Sou Hu Cai Jing·2025-10-21 09:45Core Viewpoint - Wang Jianlin's financial struggles are highlighted, with significant debt and cash flow issues leading to a series of asset sales and legal disputes with former allies [1][5][26]. Group 1: Financial Crisis - Wang Jianlin's family wealth has evaporated by over 800 billion, and his ranking has dropped significantly due to financial mismanagement and failed investments [6][8]. - The crisis began with two major bets on the company's public listing, which ultimately failed, leading to immense buyback pressures [8][9]. - In 2021, a new strategic investment was made to alleviate the pressure, but it resulted in a loss of control over key assets [11][15]. Group 2: Asset Sales - Wang Jianlin initiated a large-scale asset sale to address debt, including nearly 100 Wanda Plazas, with significant transactions involving major companies like Tencent and JD [19][21]. - Despite these sales, the financial situation did not improve as many transactions were completed as debt offsets rather than generating new cash flow [24]. Group 3: Legal Disputes - Vanke has filed a lawsuit against Wanda, marking a significant shift from their previous partnership, which has further damaged Wang Jianlin's reputation [3][30]. - The lawsuit stems from a previous collaboration that has now turned contentious, with Vanke seeking repayment for investments made [28][30]. Group 4: Reputation and Future Prospects - The ongoing financial and legal troubles have severely impacted Wang Jianlin's business reputation, making it difficult to pursue new ventures [26][34]. - Despite attempts to pivot towards a "light asset" model in the cultural tourism sector, progress has been slow, and trust in his leadership has diminished [32][34].