炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：拾遗地 2021年，从万达跳槽到新城控股、负责商业板块的曲德君，接受了一次媒体采访。 来到新东家，曲德君显得干劲十足，信誓旦旦—— "我们肯定是跑得最好的一个，新城即将成为行业内最璀璨的星。" 两年后，新城控股公告称，上市公司董事、联席总裁曲德君失联了。 普通人的失联，就是字面意思，电话打不通，微信没人回。 但这些大佬，不会轻易失联，更不会轻易对外公告失联。 失联，意味着他们大概率失去了自由。 据说，当时曲德君失联，是前东家报的案，事涉其在万达任职期间的贪腐问题。 他曾在万达的任职时间，长达十七年。 离任以后，曲德君对王健林和万达的情感，变得复杂。 在采访中，他对老东家的评价，只有很模糊的一句话—— "万达还是挺好的。" 采访最后，有人问他，新城控股会是你事业的最后一站吗？ 曲德君笑了，"我当然希望。" 最近，这个传闻坐实了。 北京市三中院发布了一份刑事判决—— 万达集团前总裁、万达商管集团原核心高管曲德君，因犯非国家工作人员受贿罪，被判处有期徒刑七 年。 他还被处没收个人财产50万，扣押在案的赃款630万及孳息依法追缴，上缴国库 ...

Core Insights - The recent legal issues faced by Dalian Wanda Group and its founder Wang Jianlin, including a temporary restriction on high consumption due to a court ruling involving 186 million yuan, highlight the stark contrast from his previous status as "China's richest man" [2] - The cancellation of the restriction on September 29 indicates a potential misunderstanding related to economic disputes within Wanda's subsidiary projects [2] - Wanda has faced multiple execution disputes, with a total amount exceeding 5.2 billion yuan and 9.4 billion yuan in frozen equity, primarily affecting its financial subsidiaries [2] Company Development Stages - Wang Jianlin's entrepreneurial journey began in 1988 with a loan of 1 million yuan to establish a real estate company in Dalian, capturing 20% of the local market by 1992 [3][4] - The first major expansion occurred in 1993 when Wanda established a branch in Guangzhou, marking its transition from a regional to a national company [5] - In 2000, Wanda shifted focus to commercial real estate to stabilize cash flow, leading to the development of the "urban complex" concept, integrating shopping malls, hotels, and offices [8][9] - The third phase began in 2006 with investments in cultural industries, including theme parks and cinemas, aiming to compete with international players like Disney [9][10] - By 2015, Wanda had embarked on a significant overseas expansion, acquiring multiple international assets and reaching a peak total asset value of nearly 800 billion yuan [10][11] Challenges and Strategic Shifts - The year 2017 marked a downturn for Wanda, with setbacks in overseas acquisitions and financial struggles leading to asset sales, including the divestment of tourism and hotel projects [11][12] - The decision to privatize Wanda Commercial in 2016, driven by dissatisfaction with stock valuations, initiated a series of financial challenges, including halted IPOs and increased debt [12][13] - Despite reporting significant revenues in 2015, Wanda's reliance on property sales and rising debt levels raised concerns about its long-term sustainability [13][15] Current Status and Future Prospects - As of now, Wanda Group retains 24 active investments, with 15 majority-owned, including approximately 200 Wanda Plazas, which are seen as crucial for future recovery [20][22] - The focus has shifted towards lower-tier cities, where Wanda Plazas demonstrate strong consumer activity and lower operational costs, indicating a strategic pivot to capitalize on emerging markets [23][25] - The survival strategy involves a light-asset model, allowing Wanda to maintain operations while navigating financial pressures, although challenges remain due to debt and competition [25][26] - The future of Wanda's remaining assets in county markets is uncertain, with potential for further restructuring if strategic investments or a return to public markets do not materialize [27]