Wang JianlinFacing major economic pressures again, according to The Paper,WandaThe Group communicated with the overseas bondholders and hoped that the other party would agree to the extension plan. The bonds, totalling $600 million, were issued in 2014 with a maturity date of January 2024 and a yield of up to 739%。WandaThe proposed option is to roll the bond back for about one year so that it can be repaid by the end of 2024. WandaEmphasize that if this dollarDebtFailure to renew the term will result in a material default, which in turn will affect it domesticallyBank loansAbility. However, the latest news shows that investors have agreedWandaThe rollover program makes itWang Jianlinsuccessfully defused the $600 millionDebt
Wang Jianlinin the settlement of $600 millionDebtAfter that, there is now an even more difficult problem – there is a bill of more than $30 billion that is due soon. And it is far from repaying these more than 30 billionDebtThere is only 1 month left. So where did the more than 30 billion bills come from?Wang JianlinWhat did you do to suddenly face this "falling from the sky" 30 billion bills?
This is more than 30 billionDebtIt didn't fall from the sky, but it was handed over by the investor 2 years agoWang Jianlinin hand. It is understood that in July 2021, ZhuhaiWandaThe business management company has successively introduced 22 investment institutions such as Singapore PAG, Country Garden, Tencent, and Ant, with a cumulative investment amount of more than 30 billion yuan, accounting for 21 of the company's shares17%。To this end,Wang JianlinSigned a copy with the investorVAM Agreements, prescribed ifWandaBusiness management will not be able to successfully go public before 2023WandaNot only to redeem the more than 30 billion yuan, but also to pay the corresponding interest.
However, for nowWandaThe listing application of the commercial management is still pendingHong Kong Stock ExchangeThe approval of this already isWandaI applied for the fourth time in the last two years. Hong Kong Stock ExchangeWhy the delay in ratificationWandaWhat about the listing application?Not because of the beginningWang JianlinCaused by the angry withdrawal of Hong Kong stocksHong Kong Stock ExchangeIt's a bit naïve to think about it. Hong Kong Stock ExchangeThe reason for the delay in ratificationWandalisted, mainly because:Wandabusiness conditions. In 2022,Wang JianlinRe-betting on the real estate industry, he has acquired some real estate companies one after another, and is known as the "white knight" in the industry. However, the situation in the real estate industry goes far beyond thatWang Jianlinof anticipation. Heading into 2023,WandaReal estate frequently has negative news such as unpaid wages and work stoppagesWandaThe business management itself is also facing a lot of cash flow pressure. According toWandaAs of the first half of 2023, ZhuhaiWandaThe balance of cash and cash equivalents of the business management was 1469.2 billion yuan, a year-on-year decrease of 5344%。WhileWandaCommercially managedInterest-bearing liabilitiesUp to 14128.3 billion yuan, of which it is due within one yearInterest-bearing liabilitiesfor 2925.7 billion yuan, and the cash on hand can no longer cover the short termDebt
IfHong Kong Stock ExchangeApprovedWandalisting application, thenWandaIt would be irresponsible to pass on huge risks to thousands of investors. Therefore,WandaThe inability to go public is actually due to its own reasons.
It's not anymoreWang JianlinIt's the first time I've experienced such a dilemma. 6 years ago,Wandaalso fell into the abyss. In 2017,WandaSuddenly investigated by the Securities Regulatory Commission, its bonds quickly suffered a flash crash, and the stock price **, made itWandaprecarious, while facing more than 400 billionDebtPressure. In the face of a difficult situation,Wang JianlinStrike decisively, willWandaThe cultural tourism and hotel business was sold in a packageR&FwithSunac。The deal has been hailed as one of the biggest in the real estate industry, especially in 2017 when the property market was booming, and the hotel business has been giving all alongWang JianlinAbundant cash flow support. Wang JianlinPackaging these two high-quality assets, the transaction is not even 70 billion, which is estimated by the outside worldWang JianlinAt least 50 billion in cash was obtained in this deal. In order to survive,Wang JianlinI chose "Survive with a Broken Arm". Subsequently, through a series of operations,Wang JianlinSolved more than 200 billionDebt, which lightens the mountain hanging on his head by half. The remaining 200 billionDebtMedium,Wang JianlinMore than 50 billion yuan has been solved through debt-to-equity swaps, but there are still more than 140 billion yuanDebtIt continues to this day.
That's more than 140 billionDebtIt seems huge, but it's not that urgent. Long-term interestDebtAs long as there is enough time and space,WandaIt can be disposed of gradually. However, the upcoming investment buyback of more than 30 billion has been given almost nothingWang JianlinHow much time and space to process. In response to this crisis, in July of this year,Wang JianlinIt's divided into three **WandaThe stake in the film received nearly 7 billion in cash. In addition, he willWandaSquare、Financial License, InfrontSportsetc. According to incomplete statistics, since the beginning of this yearWandaIt has been ** 5 in Guangxi, Shanghai and other placesWandaSquare、
This scene looks like a repeat of 6 years ago. However, unlike in 2017,SunacwithR&FCompanies now have no energy to take care of others, and they are facing their own business difficulties. In this almost the same dilemma, who can becomeWang JianlinThe "white knight" is not yet known, we will see.