On December 6, The Paper learned that Zhuhai Wanda Commercial Management recently revealed in the process of communicating with investors that Wanda Group intends to be located in the first place.
Wanda Plaza in first- and second-tier cities in exchange for working capital is currently negotiating with insurance institutions. However, Wanda did not disclose which insurance institution it approached. At the same time, as for the timing of Zhuhai Wanda Commercial Management's listing in Hong Kong, Wanda said that there is still no IPO timetable.
The main product of Wanda's commercial real estate project is the urban complex, which is to build a large Wanda Plaza, next to which some office buildings, shops, residences, etc. are built, and the supporting properties are sold, and the cash flow generated from the sales is used to invest in the Wanda Plaza.
It is worth mentioning that in October 2023, the insurance institution Dajia Insurance acquired Shanghai Zhoupu Wanda Plaza.
In October 2023, Dalian Wanda Commercial Management Group*** withdrew from the list of shareholders of Shanghai Wanda Plaza Real Estate***, and Shanghai Jiasheng Management Consulting Partnership (Limited Partnership) and Wuhu Puyu Equity Investment Partnership (Limited Partnership) jointly took over 100% of the company's equity. Shanghai Jiasheng Management Consulting Partnership is 90% owned by Dajia Investment Holding Co., Ltd91%, Everybody Life Insurance Shares*** indirectly holds shares.
According to public information, Shanghai Wanda Plaza Real Estate, which was established in November 2007, is the project company of Zhoupu Wanda Plaza. Opened in September 2009, Zhoupu Wanda is Wanda's second urban mixed-use project in Shanghai.
Earlier, at the end of May 2023, we indirectly acquired three shopping malls under Wanda, namely Shanghai Songjiang Wanda, Xining Haihu Wanda and Jiangmen Taishan Wanda. Prior to the acquisition, the major shareholders of these three companies were Zhuhai Wensheng, and on June 1, the shareholders of Zhuhai Wensheng were changed from Wanda Commercial Management to Shanghai Family Business Management Consulting Partnership (Limited Partnership) and Suzhou Lianjia No. 1 Equity Investment Partnership (Limited Partnership). According to the information after penetrating the equity, Shanghai Jiashang is 100% owned by Dajia Life Insurance, while Lianjia No. 1 is held by 5 companies including Dajia Investment Holdings.
The surging news has learned that Wanda Group has proposed in previous negotiations with buyers that the property project can be given to the other party, but it requires itself to have the right to repurchase. For this clause, some buyers directly choose to reject.
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%；The net rent of comparable Wanda Plaza increased by 3% year-on-year8%。The occupancy rate is 982% and 100% rent collection rate.
* The Paper.