R&F, the former leader of "Five Tigers in South China", took over Wanda Hotel. What was cheaper?

Although R&F was once the first of the "Five Tigers of South China", it fell from its peak after 2007. Ten years later, in 20 17, Li Silian only considered for two or three days, and made a decision to acquire 77 hotel assets of Wanda Commercial Real Estate for 199 billion yuan. Many people think that it is extremely cheap to win the R&F of Wanda Commercial Real Estate at 60% price. In fact, doing so is likely to further increase R&F's debt pressure.

The situation of R&F real estate in recent years is quite embarrassing. On March 20th, Guangzhou R&F Real Estate released its 20 18 annual results. Last year, the sales amount of equity agreement was 13 1 1000 billion yuan, up 60% year-on-year, and it broke through the sales mark of 100 billion yuan for the first time. However, compared with Evergrande and Country Garden, which are both five tigers in South China, R&F real estate has fallen far behind, and the sales amount in 20 18 has fallen out of the top 20 in the industry! !

Wanda enterprises also had financial difficulties around 17, so they could only sell them. In fact, on July 9th, 20 17, at Sofitel Wanda Hotel, Wang Jianlin originally planned to sell the 13 cultural tourism project +76 hotels to Sunac Sun Hongbin, and Sun Hongbin also promised to lend money to Wanda. However, the cooperation between Wanda and Sunac was abruptly "intervened" by R&F. I heard that Li Silian bargained on the spot and cut the hotel asset price to 60%, while Sun Hongbin cancelled the original plan of lending money to Wang Jianlin. We don't know what happened at the scene, but we can know that Li Silian won the game. However, after R&F completed the acquisition of Wanda Hotel, Fitch, an international credit rating agency, immediately announced that R&F's credit rating was included in the negative watch list.

Not only has its reputation been greatly reduced, but after the annexation of Wanda Hotel, the debt of R&F Real Estate has also become a high base. In 20 18, the total debt of R&F has surged to 290 billion, and the net debt ratio has reached 184%. In addition, the annual net profit of R&F 20 17 reached 21400 million yuan, a substantial increase of 204% year-on-year, of which13100 million yuan was the investment income brought by the acquisition of Wanda Hotel. However, after excluding this investment profit in 20 18, R&F's net profit dropped to 8.3 billion yuan.