R&F acquires Wanda Hotel. What does this acquisition mean for R&F?

R&F's acquisition of Wanda Hotel means that the golden age of Wanda has passed for R&F:

The capital market has its rationality, but there are also many places that we can't understand. It is also normal for R&F to acquire hotels. Whether this deal will win or not, we don't necessarily know the inside story. The business between big bosses is often a game balance, and financing avoids risks. This transaction is just a few big bosses cross-holding shares, holding a group to keep warm and decompose risks. It means that the golden age of Wanda has passed.

1. If Sunac simply considers the acquisition of hotel assets, Wanda Hotel is not the best choice, or even should not be included in the consideration list at all, because it simply does not have the cost performance ratio of being acquired. Even considering the investment potential and rate of return, Wanda has no advantage at all.

Wanda is also in troubled times now. Multiple high leverage makes Wanda's actual debt ratio much higher than that reflected in the report. Moreover, Wanda's most important asset, commercial real estate project, has been talked about in the past two years, and the actual sales situation and occupancy rate are far from as good as advertised.

3. The transfer of Wanda should give Sunac a great discount. Because it is urgent, it is short of money, whether it is short-term or long-term. Wanda's upper foundation has been loosened. Ten thousand words are omitted here.

The rapid development of Wanda in recent years is not only a lot of opinions in the circle, but also a strong will to look down and hope to decline outside the circle and even at the bottom of society. There is even "Wanda is in trouble and all parties are happy." The meaning of.

5. It is unrealistic to lead for hundreds of years, but it is still reliable in three or five years. Wanda's "golden age" of three to five years is over. It is also wise to be able to retreat quickly.