Morning of July 10th，Wanda Commercial、Sunac China jointly issued an announcement: Sunac China (01918.HK，hereinafter referred to as Sunac) to 295.7.5 billion yuan acquisition of project equity in 13 Wanda Cultural 188bet online live casino City，And with 335.9.5 billion yuan acquisition of 76 hotels under Wanda，Total transaction amount reaches 631.700 million yuan。Announcement，After both parties agree to the delivery，Cultural 188bet online live casino City still uses the Wanda brand，its plan、Development and operations are still controlled by Wanda。After hotel delivery，Management will still be implemented according to the original contract until the expiration of the contract period。The two parties will further cooperate in film and other fields。Wanda Group Chairman Wang Jianlin said on the morning of the 10th，Transfer projects can significantly reduce Wanda Commercial’s liabilities，And further realize asset-light operations。

Sunac has gone from being the king of real estate municipalities to a first-tier real estate giant，It took 11 years，But it seems to have been sneaking in a low profile。But Sunac has been gaining momentum in the past six months，From the RMB 15 billion support for Jia Yueting at the beginning of the year to the recent full ownership of LeTV，And then control LeTV’s core assets，And then spend a lot of money to acquire a large number of assets of Wanda Cultural 188bet online live casino and Hotels，A new cultural and 188bet online live casino giant seems to be about to take off。Wanda, which has been firmly developing in the direction of cultural 188bet online live casino in the past, has made a sharp turn that has shocked many people in the industry and outside the industry，Wanda’s investment in the cultural 188bet online live casino field in recent years is eye-catching，Wanda’s cultural 188bet online live casino asset package is roughly calculated to total up to 506 billion。

According to the content negotiated by both parties，Wanda uses 91% of its registered capital (net assets) as valuation，Total price 295.7.5 billion yuan，Such a transaction logic seems to indicate that Wanda is eager to sell all assets of cultural 188bet online live casino projects，Zhihui discovered this by sorting out the investment status of Wanda’s 13 cultural and 188bet online live casino complex projects，The pricing weight of this type of assets by both parties may be more biased towards the four projects that are already in operation: Xishuangbanna、Nanchang、Hefei、Harbin，The total investment in these four projects has reached about 100 billion yuan，Most of the other 9 projects are in the initial stage of construction，In the cost accounting and weighting part, more emphasis may be placed on the land acquisition price，If we look at it solely in terms of investment amount，It can basically be judged that the assets of Wanda Cultural 188bet online live casino sector are being sold at low prices。

188bet online live casino Hotels owns four self-operated hotel brands: 188bet online live casino Reign、188bet online live casino Vista、188bet online live casino Realm and 188bet online live casino Jinhua，188bet online live casino has not injected all its hotel assets into its Hong Kong-listed company 188bet online live casino Hotel Development。As of the end of 2016，188bet online live casino Hotels and Resorts have more than 100 hotels in China，Excluding some under construction and 12 light asset management output projects，The 76 hotels in the agreement may be all of 188bet online live casino’s hotel assets。As a typical representative 188bet online live casino heavy asset model，Hotel business due to depreciation、High management costs have become an asset class that many real estate developers are afraid to avoid，From the perspective of Sun Hongbin’s consistent high turnover operation logic，The hotel property is not liked by him，But maybe this is the necessary price for him to take over at a low price，And335.The transaction price of 9.5 billion yuan is obviously also a big discount。

For Sunac，Should we follow the logic of previous rounds of low-priced mergers and acquisitions to buy at the bottom or take over at a high price，It is also necessary to observe Sunac’s understanding and judgment of the prospects of the cultural 188bet online live casino industry。Starting from the second half of 2017，Financing environment、Financing costs will become more severe，The future capital chain will face a comprehensive contraction，Rongchuang has become a leading real estate developer in China，Sun Hongbin is still optimistic about the future real estate 188bet online live casino with a high probability，So take this opportunity to increase land reserves on a large scale，Used to complete strategic expansion and multi-business layout。

But Sun Hongbin, who has always dared to take risks, will not exclude greater development space。Wanda’s asset bargain hunting brings more than just the future development potential of real estate to Sunac，If you look at the logic of the cultural 188bet online live casino industry，It is the resources and the cultural 188bet online live casino experience landing scene and supporting layout built based on the resources，Wanda 188bet online live casino and Hotel’s years of accumulation are the best resource reserves。In fact，Before bargaining for Wanda Resources，Sunac has been testing the waters in the field of cultural 188bet online live casino towns。

188bet online live casino past two years，“M&A King” Sun Hongbin keeps moving，And based on the original idea of ​​overall acquisition，Add ways to acquire some projects，The main demand is to obtain land through a curve。According to 188bet online live casino’s annual report，It had as many as 16 acquisitions in 2016，Most acquisition targets are Shanghai、Suzhou、Zhengzhou、Shenzhen、Hangzhou、Real estate company in Chengdu，Involving funds of 59.5 billion yuan。In its 53.94 million square meters of new land bank in 2016，68% comes from acquisitions。Since May this year，188bet online live casino successively acquires Chongqing Huacheng Fuli、Equity and debt of real estate companies such as Dalian Runde Gancheng and Tianjin Xingyao，A total of 4.09 million square meters of salable area (residential and commercial) has been added，The total price exceeds 15.5 billion yuan。

Based on latest data，Sunac ranks sixth among real estate companies in the country with a land reserve of 79.12 million square meters，Wanda with 7332.60,000 square meters ranked seventh。Wanda insider introduction，Most of Wanda’s existing land reserves are Wanda Cultural 188bet online live casino City。Sunac will continue to hunt in the M&A market，Relying on the asset advantages accumulated in the real estate industry，Has started hunting in the cultural 188bet online live casino industry with better growth。Except this time it is 295.7.5 billion yuan acquisition of project equity in 13 Wanda Cultural 188bet online live casino City，With 335.9.5 billion yuan acquisition of 76 hotels owned by Wanda，Sun Hongbin has already laid out the layout of cultural 188bet online live casino towns。January 13, 2017，LeTV Ecosystem officially introduces strategic partner Sunac，Sun Hongbin said，Sunac has launched in-depth cooperation with LeTV on characteristic towns，Because the land cost is low。LeTV previously obtained government approval for 10,000 acres of land in the Moganshan area，Excluding industrial and other projects，The remaining development value is great，Now it has also become the reserve land of Sunac。

In addition，June 13, 2017，188bet online live casino signed a cooperation framework agreement with the Gongyi Municipal Government of Henan Province，In-depth development will be carried out around the Qinglong Mountain Ciyun Temple Scenic Area，Building 188bet online live casino Ciyun Town、188bet online live casino Industrial New City，Total investment reaches 45 billion yuan。Sun Hongbin once said: Construction of Ciyun Town Project，Mainly through infrastructure upgrades and scenic spot quality improvements，Comprehensive transformation of the quality of Qinglong Mountain Ciyun Temple Scenic Area (3A Scenic Area)，Built into a 5A-level scenic spot，Build a "mountain" in its radiation area、Water、Qinglong Mountain Ciyun Temple Scenic Area integrating "Zen"，Quality improvement project。As understood，With the signing of Ciyun Town，Currently including Xishan Town、Zhulin Hot Spring Town、Songding Ice and Snow Town、Kangdian Ming and Qing Ancient Town、Heluo Opera Town、Seven "characteristic towns" including Zhanjie Shici Town were established in Gongyi，The total contracted investment exceeds 120 billion yuan。

Sunac’s acquisition of Wanda Cultural 188bet online live casino and hotel assets can be said to be a win-win for two birds，Land resources have been reserved on a large scale，At the same time, it also laid a good foundation for its layout of cultural 188bet online live casino。The future comprehensive 188bet online live casino experience and the development logic of the cultural 188bet online live casino industry will be a collection of resources (scenarios) + content + operations。Look at it this way，Sunac’s acquisition of LeTV and bargain-hunting Wanda Cultural 188bet online live casino are no longer isolated incidents，But there is a deep connection。

January 13, 2017，188bet online live casino and LeTV jointly held strategic investment conference。At that time，Sun Hongbin and Jia Yueting announced on the spot，188bet online live casino invested 150.4.1 billion yuan，Get LeTV 8.61% of shares、LeTV Zhixin 33.50% shares、15% stake in LeTV Pictures，Zhihui learned yesterday，188bet online live casino’s equity ratio in LeTV Pictures，Has been increased from 15% to 21%。188bet online live casino has actually taken control of LeTV’s core content system。

Since LeTV was listed on the A-share GEM in 2010，After nearly ten years of promotion and continuous accumulation of genuine copyrights，Already built to include movies、TV series、anime、PGC Cooperation、Music、Sports and other content copyright library resources。Since the establishment of LeTV Pictures，Its rapid rise 188bet online live casino entire Chinese film industry，11 LeTV Films’ box office revenue exceeded 100 million in 2016；At the same time，In advance when the growth rate of the entire industry has dropped sharply，LeTV Pictures’ revenue increased by 70% in 2016，Become the film and television company with the highest growth rate 188bet online live casino industry，Further promote the implementation of global business。In addition，The box office of the movie "The Great Wall" exceeded 1.1 billion，Released in 170 countries。

Internet self-made aspects，188bet online live casino has also been planning for a long time，A famous and bold director with over 30 production companies under his belt。Huaer Film and Television, as a company wholly acquired by 188bet online live casino, specializes in high-quality TV series，In recent years, "The Legend of Zhen Huan" has been achieved、The development miracle of Chinese TV series such as "Red Sorghum"，Comprehensive distribution through two platforms, satellite TV and the Internet。In addition，In 188bet online live casino’s listing system，Especially worth mentioning，188bet online live casino has now become the largest smart TV company in China。Since official sale in 2013，After 3-4 years of development，The overall scale of home Internet user coverage is doubling almost every year，The number of household users in 2016 has exceeded 10 million。

It can be said，LeTV entered by 188bet online live casino、LeTV Zhixin、LeTV Pictures is currently the core of the entire LeTV segment、Best asset value、The most competitive business in the market，At the same time，It is also the business with the least risk。According to "Caixin" report，The more important reason why Sun Hongbin dared to invest in LeTV is，What he has received are businesses that have already been established 188bet online live casino LeTV ecosystem，At the same time，It also gained tens of millions of LeTV users，Add an A-share shell。“film industry、Zhixin，In fact, it is equivalent to separately promising Sun Hongbin’s exit path，Very good deal。”These high-quality resources can be operated separately，Merger can create new business formats，Liu Chuanzhi’s evaluation of Sun Hongbin back then was extremely accurate，“He is a person who can see through the industry at a glance”！Behind Sun Hongbin’s seemingly adventurous approach, he indeed has extraordinary insight and courage，After being in prison and experiencing ups and downs in life, he is now more sophisticated and precise in his attacks。In fact，After such a layout，In the foreseeable future，Sunac is bound to become one of the largest cultural and 188bet online live casino giants in China。

Sun Hongbin once said，In the future, the top ten real estate companies will account for 40% of the overall market size。In order to ensure the sustainable growth of enterprise scale，Past years，Sun Hongbin focuses on cross-border inspections in 5 fields，That is, the incremental market、Financial platform、Resource industry、Big entertainment and big health industry。This is also the reason why Sunac desperately acquires and expands land even if it assumes a debt ratio of more than 120% - scale is its important consideration。This time through bargain hunting 188bet online live casino Assets，Sunac will take further steps in the pan-real estate field，Promote the diversified development of related businesses。“With the diversified transformation of peers，Ruwanda、Surge in Evergrande，And the scale ceiling of the real estate industry has reached，Sun Hongbin increasingly realizes the necessity and importance of crossing borders”。Investing in LeTV is the first step in Sunac’s cross-border expansion，But a bigger crossover is about to begin。

If you look at it this way，Zhihui believes that 188bet online live casino will develop along the core logic of resources (scenarios) + content + operations in the future。At present, 188bet online live casino’s integration of resources and content has been initially completed，But operations will face many challenges。Resources are not the same as products，It is not the same as excellent 188bet online live casino service and experience。Cultural 188bet online live casino projects have developed and evolved over the years，From the original Window to the World to the blossoming Wanda Cultural 188bet online live casino City；From various cartoon parks to Disney Universal Studios landing on the beach；From single scenic spot economy to global 188bet online live casino，After years of development, the cultural 188bet online live casino industry has transformed from a seller’s market to a buyer’s market、Transformation from resource capabilities to product capabilities、Transformation from standardized products to differentiated products、Transition from customer group market to market segment。

Whether it is the 188bet online live casino real estate model of OCT，It is still Wuzhen’s excellent 188bet online live casino management experience，Pastoral Complex Practice in Pastoral East，Or Mangrove’s global timeshare platform，It is difficult to simply copy，Both require in-depth research on the user population，Grasp the trend of consumption upgrade，Carefully polish products and services with the spirit of craftsman，Only through refined operations by professionals can achievements be achieved。The Wanda cultural 188bet online live casino project taken over by Sunac can be linked to the LeTV film and television content ecosystem，It’s also difficult to achieve overnight。A large number of domestic film and television city projects、Movie Complex、Movies + travel and other projects，Very few succeed。The cultural 188bet online live casino industry driven by the market no longer applies to "188bet online live casino platforms"，The model of “real estate singing”，From investors、Developer to operation management，Everyone will inevitably fall into huge investment、Severe homogeneity、Weak operation and management model、Difficulty connecting capital resources、Problems such as lack of profit model，I don’t know if I like generosity、Fast pace、Can Sun Hongbin, who is taking off quickly, have the patience to let Sunac, which is taking off in the cultural 188bet online live casino industry, land smoothly？

*Hong Liping, Chen Ju, and Liang Guoqing also contributed to this article.

*Author of this article: Liu Zhaohui (personal WeChat ID: liuzhaohui22)，Founder and CEO of 188bet online live casinoExpert Author。