38 billion does not need to be redeemed, Wanda was "rescued", and Wang Jianlin won the last battle

Willing to gamble and lose, and can afford to put it down, Xu Jiayin should really learn from Wang Jianlin.

The latest news is that Wanda and the 22 investors who signed the VAM agreement have reached an agreement, and the 38 billion yuan that is about to expire will not be redeemed by Lao Wang, but will be directly converted into the shares of Zhuhai Wanda Commercial Management.

I have to admire Lao Wang's big pattern, stay in the green mountains, and I am not afraid of no firewood. In 2017, Wanda suffered a financial crisis, Wang Jianlin broke his arm to survive, and sold a series of assets such as cultural tourism, hotels, and department stores, making Wanda the lucky one who escaped the epidemic and real estate thunderstorm, and Wang Jianlin's wise decision also won applause from the market.

This time, he still didn't mess up, tried his best to repay his debts, sold all the cash cow Wanda movies, and sold 5 Wanda Plazas. However, this money was far from enough, Wang Jianlin relentlessly and sold Zhuhai Wanda's shares, and Wanda Group's shareholding ratio fell from 78.83% to 40%, and investors' shareholding rose to 60%.

This is equivalent to buying 60% of the shares with 38 billion, and Zhuhai Wanda has 494 Wanda commercial plazas, which is equivalent to a square worth only 128 million yuan, which is really a cheap asset.

At this point, the Wanda crisis was lifted and Wang Jianlin was "rescued". Wanda's experience means that an era of real estate financialization is completely over.

In the past 20 years, the whole society has been doing one thing, that is, to increase leverage, real estate companies to increase leverage to buy land and build houses, and the whole people to increase leverage to buy houses.

Housing prices have been rising, making a lot of money for many people. Therefore, more and more people are joining in, and even those who have been satisfied with building a small bungalow in the countryside have come to the city to buy a house, whether they live or not, they are waiting for the house price to rise, the house appreciates, and then make a wave.

As Qiu Baoxing, former vice minister of the Ministry of Housing and Urban-Rural Development, said, 75% of the wealth of Chinese residents is in houses. But in reality, this is not wealth, but debt, and everyone is working hard to pay off their mortgages and work for banks.

However, as housing prices continue to rise, more and more young people cannot afford to buy a house, and they simply do not marry or have children. As a result, this game can't be played, the current receiver is gone, and if you don't have children, it means that the future receiver is gone.

Everyone suddenly stopped buying houses, and the sales of real estate companies plummeted, and they lined up one by one to wait for the thunderstorm. Housing prices across the country have also begun to fall, and houses in small and medium-sized cities cannot be sold at all.

This is a bit like the financial tea of the thunderstorm in Fangcun, Guangzhou in the past few days, everyone made money in the first four rounds, and when it came to the fifth round, suddenly no one bought it, the price of tea plummeted, and hundreds of people became high-level receivers. Housing prices have risen for 20 years, and suddenly no one buys them, and those who once fantasized about making a wave have become receivers, even if house prices fall, you have to continue to repay the mortgage.

Speaking of Wang Jianlin, as early as 2017, he withdrew from the residential market, concentrated on shopping mall operations, and took an asset-light model, but he did not expect to be dragged down by the overall contraction of the financial environment, which shows that the era of high real estate leverage has come to an end.

In the future, the house will really return to the residential attributes, the country is vigorously building affordable housing, and the era of renting is coming.