The daily rent flow at wanda mall is stable, and there is no mistake。
Business operations in joo hwanda amounted to $6. 274 billion in 2024, with a maori rate of 78. 7 per cent and a net profit rate of up from 19 per cent to 25 per cent - the cow is still producing milk, with high concentrations of milk. Wanda square operates 513 places throughout the country, with an annual flow of more than 5. 2 billion people, with no discount on rent collection。
So a lot of people saw wang kenwood eventually lose control of the core asset, and the first reaction is to wonder: how does it end without a table
There is merit in this judgement — if only by looking at the basics of business, wanda should indeed not have come to this point. But if you keep looking down at the other side of the chain of interests, you'll find that there's a real problem, not the platform itself。
It's not your own money. It's two wandas
In sum, what wang kenlin has done over the years is to tear down a wanda into two: one, known as the heavy asset wanda — the dalian wanda group system, with hundreds of billions of debts and property rights in the square — and the other, known as the light asset wanda — the joo hai wanda comptroller, who is responsible only for rent collection, overhead and clean books。
What's the problem? These two wandas can't save each other。
The operating cash flow of the light assets is indeed healthy and rent revenue stable, but when the war goes to the light assets platform, the signature clause allows only the money to remain in the system. Royal league investments and new investors are primarily responsible to the new league, and are not liable for the debt of the banda banda group, or even the banda group。
On the other hand, the real debt burden of the heavy assets wanda is as follows: wanda has an interest-bearing debt of approximately $14 billion to $144. 2 billion, an interest-bearing debt of over $30 billion that is due in one year, and a monetary fund of only $10. 48 billion that is available on the books - – financial coverage was less than 30 per cent, and the red line had long been broken by industry standards。
The median annual interest expenditure is about $10 billion, amounting to $27. 4 million per day, or close to $20 million when it is short。
Cash cows from a commercial platform are producing milk, but the milk cannot be made of cake — the cow is for war, and the cake is for wang ken forest. This is the misalignment of weight and weight of assets。
Here you might ask, "why did you break into two wandas when it was so big?"
Every crisis depends on a new bet to fill an old hole until the brakes die
Wanda did not anticipate debt pressure. Wang kenshin has openly proposed a shift from heavy to light assets since 2015, and in 2017 he sold 13 bbb projects, 77 hotels, and retrenched 63. 7 billion。
What really makes the pattern out of control is road dependence。
Three rounds of wager were reviewed: in 2016, when hong kong's stock market was closed, 34 billion votes were cast for suning, bridging, etc., and a shares were signed for bets, which failed; in 2018, when a total of 34 billion dollars was introduced, sunning, kyeongdong, bridging and old shareholders were introduced, the term of the bet was extended to 2023; and in 2021, when 22 institutions, such as the tai league, were introduced, with a total of 38 billion bets on the list. Four rounds of gambling involve more than $80 billion。
Each time it was new money to pick up old money, each time it was listed as the only exit route. This is a game that's been tried repeatedly in the life cycle of the estate — in 2018, who would have thought that after unit a closed its doors, the hong kong unit would have refused to sign up for the joo hawanda business four times between 2021 and 2023
The three challenges that hong kong zhai considers to be irreducible in its property properties, the over-representation of related transactions, and the existence of independent operational capacity are, in each case, at a critical position in the bookkeeping model。
At the same time, three red lines were introduced in 2020, and they were replicated throughout the industry in 2021, with housing financing space being drastically narrowed。
Wanda's operation is essentially that the gambling policy cycle will not shift so quickly – the cost of losing the bet is that by the end of 2023, the buy-back obligation of about $30 billion will expire at the same time, with only $10. 48 billion on the books, leaving a gap of nearly $20 billion, without any compliance channel available。
It's not about the wanda family. According to the securities times, since 2020, over 40 per cent of mergers and acquisitions in the a stock market have failed to meet performance commitments for gambling; the rate of buy-backs triggered by the end of the period by the hong kong equity in-house stock is even higher。
The $5. 3 billion chain of recovery brought on by the failure of his family to return to a directly followed xu’s old house in hong kong, and wah chau’s promise of happiness to be safe was only 20 per cent of the promise, ultimately triggering $6. 4 billion in damages for non-compliance – much more than one。
Control is not lost in one day. It's the only exit after the pattern is broken
Turning to the central question: wang kenlin did not fail to save himself, he sold 88 manda squares, wanda movie control at $4. 4 billion, hotel management companies at $2,497 million, quick-payment of $240 million in equity transfers, and three years back at around $105 billion。
But it's basically after interest -- billions of dollars a year, nine years of interest, nearly hundreds of billions. The money to sell assets is just enough to race with interest. The principal is basically standing。
In march 2024, institutions such as the coalition of the league, the abu dhabi investment agency, and others contributed about 60 billion dollars to the establishment of the dalian new convergence as a holding platform for the acquisition of 60 per cent of the shares in the joo haiwanda business. Wanda's direct and indirect holdings have since been further reduced to less than 30 per cent, with the league's presence as chairman and management completing a smooth transition。
Multi-agency representatives attended the wanda business cooperative contracting ceremony
The new agreement is no longer accompanied by any listed gambling clause and the original $38 billion buy-back obligation is discharged once。
On the face of it, wang kenlin gave control in exchange for saving his life. But the real bottom logic: wanda's re-use of the closed circle of “back-to-pay, cost-pay” over the past decade or so has broken completely in an environment in which policy cycles have shifted。
The debt of heavy assets remained in the old body, and the platform for light assets was to be put to war, and the two should have been connected to the market — the door closed, and the only way left was to pay off hard money with core interests。
Business information platform (bip) publicising records of changes in business ownership in wanda
In other words, wanda was not defeated by his opponent, but trapped by the perfect path he designed. Once the external conditions change, the only way out is to hand over the wheel。
