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] 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]