王健林连1.86亿都掏不出了，上市对赌只是表，无序扩张才是根

Core Insights - Wang Jianlin, once a prominent figure in China's real estate sector, has faced significant financial difficulties, including being restricted from high consumption and having a forced execution of 186 million yuan, with Wanda Group's total executed amount exceeding 5.2 billion yuan [1][3] - Since 2017, Wang has been selling off assets, including tourism projects and hotels, to recover funds, indicating a desperate attempt to manage the company's debt [3][5] - The root cause of Wanda's financial troubles is attributed to Wang's early reckless expansion strategy, which was unsustainable in the long term [5][6] Company Financials - As of September last year, Wanda Group's short-term debt exceeded 40 billion yuan, highlighting the company's severe financial pressure [1] - The company's business model, primarily focused on commercial real estate, is capital-intensive, with a typical payback period for a shopping mall exceeding 20 to 30 years [6][8] Business Strategy - Wang Jianlin's rapid expansion was facilitated by leveraging debt, often borrowing significantly more than the initial capital invested, which ultimately led to unsustainable growth [10][11] - The strategy involved using pre-sales of properties to quickly recoup costs, allowing for further investments into new projects without addressing existing debts [11] Market Conditions - The initial success of Wang's business was largely due to favorable economic conditions, including rapid urbanization and rising property values, which have since reversed, leading to declining rental rates and occupancy [10][11] - The shift in market dynamics, with a decrease in population and property prices, has left Wanda with underperforming assets, including vacant shopping malls and high-cost land [11]