Why on earth did Wang Jianlin sell 77 hotels and 13 cultural tourism projects at discounts？There are many answers in the past few months，But most of them are not supported by exact facts。The asset-light route Wang Jianlin drew for Wanda is even more confusing，Because of commercial real estate、Tourism real estate is Wanda’s DNA，Just like Wang Jianlin just sold hotels and cultural tourism projects in July，I went to Gansu in August to build 10 commercial + cultural tourism projects。

Early October，The news that the golf course in Wanda Changbai Mountain Resort was banned flooded WeChat Moments，What is shocking is that this golf course was included in the rectification list by the national competent ministries and commissions earlier this year instead of being banned。What’s even more shocking is，Zhihui discovered that the main company of Wanda Changbai Mountain Resort no longer has the surname "Wang"，188bet app download

Wanda’s Changbai Mountain project is one of Wanda’s earliest cultural tourism projects，And it has the popular characteristics of city construction on flat land + heavy asset investment + blood recovery from cultural and tourism real estate + later cultural and tourism operations，Dissecting this sparrow may reveal the world in a grain of sand。

In a word, the real test of Wanda is not sales but operations.

June 16 this year，The shareholders of Changbai Mountain International Tourism Resort Development Co., Ltd. (hereinafter referred to as Changbai Mountain Company), the main company of Wanda’s Changbai Mountain project, have quietly changed，Wanda Group is no longer in the shareholder list，The only remaining shareholders of the company are Yifang Group and Beijing UFIDA。Although all this happened suddenly, it was also a matter of course，Because all the big guys who previously invested in the project have already withdrawn。

Changbaishan Company’s latest shareholder update

Changbai Mountain International Resort is located in Fusong County, Jilin Province，Total area of ​​21 square kilometers，20 kilometers away from Changbai Mountain Tianchi。Wanda Changbaishan International Resort project started in 2008。At the Northeast Asia Expo in September of that year，The local government requested Wang Jianlin, Chairman of Dalian Wanda Group、Lu Zhiqiang, Chairman of China Oceanwide Holdings Group and other private entrepreneurs recommend tourism projects in Fusong County。

Early 2009，Five private enterprises，Wanda 188bet app Group、Oceanwide Group、Giant Group、Fosun Group、Yifang Group signed an investment framework agreement with the local government，But in the Changbai Mountain International Tourism Resort Project Investment Agreement officially signed in August 2009，Giant Group and Fosun Group did not appear in the list of investors。According to media reports at the time，A person close to Fosun revealed，Fosun chose to withdraw because the decision-makers believe that it will take a long time for the local market to mature，Risk of entry is too great。

Then Elion Resources Group Co., Ltd. entered the game。When officially signing the contract，Investors in the Changbai Mountain project include Dalian Wanda Commercial Real Estate Co., Ltd.、Oceanwide Group、Yifang Group、Elion Resources。The proportion of four companies is 35%、35%、25%、5% established Changbaishan Company，Registered capital is 1 billion yuan。

Since then, Changbai Mountain International Tourism Resort Development Co., Ltd. has experienced an equity change，Introduced Legend Holdings、Beijing UFIDA and several other companies。The equity structure of Changbaishan Company in May 2010 is: 28% of Wanda shares，27% shares of Oceanwide，20% shares of Yifang Group，10% shares of Yili Resources，Lenovo 6% shares，5% shares of Beijing UFIDA，4% shares of Raycom Property。

This project started in May 2010，Officially opened in the first phase in July 2012，Total investment reached 23 billion yuan。

But after the opening of the first phase of the project，The exit show of shareholders has begun。

According to incomplete statistics，Elion Resources will exit on February 20, 2014，Oceanwide Group withdrew on April 28, 2016，Lenovo Holdings may have exited before 2013，It’s June this year，Wanda Group also simply withdrew entirely。The remaining two shareholders are one of the Yifang Group，One is Beijing UFIDA，From the perspective of share composition，Yifang Group apparently took over all shares of Wanda，Become the absolute majority shareholder of Changbaishan Company。But one month later，It’s July this year，Wanda suddenly announced that it would sell 13 of its cultural and tourism projects to Sunac at a discount，This does not include Changbaishan Company。

A question that arises is，They are all for sale，Why doesn’t Wanda package the Changbaishan Company and sell it to Sunac？The next step is Oceanwide、Why did Lenovo and other all-powerful giants quit early？

After National Day this year，The news that the golf courses in the Changbai Mountain project have been banned has begun to spread，A picture circulating in the market shows，Displayed copy of suspected official document with the title of Fusong County Government，The International Ski Center Snow Biathlon Summer Golf and the Summer Golf Course in the Snow Entertainment Area under the Changbai Mountain Project were banned，The signing date is October 1 this year。

188bet app Pictures of photocopies of documents circulating in the market

Zhihui failed to receive a positive response from Wanda and Fusong County。

This golf course is truly luxurious，It has always been a product of Wanda’s model of holding high and fighting high。

Players in the golf industry are full of praise for this course，The three 18-hole courses in Wanda Changbai Mountain are of excellent quality，After its official opening in 2013, it occupied the best new stadium seat selected by many domestic and foreign stadiums。Pine Valley (East/West) two courses designed by Robert Jones, Jr.，Was ranked first among the top ten new courses in China in 2014-15 by "Golf Master"。White Birch Field was designed by Golden Bear Nicklaus，And sign hole by hole，It was also a star stadium on the list of China’s top ten new stadiums。These three 18-hole courses are built using fairways in virgin forests，Wild and wild。

However，The ban on Wanda’s top golf courses seems a bit sudden。

January this year，Several national ministries and commissions jointly released the results of national golf course cleanup and renovation，Result announcement display，The cleanup and comprehensive inspection work has been completed，Banned、Exit、Cancel、Rectification and other cleanup and rectification tasks have been basically implemented。

It’s worth noting，Zhihui found that it was banned in the above notice、Exit、Cancel、Different words used in rectification，The results are also different。The most serious measures taken to ban include:"Stop business operations，The land is restored to its original state according to the plan，Course features removed，Illegal buildings demolished，Relevant units and personnel have been held accountable in accordance with laws and regulations”。

The two golf courses in the Changbaishan project are also among them，But it is not a ban but a rectification。These two courses are Fusong Changbaishan International Ski Center Snow Biathlon Summer Golf Course and Snow Entertainment Area Summer Golf Course，In the list published by the National Development and Reform Commission，The cleaning and renovation results of these two stadiums show that they have been rectified。In other words，These two courts can be reserved，Wanda, relieved, even held a Changbaishan Golf Open in June this year。

List released by the National Development and Reform Commission in January this year

However, this ban is not sudden.

Back in 2011，A report from the Economic Information Daily pointed out that Changbai Mountain International Resort, a subsidiary of Wanda, illegally built golf courses and single-family villas in the name of the "Fusong Changbai Mountain International Ski Center Construction Project for the 12th National Winter Games Branch Venue"。

This report of that year borrowed the name from the ministry’s approval document，“Agree to the occupation of forest land 609 for the construction project of Fusong Changbai Mountain International Ski Center, the branch 188bet app venue of the 12th National Winter Games.676 hectares(6.09 square kilometers)。The State Forestry Administration also requires: The project is in the process of implementation，Do not arbitrarily change the design and build golf courses where land supply is prohibited by the state、Villa real estate and other content，No residential buildings allowed。”

But from 2011 to 2017，Seven years，Changbai Mountain project golf course was banned，The reasons for this are also complicated，There are changes in macro policies，The ups and downs of officials in charge，There is also the pressure of strict environmental inspections that last for a year。

One thing that cannot be doubted is，The local government gave Wanda very favorable policies back then，There was also strong support from the officials in power at that time、Highly recommended、LIBAO。Of course，This project will stimulate local economic growth，The positive significance of promoting employment cannot be ignored。

Early media reports stated，Wanda’s entry into Changbai Mountain may have originated from Li, then secretary of the Baishan Municipal Party Committee，As a county of Baishan City，Li once promoted the snow project in Fusong County to several domestic business leaders，The original plan was to invest about 200 million yuan，Building 17 ski trails。But after Wanda intervened，Instant investment reached more than 20 billion。

After Wanda’s generous intervention，Various preferential policies are coming。It is not difficult to find out when looking back at this project，It had the green light all the way in terms of land, and even the local government’s new site also fully cooperated with this giant project of the year。But looking at the experience of the past many years，The ups and downs of administrative officials affect the present and future of heavy asset projects such as land development to a certain extent。

The profound meaning is also worth savoring by businessmen.

Use fast to beat slow、Quick blood recovery、Heavy assets to conquer the city，This is the impression Wanda has given people in the past ten years。However，Cultural tourism project after the house is sold，Only in this way can Wanda’s operating capabilities in cultural tourism projects be truly tested。The Changbaishan project is a city-building case of raising high-rise buildings from the ground，It has been open for many years, which is a direct test of Wanda’s cultural and tourism management capabilities、Strategic Vision。It has been five years since the Changbai Mountain project was opened，After almost four snow seasons。

One question is how is Wanda’s operation?

Zhihui is currently unable to know the exact revenue of Wanda’s Changbai Mountain project in recent years，However, some confirmed details show that the Changbai Mountain project is not as optimistic as Wanda originally imagined。

2010，A senior executive of Changbai Mountain International Tourism Resort Development Co., Ltd. once had a general 188bet online sports betting expectation for the Changbai Mountain project，According to Zhihui’s understanding，At that time, the senior executive made a rough prediction and description of the passenger flow of the Changbai Mountain project at an investment promotion event，His rough prediction is，“What will be the contribution and stimulation of the tourism industry in Jilin Province after the completion of this project？920,000 visitors in 2013，1.5 million in 2014，3.5 million in 2020，This is the number of people directly taking leisure vacations in the project，If you add the sightseeing tour of Changbai Mountain Tianchi，Maybe it will reach 1.5 million in 2012，Think about it，1.5 million purchases，One person’s consumption is calculated as two thousand yuan，At least 30 billion”。

The senior executive described a bigger prospect on the spot，He hopes to have the Alps in the west，Changbai Mountain in the east，He even believes that Wanda’s Changbai Mountain project can rival the Boao Forum in terms of exhibitions and even become China’s Davos town。

This is the first China Private Economic Forum held in Changbai Mountain Project，However, the popularity of this forum has not surpassed Boao and Davos，Not even beyond Heilongjiang Yabuli Entrepreneur Forum，And this forum may no longer be held。The promise of being on par with the famous exhibition town of Davos, Switzerland seems to have come to nothing。

But the reality is not so optimistic.

Judging from passenger flow，The North Scenic Area and West Scenic Area of ​​Changbai Mountain are the most popular，North Scenic Area has the largest passenger flow，There are fewer scenic spots in the west。Wanda’s Changbai Mountain project is located within the radiation range of the West Scenic Area。2014，The number of tourists in Changbai Mountain Scenic Area reached 193.40,000 people，Number of tourists in North Scenic Area 137.40,000 people；The number of tourists in the West Scenic Area is only 560,000。North of Changbai Mountain、The ratio of visitors to the two scenic spots in the west has not changed much over the years，For example, September this year is one of the peak season months in Changbai Mountain，Official data obtained by Zhihui，The number of tourists in the North Scenic Area that month was 16.60,000 people，The number of tourists in the West Scenic Area is 5.90,000 people。

Another data is more objective。Wanda Changbaishan project is located in Fusong County, Jilin，Zhi Hui Discovery，Fusong County received a total of 1.23 million tourists in 2014，Total tourism revenue achieved 13.800 million yuan，Increase by 11 respectively.8% and 11.3%。At least in 2014，The total number of tourists including Fusong County is less than 1.5 million，Wanda’s Changbai Mountain project is just one of many cultural tourism projects in the county。

Changbai Mountain Project located in the radiation range of Changbai Mountain West Scenic Area，How much the actual number of tourists can reach deserves attention，Whether it meets its rough expectations for the year is more questionable。

Although it is not possible to know exactly the actual income of Changbaishan Company，However, the Management Branch of Changbai Mountain International Tourism Resort Development Co., Ltd. (hereinafter referred to as the management company), which is responsible for the management and operation of cultural tourism assets of the Changbai Mountain project, has released some revenue data。The legal representative of the management company is currently Zhang Lin，Zhang Lin is also the person in charge of Wanda’s cultural tourism segment，This company is responsible for an unusually wide range of businesses，Including Changbai Mountain International Tourism Resort Development、Construction、Operation Management，Catering Services，Exhibition Services，Alpine skiing，Managing performances，Cultural performing arts team management，Organizing an exhibition、Show，Indoor water sports、Sale of water and electricity、Linen washing、Property Management、Venue rental、Operating lease、Travel business, etc.。

The company’s operating data is divided into two pieces，One piece is based on industrial and commercial information，The net profit in the management company’s annual report in 2016 was negative。

The other part is the data display of the relevant industrial and commercial information platform，The management company’s main operating income in 2015 was 1.4.5 billion yuan，Main operating income in 2014 is 1.1.9 billion yuan，Main operating income in 2013 was 56.52 million yuan。

Although the operating data of this management company cannot fully reflect the overall status of the Changbai Mountain project，But this shows that at least in key areas such as site operations，This star project may not have met the original optimistic expectations，Also reflects the overall status of the project to a certain extent。

Tell one thing and say ten thousand，Wanda’s many previous cultural and tourism projects with huge investments were not simply about selling out the houses，After the house is sold，How is the operation of the remaining cultural tourism projects？

The biggest prerequisite for becoming a century-old store is not to be eager for quick success。The real test of Wanda is not sales but operations。