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Recently, according to the official account of Hangzhou Grand Canal New City, Hangzhou Gongshu Wanda Plaza will be sold for 1.48 billion yuan, with an area of ​​about 140,000 square meters and an annual rent of 109 million yuan.

(Screenshot from Hangzhou Grand Canal New City official account)

Gongshu Wanda Plaza is the first Wanda Plaza opened in Hangzhou and the 108th Wanda Plaza in the country. According to information, Gongshu Wanda Plaza opened in December 2014 with a total construction area of ​​approximately 350,000 square meters, of which the commercial construction area is approximately 150,000 square meters.

From the inside of the mall, the entire mall has 7 floors, including 2 underground floors and 5 above ground floors, where various stores such as catering, clothing, jewelry, digital, and entertainment stores gather. It is understood that although Gongshu Wanda Plaza is not positioned as a top-level mall and does not have many Internet-famous stores, it is popular overall due to its people-friendly and comprehensive operation strategy, and is the first choice for daily leisure and entertainment for surrounding residents.

Currently, there are four Wanda Plazas opened in Hangzhou, namely Gongshu Store, Yuhang Store, Fuyang Store and Future Science and Technology City Store.

An agent on the Internet said that the return rate of the Gongshu Wanda Plaza as a whole commercial complex is more than 8 points, and the price is negotiable. Currently, all Wanda Plazas across the country are negotiable, because Wanda is transforming to a light asset.

Wanda continues its asset-light transformation

Wanda Plaza has always been regarded as the most valuable asset by Wang Jianlin, Chairman of Wanda Group. The news that Hangzhou Gongshu Wanda Plaza will be sold has aroused the market's attention to Wanda Group's "slimming down" plan.

Since 2017, Wanda Group has launched a strategy to transform from a heavy asset model to a light asset model. Through asset transfers, Wanda Group has been able to continue to deleverage and increase asset security.

As of the end of November 2023, Wanda Group will open 23 Wanda Plazas in 2023, only two of which are Wanda Group’s own properties, and the remaining 21 are light-asset projects.

However, the asset-light transformation has not yet solved Wanda's financial pressure and debt problems. The main reason may be that Zhuhai Wanda Commercial Management Group Co., Ltd. has tried to go public four times, but all ended in failure.

According to Wanda Commercial Management's first quarter financial report for 2024, Wanda Commercial Management currently has only 12.481 billion yuan in cash, 2.784 billion yuan in short-term loans, and 94.357 billion yuan in long-term loans. Wanda Commercial Management has a total of 9 outstanding bonds with a total outstanding amount of 5.392 billion yuan, of which 1.367 billion yuan will mature within one year; among its overseas bonds, 820 million US dollars of bonds will mature within one year.

Wang Jianlin has sold more than 20 Wanda Plazas

It is worth mentioning that Wanda Group has frequently sold its assets since 2023. According to incomplete statistics from reporters, Wanda has sold more than 20 Wanda Plazas since 2023, including core assets in first-tier cities such as Beijing, Shanghai, and Guangzhou.

On July 11 this year, there was a change in equity in Dongguan Houjie Wanda Plaza Investment Co., Ltd. The original wholly-owned shareholder, Dalian Wanda Commercial Management Group Co., Ltd. (referred to as "Wanda Commercial Management") withdrew, and Suzhou Lianshang Luhao Commercial Management Co., Ltd. took over in full.

Among them, Sunshine Life Insurance Co., Ltd., the actual controller of Suzhou Lianshang Luhao Commercial Management Co., Ltd., has taken over Wanda's companies several times, located in Hefei, Taicang, Huzhou, Guangzhou and Shanghai.

On July 2, Yichun Wanda Plaza Investment Co., Ltd. underwent industrial and commercial changes. The original wholly-owned shareholder Wanda Commercial Management withdrew, and Jiangxi Chengze Real Estate Management Co., Ltd. was added as a shareholder and held 100% of the shares. At the same time, the company name was changed to Yichun Zetao Commercial Investment Co., Ltd., and the legal representative and main personnel were also changed.

At the end of December 2023, Taicang Wanda Plaza Investment Co., Ltd., Huzhou Wanda Investment Co., Ltd., Guangzhou Luogang Wanda Plaza Co., Ltd., and Shanghai Jinshan Wanda Plaza Investment Co., Ltd. successively underwent equity changes, and Wanda Group withdrew from these four companies.

The main investors in Wanda Plaza's assets are insurance funds, including Xinhua Insurance, Dajia Life Insurance, Hengqin Life Insurance, and Sunshine Insurance.