“闪赎闪卖”背后：万达在玩一场“融资循环游戏”？

Core Viewpoint - Wanda Group has recently engaged in a dramatic reversal of its asset management strategy by "redeeming" the Yantai Zhifu Wanda Plaza after selling over 80 Wanda Plazas, indicating a potential shift in its financial strategy amidst ongoing liquidity challenges [3][4]. Group 1: Asset Transactions - On December 2, 2023, Yantai Zhifu Wanda Plaza underwent a significant equity change, with Shanghai Wanda Ruichi Enterprise Management Co., Ltd. acquiring 100% ownership [4]. - Just one day later, on December 4, 2023, the ownership changed again, with Suzhou Lianshang Jiuhao Commercial Management Co., Ltd. becoming the sole shareholder [5]. - This sequence of transactions suggests a complex financial maneuvering, possibly linked to previous agreements or financing arrangements [9]. Group 2: Financial Context - Wanda Group has been under financial strain, facing a cash flow crisis exacerbated by failed listings and legal disputes, leading to a total of 10 enforcement actions amounting to 5.26 billion yuan [6]. - The company has been actively selling assets to recover liquidity, with over 80 Wanda Plazas sold since the second half of 2023 [6][10]. - The Yantai Zhifu Wanda Plaza is considered a stable asset, generating approximately 120 million yuan in annual rent with nearly 100% occupancy, making it a valuable cash flow contributor [5]. Group 3: Market Implications - Analysts suggest that the recent transactions may be part of a financing strategy, potentially involving collateral agreements or layered financing to secure funds [9]. - The ongoing debt situation remains precarious, with Wanda facing two bonds totaling 700 million USD maturing in early 2026 [10].