the lease department of Beijing Wanda Plaza Industrial Co., Ltd. said to the prism authors.The office building is the location of Wanda Beijing headquarters.
A former Wanda employee also told the author that Beijing Wanda Plaza has previously held it for Wanda Group.
Beijing Wanda Plaza consists of three buildings of Block A, B, and B Block C. It is located at No. 93 Jianguo Road and is close to the new site of CBD and CCTV.According to the above -mentioned person who is responsible for leasing, it is currently hosted by Block A, and it is held by Block B and C. Among them, Block C is currently Beijing Wanda Wenhua Hotel and Block B is an office building.
A company's employee and employee of the Wenhua Hotel also told the prism authors that the company holds Block B and B of Beijing Wanda Plaza, which is the core assets of Wanda Group in Beijing.
At present, in addition to Block B, Beijing Wanda Plaza is the headquarters of Wanda Group, some floors are also renting outside.The above -mentioned person responsible for the lease said that the minimum rent of the office building is 8 yuan per square meter per day to work with Wanda Group.
Block C, Beijing Wanda Plaza was the Wanda Sopht Hotel, and was renamed Wanda Wenhua Hotel in 2007.The annual meeting of Wanda Group has been held in the hotel in recent years.Tianyancha shows that Wanda Wenhua Hotel is a subsidiary of Beijing Wanda Plaza Industrial Co., Ltd.
Beijing Wanda Plaza Industrial Co., Ltd. was established in 1999 and was used as Beijing Wanda Plaza Real Estate Development Co., Ltd.The company is the development unit of the above Beijing Wanda Plaza.
According to Wanda's official website, Beijing Wanda Plaza opened in December 2006.In 2008, Wanda headquarters moved from Dalian to Beijing Wanda Plaza.
The purpose of Wanda Plaza, which previously sold other cities, this time to transfer Beijing Wanda Plaza Industrial Co., Ltd., it still relieves liquidity pressure.
According to Tianyancha, Beijing Wanda Plaza Industrial Co., Ltd. registered funds of 200 million yuan. In September last year, the company's equity had been pledged to Huaxin International Trust Co., Ltd.
19.6 billion in hand cash, 114.3 billion short -term debt
Two weeks before selling the headquarters building, Wanda just received 60 billion yuan of investment.
On March 30, 5 institutions including Dalian Wanda Commercial Management and Taimeng Investment Group and CITIC Capital officially signed an investment agreement. Five investors jointly invested about 60 billion yuan to Dalian Sinka, with a total of 60% of the shares holding 60%EssenceAfter the investment was completed, Dalian Wanda Merchant took 40%.
"Even if there is a 60 billion yuan investment, the sale of assets that cannot be stopped means that Wanda has not yet reached a real security zone." A person who has been paying attention to Wanda for a long time told the author.
Wanda's debt seems to be a bottomless hole.According to the 2023 follow -up rating report released by China Integrity International, as of the end of the first quarter of 2023, the total liabilities of Dalian Wanda Commercial Management total liabilities were 310.536 billion yuan.
As of the end of 2022, Dalian Wanda Merchant's handheld cash and cash equivalent was 19.631 billion yuan, and the debt expired within a year reached 114.3 billion yuan.This also explains why Wang Jianlin has sold the assets to "return blood" in 2023.
"Fortunately, there are still many high -quality assets to monetize. Many Wanda Plaza is located in the center of the city and the flow of people is huge." A former employee of Wanda Group told the author.
Since 2023, Wanda Group has transferred 11 Wanda Square Heavy assets.From December 25th to 30th, 2023, 4 Wanda Plaza was transferred densely, namely Suzhou Taicang Wanda Plaza, Huzhou Wanda Plaza, Guangzhou Luogang Wanda Plaza, and Shanghai Jinshan Wanda Plaza.
In October 2023, everyone's insurance institutions have acquired Shanghai Zhoupu Wanda Plaza.At the end of May 2023, everyone's insurance also included Shanghai Songjiang Wanda Plaza, Xininghai Lake Wanda Plaza and Jiangmen Taishan Wanda Plaza.
On March 20 this year, industrial and commercial changes occurred in Wanda Plaza Business Co., Ltd., Jizhou District, Tianjin. Dalian Wanda Commercial Management Group withdrew, and Beijing Tianding Kunyang Technology Co., Ltd. became a wholly -owned shareholder.
According to equity changes, funds and insurance companies are the main buyers of Wanda Plaza.From the perspective of the nature of the transaction, Wanda Square, which is "sold", is a heavy asset, which means that Wanda Group is no longer the holder of the above Wanda Plaza, but it is still the operator of these Wanda Plaza.
Wanda has not announced the consideration of these transactions.However, according to a former employee of Wanda, when the assets are sold, it is estimated that each Wanda Plaza can sell for 700 million yuan, but the transaction amount of different projects is different.
Light asset transformation
Once, the four products of Wanda Plaza, Wanda Film, Wanda Hotel, and Wanda Cultural Travel City, like a carriage, drank Wanda, a huge business empire.However, as these precious assets have been disposed of in the past, what else is Wanda from Wang Jianlin?
Wang Jianlin's first sell assets is hotels and cultural tourism.In 2017, Wang Jianlin sold 77 hotels to R & F, and sold 13 cultural travel cities to Sunac.The transaction was called "Century Trading" at that time.
"Holding a large luxury hotel is not a good business." A person in the real estate industry said that "the capital return rate of five -star hotels is too low." Today, R & F Group, which has taken over 77 hotels in Wanda, has already applied forBankruptcy reorganizationEssence
With the recent transfer of equity of Beijing Wanda Plaza Industrial Co., Ltd., Wanda has lost the flagship hotel assets of two core cities in Beijing and Shanghai.On December 26 last year, the Master of the Wanda Ruihua Hotel, Shanghai.Wanda Ruihua is the highest -end brand of Wanda Hotel.
2020 is another turning point of Wanda.In September 2020, Wanda Commercial Management announced that it would no longer develop heavy asset projects, no longer investing in Wanda Plaza property, and fully implementing the strategy of light assets.
After that, Wanda Plaza is divided into two modes: light and heavy.Among them, the heavy asset platform is Dalian Wanda Commercial Management, holding Wanda Plaza property.The light asset operation platform is the Zhuhai Wanda Commercial Management, which was planned to be listed earlier, and does not hold properties. The income mainly includes operating management service fees, property management fees and value -added service fees.
Through equity penetration, Dalian Wanda Commercial Management is the core asset of Wanda Group, which is wholly owned by Wang Jianlin's father and son.
From the name of the subsidiary, the name of Dalian Wanda Commercial Management subsidiary is mostly "certain Wanda Plaza Investment Co., Ltd.", and its 194 subsidiaries hold the assets of Wanda Plaza across the country.Wanda Plaza's assets that have been sold in the past year are mostly the business management of Dalian Wanda.
Zhuhai Wanda Commercial Management was established by Dalian Wanda Commercial Management in 2021. The name of its subsidiary is mostly "a certain Wanda Plaza Business Management Co., Ltd.".
At that time, Wanda's implementation of light asset strategies mainly originated from light assets to be more likely to be favored by the capital market, but this does not mean to stop the development and hold heavy assets."At that time, the group's strategy was not not real estate, but that Wanda's commercial management wanted to strip real estate, which helped increase valuation." A Wanda insider explained to the author.
Wanda originally planned to pack these operations services into Zhuhai Wanda Commercial Management.
At the end of last year, it was reported that Wanda also plans to sell about 40 Wanda Plaza in first -tier and second -tier cities to communicate with potential buyers.However, the author of prisms consulted a number of Wanda employees or people who had worked in Wanda. None of these people could not confirm the news of as many as 40 Wanda Plaza is being sold.
After "selling blood", how to "make blood"?
Under"Selling and selling", the "hematopoietic" ability of Dalian Wanda Commercial Management is also weakening.In 2022, the net inflow of cash inflow of Dalian Wanda Commercial Management activities was 9.685 billion yuan, a year -on -year decrease of 57%.
After selling on a big sell, what are the sustainable "hematopoietic" assets left in Wang Jianlin?
After selling most cultural tourism and hotel assets in 2017, the business management business became the core asset of Wanda Group.
According to the previous prospectus, from 2020 to 2022, the revenue of Zhuhai Wanda commercial management revenue was 17.196 billion yuan, 23.481 billion yuan, and 27.12 billion yuan, respectively, with net profit of 1.112 billion yuan, 3.512 billion yuan, and 7.534 billion yuan, respectively.As a light asset management company, Zhuhai Wanda Commercial Management mainly provides services such as investment promotion, management operation, security and other services for Wanda Plaza.
According to the introduction of the previous prospectus, the light asset model of Wanda Commercial Management is divided into a leasing operation model and a commission management model. The leasing operation refers to the lease of the assets of the Wanda business management leasing owners, and the entrusted management is the owner entrusted Wanda to entrust WandaMake investment, operate, and pay a certain service fee.
As a light asset operation company, the ability to exterior projects is very important.According to the data, in the three years from 2020 to 2022, Wanda Plaza added 149, of which more than 80%of the light asset projects accounted for more than 80%.
According to the prospectus disclosed by Wanda Commercial Management, as of December 31, 2022, Zhuhai Wanda Commercial Management Management a total of 472 commercial squares, of which 184 were owned by independent third parties, accounting for 39% of the total number of business squares in the business square.Essence
At that time, the prospectus stated that in 2022, the average rental rate of Wanda Commercial Plaza was as high as 98.6%.
In terms of hotels, as of the end of 2023, Wanda Hotel has developed 157 hotels.The prospectus of Wanda Hotel's development disclosed the operating model of the hotel business, including three types: leasing operation, management model and franchise.Under the management model, Wanda grants relevant brand permits to the owner, and Wanda appoints the hotel management team to be responsible for hotel management, and collect management costs from the owners.
Wanda Hotel's brands include 9 brands including Wanda Ruihua, Wanda Wenhua, Wanda Jiahua, and Wanda Jinhua.
However, in 2023, Wanda Hotel's occupancy rate was only 55.9%.In 2023, Wanda Hotel's development revenue was only 983 million yuan, and net profit was 191 million yuan, a decrease of 18%year -on -year, and the total market value was only 921 million yuan.
In addition, Wanda Movies are now officially easy to master.On December 6 last year, Wanda Film announced that Wang Jianlin intends to transfer 51%of Beijing Wanda's investment to Shanghai Confucianism.With the completion of industry and commerce changes, Wang Jianlin has lost control of Wanda Film.
Source | Prism · Tencent Xiaoman Studio
