Wang Jianlin is also going ashore

Double 12, the two biggest news in the property management circle are related to Wanda Commercial Management.

PAG reinvested in Wanda Commercial Management, and Wang Jianlin's 38 billion gambling crisis was lifted;

Shanghai Ruyi acquired 51% of the shares of Wanda Film, and Wang Jianlin completely lost Wanda Film.

On the bright side, the two pieces of news are one good and one bad.

The good thing is that Wang Jianlin will not be swept away by capital like Zhang Lan in the south of the beautiful river at least for the time being, and he will go ashore like Sunac Sun Dasheng.

The bad thing is that the Wanda film founded by the big guy has changed hands, just like Wanda Property back then.

Previously, in the article "Wang Jianlin has been a little annoyed recently", Master Don mentioned what Boss Wang would sell this time after selling assets in 2017 and breaking his arm to survive. Unexpectedly, Wanda's high-quality asset, Wanda Films, was put on the shelves.

How much Wanda Films sold was not disclosed in the announcement. However, according to the previous 49% equity price of 2.262 billion sold to Shanghai Ruyi, the receiver can estimate the price in the current environment.

In Be's view, Wang Jianlin's sale of Wanda Film's equity is mainly to prepare for the expiration of the 38 billion VAM agreement.

Although under the new agreement with PAG, the latter will reinvest with new investors before the expiration of the redemption period, this is not representative of all strategic investments.

Image courtesy of the Shopo Research Institute

According to the prospectus, in addition to the 18 billion invested by PAG, CITIC Capital, Country Garden, Ant Technology, and Tencent have invested more than 10 small goals, namely:

5.154 billion, 6.460 billion, 2.596 billion and 1.512 billion.

Among them, the country garden with the highest probability of exit should be the highest. With Country Garden's current situation, if it can get back the principal plus 12% interest, it will undoubtedly be able to return 400cc.

Assuming that only Country Garden withdraws, then Wang Jianlin will also have to prepare a huge sum of money. If Country Garden is not the only one who has withdrawn, then Wang Jianlin will be under even more pressure. The solution may be a reinvestment of PAG and new investors.

Therefore, some media said that Shan Weijian, the helmsman of the PAG, is Wang Jianlin's nobleman. Indeed, it is very righteous to give a helping hand in times of crisis, and from this point of view, it is very righteous that the PAC did not take the lead in demanding redemption.

According to the analysis of the Zengpu Research Institute, PAG is the winner and loser of Wanda Liquidity. If you get the PAG, Wanda Commercial Management will most likely tide over the difficulties. Now it seems that the media's penman Ziqian was right.

Taimeng not only did not take the lead in forcing the palace, but also confirmed reinvestment, handing Wang Jianlin a rough straw.

However, Tao Ge said that investors such as PAG are not philanthropists, and have played the role of "barbarians at the door" many times. The implication is that PAG and its chairman, Shan Weijian, are not the nobles of Wanda Commercial Management.

The reason is that according to the disclosed information, Wanda Commercial Management needs to execute the redemption first, and then the investors will reinvest in Wanda. Investors such as PAG will hold a 60% stake in Zhuhai Wanda, a platform to be listed by Wanda Commercial Management, while Wang Jianlin's Dalian Wanda Commercial Management's stake will be reduced to 40%.

More critically, the amount of the reinvestment was not disclosed. The initiative, PAG, will probably buy nearly two-thirds of Wanda Commercial Management's equity at a 50% discount or fracture price. This is the same as when R&F Zhang Sheng and Li Sheng took the opportunity to reduce the price when they sold hotel assets in 2017.

However, an industry insider close to Wanda said that after the transaction, Wanda Commercial Management received nearly 300 small targets for incremental funds.

This may mean that 60% of the equity of PAG and the new investors are valued at nearly 30 billion, which is a discount compared to the first round of valuation, but it is not too much of a price reduction in the current market.

The most important thing is that people familiar with the matter said that the new investment will no longer set up a VAM agreement for the listing of Zhuhai Wanda Commercial Management.

PAG and new investors again

After the investment,

The asset-light operation cooperation model between Dalian Wanda Commercial Management and Zhuhai Wanda Commercial Management will be further optimized

The entrusted management fee paid by Dalian Wanda Commercial Management to Zhuhai Wanda Commercial Management will be significantly reduced.

You know,

2020-2022

The scale of the expenses was 7.961 billion yuan

14.872 billion yuan and 17.494 billion yuan.

In the words of people familiar with the matter, the decline in management fees and the absence of VAM conditions not only reflect the ideal valuation of Zhuhai Wanda Commercial Management, but also greatly increase the asset value of Dalian Wanda Commercial Management, which is expected to increase by tens of billions of yuan, and will also significantly improve the financial strength and asset liquidity of Dalian Wanda Commercial Management

In Be's opinion, if the news is true,

In the future, regardless of whether Wanda Commercial Management can be listed or not, Wang Jianlin will not step into the same river for the third time.

It's better to be listed

It doesn't matter if it's not listed, Wanda Commercial Management can still live very well.

After all, Wanda Commercial Management will continue to export cash and will no longer be constrained by the VAM agreement.

Therefore, Master Be's feeling that compared with the Baoneng barbarians who were directly hit by Vanke, PAG Investment and its helmsman are much more elegant.

Although Wang Jianlin has lost some high-quality assets, he is about to go ashore to survive, and it is the kind of nourishing, which is a win-win situation.

Unless, the new investment is not what people in the know say. If there is a fracture price and a listing VAM agreement, the crisis of Wanda Commercial Management has not been completely resolved.

.data_color_scheme_dark{--weui-ORANGERED: #ff6146;--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .8);--weui-FG-HALF: rgba(255, 255, 255, .6);--weui-FG-1: rgba(255, 255, 255, .5);--weui-FG-2: rgba(255, 255, 255, .3);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-REDORANGE: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-BRAND: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}.data_color_scheme_dark{--weui-BTN-ACTIVE-MASK: rgba(255, 255, 255, .1)}.data_color_scheme_dark{--weui-BTN-DEFAULT-ACTIVE-BG: rgba(255, 255, 255, .126)}.data_color_scheme_dark{--weui-DIALOG-LINE-COLOR: rgba(255, 255, 255, .1)}.data_color_scheme_dark{--weui-BG-COLOR-ACTIVE: #373737}.data_color_scheme_dark{--weui-BG-6: rgba(255, 255, 255, .1);--weui-ACTIVE-MASK: rgba(255, 255, 255, .1)}.rich_media_content{color:#000000e5; font-size:17px; font-size:var(--articleFontsize); overflow:hidden; text-align:justify}.rich_media_content{color:#ffffffa6; color:var(--weui-FG-HALF)}.rich_media_content{position:relative; z-index:0}.wxw-img{vertical-align:bottom}.rich_media_content p{clear:both; min-height:1em}td p{margin:0; padding:0}@media screen and (min-width:1024px){body:not(.pages_skin_pc) :root{--appmsgPageGap: 20px}}:root{--articleFontsize: 17px}:root{--sab: env(safe-area-inset-bottom)}:root{--wxBorderAvatarRatio: 3}:root{--discussPageGap: 20px}:root{--appmsgPageGap: 20px}body,.wx-root,page{--weui-BTN-HEIGHT: 48;--weui-BTN-HEIGHT-MEDIUM: 40;--weui-BTN-HEIGHT-SMALL: 32}body,.wx-root{--weui-FG-1: rgba(0, 0, 0, .55);--weui-ORANGERED: #ff6146;--weui-BG-0: #ededed;--weui-BG-1: #f7f7f7;--weui-BG-2: #fff;--weui-BG-3: #f7f7f7;--weui-BG-4: #4c4c4c;--weui-BG-5: #fff;--weui-FG-0: rgba(0, 0, 0, .9);--weui-FG-HALF: rgba(0, 0, 0, .9);--weui-FG-1: rgba(0, 0, 0, .5);--weui-FG-2: rgba(0, 0, 0, .3);--weui-FG-3: rgba(0, 0, 0, .1);--weui-FG-4: rgba(0, 0, 0, .15);--weui-FG-5: rgba(0, 0, 0, .05);--weui-RED: #fa5151;--weui-REDORANGE: #ff6146;--weui-ORANGE: #fa9d3b;--weui-YELLOW: #ffc300;--weui-GREEN: #91d300;--weui-LIGHTGREEN: #95ec69;--weui-BRAND: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1485ee;--weui-PURPLE: #6467f0;--weui-WHITE: #fff;--weui-LINK: #576b95;--weui-TEXTGREEN: #06ae56;--weui-FG: #000;--weui-BG: #fff;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: #fa9d3b;--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: #06ae56; --weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: #10aeff;--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(0, 0, 0, .5);--weui-TAG-BACKGROUND-BLACK: rgba(0, 0, 0, .05)}body,.wx-root{--weui-BG-6: rgba(0, 0, 0, .05);--weui-ACTIVE-MASK: rgba(0, 0, 0, .05)}@media screen and (min-width:1024px){body:not(.pages_skin_pc){background:#191919; background:var(--weui-BG-2)}}@media(prefers-color-scheme:dark){body:not([data-weui-theme=light]).my_comment_empty_data{background-color:#111}}.wx-root,body{--weui-BTN-ACTIVE-MASK: rgba(0, 0, 0, .1)}.wx-root,body{--weui-BTN-DEFAULT-ACTIVE-BG: #e6e6e6}.wx-root,body{--weui-DIALOG-LINE-COLOR: rgba(0, 0, 0, .1)}.wx-root,body{--weui-BG-COLOR-ACTIVE: #ececec}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){-- appmsgExtra-BG: #121212}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-ORANGERED: #ff6146;--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .8);--weui-FG-HALF: rgba(255, 255, 255, .6);--weui-FG-1: rgba(255, 255, 255, .5);--weui-FG-2: rgba(255, 255, 255, .3);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-REDORANGE: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-BRAND: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);-- weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media(prefers-color-scheme: dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-BTN-ACTIVE-MASK: rgba(255, 255, 255, .1)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-BTN-DEFAULT-ACTIVE-BG: rgba(255, 255, 255, .126)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-DIALOG-LINE-COLOR: rgba(255, 255, 255, .1)}}@media( prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-BG-COLOR-ACTIVE: #373737}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-BG-6: rgba(255, 255, 255, .1);--weui-ACTIVE-MASK: rgba(255, 255, 255, .1)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--discussInput-BG: rgba(255, 255, 255, .03)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--nickName-FG: #959595}}.rich_media_content em{font-style:italic}a{color:#576b95; text-decoration:none;-webkit-tap-highlight-color:#0000;-webkit-user-drag:none}a{color:#7d90a9; color:var(--weui-LINK)}a,button{cursor:pointer}@media(prefers-color-scheme:dark){body:not([data-weui-theme=light]) .rich_media_content img:not(.wx_img_placeholder){filter:brightness(.8)}}*{margin:0; padding:0}.rich_media_content *{max-width:100%!important; box-sizing:border-box!important;-webkit-box-sizing:border-box!important; word-wrap:break-word!important}

div.autoTypeSetting24psection > p,div.autoTypeSetting24psection > section{margin-bottom: 24px;}