The winter of 2023 is coming a little earlier than usual.
Evergrande and Country Garden have not escaped the bullet of fate, and Vanke is fortunate to have Shenzhen state-owned assets to tide over the difficulties.
I thought that Wanda would be the winner in the end and had the last laugh. As a result, Wanda dropped a "bomb" news without warning, and on December 6, Wanda Film announced that Wang Jianlin planned to transfer 51% of his shares in "Wanda Investment" to "Shanghai Ruyi".
In 2017, the real estate market was still very hot at that time, but Wanda fell into a debt crisis, in order to surviveWanda sold 13 cultural tourism projects and 77 hotels at once, Sunac and R&F only spent 63.7 billion to win these cultural tourism projects and hotels. It is said that during the negotiation, Lao Wang was so angry that he smashed his glass, and no one expected that the new crown would come three years later.
Throwing away "these cultural tourism projects and hotels, Wanda continued to sell and sell, and embarked on the road of light assets and heavy operation.
Wanda Commercial Management and Wanda Pictures have brought very good performance data to Wanda. Wanda Plaza continues to open and build new buildingsBut most of it is not Wanda's own land, but other developers build it on behalf of Wanda, and Wanda is only responsible for operation and management.
There is no doubt that there is no problem with Wanda's strategic direction.
Wanda Pictures has also produced a lot of movies that have done well at the box office. But why didn't you escape being sold in the end?
Wanda's operation is still quite good, especially the business management system.
In the first half of 2023, 12 new Wanda Plazas will be opened, with a total of 484 openings. Total rental income in the first half of 2023 is 263200 million yuan, a year-on-year increase of 45%；Net rent 130100 million yuan, a year-on-year increase of 72%。
This data has surpassed most real estate developers.
There is no problem with operation, why does Wanda suddenly want to cut meat and break its arm to survive?
We have to start with the delisting of Wanda Hong Kong stocks.
At that time, China's richest man Comrade Wang was in high spirits, since the market value is so low, it is better to withdraw it, and then choose to list on the A shares.
Then Wanda united with some bigwigs (Tencent, Chow Tai Fook and other 22 companies) to contribute money and efforts to successfully delist.
The bigwigs took out a total of more than 30 billion funds, of course, it was not without a price, Wanda signed a gambling agreementIf the A-share listing cannot be completed in 2024, then it will be necessary to repay the money with interest, and of course, the interest will never be low.
Now there is less than a month to go before New Year's Day 2024, Wanda has no way out.
Wanda's total liabilities exceed 300 billion, but Wanda still has many high-quality assets in its hands. Judging from the current operation of Wanda Plaza in various cities,Wanda's debt is not terrible, and Wanda also has a cash cow - Wanda Pictures, but the first difficulty to overcome at present is how to resolve the VAM agreement in case it cannot be successfully listed.
Now Wanda has sold the cash cow (Wanda Pictures), and will continue to sell its Wanda Plaza in the next step, maybe it won't be long before Wanda is really left with "business management".
Wanda successfully survived the first crisis, and this time, will Wanda survive the difficulties?
In fact, compared with many developers, Wanda has long chosen another path.
Most developers just take land to build houses and sell them, while Wanda chooses commercial operations.
When many developers found that business was also profitable, Wanda began to take the asset-light route again.
When many developers want to get a piece of the commercial operation market, Wanda is already laying out the culture, film and television, and health industries.
Wanda is also very decisive when cutting meat, although e-commerce is very hot, which has a great impact on physical stores, but shopping malls will still live their own world, and Wanda's commercial operations are still outstanding.
Let the bullets fly for a while. Time will tell.