债务还不完，万达为何走到今天？王健林的赌性把万达拉入深渊

Core Viewpoint - The article discusses the decline of Wanda Group, highlighting the challenges faced by its founder Wang Jianlin, who once aimed for ambitious financial goals but is now struggling with significant debt and asset sales due to a changing market environment [1][3][16]. Group 1: Company Background and Historical Context - Wang Jianlin, the founder of Wanda Group, initially built the company into a leading real estate empire, with over 500 Wanda Plaza locations across China [1][3]. - In 2017, Wang believed that the capital market undervalued Wanda and decided to delist from the Hong Kong stock market, aiming to list on the A-share market instead [7]. - By 2019, Wanda's debt reached nearly 300 billion yuan, with assets valued at 700 billion yuan and revenue of 227.37 billion yuan in 2017 [7][9]. Group 2: Strategic Moves and Financial Maneuvers - In 2017, Wanda sold 13 cultural tourism projects and 76 hotel assets to Sunac, recovering approximately 68 billion yuan, which was used to reduce debt and improve financial stability [9]. - Despite attempts to list Wanda Commercial Management in Hong Kong, the company faced repeated failures, leading to a significant buyback obligation of 38 billion yuan if the listing did not occur by 2023 [11][12]. - The company has been selling off assets, including over 80 Wanda Plazas and core assets in Beijing, to address liquidity issues and a short-term debt of over 43.9 billion yuan, while only having 15.1 billion yuan in cash [12][15]. Group 3: Market Challenges and Future Outlook - The decline of Wanda is attributed to a high-leverage, heavy-asset expansion model that became unsustainable as the real estate market entered a downturn post-2018 [16][18]. - The "sell to support rent" strategy relied on a booming housing market, which has since slowed, making it difficult for Wanda to maintain cash flow and secure financing [18]. - The company's ongoing asset sales are insufficient to cover its debt obligations, leading to frozen assets and a deteriorating financial position [15][19]. Group 4: Lessons and Reflections - The article suggests that Wanda's current predicament serves as a cautionary tale about the risks of relying on luck and aggressive strategies in business, emphasizing the need for strategic vision and prudent management [23].