Wanda’s opening of ＂self -rescue＂ long -lasting war asset platform won high hopes

Recently, the news of “Wanda Beijing Headquarters” has aroused widespread market attention.

Since last year, Wanda Group has continued to sell assets to “self -rescue”. Early, 11 self -held Wanda Plaza has been sold to withdraw from the light asset management of 4 Wanda Plaza.In addition, Wanda also gave up the control of Wanda Film at the end of last year to reduce the shareholding ratio of the previous commercial management listing platforms.

Through these asset transfers, Wanda has been able to continue to deleveraging and increase asset security. At the same time, it has also accelerated the light asset strategy that the Group has adhered to in recent years.

At present, Wanda Group manages nearly 5 million VAT squares across the country, and the proportion of sold or exit is still in a normal range.From a long -term planning, reducing heavy asset projects will be a continuous process.

Wanda’s light asset model has been tested during a special period. According to data, from 2020 to 2022, Wanda Plaza expanded against the trend, adding 149 newly, of which more than 80%of the light asset projects.In the past three years, Wanda Commercial Management Light Asset Management Platform has a dividend of nearly 20 billion yuan in shareholders.

At the end of March this year, the newly established light asset management platform of the Wanda Commercial Management Plate -Xinda League has won 60 billion yuan in battle investment such as Taimeng, CITIC Capital, and Middle East Capital.The largest scale in the medium single is currently valued at about 100 billion yuan.

“Self -rescue” will be a long -lasting battle

Recently, Beijing Wanda Plaza Industrial Co., Ltd. (hereinafter referred to as “Beijing Wanda Industrial”) changed its industrial and commercial changes.The real estate fund established by Gold Capital took over.

Prior to this, Wanda Group has been selling a number of Wanda squares one after another last year. The reason why the industry has attracted widespread attention is that the Beijing Wanda Industrial it sold has developed the first CBD project of Wanda, Beijing Wanda PlazaThat is, the current headquarters of Wanda Group.

Although the market sound of “Wanda sells Beijing Headquarters” is constantly, it is consistent with the purpose of Wanda Plaza, which had previously sold other cities, and this time the transfer of Beijing Wanda Industry is still pressured by alleviating the group’s liquidity.

In the past two years, the downside of the real estate industry has made most companies face liquidity risks, and Wanda Group has not been spared.In addition, the listing platform of the Group’s business management sector last year -Zhuhai Wanda Commercial Management faced the pressure of gambling in the face of listing (according to the previous investment agreement, if Zhuhai Wanda Commercial Management could not be successfully listed at the end of 2023, Wanda Commercial Management Group must be to investors before listing.Paying about 38 billion yuan in equity repurchase funds), the group had to continue to sell assets to “self -rescue”.

According to data, after the sale of most cultural tourism and hotel assets in 2017, Wanda Group’s core assets are mainly commercial management business and Wanda movies.

After the adjustment in 2021, the brand used by Wanda Group in the commercial management sector is Wanda Plaza, with two modes: light and heavy.Among them, the heavy asset platform is Dalian Wanda Commercial Management (self -owned Wanda Plaza Property), which is called “large commercial management” internally; the light asset operation platform was Zhuhai Wanda Commercial Management, which was called “small commercial management” inside.The light asset model does not hold property, and its income mainly includes operating management service fees, consulting service fees before opening, property management fees and value -added service fees.

Except for the above -mentioned Wanda Plaza corresponding to the Beijing Wanda Industry, since last year, Wanda has sold 11 self -held Wanda Plaza to exit light asset management of 4 Wanda Plaza.

Wanda’s transferee that Wanda contacted Wanda Plaza was mainly financial institutions. At the beginning of this year, the first investment after Xinhua Insurance and CICC Capital established the Real Estate Fund, that is, Beijing Wanda Industrial.According to Xinhua Insurance’s previous announcement, as a limited partner participating in the establishment of a fund, the company mainly uses the advantages of professional institutions to expand investment channels through professional investment management teams, excavate investmentChance, Diversified management assets.

At the end of December last year, Wanda sold four Wanda Plaza in Huzhou, Suzhou, Guangzhou and Shanghai (at the same time, including selling Shanghai Wanda Ruihua Hotel to Singapore Golden Eagle Group), and the receiver was Zhonglian as Zhonglian as Zhonglian.fund.According to information, the China United Fund has long focused on innovative real estate financial business with REITs (Real Estate Investment Trust Fund) as its core, focusing on industrial real estate, consumer infrastructure, rental housing, new energy infrastructure and other fields.Overseas REITS business.

In May last year, everyone’s insurance took over the Shanghai Songjiang Wanda Plaza, Xininghai Lake Wanda Plaza and Jiangmen Temple Wanda Plaza; in October of the same year, they took over Shanghai Zhoupu Wanda Plaza.

While selling its own Wanda Plaza, Wanda also selectively exited some of its light asset projects.Since the beginning of this year, it has withdrawn from the light asset management of Foshan Shunde Wanda Plaza, Xiamen Lake Wanda Plaza, Xiamen Lugang Wanda Plaza, and Nanning City Wanda Plaza.The specific amount of funds returned by the above sale behavior did not disclose the Wanda Group.For the management of selling or exiting some Wanda Plaza, according to data, Wanda Plaza is not standardized, but is constantly innovating and iterative upgrades. Commercial retail changes are extremely fast. Some traditional Wanda Plaza needs to make adjustments.

At the same time, from the long -term planning of Wanda to light asset transformation, reducing heavy asset projects will be a continuous process. Wanda manages nearly 5 million Dada squares. The current sales and exit ratio are still in normal scope.

In addition to Wanda Plaza, in early December last year, Wanda Group also gave up its control of the listed company Wanda Film. Tencent’s “Confucianism” became the largest shareholder of Wanda Movies.From March to July of the same year, Wanda Culture and Wanda Investment, controlled by Wang Jianlin, reduced their holdings through large transactions and centralized bidding. In 2023, Wang Jianlin expects to reduce its holdings from Wanda’s film about 7.79 billion yuan.

It is understood that in mid -December last year, when the “gambling” limit is approaching, one of the previous investors, Taimeng Group (PAG) and Wanda Group signed a new investment agreement, PAG will bring other investors to Zhuhai WandaCommercial management is re -investing.

At that time, about 38 billion yuan of debt involved in the gambling agreement was temporarily resolved, but the cost was that the group’s shareholding of the group’s light asset management platform was reduced from over 78%to 40%.The current and new investor shareholders have risen to 60%.

Investors are optimistic about New Da League

According to data, Wanda ’s recent asset transfer, in addition to continuing deleveraging and increasing asset security, accelerate the implementation of Wanda’ s light asset strategy that has adhered to in recent years, is also the main reason.

On March 30 this year, PAG, CITIC Capital, ARES Management’s Fund (ARES), Abu Dhabi Investment Agency (Adia) wholly -owned subsidiary Platinum Peony and Mubadala Investment Company officially signed in Dalian.The investment agreement jointly invested approximately RMB 60 billion to Dalian Xinda League Business Management Co., Ltd. (hereinafter referred to as “New Da League”), with a total of 60%of the shares, and 40%of Dalian Wanda Merchants.

According to data, the new company in Dalian Wanda was newly established on January 12 this year, with a registered capital of about 16.2 billion yuan.After the re -investor of Zhuhai Wanda Commercial Management at the end of last year, the new and old shareholders re -distributed the equity at the SnCholeum Corporation. The follow -up Zhuhai Wanda Commercial Management will become a subsidiary of the New Da League.The investment is the specific content of the implementation of the investment agreement on December 12 last year.

According to the estimated investment amount, the current valuation of the new League is about 100 billion yuan.As a new light asset management platform in the Wanda Group’s commercial management sector, investors have high hopes to the New Da League.

As early as 2015, Wang Jianlin had proposed to transform into the development model of light assets within the group.At that time, the profit margin obtained by the real estate industry relying on land appreciation had begun to decline. Wanda took the lead in the industry in the industry. In July 2017, Wanda Commercial Real Estate sector transferred 77 hotels to R & F Real Estate at a price of 19.906 billion yuan.The 91 % equity of 13 cultural tourism projects was transferred to Sunac at a price of 43.844 billion yuan, so as to recover funds to reduce the burden on the company.

In the expansion of Wanda Plaza, the light asset model, that is, Wanda does not provide funds for the construction of Wanda Plaza, is only responsible for outputting brands, auxiliary design, construction and investment and management.This model has coincided with the demands of industrial liabilities and deleveraging macro -in macro -demands proposed by the regulatory layer since 2020.

From 2020 to 2022, the development of domestic commercial real estate was greatly impacted, but Wanda Plaza still achieved an average of about 15%of the high -speed growth of about 15%per year with the light asset model.As of the end of 2023, Wanda managed 498 large commercial centers in 227 prefecture -level and above cities across the country, of which 204 were third -party light asset commercial centers, and light asset projects have reached 40%.

Earlier, the operating performance of Zhuhai Wanda’s commercial management can also be seen from Wanda’s results in the transformation of light assets.Data show that since the investment of institutional investors in 2021, Zhuhai Wanda Commercial Management has exceeded performance target for three consecutive years. From 2021 to 2023, its post -tax revenue was 23.5 billion yuan, 27.1 billion yuan, and 29.3 billion yuan (estimated).The average annual growth of about 12%; after -tax profits were 5.3 billion yuan, 7.5 billion yuan, and 9.5 billion yuan (estimated), with an average growth rate of 34%in the past three years.

In the past three years, Zhuhai Wanda Commercial Management paid a total of about 10 billion yuan in taxation, and the dividends of shareholders were 4.6 billion yuan in 2021, 6.7 billion yuan in 2022, and 8.5 billion yuan in 2023 (estimated).

Taimeng and other investors’ investment in Xinda League has created a single largest scale in the Chinese private market equity market for nearly five years.Wanda Group revealed that this investment is an important achievement in Dalian to broaden the use of foreign channels in the near future.

As the previous investors and the leaders of this re -investor, Huang Dewei, partner of the Taimeng Investment Group and joint supervisor of the private market, said: “This investment reflects the expectations and expectations and the long -term development of Dalian Xinda’s long -term development andAcknowledging.

For Wanda Plaza and hotels sold, Wanda continues to manage and retains the Wanda brand.This is held by the asset ownership of Wanda’s light asset strategy in recent years -the asset ownership is held by the investor, and the operation management is consistent with the goal of Wanda Business.