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深度视角 | 从首富到“卖楼狂人”:王健林再卖48座万达广场的背后
Sou Hu Cai Jing·2025-05-27 13:13

Core Viewpoint - Wang Jianlin's sale of 48 Wanda Plazas for approximately 50 billion yuan is a response to the company's debt crisis and a critical step in its long-term asset-light strategy [1][10][17] Group 1: Debt Crisis and Financial Maneuvering - The debt crisis for Wanda began with a "listing gamble" agreement signed in 2016, which required high-interest buybacks if the company failed to go public [3][4] - After four failed attempts to list on the Hong Kong stock exchange, Wanda faced a 38 billion yuan buyback obligation, severely draining its cash flow [4][5] - By May 2025, Wang Jianlin's equity worth 490 million yuan was frozen, and Wanda's total liabilities exceeded 600 billion yuan, with a significant portion of short-term debt due [5][16] Group 2: Strategic Asset Sales and Market Dynamics - The sale of Wanda's assets is seen as a "bloodletting" to manage debt, with the company transitioning to a light-asset model that focuses on brand management and rental income [10][11] - Major investors like Tencent and JD.com are acquiring assets at a 40% discount, securing guaranteed rental yields of 5%-6% [6][9] - The shift to a light-asset strategy has resulted in a decline in owned properties from 513 to approximately 300, impacting brand control and rental income [14][17] Group 3: Future Outlook and Industry Implications - The case of Wanda reflects a broader trend in the Chinese commercial real estate sector, moving from "scale worship" to a focus on survival and operational efficiency [11][17] - The reliance on high-risk financing tools and the pressure from debt obligations may lead to further asset sales, raising concerns about the long-term viability of the brand [12][18] - The ongoing challenges in the commercial real estate market, including declining rental yields and increased competition from e-commerce, suggest a need for strategic restructuring [14][18]