近期， 大连万达集团董事长王健林正通过一系列资本运作化解万达债务危机，互联网巨头腾讯、京东成为关键合作方。 天眼查显示，8月25日，由太盟、高和丰德、腾讯、北京市潘达商业管理有限公司（以下简称潘达商管）、阳光人寿保险等13家企业组成的私募基金"苏州 宽遇股权投资基金合伙企业"（以下简称宽遇私募）正式成立，总出资额为224.29亿元，经营范围为股权投资、投资管理、资产管理等活动。 你喜欢逛万达吗？新消息来了↓ 除联合设立宽遇私募外， 万达还分别与腾讯、京东成立了合资企业。 其中，万达与腾讯成立的深圳智薯投资合伙企业规模达160.76亿元，由大连万达商管间接持股比例约55%，腾讯间接持股约45%。 万达与京东成立的北京泓睿潘达管理咨询合伙企业出资额80.53亿元，同样由大连万达商管间接持股比例约54.97%，京东间接持股约45%。 尽管万达方面未公开回应合作动机，但分析人士认为，这或是一种"以股抵债"化解危机的方式。 未来可能通过将万达广场资产注入合资公司的方式，抵 偿京东和腾讯此前投资的利息。 "这种操作模式的优势在于，万达能够避免直接支付大量现金，保留经营性现金流；而腾讯和京东则获得了优质资产的股权。"一位房 ...

原标题：《48座万达广场收购案落地？腾讯、京东与万达联手成立合资公司，或"以股抵债"》 王健林正通过一系列资本运作化解万达债务危机，互联网巨头腾讯与京东，成为关键合作方。 近日，苏州宽遇股权投资基金合伙企业成立，出资额高达224.29亿元。这家庞大的私募基金由腾讯、京 东、万达等13位合伙人共同出资，经营范围为股权投资、投资管理、资产管理等活动。 8月下旬的这一系列动作，标志着万达与腾讯、京东的资本合作明显提速。尽管三笔合作时间接近、规 模巨大，但各自的股权结构和功能定位存在差异。 规模最大的苏州宽遇基金，腾讯系两家关联公司合计持股约44.04%，京东间接持股22.2%，其余出资方 包括阳光人寿、太盟和万达等机构。 这笔投资，被视为五月份500亿元收购计划的落地。 今年5月26日，太盟投资集团（PAG）联合腾讯、京东、阳光人寿等机构设立的合营企业，拟收购大连 万达商管旗下48家公司的全部股权。根据列表，这48家目标公司分别对应北京、广州、成都、杭州、南 京、武汉等多个一二线城市的万达广场重资产项目。 值得关注的是，腾讯与京东在苏州宽遇中的出资额，与其2018年参与万达商业港股私有化时的投资规模 相近——腾讯出 ...

Core Viewpoint - Wang Jianlin is utilizing a series of capital operations to resolve Wanda's debt crisis, with internet giants Tencent and JD.com becoming key partners [1][16]. Group 1: Capital Operations - A large private equity fund named Suzhou Kuanyu was established with a total investment of 22.429 billion yuan, co-funded by Tencent, JD.com, and 13 other partners, focusing on equity investment and asset management [1][4]. - Wanda, Tencent, and JD.com have formed three partnership enterprises with total investments of 46.5 billion yuan, aligning with a previous plan to acquire equity in 48 Wanda companies for approximately 50 billion yuan [2][5]. - The largest fund, Suzhou Kuanyu, has Tencent's two affiliated companies holding about 44.04% and JD.com holding 22.2% indirectly [4]. Group 2: Historical Context - In May, a consortium led by PAG, Tencent, JD.com, and others planned to acquire 48 Wanda companies, which are located in major cities like Beijing and Guangzhou [6]. - Tencent and JD.com's investment amounts in the new fund are similar to their previous investments during Wanda's privatization in 2018, indicating a restructuring of their exit strategy [6][11]. Group 3: Debt Management Strategy - Analysts suggest that Wanda's sale of 48 major Wanda Plaza assets may be aimed at repaying debts of nearly 15 billion yuan owed to Suning and Sunac [10]. - The partnerships with Tencent and JD.com may serve as a method of "equity for debt," allowing Wanda to avoid large cash payments while retaining operational cash flow [13][16]. Group 4: Control and Structure - Although Wanda holds a 55% stake in the new partnerships, actual control lies with Tencent and JD.com, which hold shares through their Hong Kong companies [15]. - This structure may facilitate easier capital repatriation and tax benefits for Tencent and JD.com, enhancing their investment returns [15]. Group 5: Future Outlook - The establishment of these partnerships is seen as a critical move for Wanda to alleviate creditor pressures and transition towards a lighter asset operation model [16]. - Wang Jianlin's recent activities in Xinjiang for investment and tourism projects suggest a potential shift in Wanda's strategic focus following the sale of commercial real estate [16].

Core Viewpoint - Wang Jianlin is utilizing a series of capital operations to resolve Wanda's debt crisis, with internet giants Tencent and JD.com becoming key partners [1] Group 1: Capital Operations - The Suzhou Kuanyu Equity Investment Fund has been established with a total investment of 22.429 billion yuan, involving Tencent, JD.com, and Wanda among 13 partners [1] - Wanda has formed a partnership with Tencent in Shenzhen with an investment of 16.076 billion yuan, and another partnership with JD.com in Beijing with an investment of 8.053 billion yuan [1] - The total investment from these three partnerships amounts to 46.5 billion yuan, aligning with a previous plan to acquire stakes in 48 Wanda companies for approximately 50 billion yuan [1][4] Group 2: Historical Context - The recent capital cooperation marks a significant acceleration in collaboration between Wanda, Tencent, and JD.com, with varying equity structures and functional roles [3] - The largest fund, Suzhou Kuanyu, has Tencent's two affiliated companies holding about 44.04% and JD.com holding 22.2% indirectly [3] Group 3: Debt Management - The investment is seen as a realization of a 50 billion yuan acquisition plan initiated in May, targeting 48 companies under Wanda Commercial Management [4] - Analysts suggest that Wanda's decision to sell 48 major Wanda Plaza assets may be aimed at repaying debts of nearly 15 billion yuan owed to Sunac and others [7] Group 4: Strategic Implications - The partnerships may serve as a method of "equity for debt" to alleviate financial pressures, allowing Wanda to retain operational cash flow while providing Tencent and JD.com with equity in quality assets [8] - The structure of the partnerships allows Tencent and JD.com to maintain actual control despite Wanda holding a majority stake, facilitating easier capital flow and tax advantages [9] Group 5: Future Directions - Wang Jianlin's strategic moves, including asset sales and partnerships, are critical for alleviating financial pressures and transitioning Wanda towards a light asset operation model [10] - There is speculation about Wanda's potential shift back to cultural tourism projects following significant commercial real estate divestments [10]

消失两年多的孙宏斌，终于又站到了聚光灯下。 作为融创的掌舵人，孙宏斌日前携两位高管出席了公司股东周年会，他声称："融创最困难的时候已经过去了，680亿的债务即将还清。" 这场持续一个半小时的会议里，孙宏斌不仅回顾了融创的化债进展，还谈到未来发展方向，表达了对行业走势的乐观态度。 三年前，地产行业急速收缩，他和许家印、王健林等多名房地产大佬一同深陷债务泥潭。只是没想到，最早爆雷的他，如今却率先翻身，成了局中少见的赢 家。 一、熬过债务寒冬，一举还清680亿 最新公告显示，融创境外债的重组计划已有超过七成债权人签字支持。一旦方案通过并获确认，困扰孙宏斌三年的680亿债务将彻底清零。这意味着，这位 最早倒下的房地产大佬，终于熬出头了。 当年，孙宏斌执意大规模扩张地产版图，短短半年便豪掷900亿疯狂买地，让公司负债率一度飙升至89%。在外界看来，融创风光无限，实际它已经走上了 摇摇欲坠的钢丝绳。 面对近乎绝境的局面，孙宏斌选择了"以股抵债"。他提出将所有境外债务转为股权，让债权人成为公司的股东，把债务从账面上剔除出去。 对债权人来说，这至少比破产清算强得多：破产只能收回10%成本，而换成股份，哪怕眼下吃亏，未来股价一 ...