Since Sunac China and Wanda Commercial signed the initial acquisition framework agreement on July 10, the topic of Wanda Commercial Debt has been continuously fermented. Even some new media people have released the news of Wanda 20 15 in order to attract people's attention, saying that Wanda still has more than 400 billion debts, which is simply deaf!
On the afternoon of July 6th, 2009, Wanda Commercial, Sunac China and R&F Real Estate held a signing ceremony for strategic cooperation in Beijing. R&F's property was almost airlifted. In the end, Sunac acquired 965,438+0% equity of 13 cultural tourism projects for 43.844 billion yuan, and R&F Property acquired the entire equity of 77 Wanda City hotels for 65.438+0.906 billion yuan. Sunac undertook all the existing loans of about 45.4 billion yuan after the project was handed over.
Wanda, Sunac and R&F signed a new tripartite strategic cooperation agreement. In fact, from the perspective of corporate strategy and business logic, all three parties are winners. Wanda is definitely the winner. Through this transfer, the debt was greatly reduced and huge cash was recovered. Perhaps Wanda's business has embarked on the road of brand management with light assets, and Wanda's cultural tourism and hotel management have also embarked on the road of brand management with light assets. At present, Wanda is the only enterprise in China that relies on commercial center, cultural tourism and brand to achieve scale profit.
Sunac China is also a winner. Through this transfer,
We got 654.38+0.3 million Dacheng and 48 million square meters of first-and second-tier cities to sell properties at low prices, and merged Sunac's consolidated financial statements, resulting in a substantial increase in income and profits. It can be predicted that Sunac will enter the top two real estate enterprises in China in about two years.
The same winner, R&F hotel development strategy has more than 30 hotels in operation and under construction all over the world. After acquiring 77 hotels from Sunac and Wanda at a lower price, R&F will have more than 65,438+000 high-end hotels and become the largest five-star hotel owner in the world. Looking around the world, the opportunity to buy hotels in bulk at such a low price may only come once in 65,438+000 years, so I believe that R&F will pass a certain financial plan.
Regarding Wanda's commercial liabilities, Wang Jianlin disclosed it for the first time in the live speech at the 19 conference; After this transfer project, Wanda's loans and bonds are about 200 billion. At present, the book cash is 654.38+000 billion yuan, and the cash recovered from this transfer is 68 billion yuan, so the total book cash is 654.38+07 billion yuan.
All platforms of Wanda Commercial include wanda plaza, more than 200 plazas and 100 hotels, including resorts, others and Wanda Mall. , has about 2 million direct employees, more than 65.438+0 million indirect employees, pays about 40 billion taxes every year and donates hundreds of millions.
In addition, Wang Jianlin gave a special smile before he started his speech. Today's activity, as we all know, this transaction takes a long time. In fact, printers take longer. Four bosses and I are waiting to print the signature in the conference room. Watch the live webcast, saying that "there was a fierce quarrel at the scene" and "there was a sound of breaking glass". What I mean by telling this story is, how did the rumor come from? That's how it happened. And frankly: Wanda commercial operation is good, everyone can judge for themselves!
Wanda announced its complete withdrawal from real estate. Are you okay?
20 19 Wanda will completely quit the real estate business! The development of 1 square meter will not work either.
You can't understand Wanda's appearance.
"Wanda's business is not understood by everyone. If so, then we are worthless. This kind of strategic adjustment is definitely uncomfortable, even painful, but Wanda must "insist that Qingshan does not relax and let the east, west, north and south winds". —— Wang Jianlin
Starting from 20 17, Sunac Sun Hongbin took over the project of Lu Wencheng for the third time, with a scale as high as 300 billion.
20 17 On July 9, Sunac acquired 9 1% equity of Xishuangbanna Wanda City and Nanchang Wanda City for 43.844 billion yuan, and all the existing loans were borne after the project was delivered.
For 20 years in a row, Sunac has to pay Wanda a brand authorization fee of 50 million yuan every year for each project, which is 654.38+03 billion yuan!
With such a large scale of funds, even if Sunac is not short of money, is it cost-effective to win Wanda City?
20 17, R&F real estate took over Wanda hotel with 20 billion "heroic".
Status quo: The debt is so high that I have to issue bonds to finance blood transfusion.
In 20 17, Wanda, Sunac and R&F won 77 hotels owned by Wanda at a price of 20 billion yuan.
Known as one of the "Five Tigers of South China", R&F Real Estate was once famous and was the first private housing enterprise to be incorporated into hang seng china enterprises index.
However, after the acquisition of Wanda Hotel, R&F Real Estate is also heavily in debt, and has been reduced to the second echelon of real estate, with mediocre performance.
20 18 1, Tencent, Suning and JD.COM joined the camp to buy Wanda commercial delisted shares.
Tencent Holdings, as the main sponsor, signed strategic investment agreements with Suning Shang Yun, JD.COM, Sunac China and Wanda Commercial in Beijing, and plans to invest about 34 billion yuan to acquire about 65,438+04% shares held by investors introduced when Wanda Commercial delisted its H shares in Hong Kong.
For details, please refer to the report of R&F Sister:
34 billion to "save" Wanda: Tencent and JD.COM both made moves.
2065438+In August 2008, the insurance company Zhujiang Life Insurance joined the acquisition.
2065438+In August 2008, Zhujiang Life began to take over Wanda Company, mainly a real estate development company.
Including Datong Wanda Real Estate Development Co., Ltd., Nanchang West Lake wanda plaza Investment Co., Ltd., Chongzhou wanda plaza Real Estate Co., Ltd., Yiyang wanda plaza Investment Co., Ltd. and Pingdingshan wanda plaza Investment Co., Ltd.
The new book "Law of Value" is officially listed!
The reason why I insisted on not paying for knowledge for many years.
I just don't want knowledge to be a luxury.
But to make knowledge available to the general public.
What happened behind Wang Jianlin's debt of 600 billion? How did he pay it back in three years?
Wang Jianlin is in debt of 600 billion. What happened behind it was the loss of Wanda cinema, followed by the loss of Wanda overseas industry, and Wanda owed a lot of loans to the bank. In addition, he also paid off the corresponding arrears by selling assets. We need to analyze Wang Jianlin's 600 billion debt from the following four aspects, what happened behind it and how he paid it off in three years.
First, Wanda Cinema is losing money.
First of all, Wanda Cinema is losing money. The reason for the loss is that Wanda Cinema is not very popular with the public. This is not good for Wanda Cinema, so I took the initiative to sell Wanda Cinema and achieved the goal of timely stop loss.
Second, Wanda overseas industrial losses
Secondly, there are industrial losses of Wanda overseas. Many of Wanda's overseas properties have suffered great losses, mainly because some of Wanda's overseas properties can't be operated reliably and their assets can't get a good return.
Third, Wanda owes a lot of loans to banks.
In addition, Wanda owes a lot of loans to banks. For Wanda, they have a lot of bank loans. One result of this is that Wanda needs sufficient funds to develop better in order to better meet some development needs.
Fourth, he sold assets to pay off the corresponding debts.
In addition, he also used the sale of assets to repay the corresponding debts. For Wang Jianlin, he can repay the loan by selling overseas assets and some domestic assets, and repay the corresponding loan through some cash flow, which can alleviate a lot of pressure.
What Wanda should do:
It is necessary to adhere to the development of Wanda Commercial and strengthen the long-term development of Wanda Commercial, which is a very necessary means to realize the long-term development of Wanda Commercial and enhance its influence, which is conducive to more stable operation, and at the same time, it is necessary to strengthen the construction of some modern businesses.
Wanda suddenly sells hotels and cultural tours at a high price: if something goes wrong, there will be demons.
On the morning of 17, Wanda Commercial and Sunac China jointly announced that they signed a transfer agreement with a total price of 6365438+700 million yuan on the same day, and Wanda transferred its 13 cultural tourism project and 76 hotels to Sunac. "Both parties agree to sign a detailed agreement before July 3 1 to complete the payment as soon as possible.
For the sudden transaction, Wang Jianlin gave the reason that "Wanda's commercial liabilities have been greatly reduced, further realizing asset-light strategy."
Wanda has "traveled lightly as it wishes"
20 14,1010.8, the title of "Wanda model faces an inflection point in the shadow of the richest man" was originally "the first negative".
By June 30th, 20 14, the total loans and accounts payable of Wanda Commercial Real Estate exceeded 300 billion, and there was nearly 240 billion "capital commitment" (that is, according to the contract and planning, if it is not spent, there will be "unfinished projects"). Although there are 74.8 billion cash and131900 million inventory in the account, the funding gap is still more than 300 billion.
In the past three years, Wang Jianlin, who doesn't want to bear the name of "first responsibility", has been committed to promoting "light assets". In the work report of 20 16, Wang Jianlin gave two modes:
1) investment method. Others take money to place orders, and we are responsible for land search, construction, investment promotion and operation.
2) Cooperation mode. Others pay for land, Wanda is responsible for design, construction guidance, investment and operation, and the net rent is divided into 7: 3.
Light capitalization can not only give full play to Wanda's brand and management advantages to obtain stable income, but also reduce the debt burden and risk.
20 17 group revenue in the first half of the year1348.5 billion yuan. Among them, the income from heavy assets real estate business was 56.83 billion yuan, accounting for 42.1%; The income of light asset service industry was 78.02 billion yuan, accounting for 57.9%. The 26 "wanda plaza" launched this year all adopt the light asset model (investment 14, cooperation 12).
Wang Jianlin wished to make Wanda Group "lighter".
After "going to real estate and neglecting assets", Wanda's main attack direction shifted from real estate to culture and tourism. However, the July 10 transaction suddenly blurred the way forward.
Selling 76 hotels, selling assets or light assets?
Luxury hotels, like cinemas, are the most natural part of "wanda plaza Ecology". It is worth noting that Wanda is not satisfied with cooperating with internationally renowned hotel management groups and enjoying the "owner's income", but strives to build its own hotel management brands, such as Sansi, Wenhua, Jiahua and Ruihua.
By the end of June 2006, Wanda had opened 79 hotels, with an average of 3 10 rooms per hotel. Among them, 49 self-operated hotels have a revenue of 65.438+0.48 billion, which is more than 30 hotels operated by international brands (third parties). The single-store income of self-operated hotels has also increased from half of that of third parties to 77.4%.
The mid-year report of 20 16 also shows that Wanda has reserved 2.03 million square meters of land (building area) for hotels, which is enough to build more than a dozen five-star hotels.
Sunac bought 76 hotels owned by Wanda for 33.595 billion yuan, with an average of 442 million each. The above hotels have a total construction area of 3.25 million square meters, and * * * has 23,000 guest rooms.
According to the agreement between the two parties, the hotel management contract will be implemented until its expiration. The 30 hotels managed by third parties will soon have nothing to do with Wanda. Wanda operates more than 40 brands, and the owner is no longer surnamed Wang. After the contract expires, Wanda will cooperate with several internationally renowned hotel management groups PK to see who can win the favor of Boss Sun.
This is not the "light asset" that Lao Wang wants!
According to the light asset model proposed by Wang Jianlin, selling hotels to boss Sun is an "investment model" and needs to be handed over to Wanda for management.
Now it is not "light assets", but "selling assets".
Cultural tourism projects, no warning sales
If "selling 76 hotels is not a light asset" can be explained, the transaction of 13 cultural tourism project is even more strange.
2065438+In July, 2005, Wang Jianlin personally published the Wanda Tourism Development Strategy. According to the plan, by 2020, Wanda Group will build 15 Wanda cultural tourism cities (Wanda City) in China, with an annual tourist reception of 200 million (it is estimated that Disney will receive10.5-0.2 billion in 2020).
At present, projects such as Xishuangbanna, Harbin, Nanchang and Hefei have been opened.
2065438+May 2005, Nanchang Wanda City, with a total investment of 40 billion yuan and an area of nearly 3 square kilometers, took the lead in opening.
2065438+September 2005, Wanda City in Xishuangbanna opened with a total investment of1500 million and an area of 5.3 square kilometers.
2065438+September 2006, Hefei Wanda City, with a total investment of 30 billion yuan and an area of 1 km2, officially opened.
On June 30th, 20 17, Harbin Wanda City opened with a total investment of 40 billion yuan and an area of 1.5 square kilometers. The project started construction in April 20 13.
At present, there are only Changbai Mountain and Wuhan, and the150,000 Dacheng planned by Wang Jianlin has not changed hands for the time being, and the rest 13 has all been sold.
Cultural tourism projects are to Wang Jianlin what electric cars are to Jia Yueting!
"With Wanda, it will be difficult for Shanghai Disneyland to make a profit in 20 years". Now that Shanghai Disneyland has made a profit, Wang Jianlin gave up his "Disney Dream" without warning.
How to evaluate the value of real estate developers and their projects
Usually, the debt ratio of real estate developers in China is very high, and the more radical the boss is, the higher the debt ratio is. A minimalist model can be used to explain why China real estate developers can "develop healthily" under the extremely high debt ratio:
If the developer wins the bid for a project with a planned construction area of 654.38+10,000 square meters at a unit price of 8,000 yuan/square meter, it will invest 400 million yuan to build the project. Before the sale, the total assets of this project were1200 million yuan (recorded at cost: land price construction cost).
If the developer has its own funds of 200 million yuan and loans of 654.38+0 billion yuan, the total asset-liability ratio of the project is 83.3%. However, when the developer sold the house at the unit price of 16000/m2, he got1600 million funds and paid off100 million loans, leaving 600 million and 200 million self-owned funds with a profit rate of 200%!
If a buyer wants to take over halfway, the most important index to evaluate this project is the current land cost of the same lot. For example, the floor price of "bidding, auction and hanging" has reached 1 0,000/m2. Considering the construction cost of 400 million, the project valuation is10.40 billion. Of course, the loan of 65.438 billion yuan will be borne by the buyer, and the seller will get 400 million yuan, with a profit rate of 654.38+000%.
If the buyer of the project borrows 300 million yuan from 400 million yuan, it can be sold at 20 thousand yuan/square meter in the future, and the profit rate of 654.38 billion yuan of its own funds is as high as 500%! # No wonder there are so many real estate developers on China's rich list #
Wanda, which holds a lot of commercial real estate, is even more "fun": with the completion and opening of wanda plaza, its popularity has gradually increased, and the value of "investment property" has been reassessed regularly to gain the benefits of "fair value appreciation". For example, 20 15, the fair value increased to 172 billion, equivalent to 57% of the net profit in the same period. No wonder an article on June 6, 2006+2065438 suggested that the value of Vanke is how many houses it sold, while the value of Wanda is not how many houses it sold.
In short, due to the huge increase in land value, the existing value of a developer or housing project depends on the "replacement cost", and the future value of the project depends on the appreciation space of real estate.
Why are cultural tourism projects sold at low prices?
The first article of the joint announcement between Wanda Commercial and Sunac is that "Wanda will transfer 965,438+0% of the registered capital to Sunac 965,438+0% of the above 13 cultural tourism projects, that is, 29.575 billion yuan, to finance all the existing loans of the projects."
"No wonder it's cheap. It turns out that Sunac has to bear the debt! " Some people who have little knowledge of finance and China real estate industry think that they have discovered a new continent.
The replacement cost should be considered here.
First of all, just planning this level is very sad. The provincial party committee and government have the right to examine and approve a project that covers an area of several square kilometers and invests tens of billions. No way without the approval of the relevant departments of the central government! Even if the hands and eyes are sky-high, the time, contacts and luck required to complete a cultural tourism project are unbearable, not to mention 13!
In the joint statement, it is proposed that cultural tourism projects should remain "four unchanged":
1, the brand remains unchanged, and the property held by the project still uses the brand of "Wanda Cultural Tourism City";
2. The planning content remains unchanged, and the project is still developed and constructed according to the planning and content approved by the government;
3. The project construction remains unchanged, and the design, construction and quality of the property held by the project are still controlled by Wanda;
4. The operation management remains unchanged, and Wanda Company is still responsible for the project operation management.
This statement is aimed at government approval, because after the government awarded the project to Wanda, the brand, planning content, implementer and operator cannot be changed.
The second is. This 13 project is not in the desert, with convenient transportation and pleasant scenery. With luck, the demolition of 65,438+10,000 square meters may be relatively smooth, and the demolition of 500,000 square meters will inevitably encounter "nails". Because of forced demolition of officials, there are cases of dismissal and death every year. How difficult is it to demolish 5 square kilometers? 13 project demolition?
Finally got to work. Four of the 13 projects have been completed and opened, and the other nine have also invested a lot of money. Isn't the so-called debt generated in construction?
Wang Jianlin was not eager for quick success and instant benefit, did not fight a "subsidy war", and cultural tourism projects did not bear a heavy historical burden. The loans spent were not "burned" but included in the balance sheet as "projects under construction". Loan 200 thousand to decorate rough houses, how to increase the value of real estate by 200 thousand?
13 cultural tourism project is essentially a "new concept real estate project", and the theme park is a cover, which is essentially the same as operating commercial real estate and selling houses. According to the announcement issued by Sunac on the morning of July 1 1, the total construction area of 13 cultural tourism project is 58.97 million square meters. Among them, the saleable area is 49.73 million square meters (the remaining 9.24 million square meters are self-sustaining). Assuming that the price per square meter is in the early 5000 yuan, Sunac can withdraw 250 billion yuan.
What is "reset"? Take Wanda City in Xishuangbanna as an example:
1) How much tangible and intangible costs do you need to apply to the government for investment in1500 million cultural tourism projects? Can it be approved and how long will it take?
2) How much does it cost to take 5.3 square kilometers now?
3) How much time and money will it take to build a theme park, a business center, a Dai Xiuying Theatre, a 3A hospital and a top-grade hotel within this 5.3 square kilometer?
The house there has been sold to the seventh phase, and the unit price has risen from less than 5,000 yuan to more than 7,500 yuan.
A 2.5 billion acquisition with debt can dominate all this!
Anyone with a little business sense will be shocked by the "acquisition with registered capital". The registered capital is the initial principal, which has been wasted for many years, and the buyer only gives one principal. Just like a talented painter, it takes three years to complete a proud work. But the buyer took out a steelyard and priced it on white paper, which was a great insult to the painter!
13 cultural tourism projects are not empty shells or blank sheets! Why is Wang Jianlin willing to be "humiliated"?
If Lao Wang has to sell assets to pay off debts because of his high debt ratio, Lao Sun's debt ratio is not low, and he has just taken over the mess of LeTV, how to explain it?
What's even more amazing is that Sunac's 29.575 billion acquisition 13 cultural tourism project actually came from Wanda!
According to the announcement issued by Sunac today (July 1 1), Wanda will issue a three-year loan of 29.6 billion yuan to Sunac through a designated bank, and then Sunac will pay Wanda 29.575 billion yuan for the acquisition.
The picture below shows a screenshot of Chuangrong Announcement. The seller refers to Wanda and the buyer is Sunac.
If something goes wrong, there must be a demon. Perhaps Wang Jianlin suddenly sold assets to change the strategic direction of the group out of "some unspeakable fear."
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33.6 billion! Sunac bought 76 hotels in Wanda.
On July1July 10, Wanda Commercial and Sunac China jointly announced that on July 17, the two parties signed equity transfer agreements for Beijing Wanda Jiahua and Wuhan Wanda Ruihua 13 cultural tourism city projects and 76 hotels, with a total price of 63/KLOC-0.
According to the announcement, in order to give full play to their respective industrial advantages, the two sides signed Xishuangbanna Wanda Travel Project, Nanchang Wanda Travel Project, Hefei Wanda Travel Project, Harbin Wanda Travel Project, Wuxi Wanda Travel Project, Qingdao Wanda Travel Project, Guangzhou Wanda Travel Project, Chengdu Wanda Travel Project, Chongqing Wanda Travel Project and Guilin Wanda Travel Project on July 17.
1. Wanda transferred 965,438+0% equity of the above 13 cultural tourism projects to Sunac at 965,438+0% of the registered capital, that is, 29.575 billion yuan, and Sunac undertook all the existing loans of the projects.
2. Sunac Real Estate Group acquired the aforementioned 76 hotels for 33.595 billion yuan.
Three. Both parties agree to sign a detailed agreement before July 3 1 to complete payment, assets and equity delivery as soon as possible.
Four. Both parties agree that the cultural tourism project will remain "four unchanged" after delivery:
1, the brand remains unchanged, and the property held by the project still uses the brand of "Wanda Cultural Tourism City";
2. The planning content remains unchanged, and the project is still developed and constructed according to the planning and content approved by the government;
3. The project construction remains unchanged, and the design, construction and quality of the property held by the project are still controlled by Wanda.
4. The operation management remains unchanged, and Wanda Company is still responsible for the project operation management.
5. After the hotel is delivered for use, the hotel management contract will continue to be implemented until the contract expires.
Six, the two sides agreed to carry out comprehensive strategic cooperation in the field of film.
Sunac China announced on the Hong Kong Stock Exchange that it would temporarily suspend trading from 9: 00 am on July 17. Therefore, all structured products related to the company will also temporarily stop trading at the same time. Affected by the freezing of assets of Jia Yueting and LeTV Holdings, Sunac China's share price has been falling continuously since July 4th. As of the close of July 7th, the share price of Sunac China was 14.8 HK dollars, a decrease of 6.92%, with a total market value of 57.766 billion yuan.
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What is hidden behind Wanda's frequent financing?
Lao Wang may be a little short of money recently. At the beginning of the year, it was said that 25 Wanda Cities would be opened, but seven months later, it sold 13, which changed from "buying from buying" to "selling from selling", which was fast enough, tough enough and accurate enough.
After 65.438+0.906 billion yuan was sold to 77 city hotels of R&F property Wanda, and 43.844 billion yuan was sold to 96.5438+0% equity of three cultural tourism projects in Sun Hongbin/KLOC-0, and 63.75 billion yuan was recovered, now Lao Wang has started to resell equity assets, which is too hard.
In this way, the great deal of the century came into being. Wanda sold all the high-quality assets this time, and the price was so cheap that it was "below the cost". Some netizens even think that this is a big game of Wanda's return to A shares.
Lao Wang, what's the situation? Aren't Wanda Finance and China UnionPay partners? China UnionPay has not only become a shareholder of Wanda Finance, but also a shareholder of Wanda Network Technology. If the listing is successful, it should be a good thing to get rich with UnionPay.
Besides, Lao Wang is not stupid. He bought many American and European companies with RMB liabilities. Now he sells RMB assets to pay off debts. He is a master of capital operation. People who don't know the truth pass by. In short, Lao Wang is not stupid, unless he has to, abandon the car and keep handsome!
A person familiar with the Wanda system analyzed that Wanda Finance sold some shares to UnionPay, which may be the preparation for Wanda Finance to seek listing, or it may be to reduce debt.
An economist said: Generally speaking, there are many cases in which companies reduce their capital. One of them is ordered by the relevant administrative authorities to reduce the registered capital, which means that the capital can only be reduced after industrial and commercial and tax audits.
Capital reduction can pay off accumulated debts in one lump sum, or make up accumulated losses in combination with dividend increase. There are other situations: capital surplus; The registered capital of the company is overdue and still not in place; The company's false statement, false statement, and withdrawal of registered capital cannot be corrected after being punished.
In June this year, the China Banking Regulatory Commission asked banks to investigate Wanda's credit and debt financing risks, and some people deduced the first possibility for Wanda's capital reduction. It is a myth that the rich in China don't investigate, and investigation is a joke!
Don't think too much. Take a long view. "Light assets" is the highest realm that Wanda pursues, because "light assets" only leave valuable things without too many "miscellaneous" burdens. In the future, the business will expand rapidly, the number will be large, and the business will be reduced quickly.
Wanda has already reached a certain scale, and Lao Wang has long realized that some businesses with high cost, low income or long time to recover funds are likely to hinder the capital flow of enterprises and even affect the solvency of enterprises, so he decided to give up some "cumbersome" businesses.
So in July 2009 19, Wanda, Sunac and R&F signed a strategic cooperation agreement. In this matter, Wang Jianlin is rational. Of course, Sunac and R&F are not stupid, because they not only bought Wanda's assets at a low price, but also Sun Hongbin and Li Silian are good businessmen.
However, the lack of money at hand is certain. Without comparison, there will be no harm. Last year, Wanda's profits in Vivanco and Evergrande were not less than a fraction of one star, and its return on equity was greatly surpassed by Vanke, Evergrande and Greenland.
As the top private enterprise in China, Wanda has been belittled by some people. I want to say that what Wanda has fallen is the entire market economy, tens of thousands of employees working in Wanda, and even you and me.
Because maybe your company is doing business with Wanda now. You know, Wanda lost, and it's not just Wang Jianlin who failed.
This is the end of the introduction of Wanda Loan Sunac and Wanda Group Sunac. I wonder if you have found the information you need?