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On August 25, three or four days after the market rumors fermented, people close to Wanda told Yinshi Finance that the news that "Hangzhou Gongshu Wanda Plaza was listed for sale" was untrue and "Wanda had no plans to sell the project."

Previous market rumors have aroused market attention to the operating entity of Wanda Plaza, Dalian Wanda Commercial Management Group Co., Ltd. (hereinafter referred to as "Wanda Commercial Management").

Although the rumors are untrue, Wanda Commercial Management has indeed withdrawn from the equity of several Wanda Plaza project companies across the country. Market analysts generally believe that a series of equity withdrawals may be related to Wanda Commercial Management's financial pressure. The financial report for the first quarter of 2024 disclosed by Wanda Commercial Management shows that from January to March this year, the company's net profit attributable to the parent company decreased by 36.76% year-on-year, and operating pressure remains.

Has withdrawn from the ranks of shareholders of many Wanda Plazas

The reason why this market rumor has attracted widespread attention from the outside world is closely related to the fact that Wanda Commercial Management has previously continued to withdraw from the equity of multiple Wanda Plaza project companies.

Public information shows that since 2023, Wanda Commercial Management has transferred control of at least 26 companies, involving many Wanda Plazas in Beijing, Shanghai, Guangzhou, Zhuhai, Tianjin, Hefei, Huzhou, Taicang, Haikou, Xining, Yichun and other cities.

For example, in May 2023, Shanghai Songjiang Wanda Plaza, Xining Haihu Wanda Plaza and Jiangmen Taishan Wanda Plaza were bought by Dajia Insurance; in September of the same year, Guangxi Beihai Hepu Wanda Plaza was transferred to a local real estate developer in Beihai; in October, Shanghai Zhoupu Wanda Plaza was also acquired by Dajia Insurance; in December, four companies, including Shanghai Jinshan Wanda Plaza Investment Co., Ltd., Huzhou Wanda Investment Co., Ltd., Taicang Wanda Plaza Investment Co., Ltd. and Guangzhou Luogang Wanda Plaza Co., Ltd., also underwent changes in shareholders.

In April this year, Wanda Plaza, the headquarters of Wanda Group and located in the core area of ​​Beijing East Chang'an Avenue CBD, also changed hands. Wanda Commercial Management withdrew from Beijing Wanda Plaza Industrial Co., Ltd., and Xinhua Life and CICC Capital became new shareholders. In July, Wanda Commercial Management also sold the equity of three project companies: Yantai Zhifu Wanda Plaza, Yichun Wanda Plaza and Dongguan Houjie Wanda Plaza.

Judging from the situation before and after the equity change, after Wanda Commercial Management withdrew, the new shareholders who entered the relevant Wanda Plaza project companies were mostly insurance institutions and fund companies. However, the price of the relevant equity transaction was not disclosed. From the Wanda Plazas that have been sold so far, except for a few Wanda Plazas located in first-tier cities, most of them are Wanda Plazas in second-tier cities and below.

Yinshi Finance contacted Wanda Group to inquire about which Wanda Plazas may be sold in the future. As of press time, no response has been received.

Operational pressure remains after the risk of gambling is lifted

Wanda Commercial Management is an important part of Wanda Group's asset-light development model. After being separated from Wanda Commercial, it became the only business platform for commercial property investment and operation under Wanda Group. The so-called asset-light development model means that the ownership of assets is held by the investor, while Wanda is responsible for operation and management; when it comes to the operation and management of Wanda Commercial Management, it is mainly based on the entrusted management model and the leasing operation model.

Public data shows that in 2022, when there were no equity exit events, nearly 40 of the 55 Wanda Plazas newly opened by Wanda Commercial Management were asset-light projects. Wanda Commercial Management opened 12 new Wanda Plazas in the first half of 2023, and the cumulative number of opened plazas was 484 by the end of the period. However, since then, Wanda Commercial Management's operating data has not been updated.

According to the first quarter financial report of 2024 released by Wanda Commercial Management, in the first quarter of this year, the company achieved operating income of 13.54 billion yuan, a year-on-year increase of approximately 8.02%; net profit and net profit attributable to shareholders were 2.901 billion yuan and 2.837 billion yuan respectively, a year-on-year decrease of 37.39% and 36.76%.

As of the end of March this year, Wanda Commercial Management's monetary funds were about 12.481 billion yuan; during the same period, short-term loans were 2.784 billion yuan, long-term loans were 94.357 billion yuan, and bonds payable were 7.675 billion yuan. According to the data from the Enterprise Early Warning System, Wanda Commercial Management currently has 7 outstanding bonds with a corresponding stock size of 5.392 billion yuan, of which about 1.368 billion yuan will mature within one year.

According to Qichacha information, Wanda Commercial Management is currently involved in 293 judicial cases, 67.58% of which are defendants and 83.96% of which are civil cases. On August 7, Wanda Commercial Management also received a notice of execution from the Minhang District People's Court of Shanghai. The execution case number is (2024) Hu0112 Execution 9774, and the execution target is 186,000 yuan.

In addition, Wanda Commercial Management currently has 27 equity freeze information. On August 2 this year, the equity of Panzhihua Wanda Plaza Real Estate Co., Ltd. held by Wanda Commercial Management was frozen, with the corresponding equity amount being 10 million yuan, and the freezing period is from August 2, 2024 to August 1, 2027.