How does Sunac deal with LeEco Pit instead of Wang Jianlin?

Yesterday, the whole capital market shook, and Sunac bought huge assets from Wanda. Before LeTV's pit was filled, Sunac became into the pit's Wanda. How did this confidence come from? What do Sunac and Wanda really want?

Yesterday, the biggest news in the entire capital market should be "Sunac swallowed the elephant": Sunac spent 63.2 billion to acquire the Wanda project. On the morning of July 10, the capital market was thunderous. Wanda Commercial and Sunac China jointly announced that Wanda transferred 965,438+0% equity of 13 cultural tourism projects to Sunac at a cost of 29.575 billion yuan, and Sunac will undertake project loans. At the same time, Sunac acquired 76 hotel projects in Wanda for 33.595 billion yuan. The total acquisition cost is 6.310.70 billion yuan.

According to the interface news report, judging from the content of the transaction with Wanda, the two parties agreed to sign a detailed agreement before July 3 1 to complete the payment, assets and equity delivery as soon as possible. Both parties agree that the cultural tourism project will remain "four unchanged" after delivery, that is, the brand will remain unchanged, and the property held by the project will still use the brand of "Wanda Cultural Tourism City"; The planning content remains unchanged, and the project is still developed and constructed according to the planning and content approved by the government; The project construction remains unchanged, and the design, construction and quality of the property held by the project are still controlled by Wanda; The operation management remains unchanged, and the project operation management is still the responsibility of Wanda Company.

1. How did Sunac, which just rose, become famous by LeTV?

Judging from the real estate market, Sun Hongbin is an old hand. Both Sunco Real Estate in those days and Sunac China now have great influence on the real estate industry, but for most people, it is known that Sunac has a direct relationship with LeTV. Sunac first appeared in the public eye, that is, it invested in LeTV. On June+10 this year, LeTV announced that Jiarui Huixin, a subsidiary of Sunac China, would invest in LeTV, including LeTV, LeEco Zhixin and LeTV Pictures. Among them, LeTV received about 5.3 billion yuan. Until recently, according to the information in the open market, Sunac has paid the investment cost of 15045438+0025 billion yuan.

However, LeTV has come to the front. Recently, Jia Yueting, the head of LeTV, has been attacked again and again. A large amount of funds were frozen by the bank. Jia Yueting resigned as legal representative and chairman, and went to the United States to seek a better turn. It can be said that LeTV has reached a critical moment. At this juncture, Sunac has actually been tied to the chariot of LeTV, regardless of whether Sun Hongbin has become the chairman of LeTV as reported on the Internet, thus leading the trend of LeTV's listing business. From the perspective of investment, it is also a wonderful move for Sun Hongbin to win the listing business of LeTV. Han Ge once summed up several major benefits of Sun Hongbin's entry into LeTV:

First of all, I won the real estate resources of LeTV. As an Internet company, LeTV has repeatedly hoarded land like a real estate agent in recent years. According to the Economic Observer, in recent years, the direct land acquisition scale of LeTV has reached 8,300 mu, and if the construction land under negotiation with the local government is added, it will not be less than 25,000 mu. This includes 65,438+00,000 mu of land in Moganshan, Zhejiang Province. Sun Hongbin also said that the Beijing Municipal Government granted LeTV more than 5,000 mu of land in Yizhuang for the development of LeTV cars. These lands are definitely high-quality resources for Sunac, which has been immersed in the real estate industry for many years, and are the key to Sunac's direct utilization. Although these lands are essentially industrial land, there is still much work to be done.

Secondly, Sunac has owned the Internet since then. For real estate enterprises, these years have embarked on their own path of transformation. Having Internet attributes has become an important direction for the development of many real estate enterprises. After Sunac has LeTV, it is not impossible to tell more stories in the capital market with the help of Internet attributes, and even push up its own valuation.

Third, Sunac's use of 654.38+05 billion yuan can be said to be the best asset of LeTV. These high-quality assets can be said to be quite powerful compared with those money-burning caves in LeTV's unlisted system. As long as the assets are well divested, it is not difficult to maintain and increase the value of investment.

However, no matter how big the benefits are, Sunac needs to spend a lot of energy to deal with the problems of LeTV in order to fill the pit of LeTV. How did you get the courage to invest heavily in Wanda projects at this time?

2. What are the thoughts of Sunac Wanda's traders?

Judging from the whole transaction process, Wanda and Sunac can be described as Zhou Yu's yellow cover, and one is willing to fight and the other is willing to suffer. We might as well analyze why the richest men, Wang Jianlin and Sun Hongbin, are so courageous.

Brother Han thinks a ring needs two hands. As the richest man in China, Wang Jianlin's tens of billions of projects are nothing anyway, and Sun Hongbin is also an old driver of the real estate industry. What is the intention of this choice?

On the one hand, Wanda's road to real estate has been clear. At the annual meeting of Wanda Group last year, our richest man, Wang Jianlin, made it clear that Wanda's non-real estate business has surpassed Wanda's real estate business. At that time, the richest man of Wang proudly declared to the outside world that Wanda was no longer a real estate company. Looking at Wanda's recent careful layout in network technology, internet finance, tourism and other non-real estate businesses, it is not difficult to find that de-real estate has become Wanda's main direction.

For Wanda, the real estate business is actually very clear:

The first is to lay the foundation for the transformation of Wanda Real Estate. Since last year, China's real estate regulation and control policies have been tightened day by day. Wanda and Vanke already know that a new era of real estate market has arrived, and real estate will be transformed from profiteering to meager profit. Facing the turning point of the real estate market, it is quite normal that Wanda is eager to divest its real estate business.

The second is to clear the way for Wanda's listing. Once Wanda Commercial delisted from the Hong Kong stock market, it can be said that it caused a lot of reverie in the capital market, but delisting is easy to return to difficulties. The purpose of delisting from Hong Kong stocks is undoubtedly to make a difference in A-shares, but at present, the IPO schedule of A-shares is extremely long, especially after the strict national policy, the IPO of real estate companies has basically stopped. In this context, Wanda naturally does not want to be classified as a real estate stock. Although Wang Jianlin can claim that Wanda is no longer a real estate company, his huge real estate capital will bring a lot of trouble to its characterization. Wanda has realized the transformation from a real estate enterprise to a comprehensive commercial enterprise by divesting assets, which is undoubtedly very beneficial to listing.

Third, it provides a guarantee for reducing the "light assets" of debt transformation. As we all know, real estate enterprises are standard high-debt enterprises, and the asset-oriented characteristics of real estate often make the balance sheet of real estate enterprises look bad, and Wanda's transformation has successfully turned itself into an "asset-light" enterprise. Combined with Wanda's Internet attributes, it can be said that it provides more story space for the capital market, which is definitely a good thing.

Let's go back to Sunac. For Sun Hongbin, fighting on two fronts is not only a headache for Thumb and Hitler, but also a taboo in battlefields and other shopping malls. Sunco real estate fell short because it showed too much. Not long ago, Jia Yueting demonstrated the difficulty of multi-line simultaneous operation with personal experience. According to Pintu Business Review, since 20 16 years, with the continuous expansion of Sunac, the company's liabilities have continued to rise, but its profitability has been narrowing. Sunac's 20 16 annual report shows that Sunac's net debt ratio rose from 75.9% at the end of 20 15 to 12 1.5%, an increase of 45.6 percentage points. 120% debt ratio can be said to be stepping on the red line of the cliff. Sun Hongbin doesn't know that a gentleman doesn't set up an iron law under a dangerous wall? Brother Han thinks it's wrong. Just like the previous analysis of LeTV, Sun Hongbin will always be a planner. Let's look at it this way:

The first is Wanda's market positioning. For real estate, due to its huge volume, Wanda's real estate projects are basically high-quality assets. As a real estate company focusing on residential sales, Sunac has a certain market base, but there is still a big gap with Wanda and Vanke in the first echelon. From an economic point of view, the future real estate market must be divided into two or eight, and economies of scale are the basis for the development of the real estate market, but Sunac's advantages here are not obvious. However, with the help of Wanda, Sunac acquired the essential land reserve, inherited Wanda's position in the real estate industry, and played a very important role in improving the ability of land acquisition and financing through Wanda brand. It can be said that with the help of Wanda, Sunac has entered the first echelon of China real estate market and has the right to speak in commercial real estate.

Second, Wanda, who is not drunk, has formed an alliance with LeTV. Having said that, we might as well look back at LeTV. Letv and Letv can be said to be two good cards in Sun Hongbin's hand. However, due to various reasons before, LeTV is now a big pit, and it is necessary to fill this pit to move on. It is worth noting that in the last agreement between Wanda and Sunac, the two sides agreed to conduct comprehensive strategic cooperation in various fields such as movies. Actually, this is the biggest key point. Wanda has many cinema resources. How do these resources combine with LeTV?

Wanda, Sunac, LeTV, Wang Jianlin, Sun Hongbin and Jia Yueting, this year's capital market is doomed to be not lonely, and a big drama may have just begun.

Viewing Jiang Han, the official account of World WeChat from an economic perspective ID: jianghanwiew