“闪赎闪卖”背后：万达在玩一场“融资循环游戏”？

Core Viewpoint - Wanda Group has made a dramatic reversal by "redeeming" the Yantai Zhifu Wanda Plaza after selling over 80 Wanda Plazas, indicating a potential shift in strategy amidst ongoing financial challenges [1][3]. Group 1: Shareholder Changes - On December 2, 2023, Yantai Zhifu Wanda Plaza underwent a shareholder change, with Shanghai Wanda Ruichi Enterprise Management Co., Ltd. acquiring 100% ownership, marking Wanda's return to the project [1][2]. - Just one day later, on December 4, 2023, the ownership changed again, with Suzhou Lianshang Jiuhao Commercial Management Co., Ltd. becoming the sole shareholder [2]. Group 2: Financial Context - Wanda has been under significant financial pressure, facing a cash flow crisis due to multiple factors, including failed listings and legal disputes, leading to over 80 Wanda Plazas being sold since the second half of 2023 [3][4]. - The Yantai Zhifu Wanda Plaza is considered a "ballast asset" due to its stable cash flow, generating approximately 120 million yuan in annual rent and maintaining a near 100% occupancy rate [2]. Group 3: Potential Financing Strategy - Analysts suggest that the recent transactions may be part of a financing strategy, possibly involving collateralization or layered financing to secure funds [3][6]. - The rapid succession of ownership changes raises questions about Wanda's liquidity management and the potential for further asset sales to stabilize cash flow [6].