Wang Jianlin’s Wanda has been a bit "troublesome" recently.
On the one hand, wanda plaza all over the country is constantly "selling", and on the other hand, it has been "debt collection" by Yonghui and Suning. In particular, Wanda Commercial Management’s trump card asset, wanda plaza, began to decrease.
First, the opening speed slows down, or the annual target cannot be achieved.
Under the dual pressure of listing and debt, Wanda Commercial Management has slowed down its expansion.
Before 2023, Wanda maintained the opening speed of at least 40+ commercial projects every year: in 2016, a total of 56 were opened, including 20 light assets; 50 seats opened in 2017; 52 seats opened in 2018; 41 seats opened in 2019; 45 seats will be opened in 2020; 51 seats were opened in 2021; 55 buildings were opened in 2022.
However, since 2023, Wanda’s listing pressure has increased and it is facing a huge "gambling agreement crisis". Although Wanda has already started to go to real estate, which has eased the pressure on development funds and expanded the market scale by light asset export management, it has also begun to reduce the market supply.
In 2023, Wanda opened 29 new commercial projects in China, including 28 wanda plaza and 1 Wanda Mao. In 2023, Wanda sold at least 9 wanda plaza.
In 2024, according to the statistics of Lianshang.com at the beginning of the year, it is estimated that 32 wanda plaza projects will be opened throughout the year, and the expansion speed will slow down. In fact, since 2023, Wanda has not disclosed its annual opening target. So, what is the situation completed this year?
According to the latest statistics of lianshang. com, by the end of October, there were 11 wanda plaza businesses in China. According to the plan, 11 wanda plaza will be opened in November and December.. It is estimated that the number of opening businesses in the whole year will be around 27, which will not only fail to meet the statistics at the beginning of the year, but may also set a lower opening volume than in 2023.
In the pre-opening table at the beginning of the yearhorseWanda plaza in Anshan County, Fenghua wanda plaza in Huzhou, wanda plaza in Hangu, Tianjin and wanda plaza in Lianjiang, Zhanjiang.There is no news about the progress of the project at present.Wanda plaza, the south city of Lishui, has become the future city of Lishui., which opened in August this year.
Wanda plaza, Qianjiang, Hubei and wanda plaza, Linping, Hangzhou were originally scheduled to open in October, but it is likely to be postponed until the end of the year.
In addition, two projects, Xiangyang Xiangzhou wanda plaza and Wenzhou Ruian wanda plaza, are scheduled to open at the end of the year, but there is no exact latest news at present, and it is not known whether they can open on time. Originally scheduled to open on National DayLu ‘an Yu ‘an wanda plazaIt has been confirmed that it will be postponed until 2025.
However, Wanda is still the largest commercial real estate management company in China.
According to the "TOP100 Shopping Center Enterprises in China in 2023" published by CCFA in June this year, by June 30, 2024, Wanda Commercial Management had 497 shopping centers (wanda plaza) with a total construction area of 68.98 million ㎡.
Wanda Commercial Management achieved an operating income of 52.325 billion yuan in 2023, a year-on-year increase of 6.11%; The net profit was 8.511 billion yuan, a year-on-year decrease of 31.9%.
Second, at least 30 wanda plaza have been sold.
Wang Jianlin mentioned at Wanda’s 2024 annual meeting that one of the tasks in 2024 is to reduce costs and increase efficiency.
In 2024, wanda plaza was frequently sold.
According to the statistics of Lianshang.com, from May 2023 to now, there have been at least 30 wanda plaza in China.(including Nanjing Wanda Mao)Be sold and renamed. Many of them are light asset projects, such as Hepu wanda plaza in Beihai changed its name to Hepu Commercial Center, Midea wanda plaza in Shunde, Foshan changed its name to Yueran Plaza in Shunde, Fengcheng wanda plaza changed its name to Hengtong Plaza in Fengcheng, Baihuting wanda plaza in Fuzhou changed its name to Jixiang Tiandi, and Fuzhou Gaoxin wanda plaza changed its name to Xianghe Tiandi.
Since 2024, the number of sales has reached 21. Recently, Wanda also sold Nanjing Wanda Mao, which is the first time to sell Wanda Mao products.
Nanjing Wanda Mao opened on June 1, 2018, gathering 228 merchants, including 9 major stores such as Wanda Studios, Wanda Baby King, Yonghui Supermarket and Decathlon. On the first day of opening, the passenger flow exceeded 260,000.
However, in September this year, Nanjing Wanda Mao Investment Co., Ltd. experienced industrial and commercial changes, and Dalian Wanda Commercial Management Group Co., Ltd. withdrew from the ranks of shareholders and added Kunhua.(Tianjin)Equity investment partnership(limited partnership)As a shareholder and wholly owned, at the same time, many key personnel have also changed. So far, Nanjing Wandamao is owned by new china life insurance co Co., Ltd. and CICC Capital Operation Co., Ltd. with 99.99% and 0.01% respectively.
According to the data, Nanjing Wanda Mao, which is mainly involved in the transfer of assets, is Wanda’s first large-scale cultural tourism project in Nanjing, with a total investment of 40 billion yuan and a total construction area of about 307,000 square meters.
At the same time, the first wanda plaza in Chengdu was also sold in October, which is still a masterpiece leading Wanda’s third-generation commercial complex.
Chengdu Wanda Commercial Plaza Investment Co., Ltd. suddenly changed its business, and Dalian Wanda Commercial Management Group, the original shareholder, withdrew and was replaced by Kun Hua.(Tianjin)Equity investment partnership(limited partnership)Sole proprietorship. Like Nanjing Wanda Mao, the boss behind this private equity fund is still New China Life Insurance with the background of central enterprises.
Chengdu Wanda Commercial Plaza Investment Co., Ltd. registered in Jinhua Road, Jinjiang District, Chengdu, and its Chengdu Jinhua wanda plaza opened at the end of 2007, with a commercial area of 180,000 ㎡, including 400,000 ㎡ apartments and office buildings. It is the first Wanda large-scale complex in Chengdu.
According to industry insiders, Lianshang. com revealed that the heavy assets businesses held by Wanda are all on the shelves, waiting for buyers.
Third, Yonghui and Suning "creditors" came to the door
In the past, investors who believed in Wang Jianlin were also looking for "debt" at any time.
The attack of "creditors" began in Yonghui.
On October 10, Yonghui Supermarket announced that the company had previously sent to Dalian Yujin Trading Co., Ltd.(referred to as "Dalian Yujin")The shares held by Wanda Commercial Management were sold, and the transfer price was about 4.53 billion yuan, which was paid by Dalian Yujin in eight installments. However, Dalian Yujin did not pay RMB 300 million for the fourth equity transfer before September 30 this year as agreed, which constituted a breach of contract.
Therefore, Yonghui Supermarket decided to send a notice of accelerated maturity to Dalian Yujin and the guarantors Wang Jianlin, Sun Xishuang and Dalian Yifang Group, demanding immediate payment and assuming joint and several liability for guarantee. It is worth mentioning that Sun Xishuang, the actual controller of Dalian, is a good friend of Wang Jianlin for many years.
On the evening of October 22nd, an arbitration announcement issued by ST Tesco showed that Suning.cn requested to award Dalian Wanda Group Co., Ltd. a share repurchase payment of 5.04 billion yuan to Suning.cn Group Co., Ltd. and its subsidiary Suning International Group Co., Ltd.
At the same time, it is requested that Wanda Commercial Management be jointly and severally liable for the above payment obligations of Wanda Group. At present, this arbitration request has been accepted by China International Economic and Trade Arbitration Commission.
Suning.cn believes that Wanda Group and Wanda Commercial Management violated the provisions of the Strategic Cooperation Agreement and triggered the share repurchase clause in the Strategic Cooperation Agreement. Wanda Group and Wanda Commercial Management refused to correct and delay the share repurchase, so based on the actual situation, they applied to Trade Zhong for a ruling according to the provisions of the Strategic Cooperation Agreement, requesting that Wanda Group and Wanda Commercial Management buy back some shares and pay the corresponding share repurchase money.
The "contradiction" between Suning and Wanda comes from Wanda’s listing gambling agreement.
In 2016, Wanda Commercial Management, which was also called Wanda Commercial at that time, chose privatization. According to the Wanda Commercial Privatization Project Book circulated at that time, the agreement signed by Wanda Commercial and investors stipulated that Wanda Commercial planned to be listed on the mainland main board market before August 31, 2018.If it fails, Dalian Wanda Group will buy back all the shares and pay 12% and 10% simple interest to overseas and domestic investors respectively.
However, Wanda’ s listing failed to meet expectations, and it was re-organized in 2018.Tencent, Suning.cn, JD.COM Group and Sunac China injected capital into Wanda again.Among them, Suning.cn contributed about 9.5 billion yuan, and Suning International held 4.02% of Wanda Commercial Management.
The details of the Strategic Cooperation Agreement have not been made public in the market, but there is clear insider information that all parties have agreed that Wanda should complete the listing before October 31, 2023. If the conditions are not met, Wanda should pay the repurchase money to investors.
However, it is not clear whether this provision really exists. Therefore, after the incident that Suning directly asked Wanda for the buyback money, it was also reported that an "insider close to Wanda" said that according to the investment agreement signed by both parties, Suning’s reason for asking Wanda to buy back the shares could not be established, and Wanda did not have the so-called breach of contract.
Obviously, the focus of the debate between the two sides is whether there is an "equity repurchase clause". However, no matter what the truth is, the pressure on Wanda Commercial Management is only a lot more.