At the end of last year, Wanda relinquished its controlling stake in Wanda Film and reduced its shareholding in the previous commercial management listing platform. From a long-term planning perspective, reducing asset-heavy projects will be an ongoing process. From 2020 to 2022, Wanda Commercial Management's light asset management platform paid dividends of nearly 20 billion yuan to shareholders. At the end of March this year, Suntec received 60 billion yuan of war investment from PAG, CITIC Capital and Middle East Capital, and the current valuation of the platform is about 100 billion yuan.
Wanda Group has sold a number of Wanda Plazas since last year, and the reason for this widespread concern in the industry is that Beijing Wanda Industrial, which it sold, had developed Wanda's first CBD project - Beijing Wanda Plaza, which is consistent with the previous sale of Wanda Plazas in other cities. According to the data, after the sale of most of the cultural tourism and hotel assets in 2017, the core assets of Wanda Group are mainly business management business and Wanda Film. After the adjustment in 2021, the brand used by Wanda Group in the commercial management sector is Wanda Plaza, which has two modes: light and heavy. In addition to the above-mentioned Wanda Plaza, which corresponds to Beijing Wanda Industrial, since last year, Wanda has sold 11 self-owned Wanda Plazas and withdrawn from the light asset management of 4 Wanda Plazas.
At the end of December last year, Wanda sold four Wanda Plazas in Huzhou, Suzhou, Guangzhou and Shanghai in one fell swoop (along with the sale of the assets of the Wanda Reign Hotel in Shanghai to Singapore's Golden Eagle Group) by Zoomlion Fund. In May last year, we took over Shanghai Songjiang Wanda Plaza, Xining Haihu Wanda Plaza and Jiangmen Taishan Wanda Plaza, and in October of the same year, we took over Shanghai Zhoupu Wanda Plaza. From the perspective of Wanda's long-term plan to transform to asset-light, reducing asset-heavy projects will be an ongoing process, Wanda manages nearly 500 Wanda Plazas, and the current ratio of sales and exits is still within the normal range.
On March 30 this year, PAG, CITIC Capital, Ares Management's fund (Ares), Platinum Peony, a wholly-owned subsidiary of Abu Dhabi Investment Authority (ADIA), and Mubadala Investment Company jointly made a joint investment to Dalian Sundameng Commercial Management Co., Ltd. (hereinafter referred to as "Sundameng"). The investment is about 60 billion yuan, and according to this investment amount, Suntec Alliance is currently valued at about 100 billion yuan. As a new asset-light asset management platform for Wanda Group's commercial management sector, investors have high hopes for Suntec Alliance.
Wanda Group revealed that this investment is an important achievement of Dalian City in expanding the use of foreign capital channels in the near future. This is in line with the asset-light strategy pursued by Wanda in recent years, in which asset ownership is held by investors and operation and management is handled by Wanda Commercial.