Wang Jianlin quietly sold several Wanda Plazas again! insurance, trust

Industrial and commercial information shows that the company’s investor has changed from Dalian Wanda Commercial Real Estate Co., Ltd. to Zhujiang Life Insurance Co., Ltd.

Pearl River Life is headquartered in Guangzhou, Guangdong Province. It opened on December 28, 2012. It was invested and established by Zhujiang Investment Holdings, Guangzhou Financial Holdings, Guangdong New South Group and other companies, with a registered capital of 6.7 billion yuan.

Among them, the legal representatives of Zhujiang Investment, New South Group and Hanjian Investment are Zhu Yihang, Zhu Layi and Zhu Weihang respectively. They are all relatives of Zhu Mengyi, chairman of the board of directors of Hopson Development (0754.HK).

According to information released by Wanda Group’s official website, Nanchang West Lake Wanda Plaza opened on June 23 this year, with a total construction area of 147,800 square meters, a passenger flow of 270,000 and a turnover of 14 million yuan on the first day of opening. The square covers catering, clothing, boutiques, children, experience and other businesses.

However, less than half a month after its opening, Nanchang West Lake Wanda Plaza “changed ownership”.

In addition, on June 8, the actual shareholder of Jiujiang Wanda Real Estate Co., Ltd. changed from "Dalian Wanda Commercial Real Estate Co., Ltd." to "China Minsheng Trust Co., Ltd."; on May 27, the actual shareholder of Fuzhou Wanda Plaza Investment Co., Ltd. also changed to "China Minsheng Trust Co., Ltd."

Prior to this, on April 17, Wanda Commercial sold all its shares in Yancheng Wanda Plaza to CITIC Trust.

Since Wanda Commercial did not disclose the details of these two transactions, how much did Wanda sell for? After the change of shareholders, what is the specific operating model of Wanda Plaza? It is still unknown.

However, compared with the previous asset-light operation model of Wanda Plaza, Wanda should be responsible for brand operation, design, investment promotion, etc., and the net rent will be divided proportionally with investors.

To date, Wanda has opened more than 200 Wanda Plazas, and asset-heavy Wanda Plazas account for more than 80% of the total Wanda Plaza projects.

In addition to selling several Wanda Plazas, Wang Jianlin also made a major move to significantly reduce the capital of Wanda Plaza Co., Ltd., which is 100% owned by Wanda Commercial.

Real Estate K Line exclusively learned that within two months from May 9, 2017 to June 29, 2017, Wanda Commercial reduced the registered capital of at least 20 Wanda Plaza Co., Ltd., and all of them were reduced to 50 million yuan.

According to industrial and commercial information, the capital reduction of these 20 Wanda Plaza Co., Ltd. is relatively large, and among them, the registered capital of 9 Wanda Plazas has been reduced by more than 90%. The largest reduction was made by Tangshan Wanda Plaza Investment Co., Ltd., whose registered capital dropped from 2.4 billion to 50 million yuan.

Some analysts say that, generally speaking, there are many situations where a company can reduce its capital. One of them is being ordered to reduce its registered capital by relevant administrative agencies. This means that after being audited by the industrial and commercial and tax authorities, it is deemed that there is a serious loss or the funds are untrue, and the capital must be reduced. A capital reduction can pay off accumulated debts in one lump sum and can be combined with an increase in dividends to cover accumulated losses.

Of course, there are several other situations: excess capital, that is, the company does not need the existing amount of registered capital for normal production and operation or to reduce the scale of operations; the company's registered capital is still unable to be received after the expiration date; the company's false reports, false reports, or withdrawal of registered capital cannot be corrected even after being punished, etc.

But what is very strange is that when Wanda Plaza reduced its capital, the registered capital of some Wanda City increased significantly.

On July 10, Wanda announced that it would sell 91% of its 13 cultural tourism cities to Sunac for a price of 33.595 billion yuan (later increased by 14.3 billion yuan). From July 11 to July 19, the registered capital of six of the 13 Wanda Cities increased.

Among them, Wuxi Wanda City has increased its capital the most, with its registered capital increasing from 500 million yuan to 4 billion yuan; Chongqing Wanda City has also increased from 500 million yuan to 3 billion yuan; and the remaining four Wanda cities have each increased their capital to 2 billion yuan.

This move is seen as a capital move after Sunac acquired Wanda City, because the capital increase can adjust the shareholder structure and shareholding ratio, and also means an increase in liquidity. If Sunac needs to borrow from financial institutions after the acquisition, its loan limit will be expanded accordingly.

Will Wang Jianlin sell Wanda Plazas one after another? How many cards does Wanda Commercial have left? How will we sprint back to A? It's a mystery.