Wang Jianlin fell into crisis again, and Sicong was undefeated
There have been many real estate company owners who have sat on the throne of China's richest man, one is the notorious Evergrande Xu Jiayin, and the other is Wang Sicong's father - Wang Jianlin.
On December 6, Wanda broke the big news that Wang Jianlin would transfer 51% of the equity he held in Beijing Wanda Investment Co., Ltd., with an amount of 2.262 billion yuan. Upon completion of the transaction, Wanda Film's controlling stake will be changed.
Wanda Movies is the "golden egg" in Wang Jianlin's hands, but now it is in a hurry to sell. And this is not the first time that Wang Jianlin has sold Wanda Film equity. In July, Wang Jianlin transferred 8.26% of Wanda Film's shares to the wife of the boss of Oriental Fortune at a transfer price of 2.173 billion yuan.
Watching Evergrande, Sunac, Country Garden and even Vanke encounter a real estate crisis, many people say that Wang Jianlin was really prescient and avoided the crisis by reducing the debt ratio in advance. Recently, Wang Jianlin was photographed going out to participate in activities and was emaciated.
Combined with the sale of Wanda Pictures' equity, and the sale of Wanda shopping malls in first- and second-tier cities to recoup funds, this shows that although Wang Jianlin is not as miserable as Xu Jiayin, his life is not easy. The glorious era of real estate is completely gone. The companies involved are struggling in pain.
Wang Jianlin continued to sell assets, he must be very short of money. This once said in an interview that he would let his son get 500 million yuan
The Internet celebrity father, who practiced his hands and earned 100 million yuan as a small goal, has climbed out of the quagmire of residential real estate in advance, why is he short of money again?
This is because Zhuhai Wanda Commercial Management Co., Ltd., an entity after Wang Jianlin divested his residential real estate business and transformed into a commercial management company, reached a VAM agreement with investors: if the listing on the Hong Kong Stock Exchange cannot be completed on December 31, 2023, it will need to repurchase the investor's 30 billion yuan of shares in full and pay 12% interest.
Up to now, Zhuhai Wanda Commercial Management has submitted 4 prospectuses to the Hong Kong Stock Exchange. On October 21, 2021, Zhuhai Wanda Commercial Management submitted the prospectus for the first time, the second prospectus on April 22, 2022, and the third prospectus on October 25, 2022. All three attempts, however, were unsuccessful.
On June 28 this year, Zhuhai Wanda Commercial Management submitted an IPO prospectus to the Hong Kong Stock Exchange for the fourth time.
Now that there are more than 20 days before the deadline for listing, Wang Jianlin must be prepared for two things: the success of the listing and the failure of the listing. Therefore, it is necessary to prepare funds in advance for the failure of the VAM agreement and the repurchase of shares.
However, due to the fact that the entire market is very sensitive to real estate risks, a large part of Wanda Commercial Management's income comes from property income, which is closely related to real estate. At the same time, Wanda shopping malls, as physical shopping malls, are the focus of e-commerce impact. In particular, in the context of the continuous decline in the Chinese population and the slowdown in consumption, the rental income growth prospects of the shopping malls operated by Wanda are not optimistic.
At the same time, Wanda Commercial Management's total current liabilities were 109.4 billion yuan, higher than its current capital of 108 billion yuan, and cash and cash equivalents at the end of the period were 12.773 billion yuan, a decrease of 6.9 billion yuan from the end of 2022.
Therefore, although Wanda Commercial Management does not have the terrible debt of real estate developers such as Evergrande, Country Garden, and Sunac, its debt ratio is still high. In the era when the capital market is cold, funds tend to buy stocks with high dividends and steady growth, and this risk aversion is not conducive to the listing of Wanda Commercial Management.
However, we still have to admire Wang Jianlin's courage and luck to survive with a broken arm. In 2017, Wanda suffered an epidemic crisis, three years earlier than Evergrande's accident. It was precisely because of the early problem that Wang Jianlin sold 91% of the equity of 13 cultural tourism projects and all the equity of 77 city hotels of Wanda Commercial to Sunac and R&F at a price of 63.75 billion yuan, and a number of Wanda Plazas were also sold to Pearl River Life.
Now, R&F and Sunac, who bought Wang Jianlin's assets, have been thundered, and Wang Jianlin can be regarded as stepping on their backs and climbing up from the edge of the cliff.
So, this time, can Wang Jianlin still rely on luck to tide over the difficulties? Seeing this, do you also understand why Wang Sicong is reluctant to take over his father's class?
Wanda Commercial, which is related to real estate, is really not an easy deal to take over, because it has not been able to get rid of the problem of high debt. Wang Sicong appeared in Tai'an, Shandong Province in casual clothes not long ago, and signed a Taishan Cultural Tourism and Fitness Center project with the local area, which sparked heated discussions.
Wang Sicong, the national husband, playing games to invest and engage in cultural tourism and fitness is indeed easier than Wang Jianlin's business, and it is also Wang Sicong's own hobby. Therefore, Wang Sicong, as a rich second generation, seems to spend a lot of time drinking and changing girlfriends every day, but in fact, he is really a very hard-working and undefeated rich second generation.
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