Wang Jianlin, relieved?

◎ 来源 | 地产密探（ID：real-estate-spy）

Recently, the "big and small kings" of the "Wanda Department" seem to be very busy.

Two days ago, Wang Sicong, who appeared as the "chairman of Beijing Huanju Commercial Management Company", attended the signing ceremony of the Taishan Cultural Tourism and Fitness Center project with a total investment of 3.7 billion yuan and an area of 500 acres, which attracted the attention of the outside world.

Does this mean that as the son of the "business tycoon" Wang Jianlin, Wang Sicong can be on his own?

Wang Jianlin said in an interview a few years ago that he would retire after working for 100 million, but he didn't expect it to be realized so soon. Looking at the present, even if Wang Jianlin wants to retreat, he can't help himself, and Wanda needs his strength to turn the tide.

On the morning of November 30, the Hong Kong Stock Exchange of Dalian Wanda Commercial Management Group announced that the company's extension of 600 million US dollars of bonds has been approved by more than 99.3% of the total principal of the above-mentioned bonds.

Nine days ago, Dalian Wanda Commercial Management disclosed that the US$600 million bond issued by its subsidiary Wanda Real Estate International in early 2014 would mature in January 2024, but in view of the current situation such as the downturn in the property market, it took the initiative to carry out liquidity management in advance and extend it to the end of 2024.

The US$600 million debt was repaid in four installments after adjustment, with the repayment coming from Wanda Commercial Management's rental income and Zhuhai Commercial Management's dividends. In addition, Wanda Commercial Management has two overseas bonds of US$400 million, both of which must be repaid until 2025 and 2026.

From the beginning to the third quarter of this year, Dalian Wanda Commercial Management was repeatedly involved in the vortex of public opinion, so it took the initiative to report the "family background", especially the business operation.

In the first half of 2023, Wanda Commercial Management achieved a total rental income of RMB26.32 billion, a year-on-year increase of 4.5%, a net rent of RMB13.01 billion, a year-on-year increase of 7.2%, a net rent of comparable Wanda Plaza of 3.8% year-on-year, an occupancy rate of 98.2%, and a rental collection rate of 100%.

In the first half of the year, Wanda Commercial Management opened 12 new Wanda Plazas, with a total of 484 openings. Among them, the opening in the first half of the year includes Hangzhou Cangqian, Taizhou Yuhuan, Lanzhou Binhe Road, Chengdu High-tech, Nanchong Gaoping, etc., mainly concentrated in the Yangtze River Delta and southwest China, mainly asset-light projects.

In addition, Dalian Wanda Commercial Management officially launched the "Wanda Smart Business Platform" in July this year, with only one core purpose, that is, to closely bind the merchants of Wanda Plaza, and enhance its own business management competitiveness by providing integrated value-added services for merchants to "site selection, rent, store opening and operation".

On November 10, Zhuhai Wanda Commercial Management updated its prospectus, but according to relevant media disclosures, it intends to postpone its listing on the Hong Kong Stock Exchange to 2026 at the longest, and is currently discussing with investors.

According to previous disclosures, if Zhuhai Wanda Commercial Management cannot be successfully listed by the end of 2023, its parent company, Dalian Wanda Commercial Management Group, must pay about 30 billion yuan of equity repurchase money to the pro-IPO investor.

According to Dalian Wanda Commercial Management, in the first three quarters of 2023, it achieved revenue of 38.826 billion yuan, a year-on-year increase of 6.55%, and a net profit of 11.057 billion yuan, a year-on-year increase of 1.38%.

As of the end of September, the balance of Dalian Wanda Commercial Management's interest-bearing debt was 190.77 billion yuan, slightly lower than the end of last year, short-term borrowings were 1.608 billion yuan, interest-bearing debts due within one year were 64.6 billion yuan, and monetary funds were 13.27 billion yuan, a decrease of 8.44 billion yuan from 21.71 billion yuan at the end of last year, and the pressure on short-term debt next year is still very large.

Although it is relatively stable, in the face of the peak of debt repayment next year, can Wang Jianlin "let the wind and waves rise" and "sit firmly in the Diaoyutai"?