On July 12th, the topic labeled as “Wang Jianlin sells 3 Wanda Plazas in July” and “Wang Jianlin has sold at least 26 Wanda Plazas” has drawn attention.
According to Tianyancha App, on July 1st, Yantai Zhifu Wanda Plaza Co., Ltd. underwent industrial and commercial changes with the original sole shareholder, Dalian Wanda Commercial Management Group Co., Ltd. (hereinafter referred to as “Wanda Commercial Management”), exiting. On July 2nd, Yichun Wanda Plaza Investment Co., Ltd. underwent multiple industrial and commercial changes with the original sole shareholder, Wanda Commercial Management, exiting. On July 4th, Dongguan Houjie Wanda Plaza Investment Co., Ltd. underwent industrial and commercial changes with the original sole shareholder, Wanda Commercial Management, exiting.
Wanda Plaza is the core asset of the Wanda Group. In 2019, Wang Jianlin stated, “I can let go of any business, except for this one; I can throw away anything, except for this one.”
According to China News Weekly, since 2023, Wanda Commercial Management has sold at least 26 Wanda Plazas. Corresponding to the trend of continuous selling, there are rumors that Wanda’s headquarters may move to Zhuhai, especially after Wanda sold its Beijing headquarters in April this year. Despite Wanda’s clarification, the rumors of its move further south persist.
Wanda Commercial Management has secured a “stay alive fund” of 60 billion yuan. In a May rich list, Wang Jianlin and his son Wang Sicong returned to the top ten, with a net worth of 140 billion yuan. Despite this, why is Wanda Commercial Management still facing such tight times?
On March 20th, Wanda Commercial Management Group, along with Taifeng Investment, CITIC Capital, and other investment institutions, signed an agreement to establish Dalian Xinda Alliance Business Management Co., Ltd., with Wanda relinquishing 60% of the shares, and the new company receiving approximately 60 billion yuan in investment. At the time, this move was seen as a crucial turning point for Wanda.
Zhang Zhuran, a macro researcher at Shanghai Maotouying Information Technology Co., Ltd., told China News Weekly that Wanda’s current major issue remains unresolved, primarily the lack of cash flow. The prospects for refinancing and the amount available for Wanda Commercial Management from financial institutions are not promising, with asset sales becoming one of the reasons for the dilemma.
Chen Naijia, a researcher at Anbound Think Tank, stated: “Wanda Commercial Management had a net cash flow of -4.386 billion yuan from fundraising activities in 2023, indicating inadequate fundraising capacity. The pressure to sell assets within a certain period will still be significant.”
Wanda Commercial Management’s first-quarter financial report for this year shows that the company’s cash funds amount to only 12.481 billion yuan, with short-term borrowings of 27.84 billion yuan and long-term borrowings of 94.357 billion yuan.
As per business warning data, as of now, Wanda Commercial Management has a total of 9 outstanding bonds, with a total outstanding balance of 5.392 billion yuan. Among these, 1.367 billion yuan will mature within a year. Regarding overseas debts, Wanda Commercial Management has 3 outstanding US dollar bonds, with a remaining balance of 1.12 billion US dollars, of which 820 million US dollars will mature within a year.