After selling Wanda Movies again, Wang Jianlin once again wielded a knife to cut meat, planning to sell part of Wanda Plaza
There is new news coming from Wanda, first Wanda Film announced that Wanda will transfer the remaining 51% of Wanda Investment's shares to China Ruyi. This means that Wanda Group will lose its controlling stake in Wanda Films.
By July, Wanda Group had sold 49 percent of its stake in Wanda Investment to China Ruyi. Wanda Investment holds a 20% stake in Wanda Films. After the completion of this acquisition, China Ruyi will indirectly hold a 20% stake in Wanda Film through Wanda Investment.
Wang Jianlin will lose control of Wanda Films. However, according to authoritative media sources, Wanda Group plans to sell its Wanda Plaza in first- and second-tier cities in exchange for liquidity, and is currently negotiating with insurance institutions.
Wang Jianlin said at an event a few years ago that Wanda's rental income could reach 100 billion yuan in a few years, and then it would be to sit firmly in Diaoyutai regardless of the wind and waves. At that time, he also said that he needed to firmly grasp the asset of Wanda Plaza, and he would put any asset, but he would not put this asset.
But now there is news in the market that Wang Jianlin is ready to wield a knife to cut meat again, and this time it is aimed at his core assets. In fact, since the beginning of this year, Wanda has sold several Wanda Plazas one after another.
At the end of May 2023, we bought three commercial centers: Shanghai Songjiang Wanda, Xining Haihu Wanda and Jiangmen Taishan Wanda.
Wanda Plaza is the best asset of Wanda Group, many mature shopping malls can collect a lot of rent every year, and the development of these shopping malls is also poured into Wang Jianlin's hard work. Until the last resort, Wang Jianlin will definitely not bear to part with his love.
Because Wanda Commercial Management's listing VAM financing with a number of investors is about to expire. Wanda Commercial Management has applied for listing several times before, and there are more than 20 days left for the VAM.
Wang Jianlin's pressure is also increasing. According to the agreement, if Wanda Commercial Management does not complete the listing by the end of 2023, then Wanda will need to buy back all shares and pay the corresponding interest. It is not easy for anyone to come up with about 40 billion funds at once, in the current market situation.
Wang Jianlin has been actively communicating with investors. There is news that Wanda wants to delay the time to go public. However, regarding this proposal, there are new announcements from both sides, and there is a high probability that it has not been negotiated.
Investors are now scared, too. In this market, no one can say what the future holds. Three years ago, those investors promised Xu Jiayin to convert their shares into ordinary shares, and the final price was that the shares in their hands almost became garbage.
Investment institutions are not charities either, they also need to make a profit. When they invested in Wanda Commercial Management, when they signed the agreement, the worst case scenario they calculated was that Wanda could not go public, and then they started a buyback.
It is equivalent to saying that they have used the money for Wanda for a few years, and they only get back the corresponding interest. So now they certainly won't give in easily. If Wanda can go public, then it will be a great joy.
But now there are more than 20 days left, and it is not easy for Wanda Commercial Management to complete the miracle listing. If the news that Wang Jianlin sold part of Wanda Plaza is true, then it shows that the investor is not willing to delay the listing time, let alone agree to give up the repurchase right.
Mr. Wang had to sell part of Wanda Plaza to raise money. After all, selling Wanda Films and cashing out nearly 10 billion still can't cope with the current complicated situation.
A few days ago, Wanda also adjusted the repayment plan for a $600 million bond, which was approved. Now for Wang Jianlin and Wanda, the biggest pressure comes from cash flow.
Wanda's situation is not so bad, because in 2017, a large number of assets have been sold intensively, and the 13 cultural tourism projects and 77 Wanda hotels sold to Sunac and R&F alone have returned 780 billion yuan.
According to the published data, as of September this year, the net assets of Dalian Wanda Commercial Management after deducting all liabilities exceeded 300 billion, after all, Wanda alone has 290 self-operated Wanda Plazas.
In fact, Wang Jianlin's courage to survive with a broken arm is still admirable. It's not easy for many companies in these years, not just Wanda. Xu Jiayin was arrested, Country Garden was thundered, and even Vanke was negative.
The three-year epidemic has hit the offline physical industry too hard. Wanda's listing was blocked, Wang Jianlin did not lie flat, and has been actively looking for a way, and even core assets such as Wanda Plaza are willing to sell.
It is said that Wanda and the insurance capital are already talking, but Wanda proposed a buyback regulation, but some buyers vetoed it. Now that the news is out, it is estimated that there will be results soon.
For Wanda, they also only have more than 20 days left. In 2017, Wang Jianlin was very decisive when he sold assets, and it is estimated that he will not be an exception this time. For a true entrepreneur, you will never be knocked down by difficulties.
In fact, any enterprise is never smooth sailing, after all, the years are quiet and good, and full of wind and waves is the main theme of life.