Wang Jianlin has sold 10 Wanda Plazas and is still selling......

Guide:

So far in 2023, Wanda has transferred 10 Wanda Plazas, which can ease Wanda's liquidity pressure.

01

Wang Jianlin continued to sell, sell, sell

Recently, #Wang Jianlin sold 10 Wanda Plaza# rushed to the hot search, after the gambling crisis at the end of last year, Wang Jianlin's sale of his Wanda Plaza has not ended.

According to the latest news of Tianyancha APP, Xiamen Dianqian Wanda Plaza Commercial Management Co., Ltd. has undergone industrial and commercial changes, the original wholly-owned shareholder Zhuhai Wanda Commercial Management Group Co., Ltd. has withdrawn, Xiamen Jinshengyang Real Estate Co., Ltd. has been added as a shareholder, and the legal representative has been changed from Gao Qian to Jinyi.

Xiamen Dianqian Wanda Plaza Commercial Management Co., Ltd. is responsible for the management and operation of Xiamen Huli Wanda Plaza, which opened on September 2, 2011 and is the third generation of Wanda Group's urban complex.

Tianyancha APP shows that Xiamen Jinshengyang Real Estate Co., Ltd. was established on April 13, 2011, and the legal representative is Wu Chengkun, whose business scope includes commercial circulation facilities and commercial building management, leasing, property management, etc.

Previously, on January 8, Foshan Shunde Wanda Plaza Commercial Management Co., Ltd. underwent a change in equity, Dalian Wanda Commercial Management Group Co., Ltd. withdrew from the company's shareholders, and Foshan Yueshang Maojing Enterprise Management Co., Ltd. held 100% of the shares. After equity penetration, the ultimate actual controller of Foshan Yueshang Maojing Enterprise Management Co., Ltd. is Meizhi Service Group Co., Ltd., which is a subsidiary of Midea Real Estate.

Looking at the relevant records, there have been shareholder changes in many Wanda Plazas across the country. In the last month of 2023, Suzhou Taicang Wanda Plaza, Huzhou Wanda Plaza, Guangzhou Luogang and Shanghai Jinshan Wanda Plaza were intensively transferred.

According to the Tianyancha app, during this period, Taicang Wanda Plaza Investment Co., Ltd., Huzhou Wanda Investment Co., Ltd., Guangzhou Luogang Wanda Plaza Co., Ltd., and Shanghai Jinshan Wanda Plaza Investment Co., Ltd. all underwent equity changes, and Wanda transferred its equity to Suzhou Lianshang No. 3 Commercial Management Co., Ltd., Suzhou Lianshang Wuhao Commercial Management Co., Ltd., Suzhou Lianshang No. 2 Commercial Management Co., Ltd. and Suzhou Lianshang No. 2 Commercial Management Co., Ltd. It is worth noting that the companies that took over the equity of Wanda Plaza are all subsidiaries of China United Fund.

According to statistics, so far in 2023, Wanda has successively transferred 10 Wanda Plazas, which has eased Wanda's liquidity pressure to a certain extent.

It is understood that China United Fund Co., Ltd. focuses on the real estate finance business with REITs as the core, takes real estate securitization as the entry point and extends to both ends, forming three major business lines of real estate investment incubation, real estate securitization investment banking and securitization product investment, and laying out the whole business chain of real estate with various themes.

In terms of real estate investment, Zoomlion Fund has established joint ventures with Japan's Hoshino Group, Tokyu Real Estate, Shinshin Yuan Group and other enterprises to form a model of "capital + assets + business management". The investment business model of Zoomlion Fund involves a variety of fund models such as strong off-balance sheet funds, mezzanine funds, and M&A funds, and has landed some real estate investment projects. In the second half of 2023, China Resources Land, Vanke and other companies have successfully discovered that infrastructure REITs with their shopping malls as the underlying assets have been successfully discovered, which is of great significance to commercial real estate operators to revitalize their assets, making the "investment, financing, management and withdrawal" operation model form a closed loop.

"Wanda's Wanda Plaza has been successfully transferred within a certain period of time, and it can only be quickly digested by the market if it is evaluated as a high-quality asset by the market. Chen Sheng, president of the China Real Estate Data Research Institute, said that for Zoomlion Fund, the continuous acquisition of multiple Wanda Plazas can form a breakthrough in infrastructure REITs, and from Wanda's perspective, it can alleviate Wanda's liquidity pressure.

02

Sunac has many projects waiting to be taken over

Six years ago, Sunac China Holdings Co., Ltd. (hereinafter referred to as "Sunac", 1918. HK) acquired 13 cultural tourism projects of Wanda Group (hereinafter referred to as "Wanda"), and Sun Hongbin became Wang Jianlin's "white knight".

Time has passed, and now, Wanda is still frequently transferring assets in order to survive, the difference is that Sunac has joined the ranks of "selling, selling, selling" from the former "buying, buying, buying", and some assets have even been auctioned by the judiciary.

On January 18, according to the news of the Ali asset platform, the second auction of the state-owned land use rights and above-ground structures of the Kunming Wanda City plot of the Majie Sub-district Office in Xishan District, Kunming City was withdrawn because outsiders raised legitimate objections to the auctioned property. According to the investigation information of the auction object, the owner of the assets auctioned this time is Kunming Sunac City Investment Co., Ltd., and the asset appraisal price is 800 million yuan.

The above-mentioned assets were first put up for auction on January 2 at a price of 560 million yuan after a 7% discount, but in the end they were unsold because no one bid. After the first round of auctions, the starting price of the asset was reduced and discounted again, and the second auction was originally planned to be held at 10 o'clock on January 18 at a "discount on discount" of 448 million yuan, but the final auction was withdrawn. According to the status of the asset auction when it was withdrawn, one person has already registered.

Although the second auction was withdrawn, on the major legal auction platforms, Sunac still has a number of cultural tourism projects waiting to be taken over.

On December 26, 2023, Wuxi Sunac Mao was auctioned at a starting price of 2.1 billion yuan after a 7.2% discount, although it attracted more than 20,000 onlookers, but it was not exempt from the fate of unsuccessful auctions. At the same time, Wuxi Sunac Mao's supporting hotels were previously sold on Jingdong Auction, and there was no one to bid.

Wang Yuchen, the chief lawyer of Beijing Jinsu Law Firm, said that after the first round of auctions, there will be second auctions, or even third auctions, and if it can't be auctioned, the land will continue to be placed in the name of the land use right holder. After deducting the amount of the creditor's rights and related expenses, the excess of the auction proceeds shall belong to the land use right holder.

In addition, according to the Ali asset platform, two real estate properties located in Dujiangyan, Sichuan Province - No. 81 Maocaodian Road and No. 100 Zhizhen Road, Yutang Street, will be officially auctioned at 10 a.m. on January 22. The two properties, namely the Steigenberger Hotel Chengdu and the Sunac Violett Hotel Chengdu, are part of the hotel cluster of Sunac Chengdu Wanda City.

According to the information on Ali Auction, the starting price of these two hotel assets is about 597 million yuan, and the registration deposit alone exceeds 100 million yuan. However, as of press time, the asset is also unregistered, and in the opinion of some industry insiders, the first round of auction of these two hotel assets is likely to be unsuccessful.

In contrast, 2023 has seen a strong recovery in the hotel sector, and investors are also interested in hotel assets in the bulk market. According to Jones Lang LaSalle data, in the fourth quarter of 2023, a number of hotel assets in Shanghai were successfully traded, such as the 49% stake of Kempinski Hotel Lujiazui was acquired by a private owner, the Bulgari Hotel under OCT was bought by Jinfeng Holdings, and the Huangpu Marriott Hotel Greenland was also successfully transferred.

"The current recovery of the hotel industry is obvious, but the receiver is more willing to collect the first-line core assets, such as Bulgari hotels have popularity and traffic, so some people are willing to invest in the market, but some second-tier brands or even unknown brands are not necessarily. A person from a real estate company who is deeply involved in cultural tourism real estate further said that it is not excluded that there are some interested investors, who may still be waiting, because they are waiting for the second or even third auction to have a lower auction price.

The above-mentioned person also mentioned that some investors prefer to buy "clean" assets, and the assets on the judicial auction platform are generally involved in litigation and have debt disputes, which are more complicated to deal with.

In addition to the judicial auction disposal of assets, Sunac is also obtaining cash flow by divesting its own assets. On January 15, according to the integrated trading platform of Wuhan Guangu Stock Exchange, 35% of the equity and 437 million yuan of debt of Wuhan Sunac Wudi Yangtze River Cultural Tourism City Investment and Development Co., Ltd. are being put up for sale at a price of 1.099 billion yuan. It is reported that the project is currently developing and building the world's largest ice and snow entertainment complex, the world's largest water-themed comprehensive entertainment resort and the largest theme cultural tourism project in the central and western regions.

In addition, Sunac has also successively sold its Chongqing Cultural Tourism City hotel assets, Zhenhua Mansion, Wangjinsha Hotel and Hefei Xiuchang Hotel, and divided the No. 8 Hainan Boao Binhai Landscape Avenue project with its partners, with the aim of obtaining capital flow as soon as possible.

In November 2023, Sunac completed the restructuring of 90 billion yuan of domestic and foreign debts, becoming the first large-scale real estate enterprise to successfully restructure. This gave Sunac a temporary "breather", but in the final analysis, Sunac's financial pressure has not been completely eliminated. Like many other real estate companies, Sunac is also waiting for the recovery of policies and the market, and waiting for the receiver at the project level.

Source: China Real Estate News, China Business News, Brokerage China, Jiemian News

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