Why did Wanda empty all overseas real estate projects?

1On the evening of October 25th, 165438+ Wanda Hotel announced its development. On1October 24th, US time, 165438+ Company completed the sale of the Chicago real estate project. At this point, Wanda Group has emptied all overseas real estate projects. People close to Wanda responded that Wanda Group's overseas business had been developing this platform in Wanda Hotel before, and in recent years, it began to compress and sell overseas business. The Chicago real estate project sold this time is still under construction and belongs to the category of heavy assets. In the future, Wanda Hotel will focus on the main business development such as hotel management, hotel design and construction, and operate in the form of light assets.

The hotel business developed by Wanda Hotel is a service-oriented business, and both the revenue and the speed of withdrawing funds are relatively low. Selling the Chicago project will greatly improve the company's daily cash flow and profitability.

Wanda Hotel Development believes that the current sale of the Chicago project is a good opportunity. As the Chicago project is still under construction, the sale will help reduce the Group's current and future debts and strengthen the Group's financial position. The main business of Wanda Hotel Development is property development, property investment and management, hotel operation and management, hotel design and construction management services. The sale of the Chicago project by the company is consistent with the company's strategy of deleveraging and improving cash flow.

Extended data

Wanda's Chicago real estate project

According to the information previously disclosed by Wanda Hotel Development, the planned total construction area of Chicago property project is about176,000 square meters, and it is planned to build a five-star hotel with a height of 36 1 meter, which will become the third tallest building in Chicago after completion.

According to the announcement of Wanda Hotel Development165438+1October 25th, when the sale was completed, the principal amount of the inter-company loan was about USD 28,654.38+million, and USD 349.9 million had been paid to the seller. These deferred amounts (due to the adjustment of deferred amounts, the first batch of deferred amounts has increased to $65.438+0.4 billion) are still unpaid, and the buyer must repay the seller according to the agreement.

At the beginning of announcing the sale of the Chicago property project, the company pointed out that the sale is expected to generate about 94 million Hong Kong dollars (before tax). However, in the announcement of1on the evening of October 25th 165438+, the project income was not mentioned.

China Economic Net-Wang Jianlin sells American five-star hotel projects! Wanda emptied all overseas real estate projects and withdrew funds to leverage.