Sunac compensated10.33 billion yuan and terminated the 2 1 Wanda Hotel Management Agreement.

Looking back at Wanda at this time, we will find that Wang Jianlin is the most obscure and enviable real estate tycoon in China.

16 On the evening of September, Wanda Hotel Development announced that Sunac China terminated the 2 1 Wanda Hotel Management Agreement ahead of schedule and paid 654.38+33 million yuan in compensation to Wanda Hotel Development.

According to the previous contract between Sunac and Wanda Hotel, Sunac China handed over 265,438+0 Wanda Hotel to Wanda for 20 years. During the contract period, the brand, planning, construction and operation management of Wanda Hotel will remain unchanged.

Among them, the operation and management remain unchanged. Although these Wanda hotels were sold to Sunac, the management right for the next 20 years still belongs to Wanda.

At that time, Wanda was mired in debt, and Wanda Hotel had been greatly discounted. For Sun Hongbin, as long as it can win Wanda's 13 cultural tourism project, it is acceptable to continue to hand over the management right to Wanda.

The 2 1 Wanda Hotel mentioned this time is a supporting hotel in the130,000 Wanda cultural tourism project. This is "the biggest business in the world" in China real estate industry. Sun Hongbin's 45.4 billion yuan M&A plan successfully helped Wang Jianlin get rid of the debt crisis.

In order to share the risks, at that time, Sunac also brought R&F Group, and R&F invested 654.38+089 billion to take over 76 hotels in Wanda.

In the strategic transformation of Wanda's light assets, Sunac and R&F both played the role of white knights.

However, today, great changes have taken place in the real estate market in China. With the tightening of financing loans, the debt of housing enterprises has become a huge burden, and a little carelessness may bring disaster.

Evergrande Group is caught in a "debt crisis" and cannot extricate itself. Seeing Sunac's compensation of10.33 billion, we should also take back the management right of Wanda Hotel. Many people worry that Sunac wants to package the hotel for sale in exchange for cash flow.

Will Sunac become the next Evergrande? This has become the biggest concern of China real estate market.

In ZAKER News's view, this concern is excessive.

Compared with Evergrande, Sunac is much safer. Among the three red line policies, only one red line of Sunac has not been eliminated, from "red file" to "yellow file". Sunac's debt pressure is much larger than constant.

Sunac's recovery of the management right of 2 1 Wanda Hotel may be related to Sunac's light asset strategy. On the road of light asset transformation, Wanda handed over a nearly perfect report card. If Sunac wants to live a better and more stable life in the future, it is inevitable to transform assets.

On the evening of September 16, Lu Peng, President of Sunac Lv Wen, publicly stated in an interview with the media:

"We are optimistic about the long-term value of the hotel industry. Lv Wen Hotel Group, a first-and second-tier core city and a high-quality tourist destination, has more potential space, and Sunac hopes to seize the market and opportunities. ".

"Since its establishment three years ago, Sunac Lv Wen has continuously improved its service strength, product strength and comprehensive operation and management capabilities ... and has the ability to undertake 2 1 hotel management."

In other words, Sunac hopes to integrate the resources of Lv Wen hotels and improve their self-management ability.

In terms of hotel business, Sunac's operational management ability is not bad. First of all, Sunac operates its own "Jin Yue" series and "Yue" series of self-operated high-end hotels. Secondly, Sunac Lv Wen also established Yongle Zhu Hua Joint Venture with Zhu Hua Group to be responsible for hotel operation and management.

In terms of hotel management ability, Sunac is not weaker than Wanda. Recovering the management right of 265,438+0 Wanda Hotel is conducive to bringing sustainable cash flow to Sunac.

For Wanda, this is a purely profitable business. At the beginning, I packaged the hotel and sold it to Sunac, saving Wanda in crisis. Now, Sunac has broken Wanda's management authority, and Wanda will earn another 65.438+33 billion yuan in compensation and then make profits.

Wanda won't lose money anyway.

What's more, today's Wanda has completed the strategic transformation of light assets, and the established Wanda Commercial Management Group is impacting Hong Kong stocks to complete a new round of listing.

Interestingly, Country Garden invested $65.438+0.5 billion in Wanda Commercial Management.

Produced by ZAKER news

Text/Chopin