What's the story behind Wanda's sale of 67 billion assets?

"In the past hundred years, no large-scale housing enterprises in the world have successfully transformed. Wanda has rewritten its business history and successfully transformed itself into a service-oriented enterprise. " At the work summary meeting on 20 17, Wang Jianlin, chairman of Wanda Group, set the tone for Wanda's transformation.

However, in the past year, Wanda has experienced storms and some hardships. Despite repeated rumors, Wanda is still caught in the whirlpool of public opinion. It is good to ease the impact of public opinion and stabilize the military. On October 20th, 65438/kloc-0, Wang Jianlin exposed the four motives behind selling assets to get 67 billion yuan in cash, and promised to see Wanda again three years later.

Non-real estate income accounts for over 60%

It is worth noting that Wang Jianlin deliberately emphasized the proportion of assets at home and abroad. He said that Wanda Group's assets at cost were 700 billion yuan, a year-on-year decrease of11.5%; Among them, domestic assets account for 93% and foreign assets account for 7%.

"Why specifically mention this data? Last year, some people said that Wanda had transferred a large number of assets overseas, and the data proved completely untrue. " In this work report, Wang Jianlin first countered this public opinion voice with data.

More importantly, in Wang Jianlin's view, Wanda's de-real estate has been realized. Because Wanda's non-real estate income accounts for more than 60%.

Wang Jianlin said that in 20 17, Wanda Group's revenue was 227.37 billion yuan, and service industry revenue accounted for 63.4%, up 8.4% year-on-year. Among them, rental income accounts for about 18%, achieving an average growth of more than 30% for many years. Commercial real estate income11254 million yuan, accounting for 49.5%; The income of cultural industry is 63.78 billion yuan, accounting for 28. 1%, and it has become another pillar industry of Wanda. The revenue of film and television group was 53.2 billion yuan, accounting for 23.4%; The income of financial group is 3.210.20 billion yuan, accounting for14.1%; The revenue of network technology group was 5.86 billion yuan, accounting for 3%; The income of sports group is 710.8 billion yuan, accounting for 3%; Other departments are the income of Lv Wen Group and Baby Net Group.

However, after Wanda sold 68 billion yuan of assets, * * assets were wanda plaza. Wang Jianlin also said that the key to Wanda's transformation is the transformation of Wanda's business. The key to Wanda's commercial transformation is to change from a single asset-oriented enterprise to an enterprise with light assets and light development. Regarding Wanda's light assets, Wang Jianlin said that Wanda no longer holds all the properties as before.

He said that Wanda's light assets are divided into two categories, one is investment and the other is cooperation. The investment category is that others pay, Wanda helps others find land, design, build and attract investment, and then gives it to others after it is completed and operated, and there is also a capitalization procedure; The category of cooperation is that Wanda neither pays nor leaves the land, feels that the project is suitable, signs a contract with others and helps others build it. After the completion, the rent is divided into 37%.

? Four motives behind the transfer of assets

20 17 is a very important year for Wanda and even the real estate industry. From 2065438 to July 2007, Wanda signed cultural tourism projects and hotel asset transfer agreements with Sunac and R&F. This agreement alone reduced debts by 44 billion yuan and recovered cash by 67 billion yuan. Aside from Wanda, Sunac may take the top four position in the industry after taking over this asset. In contrast to Wanda, there is an interpretation that "Wanda sells assets, is it not working?"

In this regard, Wang Jianlin said, "In fact, this is the basic logic of not understanding business at all." Doing business is buying and selling, not buying and not selling. The key is the price. Wanda paid off its overseas accounts, sold half of its assets and paid off all its debts, that is, it doubled its income. Therefore, buying and selling is normal logic, and the key is to look at the price difference.

Secondly, wanda plaza is already a very heavy asset, hundreds of billions, which is too heavy for cultural tourism projects. Although there are a large number of sales properties that can recover investment, cultural projects can recover investment, but each project cycle takes 7 to 8 years, and there are more than a dozen projects accumulated. In at least five to six years, Wanda will have a net increase in interest-bearing liabilities of 1000 billion yuan every year, and Wanda's liabilities will be too much.

Thirdly, Wanda already holds a large number of high-yield properties in wanda plaza, so it is unnecessary to hold the properties of the Lv Wen project. The average annual rate of hotels is less than 4%, and all hotels eat more than a dozen wanda plaza's net profits every year. Therefore, Wanda decided to sell cultural tourism projects and hotels with heavy assets and do profitable business with light assets. * * is the best policy.

More importantly, business safety comes first. In order to concentrate the limited funds to develop wanda plaza, we must have something to give, otherwise we can't guarantee the opening of 50 squares and the construction of more than 100 squares.

Finally, Wang Jianlin gave himself three years of gambling. He said, "society doesn't understand, and employees don't understand, but we'll see in three years." Disney, Universal and large hotel management companies are all like this. " At the same time, in addition to increasing income, debt reduction is still on the agenda of Wang Jianlin 20 18.