再卖48座万达广场！瘦到皮包骨头的王健林奏响房地产黄金时代挽歌

Core Viewpoint - Wang Jianlin's decision to sell 48 Wanda Plaza projects is driven by significant debt pressure, with a rumored transaction value of approximately 50 billion yuan [2]. Group 1: Financial Situation - As of Q1 2025, Wanda's interest-bearing debt reached 280 billion yuan, with over 40 billion yuan due within the year, while cash on hand is only 11.6 billion yuan, indicating a substantial cash flow gap [2]. - The company previously faced a payment of approximately 38 billion yuan due to a triggered buyback clause from a betting agreement, further exacerbating its financial strain [2]. Group 2: Historical Context - Wang Jianlin's career began in 1986, and he transformed the real estate landscape in China by capitalizing on urban redevelopment and market opportunities, leading to the establishment of numerous Wanda Plazas [5]. - At its peak, Wanda operated 513 plazas nationwide, with the slogan "where there is a Wanda Plaza, there is the city center" becoming widely recognized [5]. Group 3: Business Transformation - Wanda's transition towards a lighter asset model has faced challenges, including failed attempts to list Wanda Commercial on the A-share market and subsequent efforts to list in Hong Kong [7]. - Despite significant asset shrinkage, Wang Jianlin has maintained a commitment to his responsibilities, including ensuring timely salary payments for 150,000 employees and prioritizing small creditors [7].