Redeem today, sell tomorrow. Wanda Plaza changes hands again after one day.

In recent years, Wanda Group, which has been "selling assets", has surprisingly started "buying assets" recently.

On December 2nd, according to Aiqicha, Yantai Zhifu Wanda Plaza Co., Ltd. underwent industrial and commercial changes. Kunhua (Tianjin) Equity Investment Partnership (Limited Partnership) (hereinafter referred to as "Kunhua Investment") and Kunyuanchenxing (Xiamen) Investment Management Consulting Co., Ltd., which are under New China Life Insurance, withdrew from the list of shareholders. Shanghai Wanda Ruichi Enterprise Management Co., Ltd., under Dalian Wanda Commercial Management, became the new wholly - owned shareholder, and Wu Hua became the new legal representative.

Source: Aiqicha

This redemption was nearly a year and a half after Dalian Wanda Commercial Management sold the project.

Dalian Wanda Commercial Management, which sold about 80 Wanda Plazas in three years, played its first "repurchase" card this time. People inside and outside the industry can't help but speculate. Has Dalian Wanda Commercial Management survived the most difficult time and is starting to move towards a bright future?

Just one day later, the plot took a direct turn.

On December 3rd, the repurchased Yantai Zhifu Wanda Plaza Co., Ltd. changed hands again.

According to Aiqicha, Suzhou Lianshang No. 9 Commercial Management Co., Ltd. (referred to as "Suzhou Lianshang No. 9") became the shareholder of Yantai Zhifu Wanda Plaza Co., Ltd., with a 100% controlling stake. The legal representative also changed from Wu Hua to Mu Zhou.

Source: Aiqicha

Source: Aiqicha

Just one day after taking Yantai Zhifu Wanda Plaza into its possession, Dalian Wanda Commercial Management quickly sold it, which is really confusing. The purchase and sale prices were the same, both 708 million yuan. Dalian Wanda Commercial Management didn't make a single cent from this transaction. Moreover, if Suzhou Lianshang No. 9 wanted to buy Zhifu Wanda Plaza, why didn't it directly negotiate with Kunhua Investment and the other company, which were the shareholders at that time, but instead go through Wanda, the former owner?

After 11 years of operation, Yantai Zhifu Wanda Plaza has become one of the important commercial centers in Yantai due to its geographical advantages. It also has good returns. It is understood that the rental rate of its Golden Street shops has been close to 100% all year round, and the annual rental return of the mall is over 5%. According to reports, during the more than one - year period when Kunhua Investment and others held the project, the annualized rate of return of the project was about 8%. Even if they withdraw now, these two companies have already obtained stable returns.

The old owner left, and the new owner entered. The new buyer now, Suzhou Lianshang No. 9 Commercial Management Co., Ltd., is not a newcomer without a story.

It is wholly - owned by Suzhou Xinlian Management Consulting Co., Ltd., which in turn belongs to Zhonglian Qianyuan Real Estate Fund Management Co., Ltd. (referred to as "Zhonglian Fund"). According to relevant media reports, the shareholder camp behind Zhonglian Fund is quite powerful, including heavy - weight state - owned investors such as the Guangzhou Municipal Government, the Shaanxi State - owned Assets Supervision and Administration Commission, and Tongchuan Mining Bureau.

Source: Qichacha

During the three - year "big sale" of Dalian Wanda Commercial Management, Zhonglian Fund can be regarded as a "regular customer". From 2023 to now, companies under Zhonglian Fund have taken over 5 Wanda commercial complexes, including Taicang Wanda Plaza, Huzhou Wanda Plaza, Guangzhou Luogang Wanda Plaza, and Shanghai Jinshan Wanda Plaza.

Counting the Yantai Zhifu Wanda Plaza purchased for over 700 million yuan this time, Zhonglian Fund has taken over 6 Wanda Plazas. For it, commercial returns are not the primary consideration. Paving the way for consumer infrastructure REITs may be the real purpose.

According to the data, the core business of Zhonglian Fund is real estate financial business centered around REITs. In 2018, it participated in a quasi - REITs product with outlet malls as the underlying assets. Subsequently, it also participated in or promoted products such as new retail infrastructure REITs and rental housing REITs. Currently, in the real estate securitization business market centered around REITs, Zhonglian Fund's products account for about half, firmly ranking first in the market. From this perspective, packaging Wanda Plazas to issue REITs may be realized in the near future.

Twenty years ago, Dalian Wanda made an attempt in this regard, but unfortunately, it was not successful. If Zhonglian Fund successfully issues REITs later, it can be regarded as an indirect fulfillment of Dalian Wanda's dream.

In 2023, due to the failure of Zhuhai Wanda Commercial Management's IPO in the Hong Kong stock market, the huge repurchase amount led to a sharp increase in debt pressure. Dalian Wanda Commercial Management, which "cut off its arm to survive", began to sell assets on a large scale. In the more than two years since then, Dalian Wanda has sold more than 80 Wanda Plazas, accounting for about a quarter of its original self - held asset scale. In addition, there are about 200 hotels and the controlling stake in Wanda Film.

New China Life Insurance, Zhonglian Fund, Sunshine Insurance, etc. have formed a powerful group of buyers. Kunhua Investment, under New China Life Insurance, first took over 9 Wanda Plazas, including Chifeng Wanda Plaza and Huaibei Wanda Plaza. Later, it also acquired the full equity of 5 Wanda Plazas, such as Tongling Wanda Plaza and Anyang Wanda Plaza. The headquarters of Beijing Wanda Plaza also finally ended up with New China Life Insurance.

Others, such as Sunshine Insurance, took over 6 Wanda Plazas in Hefei, Dongguan, etc.; Dajia Insurance took over Xining Wanda Plaza and Taishan Wanda Plaza.

Recently, Dalian Wanda's "asset - selling" continues. More than a month ago, Dalian Wanda Commercial Management withdrew from Guangzhou Zengcheng Wanda Plaza Co., Ltd. In mid - October, Tongcheng Travel's acquisition of 100% equity of Wanda Hotel Management Company was officially completed.

Once a glorious enterprise, Wanda has lost its former glory after "slimming down". At the beginning of November, Forbes released the list of the richest people in the Chinese mainland. The name of Wang Jianlin, the former richest man in China, has disappeared from the list.