Wang Jianlin sells Wanda Hotel.

As we all know, R&F Group spent nearly 20 billion yuan the year before last to win 77 hotel businesses under Wanda Group. After these hotels are included, the number of hotels in R&F Group has reached 100, making it one of the largest hotel enterprises in the world.

After Wang Jianlin dumped some of Wanda's assets, he began to focus on developing the company's light asset model and gradually withdrew from the commercial real estate industry. We know that Wang Jianlin has been very high-profile in the past two years and always occupies the headlines of major media. Wang Jianlin seems to be keeping a low profile now, and there is little news about him. When R&F Group and Sunac acquired Wanda Assets, they were very happy because they had many advantages. This is also because Wang Jianlin had to sell at a discount in order to reduce debt.

It's just that Sun Hongbin wanted to buy Wanda's cultural tourism project and didn't want to take over the hotel business, so he later transferred the hotel to R&F Group at a discount of 60%, which was more than 654.38 billion yuan cheaper than when Sunac took over Wanda Hotel, which made R&F Group take a big advantage. However, two years later, what about the R&F hotel?

In fact, many people are not optimistic about R&F taking over Wanda Hotel, but the price of 20 billion yuan is really a huge temptation for R&F. R&F Group has incorporated the hotel business into the group's net assets, and its annual profits can be included in the group's profits. In 20 18, the valuation of these 77 hotels exceeded 32 billion yuan. R&F said that after the acquisition of the hotel, it will not deliberately increase the construction cost, but directly operate and generate profits.

In 20 17, the net profit of R&F group reached 25 billion, and these 77 hotels have also become one of the important sources of the group's income. After the deal with Wanda Group, these hotels have helped R&F become one of the largest hotel companies in the world, and even increased the value of the group's office buildings and other industries to 32.5 billion yuan, while reducing many liabilities. However, although these hotels have promoted the economic growth of R&F, their own profits are not considerable, and the turnover of R&F hotels in 20 18 years is only 7 billion.

What's more noteworthy is that although the hotel business income is increasing, the profit is declining or even losing money. In 20 16, the R&F hotel business lost10.50 billion, but in 20 17, the loss value increased to 400 million. And this state has been maintained for five years. According to the analysis of insiders, the reason for the hotel business depression of R&F Group is that there are problems in marketing and the management mode has not been improved in time. Another reason is that the overall environment of China hotel industry is depressed.

It can be said that Sun Hongbin had some foresight when he left the pot to R&F, but R&F can only crustily skin of head and develop at present. In fact, at present, the problem of R&F real estate itself is more serious, and the biggest problem is the debt problem.

Last year, the total debt of R&F real estate exceeded 290 billion, and the total debt ratio reached 80%. However, in 20 19, the liabilities of R&F Real Estate are still increasing. In addition, the sales of R&F Group are not satisfactory. According to the current situation of the real estate market, it is not easy for R&F Group to recover in a short time. This situation has a lot to do with the lack of pre-judgment on the acquisition of Wanda Hotel.

I spent 20 billion on dozens of hotels. I thought it was cheap, but I lost 400 million yuan a year and owed 1000 billion. Today, Wang Jianlin has led Wanda Group to start a new round of development, while Li Silian of R&F Group is overwhelmed by huge debts. For a real estate company, such a high debt ratio is really dangerous. We can only wait and see whether R&F Group can get out of the predicament in the future.