1月9日，万达旗下企业美元债展期成功获得喘息空间，王健林由此又撑过一关。 记者从独立信源处获悉，万达一笔4亿美元债券展期方案于近日正式获得通过，该债券原定于2026年2月 13日到期，票面利率为11%，展期后到期日将延长至2028年2月13日。 分析人士指出，此次展期方案获得通过，意味着万达在短期流动性管理方面取得重要进展，为其持续推 进业务转型和资产优化赢得了宝贵时间窗口。 据悉，该笔债券发行人为万达地产环球有限公司，由万达商业地产（香港）有限公司等关联方提供担 保。 记者了解到，此次万达的展期方案包含一些对债券持有人相对友好的条款。除维持11%的高票息，该方 案还增设了强制部分赎回条款，赎回日分别为2026年1月30日、2026年8月13日、2027年2月13日及2027 年8月13日。 展期方案同时赋予发行人在任何时间全额或部分按面值赎回债券的权利，并将万达香港的最低净资产要 求由8亿港元调整为3亿港元。 "万达仍持有数十座核心城市万达广场，这些资产均具备租金稳定的特点，是后续变现的重要支撑，这 也为债务偿还提供了较大确定性。"58安居客研究院院长张波告诉记者。 值得关注的是，优化债务结构的同时，近半年 ...

Core Viewpoint - Wanda's successful extension of a $400 million bond provides crucial breathing space for the company, allowing it to manage short-term liquidity and continue its business transformation and asset optimization efforts [1][2]. Group 1: Bond Extension Details - The bond, originally due on February 13, 2026, with an interest rate of 11%, has been extended to February 13, 2028 [1]. - The bond is issued by Wanda Real Estate Global Limited, with guarantees from related parties including Wanda Commercial Properties (Hong Kong) Limited [2]. - The extension includes favorable terms for bondholders, maintaining the 11% interest rate and adding mandatory partial redemption clauses on specific dates [2]. Group 2: Financial Strategy and Asset Management - The extension allows the issuer to redeem the bonds in full or partially at any time and lowers the minimum net asset requirement for Wanda Hong Kong from HKD 800 million to HKD 300 million [3]. - Funding for bond repayment will primarily come from asset disposals, operational cash flow, and dividends from Wanda's subsidiaries [3]. - Wanda's management believes this move will alleviate short-term liquidity pressure and align debt repayment with actual cash flow generation capabilities [3]. Group 3: Asset Disposal and Business Development - In recent months, Wanda has been active in asset disposal and business cooperation, including the sale of 100% equity in Changde Wanda Plaza to China State Construction Engineering Corporation [4]. - A court auction for 70% equity in Shanghai Wanda Microfinance Company is scheduled, with a starting price of CNY 510 million and an estimated value of CNY 730 million [4]. - Despite asset sales, Wanda continues to expand its core business, with new Wanda Plazas opening across multiple cities, adding nearly 500,000 square meters of commercial space [5]. Group 4: Future Outlook - The company is also launching new projects in the cultural and tourism sector, such as the opening of the Changchun Wanda International Ski Resort [5]. - Analysts note that while the bond extension and asset sales are steps to manage debt pressure, the effectiveness of these strategies and the recovery of business operations will require further observation [5].