万达为缓解超69亿元被执行债务压力，12月2日赎回优质资产烟台芝罘万达广场，次日便转让给苏州联商玖号，此举被解读为融资安排，万达近年已多次出 售旗下资产。 12月2日，烟台芝罘万达广场有限公司（简称"烟台芝罘万达广场"）发生股权变更，万达正式重回该项目股东席位。变更记录显示，12月2日，该公司原股东 坤华（天津）股权投资合伙企业（有限合伙）、坤元辰兴（厦门）投资管理咨询有限公司退出，由上海万达锐驰企业管理有限公司全资持股。 天眼查工商信息显示，12月3日，烟台芝罘万达广场有限公司再次发生工商变更，上海万达锐驰企业管理有限公司退出股东行列，新增苏州联商玖号商业管 理有限公司全资持股，同时法定代表人、主要人员也发生变更。 苏州联商玖号商业管理有限公司成立于今年8月22日，法定代表人为牟舟，注册资本1000万元人民币，经营范围包括商业综合体管理服务、企业管理咨询、 经济贸易咨询等。 据《中国房地产报》报道，数据显示，烟台芝罘万达广场年租金约1.2亿元，净租金回报率6%以上，属于万达体系内较优质现金流资产；收回后，可立即用 于抵押融资或REITs扩募，提升资金使用效率。 从标的资产质量看，中指研究院企业研究总监刘水分 ...

晶捷品牌咨询创始人、品牌战略专家陈晶晶指出，烟台芝罘万达广场"回购后次日再度易主"，更像一次 权属通道重排，而非真实意义上的"买回再卖出"。万达在其中更像"中转站"，完成对历史结构的清理与 重组，为资产交割至新主体扫清路径，而非重启重资产战略的明确信号。 "此类操作通常服务于资本结构重排、风险出清与资产再包装，本质是对现金流、控制权与资本成本的 再平衡。"在陈晶晶看来，此次回购，更可能是技术性回收与交割路径的一部分，不排除为后续资产证 券化铺路。 烟台芝罘万达广场资产证券化的猜想与新买家苏州联商玖号的背景有关。 （文/解红娟 编辑/吕栋） 烟台芝罘万达广场在万达赎回的第二天再度易主。 烟台芝罘万达广场首次股权变动发生在2024年7月5日。彼时，原全资股东大连万达商业管理集团股份有 限公司退出，新增股东坤华股权投资合伙企业（以下简称"坤华"）与坤元辰兴投资管理咨询有限公司 （以下简称"坤元"），分别持有约99.99%和0.01%的股份。 一年后的2025年12月2日，万达商管通过旗下上海万达锐驰企业管理有限公司（以下简称"万达锐驰"） 完成回购，烟台芝罘万达广场有限公司股东名单变更，坤华、坤元悉数退出，万达锐驰 ...

Core Insights - The ownership of Yantai Zhifu Wanda Plaza has undergone significant changes, with Shanghai Wanda Ruichi Enterprise Management Co., Ltd. acquiring 100% of the shares after the exit of two companies under Xinhua Insurance [1][3] - This transaction marks a rapid turnaround, as the plaza was sold to the aforementioned Xinhua Insurance companies just a day prior, indicating a potential "redemption" of the asset by Wanda [2][3] Summary by Sections Ownership Changes - On December 2, Yantai Zhifu Wanda Plaza Ltd. saw a change in its shareholder structure, with Xinhua Insurance's Kunhua (Tianjin) Equity Investment Partnership and Kunyuanchengxing (Xiamen) Investment Management Consulting Co., Ltd. exiting and Shanghai Wanda Ruichi taking full ownership [1] - The ownership transition occurred swiftly, with a subsequent change on December 4, where Suzhou Lianshang Jiuhao Commercial Management Co., Ltd. became the sole shareholder, also holding 100% [3] Financial Implications - The new shareholder, Suzhou Lianshang Jiuhao, has a registered capital of 70.8 million yuan, reflecting a significant financial commitment to the plaza [4]

Core Insights - Wanda Group has completed its first-ever core asset redemption by repurchasing the Yantai Zhifu Wanda Plaza, which it had previously sold [1][5] - Just one day after the redemption, Wanda transferred the asset to a mysterious buyer, a company that was established less than four months ago [1][5] - The business registration information indicates that on December 3, the Yantai Zhifu Wanda Plaza Co., Ltd underwent another change, with Shanghai Wanda Ruichi Enterprise Management Co., Ltd exiting the shareholder list and Suzhou Lianshang Jiuhao Commercial Management Co., Ltd becoming the sole shareholder [1][5] Company Changes - The legal representative and key personnel of Yantai Zhifu Wanda Plaza Co., Ltd were also changed during this process [1][5] - The previous shareholders, Kunhua (Tianjin) Equity Investment Partnership and Kunyuanchengxing (Xiamen) Investment Management Consulting Co., Ltd, exited the company on December 2 [1][5] New Shareholder Information - Suzhou Lianshang Jiuhao Commercial Management Co., Ltd was established on August 22 of this year, with a registered capital of 1 million RMB, and its business scope includes commercial complex management services and enterprise management consulting [8] - The company is jointly held by Lishui Lianrui Rongtong Management Consulting Partnership (Limited Partnership) and Suzhou Xinlian Management Consulting Co., Ltd, both under Zhejiang Merchants Jinhui Trust Co., Ltd [8]

Core Viewpoint - Wanda's recent repurchase of its own asset, the Yantai Zhifu Wanda Plaza, marks a significant strategic shift after years of asset divestment, raising questions about the company's future direction [2][5]. Group 1: Asset Management Strategy - Over the past three years, Wanda has sold over 40 plazas, but the recent buyback suggests a potential reversal in strategy [2]. - The repurchase may indicate improved cash flow, as Wanda had previously divested from this project in July 2024 [3][5]. - Industry insiders suggest that the buyback could be linked to pre-existing repurchase clauses from the original sale [4]. Group 2: Financial Context - In 2024, Wanda initiated a significant asset liquidation, selling 26 plazas and planning to sell 48 more in 2025, aiming to recover 50 billion yuan [5]. - As of the first quarter of 2025, Wanda's cash reserves were only 11.6 billion yuan, while debts due within the year totaled 40 billion yuan, alongside additional liabilities of 34 billion yuan from failed agreements and 25 billion yuan from partners [8]. - By June 2024, Wanda's interest-bearing debt surged to 137.56 billion yuan, with nearly a quarter being short-term debt, indicating severe financial pressure [8]. Group 3: Strategic Implications - The asset repurchase reflects a shift from a "survival mode" to a "refined mode," allowing Wanda to enhance its balance sheet while stabilizing its core operations [8][10]. - The previous strategy of asset-light management has proven challenging, as reliance solely on management output cannot sustain a commercial empire [10]. - The repurchase of the Yantai plaza suggests a new approach where Wanda aims to balance core asset retention with management expansion, potentially creating a "mixed strategy" [10][12].

Core Insights - Wanda has initiated a core asset buyback, marking a significant shift from its previous asset disposal strategy [1][2] - The buyback involves the redemption of Yantai Zhifu Wanda Plaza, with Wanda's subsidiary, Wanda Ruichi, becoming the sole shareholder [1] - The company has significantly reduced its debt pressure through asset sales, with domestic debts cleared and only one overseas bond remaining [2] Group 1: Asset Transactions - Wanda's asset buyback is part of a broader strategy to recover funds and reduce liabilities, transitioning from a heavy asset model to a lighter one [1][2] - The company has engaged in multiple transactions with Kunhua, which is backed by New China Life Insurance and CICC Capital, facilitating the management of a 10 billion yuan real estate fund [2][3] - Since its establishment, Kunhua has acquired nine Wanda Plazas from Wanda, with a total subscribed capital exceeding 3 billion yuan [3] Group 2: Strategic Implications - The transactions between Wanda and Kunhua resemble a "strategic borrowing," allowing Wanda to quickly recover funds while retaining operational control over the assets [4] - This approach enables Wanda to alleviate financial pressure while maintaining business continuity and stability [4] - Industry experts speculate that if Wanda continues to redeem more Wanda Plazas, it would indicate a recovery from its financial difficulties [4]