Q
According to **, on the day of Double 12, Wanda signed a new agreement with investors. PAG (hereinafter referred to as "PAG"), the largest strategic investor, will work with other investors to reinvest in its subsidiary, Zhuhai Wanda Commercial Management, after redemption by Dalian Wanda Commercial Management, upon the expiration of the original VAM redemption period.
The new investment agreement will not be accompanied by a VAM agreement, which solves the urgent need of Wang Jianlin and Wanda Commercial Management, and also allows Wang Jianlin to lose absolute control of Zhuhai Wanda Commercial Management. What does Uncle Feng think about this matter?
Uncle Feng
Wanda Commercial Management failed to sprint for IPO and faced VAM repurchase pressure. Recently, everyone has paid more attention to the progress of this matter. On December 14, I saw good news from Wanda, PAG and Wanda Commercial Management signed a new investment agreement, which resolved the crisis caused by the listing VAM agreement and established a new future investment structure.
Put simply, PAG and other investors agreed to cancel the VAM, but at the same time gain more equity and voting rights. After the signing of the new investment agreement, Wanda Commercial Management's shareholding was reduced to 40%, a reduction of more than 30%, and PAG's existing and new investors increased their shareholding to 60%. I think there are probably three aspects of change in the future:
First, corporate governance. The original corporate governance was relatively dominant, and basically one person had the final say, so the company had a lot of actions and a very high risk appetite. In the future, there may be some changes in the board of directors and management, the company's risk appetite will be reduced, and the company's long-term strategy and operation will be better guaranteed and arranged.
Second, there will be great changes in business styles and business models. The original Wanda model has always been very Chinese-style, localized, Wang Jianlin Wang is very capable and decisive, in the capital market in and out of the more in and out, selling, receiving, in, out, listing, delisting, repurchase, financing and other actions are very much, I think the middle work is not very detailed.
PAG is known as Asia's Little Blackstone, especially Shan Wei Jian, who is trained all the way from the logic of international banks and PE, and the asset management model is done in accordance with the logic of commercial real estate management, and I believe that their future business model is closer to the basic logic and model of international investment in commercial real estate, including the method of accounting and valuation.
The transformation of the model will bring some conflicts, but it may polish the rougher part of the original model more meticulously, and it is also more in line with the accounting methods and requirements of international investors.
Third, personnel changes. In terms of human changes, the future will be more professional and younger, and there will also be new non-Wanda people entering.
In this way, the company will be more suitable for listing in the international market, of course, it is now preparing to be listed in Hong Kong, and the gambling pressure near the end of the year will be basically eliminated, and there will be a new buffer period of three or five years, so that the company can be adjusted calmly. I think that Wanda Commercial Management will have successful development in the future, including successful listing, and I am looking forward to seeing their success.
Q: Recently, many insurance companies have also ushered in good news. Two days ago, Greenland participated in the bank-enterprise symposium, and Shimao participated in the construction and Shanghai Bank exchange symposiumAt the beginning of the month, in the list of symposiums invited by China Guangfa Bank to private real estate enterprises, Country Garden appeared. During this time, there is also a white list of 50 real estate companies that has been rumored, as well as three financial policies. Uncle Feng, the wind seems to have changed this time, can the insurance real estate company return to the table after the successful debt?
Uncle FengRecently, some insurance companies were invited to participate in a symposium to talk about how to resolve risks and redevelop in the future. I think this is a positive signal, and it is also a good turn for the insurance companies.
In fact, there are two types of insurance companies. Just like us personally, when it comes to personal debts and bankruptcy, there is a saying that personal debts cannot be repaid, and they will be included in personal bankruptcy protection, which is a bona fide debtor. The term "bona fide debtor" means that this person does owe money and cannot pay it back now, but he does not deliberately evade debts and do bad things, nor does he do things that are not allowed by law, and he does not look like a malicious debtor. The same is true for enterprises, this kind of debtor operates in good faith, works hard and earnestly wants to repay the money, and is also trying to repay it continuously, selling the family's house and car, trying to pay off the debts and then re-operating the enterprise, and now this kind of enterprise is defined as a bona fide debtor. The bona fide debtor, of course, gave him a chance through personal bankruptcy protection, hoping that he would pay off his debts in stages and over a period of time over several years, return to the normal course of business, and at the same time his life could get back on track. In fact, the same is true of the real estate companies that take out insurance, there are bona fide debtors, bona fide insurers, and some non-bona fide insurers, or **, the court, and creditors do not think that he is bona fide, for example, Evergrande is not a bona fide debtor. Enterprises such as Country Garden and Sunac are called bona fide debtors, so they are invited to the meeting. I think that defining them as bona fide insurers creates a positive environment and signal for companies.