【故事】万达三十六年：王健林的忧与愁

引入600亿的新战略投资，虽然让王健林失去了对万达商管的控制权，但也极大的化解了万达的对赌危机。

不过，人们仍然低估了王健林“轻资产”战略的决心。

近一两个月来，王健林还在不断加速为万达回笼现金流，相继甩卖了万达电影股份，以及万达集团总部所在地的北京万达广场。 CXO UNION-CXO联盟（cxounion.cn）

或许36年前的王健林怎么也不会想到，他能够一手铸就一个商业帝国的崛起，也会亲眼目睹这个帝国的没落。而如今，已经古稀之年的王健林依旧不会知晓，在他的努力支撑下，未来等待万达的会是彻底坍塌还是东山再起。

无论万达结果如何，作为掌门人没有套现跑路，也没有转移资产，王健林这种商海沉浮中不逃避、不放弃的品质与担当，在如今已算难得了。 CXO UNION-CXO联盟（cxounion.cn）

一、从大连迈向世界

1988年，王健林放弃了“大连市西岗区人民政府办公室主任”这一铁饭碗，选择了下海经商，在大连市创立了万达。

次年，因接手了大连市北京街旧城区改造项目，王健林赚到了人生中的第一桶金，1000万的盈利让万达开启了高铁速度。

随后的几年里，接二连三的旧城改造项目，不仅让万达集团迅速膨胀获得了数十亿的资产，也让王健林成为了国内房地产行业内的名人。 CXO UNION-CXO联盟（cxounion.cn）

然而，王健林并没有感到满足，他想要把万达打造成一搜巨型游轮，而不仅仅只是一家住宅开发商。深思熟虑之后，

王健林最终把目光投向了商业地产。在王健林看来，住宅开发现金流不稳定、利润不稳定，赚了钱的同时心里不稳定，但如果做商业地产，向世界500强收租，这才是一个长治久安的办法。

于是在2000年，万达集团正式进军商业地产，开发建设了长春重庆路万达广场。到2001至2003年，万达又改进推出第二代万达广场，由多个单体店组成，包括百货、超市、影城等多种业态，零售业态为主，被称作组合店……

自长春第一座万达广场开始，万达打造城市高端商业综合体和城市核心地标的开发模式，逐渐赢得了各级政府的青睐，并纷纷抛出橄榄枝，希望万达去所在城市开发，万达也获得了优惠的土地价格。

自此，万达便开启了野蛮生长的模式，开始全国拿地，一座座万达广场在全国各大城市崛起。那时，很多外地人到一个新的城市，都会以万达的落脚点来寻找这个城市的中央CBD。 CXO UNION-CXO联盟（cxounion.cn）

伴随巨大影响力的还有万达的规模。

在业务端，自2005年开始，万达便相继成立万达院线、万达百货、万达文旅、万达影视、万达体育等涉及众多领域的企业，开启了多元化发展。

在资产端，截至2013年12月31日，万达集团总资产已经达到了3800亿元。而这一年，王健林也以净资产860亿元，问鼎了福布斯中国富豪榜首富宝座。

不过，万达进击的故事还没结束，在接下来的三四年内，意气风发的王健林带领着万达又迈入了一个大肆举债、疯狂扩张的时代。 CXO UNION-CXO联盟（cxounion.cn）

2014年，万达商业在香港成功上市；2015年，万达走向全球化，先后收购多个海外优质资产。2016年，王健林在接受鲁豫采访时说：“先定一个小目标，比如我先挣它一个亿……”

财富名利能增强一个人的信心和胆量，也能将一个人拉入深渊。王健林一边大喊“要把中国文化输出到全球”的口号，却一边拿着从国内银行借来钱在全球各地“买买买”。

借国内的鸡，在国外生蛋。正是这种玩法，为王健林和万达的未来埋下了一颗巨雷。

二、屋漏偏逢连夜雨

2017年，在外汇大规模外流、资本管制收紧的背景下，时任商务部长高虎城公开表示，对外盲目投资房地产、酒店、体育俱乐部等领域，存在着较大的风险隐患，有关部门果断采取措施，积极进行引导。

不久，国家发改委、商务部、人民银行、外交部便联合发布了《关于进一步引导和规范境外投资方向的指导意见》，明确指出限制房地产、酒店、影城、娱乐业、体育俱乐部等境外投资。

房地产、酒店、影城、体育俱乐部……句句不提万达，

字字都是万达。不久之后，万达便进入了被“严肃处理”的名单，旗下收购的多个海外项目资产，被境内银行要求提前还贷，自此引发了万达的资金链问题。 CXO UNION-CXO联盟（cxounion.cn）

要知道的是，房地产行业从来都是一个高负债的行业，而在经历数年高速海内外扩张之后，彼时万达的债务一度高达4200多亿元。 CXO UNION-CXO联盟（cxounion.cn）

从首富一下子变为“首负”，王健林开始消失在大众视野，默默开启了“断臂求生”模式。

2017年，万达将一系列重资产打包出售，其中包括将13个文旅项目甩卖给融创孙宏斌，以及将77家酒店以“骨折价”出售给富力地产。到2017年至2018年初这段时间，除了国内资产，王健林还几乎清空所有海外资产。

至2018年，王健林又把万达影业的股份进行出售，阿里巴巴、文投控股以每股51.96元收购万达集团持有的万达电影12.77%的股份，分别成为万达电影第二、第三大股东。

再到2019年，王健林又先后将万达旗下的保险公司百年人寿卖给了绿城中国，将万达百货下属全部37家百货门店，甩卖给了苏宁…… CXO UNION-CXO联盟（cxounion.cn）

不过，即便接二连三卖出去了不少资产，但王健林依旧没能堵上那个最大的窟窿。

把时间倒回到2016年，因万达被港股被低估，王健林为了完成万达商业私有化从而退出港股，引入了一批投资者，并签下了“退市满两年或2018年8月31日在内地主板市场上市”的对赌协议。

可谁承想仅仅一年后万达便深陷泥潭，这个突如其来的变故导致万达对赌失败，又欠下了本息合计300多亿的债务。

为了偿还这笔钱，王健林四处“拜访”，最终腾讯、苏宁、京东、融创等多家企业以投资者的身份，收购了万达商业香港H股退市时引入的投资人持有的约14％股份。 CXO UNION-CXO联盟（cxounion.cn）

不过，王健林也与第二批投资者签下了对赌协议，协议要求转型后的“万达商管集团”在2023年实现上市。

可惜的是，自2021年3月撤回A股IPO申请后，万达商管三次冲击港股均未能成功上市。

按照对赌协议，一旦万达商管不能如期上市，仅2021年的对赌，便有本息合计440亿元的战略投资需要偿还。

这笔钱从何而来呢？王健林的答案依旧是：继续甩卖、继续摇人。

三、无债才能一身轻

眼看万达商管上市无望，为筹集即将到来的巨额债务资金，王健林只好把万达最优质、最核心的资产进行出售。

2023年4月，万达总部的出售被媒体大肆报道。天眼查显示，北京万达广场实业有限公司发生了工商变更，原全资股东大连万达商管退出，新的接盘方是新华保险旗下的基金公司。

到5/6/7三个月，在电影市场加速回暖的态势下，王健林仍然通过集中竞价和大宗交易的方式，将万达电影的股权分多笔进行出售，共套现过50亿元。 CXO UNION-CXO联盟（cxounion.cn）

显然的是，这些钱只顶得了一时，还远远不够用来偿还几百亿的债务。无奈之下，王健林再一次选择找寻新的投资者。

2023年12月12日，王健林和万达迎来了希望：投资集团太盟与大连万达商管集团共同宣布签署投资框架协议，对珠海万达商管进行股权重组。按照协议，大连万达商管持股40%，太盟等投资人持股60%。

值得注意的是，这份新投资协议并不附带对赌协议。

当然了，数百亿的债务，仅仅太盟一家还不足以完全解除万达的“对赌危机”，但在王健林的进一步努力下，万达还是迎来了新的阶段。

今年3月底，大连万达商管集团宣布，与太盟投资集团、中东资本阿布扎比投资局、穆巴达拉投资公司、中信资本、ARES签署投资协议。根据协议，上述5家机构将联合向大连新达盟商业管理有限公司注资约600亿元，合计持股60%，大连万达商管持股40%。 CXO UNION-CXO联盟（cxounion.cn）

据悉，这笔投资是近五年中国私市股权市场中单笔最大规模。

按理说，拿到600个小目标之后，王健林与万达都能好好喘口气了，可令人疑惑的是，万达“卖卖卖”的步伐仍在持续。

4月16日，万达电影公告称，北京万达文化产业集团有限公司、王健林分别转让所持北京万达投资有限公司20%股权、1.2%股权，已办理完成工商变更登记手续。上述股份的受让方为上海儒意投资管理有限公司。加上此前受让的股份，“儒意系”持有万达投资100%的股份。

由于万达投资是万达电影的控股股东，“儒意系”借此间接控股了万达电影。“儒意系”实控人柯利明通过上述方式，取代王健林成为万达电影实控人。 CXO UNION-CXO联盟（cxounion.cn）

持续出售核心资产、回笼资金的背后，其实更能显示出王健林确保万达商业上市的决心。

当下，股市较为低迷，万达商业上市无疑还需要一定时间，如何才能抓住上市的主动权呢？毫无疑问，保持充裕的现金流最为关键。

通过售卖优质资产，王健林把钱都攥在手里，只为用在更为关键的地方。也只有这样，万达的未来才会有更多的可能，否则等待万达的只会是一道又一道的难关。 CXO UNION-CXO联盟（cxounion.cn）

大起大落的三十多年，万达的样子一直在变，但三十多年来，王健林那颗“杀伐果断”的心似乎从未改变。

翻译：

Thirty-six years of Wanda: Wang Jianlin’s worries and worries

The introduction of 60 billion new strategic investment, although Wang Jianlin lost the control of Wanda business management, but also greatly resolved Wanda’s gambling crisis.

Still, the determination of Mr Wang’s asset-light strategy is underestimated.

In the past month or two, Wang Jianlin has also been accelerating the cash flow for Wanda, selling shares in Wanda Movies and Wanda Plaza in Beijing, where Wanda Group is headquartered.

Photo: Wanda Headquarters in Beijing

Perhaps 36 years ago, Wang Jianlin could not have imagined that he could single-handedly create the rise of a business empire, but also witnessed the decline of this empire. And now, Wang Jianlin, who has been in his thirties, still does not know that with the support of his efforts, Wanda will be waiting for a complete collapse or a comeback in the future.

No matter what the outcome of Wanda, as the head of the company did not cash out and run away, nor transferred assets, Wang Jianlin’s quality and responsibility of not escaping and not giving up in the ups and downs of the business sea are now rare. CXO UNION-CXO联盟（cxounion.cn）

1. From Dalian to the world

In 1988, Wang Jianlin gave up his iron job as director of the Xigang District People’s Government Office in Dalian and chose to go into business and set up Wanda in Dalian.

The following year, Wang Jianlin earned his first bucket of gold in life because he took over the renovation project of the old urban area of Beijing Street in Dalian, and the profit of 10 million yuan allowed Wanda to open the high-speed rail speed.

In the years that followed, a succession of redevelopment projects ballooned Wanda to billions in assets and made Mr. Wang a celebrity in the domestic real estate industry.

However, Wang Jianlin is not satisfied, he wants to turn Wanda into a giant cruise ship, not just a residential developer. After much deliberation,

Mr Wang eventually set his sights on commercial property. In Wang Jianlin’s view, the cash flow of residential development is unstable, the profit is unstable, and the heart is unstable while making money, but if you do commercial real estate and collect rent from the world’s top 500 companies, this is a long-term and stable way. CXO UNION-CXO联盟（cxounion.cn）

So in 2000, Wanda Group officially entered the commercial real estate, the development and construction of Changchun Chongqing Road Wanda Plaza. From 2001 to 2003, Wanda improved and launched the second-generation Wanda Plaza, which is composed of multiple individual stores, including department stores, supermarkets, movie theaters and other formats, mainly retail formats, and is called composite store……

Photo: Early Wanda Plaza

Since the first Wanda Plaza in Changchun, Wanda’s development model of building urban high-end commercial complexes and core urban landmarks has gradually won the favor of governments at all levels, and they have offered olive branches, hoping that Wanda will develop in the city where Wanda is located, and Wanda has also obtained preferential land prices. CXO UNION-CXO联盟（cxounion.cn）

Since then, Wanda has opened the mode of savage growth, began to take land across the country, and Wanda squares have risen in major cities across the country. At that time, many outsiders to a new city, will be Wanda’s foothold to find the city’s central CBD.

Along with its influence comes Wanda’s size.

On the business side, since 2005, Wanda has successively established Wanda Cinema Line, Wanda Department Store, Wanda Cultural Tourism, Wanda Film and Television, Wanda Sports and other enterprises involved in many fields, which has started diversified development.

On the asset side, as of December 31, 2013, the total assets of Wanda Group have reached 380 billion yuan. And that year, Wang Jianlin also with a net worth of 86 billion yuan, won the Forbes China’s richest person throne. CXO UNION-CXO联盟（cxounion.cn）

However, the story of Wanda’s attack is not over, in the next three or four years, the spirited Wang Jianlin led Wanda into an era of excessive debt and crazy expansion.

In 2014, Wanda Commercial was listed in Hong Kong. In 2015, Wanda went global and acquired a number of high-quality overseas assets. In 2016, Wang Jianlin said in an interview with Lu Yu: “First set a small goal, such as I earn 100 million…”

Wealth and fame can enhance a person’s confidence and courage, but also can pull a person into the abyss. While Shouting the slogan of “exporting Chinese culture to the world”, Wang Jianlin is “buying and buying” around the world with money borrowed from domestic banks.

Borrow domestic chickens and lay eggs abroad. It is this kind of play that has laid a huge mine for the future of Wang Jianlin and Wanda.

2. The house leaks every night rain

In 2017, in the context of large-scale foreign exchange outflow and tightening of capital controls, Gao Hucheng, then Minister of Commerce, publicly stated that blind foreign investment in real estate, hotels, sports clubs and other fields had greater risks and hidden dangers, and the relevant departments took decisive measures and actively guided them. CXO UNION-CXO联盟（cxounion.cn）

Soon after, the National Development and Reform Commission, the Ministry of Commerce, the People’s Bank of China and the Ministry of Foreign Affairs jointly issued the Guiding Opinions on Further Guiding and Regulating the Direction of Overseas Investment, which clearly pointed out restrictions on overseas investment in real estate, hotels, cinemas, entertainment, sports clubs and other industries.

Real Estate, Hotels, Cinemas, Sports clubs…… Not a word about Wanda,

Every word is Wanda. Soon after, Wanda entered the list of “serious treatment”, and a number of overseas project assets acquired by its subsidiaries were required to repay loans in advance by domestic banks, which has since caused Wanda’s capital chain problems.

Figure: Wanda overseas investment M&A case

It should be known that the real estate industry has always been a high-debt industry, and after several years of high-speed expansion at home and abroad, Wanda’s debt was once as high as more than 420 billion yuan. CXO UNION-CXO联盟（cxounion.cn）

From the richest man to the “first negative”, Wang Jianlin began to disappear in the public field of vision, quietly opened the “broken arm to survive” mode.

In 2017, Wanda sold off a series of major assets, including 13 cultural tourism projects to Sunac Sun Hongbin, and 77 hotels to R&F Properties at “fracture prices”. By 2017 and early 2018, in addition to domestic assets, Wang Jianlin had liquidated almost all of his overseas assets.

In 2018, Wang Jianlin sold the shares of Wanda Film, and Alibaba and WTI Holdings bought the 12.77% shares of Wanda Film held by Wanda Group at 51.96 yuan per share, becoming the second and third largest shareholders of Wanda Film. CXO UNION-CXO联盟（cxounion.cn）

In 2019, Wang Jianlin sold Centennial Life Insurance, Wanda’s insurance company, to Greentown China and all 37 department stores under Wanda Department stores to Suning……

However, even after selling a lot of assets, Wang Jianlin still failed to plug the biggest hole.

Back to 2016, because Wanda was undervalued by Hong Kong stocks, Wang Jianlin, in order to complete the privatization of Wanda Commercial and withdraw from Hong Kong stocks, introduced a group of investors, and signed a betting agreement of “delisting for two years or listing on the mainland main board market on August 31, 2018”. CXO UNION-CXO联盟（cxounion.cn）

But who thought that only a year later Wanda was Mired in the mire, this sudden change led to Wanda’s gambling failure, and owed a total of more than 30 billion debt.

In order to repay the money, Wang Jianlin “visited” around, and eventually Tencent, Suning, Jingdong, Sunac and other companies as investors bought about 14% of the shares held by investors introduced when Wanda Commercial Hong Kong H shares were delisted.

However, Wang Jianlin also signed a betting agreement with a second group of investors, which requires the transformed “Wanda Business Management Group” to be listed in 2023.

Unfortunately, since the withdrawal of the A-share IPO application in March 2021, Wanda commercial management has failed to successfully list Hong Kong stocks three times.

According to the gambling agreement, once Wanda Commercial Management can not be listed as scheduled, only in 2021 gambling, there will be a total of 44 billion yuan of strategic investment needs to be repaid. CXO UNION-CXO联盟（cxounion.cn）

Where did the money come from? Wang Jianlin’s answer is still: Continue to sell, continue to shake people.

3. No debt can be light

Seeing Wanda commercial management listing is hopeless, in order to raise the coming huge debt funds, Wang Jianlin had to sell Wanda’s best quality and most core assets.

In April 2023, the sale of Wanda’s headquarters was widely reported by the media. Tian Eye check shows that Beijing Wanda Plaza Industrial Co., Ltd. has undergone industrial and commercial changes, the original wholly-owned shareholder Dalian Wanda commercial management withdrew, and the new acquisition party is a fund company under New China Insurance.

In the three months to 5/6/7, under the trend of accelerating the recovery of the film market, Wang Jianlin still sold the shares of Wanda Film in multiple batches through centralized bidding and bulk trading, cashed out more than 5 billion yuan. CXO UNION-CXO联盟（cxounion.cn）

Obviously, the money was only enough for a while, not nearly enough to pay off the tens of billions of dollars in debt. In desperation, Wang Jianlin once again chose to look for new investors.

On December 12, 2023, Wang Jianlin and Wanda ushered in hope: Investment group Taimeng and Dalian Wanda Commercial Management Group jointly announced the signing of an investment framework agreement to restructure the shareholding of Zhuhai Wanda Commercial Management. According to the agreement, Dalian Wanda Commercial Management holds 40 percent, and investors such as Pacific Union hold 60 percent.

It is worth noting that this new investment agreement does not come with a betting agreement.

Of course, with tens of billions of debts, only the Pacific Alliance is not enough to completely relieve Wanda’s “gambling crisis”, but with Wang Jianlin’s further efforts, Wanda has ushered in a new stage.

At the end of March this year, Dalian Wanda Commercial Management Group announced the signing of investment agreements with Pacific Alliance Investment Group, Middle East Capital ABU Dhabi Investment Authority, Mubadala Investment Company, Citic Capital and ARES. According to the agreement, the five institutions will jointly inject about 60 billion yuan into Dalian Sundameng Commercial Management Co., with a combined stake of 60 percent and Dalian Wanda Commercial Management holding 40 percent.

It is reported that this investment is the largest single deal in China’s private equity market in the past five years. CXO UNION-CXO联盟（cxounion.cn）

It should be said that after getting 600 small targets, Wang Jianlin and Wanda can take a good breath, but it is puzzling that Wanda’s pace of “selling and selling” continues.

On April 16, Wanda Film announced that Beijing Wanda Cultural Industry Group Co., Ltd. and Wang Jianlin transferred 20% of the shares held by Beijing Wanda Investment Co., Ltd. and 1.2% of the shares, respectively, and completed the registration procedures for industrial and commercial changes. The transferee of the above shares is Shanghai Ruyi Investment Management Co., LTD. Together with the previously transferred shares, the “Ruyi system” holds 100% of the shares of Wanda Investment.

Since Wanda Investment is the controlling shareholder of Wanda Film, the “Confucian and Italian system” indirectly controls Wanda Film. The “Confucian and Italian” real controller Coliming replaced Wang Jianlin as the real controller of Wanda film through the above ways.

Source: Wanda Film Official announcement

Behind the continued sale of core assets and the return of funds, Wang Jianlin is actually more able to show his determination to ensure Wanda’s commercial listing.

At present, the stock market is relatively depressed, Wanda commercial listing will undoubtedly take some time, how to seize the initiative of listing? There is no doubt that maintaining adequate cash flow is the most critical.

By selling high-quality assets, Wang Jianlin is holding onto his money for more critical uses. Only in this way, Wanda’s future will have more possibilities, otherwise waiting for Wanda will only be a series of difficulties. CXO UNION-CXO联盟（cxounion.cn）

More than 30 years of ups and downs, Wanda’s appearance has been changing, but for more than 30 years, Wang Jianlin’s “decisive” heart seems to have never changed.

本文由CXO UNION-CXO联盟（cxounion.cn）转载而成，来源于锌财经；作者：路世明；编辑/翻译：CXO UNIONCXO联盟小U。

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