Wang Jianlin’s 8 Billion Yuan Equity Frozen

Wanda Culture Industry Group in Beijing had its 8 billion yuan (RMB) equity frozen recently, with the freeze scheduled until March 17, 2028. This group is held by Dalian Wanda Group Co., Ltd., chaired by Wang Jianlin. The news of the freeze became a top search on Baidu on March 25.

According to the Chinese business search platform Tianyancha, Beijing Wanda Culture Industry Group saw a new equity freeze involving Dalian Wanda Group recently. The frozen equity amount is 8 billion yuan, and the freeze period is from March 18, 2025, to March 17, 2028, with the executing court being the Zhengzhou Intermediate People’s Court in Henan Province.

Data shows that Beijing Wanda Culture Industry Group was established in September 2012 with a registered capital of 8 billion yuan. Dalian Wanda Group owns 100% of its shares, indicating that the court has frozen all the equity it holds.

Since the beginning of this year, Dalian Wanda Group has had multiple instances of equity freezes and being executed upon. According to news from Shangguan News on March 24, in February, the Beijing Haidian District Court froze 1.979 billion yuan of equity held by Dalian Wanda Group in Dalian Wanda Business Management Group. Additionally, the equity of 100 million yuan held by Wanda Culture Industry Co., Ltd. was frozen by the Hengqin Guangdong-Macao Deep Cooperation Zone Court.

Regarding the executing parties, on February 25, Dalian Wanda Group faced an execution to pay over 477.5 million yuan by the Shanghai Financial Court; on February 24, it was ordered by the Gansu Mining District Court to pay 1.71 billion yuan; and on February 20, it was required by the Beijing Second Intermediate Court to pay 1.72 billion yuan.

According to news from Phoenix Finance on March 23, the total amount executed against Dalian Wanda Group has exceeded 6.3 billion yuan to date, and since 2024, the total amount of frozen equities has surpassed 5 billion yuan.

Public records show that Wanda Group was established in 1988 and has developed into a conglomerate with businesses in commerce, culture, real estate, and finance. Wang Jianlin, the chairman of the group, was once China’s wealthiest individual. However, in 2017, Wanda Group found itself in financial difficulties.

After Wanda Group fell into a financial crisis, its Wanda Culture subsidiary became the first to sell assets to reduce debt. It sold 91% equity in 13 projects for 43.8 billion yuan to Sunac, and 77 hotels for 19.9 billion yuan to Evergrande. Wanda Culture’s travel agency business was also transferred to Tongcheng Travel.

To alleviate debt pressure, Wanda began transitioning to a light-asset model and has sold nearly 20 Wanda Plaza projects in the past two years. In just over a month since the beginning of 2025, five Wanda Plazas have been sold.

An insider, speaking to The Paper, analyzed, “The reason for selling assets is simple, it’s to raise funds and reduce debt. Despite changes in shareholders at the equity level, some assets are still managed and operated by Wanda Property Management. Banks are still hesitant to provide loans, and financing channels for Wanda are relatively limited. Hence, they must resort to selling assets and equity pledges to acquire funds.”

Furthermore, to address the issue of cash shortages, Wanda Group has been cashing out through reducing holdings. According to Wanda Films’ announcement, Dalian Wanda Group’s Rongzhi in Shenxian County reduced its shares by 6.932 million shares on March 11, and from March 12 to March 18, it further reduced its shares by a total of 18.1857 million shares. The total cashed out from these operations exceeds 300 million yuan when calculated at average prices.

In April 2024, Wang Jianlin relinquished control of Wanda Films, raising funds exceeding 2 billion yuan.

Phoenix Finance noted that a decade ago, Wang Jianlin topped the Hurun Rich List three times, but now his personal fortune has decreased by 80%, causing him to fall off the list. While the Wanda Property Management IPO crisis was temporarily alleviated by a 60 billion investment from the Middle East, the shadow of debt remains. Wang Jianlin’s trajectory mirrors the end of the era of Chinese real estate. When high leverage models clash with industry downturns, even the former richest man must learn to “compromise,” yet this time, with the dual pressure of equity freezes and asset sales, his room for maneuver is rapidly dwindling.