China State Construction Engineering Corporation and its affiliated companies have intensively taken over several Wanda Plazas.
Recently, there has been an equity change in Changzhou Xinbei Wanda Plaza Investment Co., Ltd. The original shareholder, Dalian Wanda Commercial Management Group Co., Ltd., has withdrawn, and China Construction Second Engineering Bureau Co., Ltd. (CSCEC 2nd Bureau) has become the new controlling shareholder with a 100% shareholding ratio.
Meanwhile, management members from the Wanda Group, such as Wu Hua and Tang Tianzong, have exited. Lian Lili from CSCEC 2nd Bureau has become the new legal representative and manager of Changzhou Xinbei Wanda Plaza Company. The CSCEC system has taken over the asset comprehensively.
Changzhou Xinbei Wanda Plaza is not a newly - built Wanda Plaza. The project officially opened for operation in December 2011 and has been in operation for over 14 years. The total construction area of the project is about 380,000 square meters. It is located in the core area of Xinbei District, adjacent to the Olympic Sports Center Station of Metro Line 1. Its business formats cover shopping centers, five - star hotels, IMAX cinemas, catering clusters, etc. It used to be one of the most popular shopping malls in Changzhou. However, currently, some hardware facilities of the project are aging and need capital investment for renovation. At the same time, the business format layout and brand combination are relatively traditional, facing challenges such as the loss of consumer groups and fierce competition from surrounding businesses. In some areas, there are situations of store transfers and low passenger flow.
It is worth noting that recently, the CSCEC system has been intensively taking over multiple Wanda Plazas. For example, in January 2026, China Construction First Engineering Bureau took over Changde Wanda Plaza and Suining Wanda Plaza successively. In February, CSCEC 2nd Bureau took over Changzhou Xinbei Wanda Plaza.
According to industry insiders, for the three Wanda Plazas recently taken over by the CSCEC system, China Construction First Engineering Bureau and CSCEC 2nd Bureau served as the original general contractors. The equity changes of the above three Wanda Plazas are not cash acquisitions but a way of offsetting project payments with assets. The CSCEC system has changed from a construction party to a project property rights holder.
Using existing assets to offset project payables is one of the mainstream ways to resolve accounts receivable in the current construction industry. Through debt - for - asset transactions, each engineering bureau of the CSCEC system can recover accounts receivable, reduce the risk of bad debts, and hold commercial assets that can generate stable cash flows.
In recent years, the CSCEC system has made rapid progress in the real estate development field but still lacks experience in the commercial asset operation field. By acquiring Wanda Plazas to enter the commercial real estate operation field this time, the CSCEC system can further expand its real estate business scope and extend to the "integration of investment, construction, and operation". At the same time, this transaction is also regarded as a comprehensive arrangement including project payment settlement and debt - for - asset transactions. Previously, some engineering bureaus of the CSCEC system had cooperation disputes with Wanda, involving issues of project payment arrears. Taking over these projects not only solves the problem of project payment recovery but also obtains high - quality assets, achieving two goals at once.