Es gibt wieder Neuigkeiten über Wang Jianlin.

Two years ago, a guarantee has once again burdened Wang Jianlin with a debt load of over 3.3 billion yuan.

On May 21st, Yonghui Superstores announced in a notice that the arbitration process between the company and Dalian Yujin Trading Co., Ltd., Mr. Wang Jianlin, Mr. Sun Xishuang and Dalian Yifang Group Co., Ltd. has been finalized. The Arbitration Award No. 3170 (2024) of the Shanghai International Economic and Trade Arbitration Commission has become legally effective. After the company applied to the court for enforcement, the court issued a "Case Acceptance Certificate" and decided to accept the case.

The disputed amount includes the remaining stock transfer price of 3.639 billion yuan, as well as the corresponding breach - of - contract damages, attorney fees, arbitration fees, etc.

In addition, a reporter from the "Daily Economic News" (hereinafter referred to as the "MJ Reporter") contacted the relevant personnel of Wanda Group. They stated that "it is not possible to make a statement at present."

Enforcement due to a guarantee

These debts stem from a stock transfer agreement in 2023.

On December 13th of the same year, Yonghui Superstores announced that it had reached a stock transfer agreement with Dalian Yujin, under which it sold 389 million shares of Wanda Commercial Management to the latter. The transfer price was approximately 4.53 billion yuan, which was to be paid by Dalian Yujin in eight installments.

However, the transaction did not go smoothly. Apart from the first installment being paid on time, there were repeated cases of payment delays for the second and third installments by Dalian Yujin from April to July 2024.

Therefore, in July 2024, a "Supplementary Agreement" was signed, stating that the remaining unpaid transfer price of 3.839 billion yuan should be repaid in eight installments again. The payment deadline was extended to March 31st, 2026. At the same time, Wang Jianlin, Sun Xishuang and Dalian Yifang Group provided joint and several guarantees for the payment of the remaining amounts.

Nevertheless, the fourth installment of 300 million yuan, which was originally due on September 30th, 2024, could not be paid on time. The guarantors Wang Jianlin, Sun Xishuang and Dalian Yifang Group also failed to fulfill their guarantee obligations. In October 2024, Yonghui Superstores filed an arbitration application with the Shanghai International Economic and Trade Arbitration Commission, demanding that all the remaining amounts of 3.639 billion yuan, the breach - of - contract damages of 218 million yuan and the corresponding costs be paid immediately, and that Wang Jianlin and other guarantors be held jointly and severally liable. The total amount of the dispute was approximately 3.86 billion yuan.

Finally, on April 14th of this year, the Shanghai International Economic and Trade Arbitration Commission issued a final arbitration award, fully supporting Yonghui Superstores' claims: Dalian Yujin must pay Yonghui the remaining stock transfer price of 3.639 billion yuan, the accelerated - due breach - of - contract damages of 218 million yuan, as well as the attorney fees, security costs, etc., totaling approximately 3.86 billion yuan. Wang Jianlin, Sun Xishuang and Yifang Group bear joint and several guarantees for all the above debts and must fulfill them within 20 days after the arbitration award comes into force.

On May 6th, the 20 - day deadline had passed. Although Dalian Yujin and other defendants had actively communicated with Yonghui Superstores about the payment obligations, Yonghui Superstores said that it had not received any amounts to be paid by the defendants. In view of this, Yonghui Superstores recently applied to the court for enforcement, and the case was accepted. Yonghui Superstores pointed out that there were uncertainties in the repayment in this case, and it was not possible to assess the specific impact on the company's profits for the time being. The final result depends on the review by the auditors. This dispute will not disrupt the company's daily operations.

CRIC's analysis shows that, in contrast to a simple guarantee, Wang Jianlin, as a joint and several guarantor, does not have the right of first - refusal. When the creditor demands the joint and several guarantee obligation from the joint and several guarantors within the guarantee period, the guarantors cannot refuse.

This also means that the court can first enforce Wang Jianlin's assets before enforcing the debtor Dalian Yujin.

Wang Jianlin and Wanda Group are in debt and enforcement crises

It is noteworthy that Wang Jianlin is not only involved in this arbitration case.

In October 2024, when Yonghui Superstores filed the arbitration application, Suning E - commerce also filed an arbitration application against Wanda Group, demanding that Wanda Group pay the repurchase price of 5.041 billion yuan for 410 million shares.

This arbitration stems from a warrant agreement signed between Suning E - commerce and Wanda Commercial Management in January 2018. At that time, Suning E - commerce bought an approximately 3.91% stake in Wanda Commercial Management for 9.5 billion yuan. Later, it signed another agreement with Wanda Group and finally held an approximately 4.02% stake in Wanda Commercial Management. Suning E - commerce believes that Wanda Group and Wanda Commercial Management have violated the agreement, triggered the share repurchase clause, but have not repurchased the shares as agreed. Therefore, it has filed the arbitration application.

In July 2025, Suning E - commerce announced in a notice that the arbitration application was not supported by the China International Economic and Trade Arbitration Commission. However, it stated that it would continue to use legal means such as lawsuits and arbitrations to fight for the share repurchase and other legitimate claims, and would continue to take legal measures against the revocation of the arbitration award and other breaches of contract and violations of law by Wanda Group to protect its legal interests.

Following Suning E - commerce, Sunac China also filed an arbitration application against Wanda Group in December of the same year, also on the grounds that Wanda Group and Wanda Commercial Management should pay the share repurchase price of 9.5 billion yuan.

The MJ Reporter learned from an informed source that there are currently no new developments in this arbitration application by Sunac China.

In recent years, Wang Jianlin and Wanda Group have been in debt and enforcement crises. According to Tianyancha, Dalian Wanda Commercial Management Group Co., Ltd. has so far had nine entries as an enforcement obligor, with the affected amount being 260 million yuan. Dalian Wanda Group has six entries as an enforcement obligor, and the total amount of enforcement amounts to 4.732 billion yuan. The enforcement courts include the Shanghai Financial Court and the Beijing Financial Court.

Wanda Group continues to promote the transformation towards an "asset - light" business model. For example, in May 2025, Wanda Group sold 48 Wanda Plazas in total, with a transaction volume of 50 billion yuan. According to incomplete statistics, Wanda Group has sold more than 80 Wanda Plazas so far.

At the same time, Wanda Commercial Management has continuously carried out foreign financing activities, but the coupon rates remain at a high level of over 11%. For example, on January 30th of this year, it issued a two - year US - dollar bond worth 360 million US dollars, with a coupon rate of 12.75%. The US - dollar bond announced on April 23rd also has a coupon rate of 12.5%. According to a statistic by the Fixed Income Team of CSC, the average coupon rate of US - dollar bonds of Chinese real - estate companies in March 2026 was only 4.93%.

This article is from the Daily Economic News. Author: Chen Li. Published by 36Kr with permission.