After selling 13 cultural tourism projects and 77 hotel properties, today, Wang Jianlin once again made headlines. The reason is still "selling and selling". Only this time, Wang Jianlin sold his "core asset", named "wanda plaza" after Wanda Group.
In the face of public questions, Wanda Company responded that this is part of the strategy of light assets.
Wang Jianlin @ vision china
Wang Jianlin sold wanda plaza, and one of them was only open for half a month.
According to national business daily’s report on July 25th, CITIC Trust holds 100% equity of four commercial plazas, namely, Liunan wanda plaza, Zaozhuang wanda plaza, Yancheng wanda plaza and Jiaozuo Wanda Plaza, through four trust schemes, namely, Liunan wanda plaza Equity Investment Trust, Zaozhuang wanda plaza Equity Investment Trust, Yancheng wanda plaza Equity Investment Trust and Jiaozuo wanda plaza Equity Investment Trust.
The other Minsheng Trust holds wanda plaza in Beihai, wanda plaza in Fuzhou, wanda plaza in Jiujiang, wanda plaza in Ya ‘an and wanda plaza in Liaoyang.
Finally, the wanda plaza of Nanchang West Lake was changed on July 5, 2017. In other words, only half a month after its opening, the holders of Nanchang West Lake Wanda have changed. It is worth mentioning that the registered capital of the acquired Pearl River Life Insurance Company is RMB 6.7 billion, and its shareholders include Guangdong Pearl River Investment Holdings, Guangdong New South Group, Guangdong Hanjian Investment and Guangzhou Financial Holding Group, among which Pearl River Investment, Hanjian Investment and New South are family businesses of Zhu Mengyi, chairman of Hesheng Chuangzhan. The total investment of Nanchang Wanda is as high as 3 billion yuan, and neither party has disclosed the price of this transaction.
Wanda also responded to this sale. According to Phoenix Finance, the relevant person in charge of Wanda said that the so-called sale of Nanchang West Lake wanda plaza by Wanda was purely a misunderstanding, which was part of wanda plaza’s light asset strategy, and Nanchang West Lake wanda plaza was the first batch of light asset projects.
Wanda Group told Tencent Finance,Nanchang West Lake wanda plaza belongs to Wanda’s direct investment project, that is to say, when the project was signed, it was determined that the property rights of the property belonged to Zhujiang Life Insurance, and now the property rights have been handed over to Zhujiang Life Insurance.
Wanda also said that wanda plaza’s light asset strategy was first put forward by Wang Jianlin in a speech at the Shenzhen Stock Exchange in April 2015: It is time for Wanda to make money by brand.The so-called light asset model is to use other people’s money to invest in wanda plaza, while Wanda exports brand management. Of the 205 wanda plaza that have been opened now, 31 are light asset projects.. In the semi-annual report of Wanda Group in 2017, it was also clearly announced that there were 14 newly opened projects in the first half of the year, 9 in wanda plaza with light assets, 26 in wanda plaza with new development in the first half of the year, and all in wanda plaza with light assets. In the future, most new development projects in wanda plaza are light assets projects.
National business daily believes that Wanda’s light asset model can be divided into two types: investment wanda plaza, that is, investors "take money to place orders", and Wanda is responsible for land search, construction, investment promotion and operation. In the cooperative wanda plaza model, investors pay money when they leave the land, and Wanda is responsible for design, construction, investment promotion and operation. The net rent is divided into 70% and 30%.
In addition to selling wanda plaza, Wang Jianlin also reduced the capital of the existing wanda plaza.
According to the article of WeChat WeChat official account "Real Estate K Line" on July 25th, from May 9th, 2017 to June 29th, 2017, in two months, Wanda Commercial reduced the registered capital of at least 20 wanda plaza Co., Ltd. to RMB 50 million.
Wanda Capital Reduction Statistics (Photo: WeChat WeChat official account "Real Estate K Line")
Generally speaking, there are many situations in which a company reduces its capital. One of them is that it is ordered by the relevant administrative authorities to reduce its registered capital, which means that it must reduce its capital after being audited by industry and commerce and taxation. Capital reduction can pay accumulated debts in one lump sum, and can be combined with additional dividends to make up for accumulated losses.
Of course, there are several other situations: capital surplus, that is, the company does not need the existing amount of registered capital for normal production and operation or reducing the scale of operation; The registered capital of the company is still not in place after the deadline; Company’s misrepresentation, falsehood, and registered capital flight’s inability to correct after being punished.
In June this year, the media disclosed that the China Banking Regulatory Commission required banks to investigate Wanda’s credit and debt financing risks. Some analysts pointed out that the first reason for wanda plaza’s substantial capital reduction is more likely.
At the same time, national business daily reporter also consulted a number of people in the industry, including lawyers and brokerage analysts, and got the answer that this should be understood as normal capital operation.
A lawyer who specializes in the company’s equity field pointed out, "The decline in registered capital means that many wanda plaza have recently reduced their capital. Combined with recent reports about Wanda’s substantial sale of assets, it is not surprising that many wanda plaza have reduced their registered capital. For Wanda, wanda plaza, which sells heavy assets, only has Wanda’s brand, which is in line with Wanda’s light asset strategy. "
Wanda City continues to increase capital.
While Wanda reduced its capital, the registered capital of a part of Wanda City increased substantially. "K-line of Real Estate" said that on July 10th, Wanda announced that it would sell 91% of the shares of 13 cultural tourism cities to Sunac at a price of 33.595 billion yuan (later increased by 14.3 billion yuan). In the following July 11th-19th, the registered capital of 6 Wanda Cities among the 13 Wanda Cities increased.
Wanda City Capital Increase Statistics (Photo: WeChat WeChat official account "Real Estate K Line")
This move is regarded as a capital action after Sunac acquired Wanda City, because capital increase can adjust the shareholder structure and shareholding ratio, and it also means an increase in liquidity. If Sunac needs to borrow from financial institutions after the acquisition, its loan amount will be expanded accordingly.