End of last month，Sun Hongbin appeared at Wanda headquarters with most of Sunac’s management team，In Wanda’s iconic conference room，He and Wang Jianlin were sitting across a long table, looking at each other and talking，This is the first public meeting between him and Wang Jianlin since they signed the contract in July last year。Wanda and Sunac were still unable to deliver the last five cultural and tourism projects when they met each other，Not yet。

Some media asked both parties whether these five projects will still be delivered，Wanda and Sunac did not respond，What was a done deal suddenly became strange。You need to know，If the remaining five projects are delivered，According to the agreement, Wanda can also collect another 14.4 billion from Sunac。

It has been less than a month since Sun Hongbin visited Wang Jianlin，Sunac follows Tencent again、Suning、JD.com launched a 34 billion blood transfusion to Wanda，In this way, Sunac’s remaining more than 10 billion does not seem to be very important to Wanda。

Can Wanda, which is hungry for money, be cured by these more than 30 billion?？

Wanda has always said that its book capital is 200 billion，If you analyze it carefully, you will find that this is just a word game。

Because as long as the borrowed 188bet app download money does not enter the operational level，All will be collected into book funds。Zhihui organizes Wanda Commercial based on audited data、Various long-term and short-term loans of the two cultural groups as of the third quarter of last year、The total amount of bonds payable is close to 300 billion，Of course, Wanda’s other business segments are not counted yet。

Actually, this is nothing in normal times，Creditors can never be angry with money earned through skill。But this time is not that time，There is a bigger creditor behind the creditor，And you have to pay interest。

An incomplete calculation was made using the audited data of Zhihui Comprehensive Wanda Commercial，Wanda Commercial’s actual cash for interest payments in the first three quarters of last year should be around 9 billion，Last year, this figure was only between 6 billion and 7 billion，Wanda actually paid more than 2 billion more in cash last year in terms of interest alone。

Attacks from all directions are leaking，Can Wanda’s “disease” be cured with 34 billion?？

The rare thing is still behind，According to the content of the agreement posted on the Internet，Wanda Commercial and Tencent this time、Suning、JD.com、Sunac also signed a gambling contract。One of the requirements of this gambling agreement is that Wanda Commercial’s net rental income is not less than RMB 19 billion，Otherwise the investor has the right to demand cash compensation。

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1. Wanda’s commercial leasing gross profit is not optimistic.Data display obtained by Zhihui，The gross profit margin of Wanda Commercial’s leasing and commercial management business has shown a continuous downward trend in recent years，From the highest 83 in 2014.65% dropped to 78 in the first quarter of last year.49%。The gross profit margin showed a downward trend from 2014 to 2016，84% respectively、82%、79%、78% (rounded to the nearest decimal point)。

The gradual decline in gross profit of Wanda’s leasing and commercial management business is due to the rapid expansion of Wanda Plaza in recent years，This large-scale expansion model is described by Wang Jianlin as the moat model，“We must speed up the national layout of Wanda Plaza，Sign more projects and build more projects as soon as possible，Develop Wanda Plaza to 1,000 stores earlier，This is Wanda’s moat plan。”

Rapid expansion has led to rapid growth in Wanda’s total rental income，But the gross profit margin has been declining year after year。This is why Tencent and four other companies clearly defined the net rental income conditions in the agreement rather than the total rental income scale。

How should Wanda deal with the difficulty of declining gross profit margin for consecutive years？Can Wanda use scale?、Systematic operation methods to operate up to 1,000 Wanda Plazas in the future？

One fact you need to know is that there are currently only more than 200 Wanda Plazas，The continuous construction of more than 200 Wanda Plazas in the past few years has caused the gross profit of Wanda Commercial’s leasing and management business to decline year after year，If Wang Jianlin plans to open 800 more stores by 2020，Plan to quadruple the size in three years，How can Wanda’s management keep up?？

Wang Jianlin’s rhetoric at the just-concluded Wanda annual meeting did play a role in calming the morale of the military at home and abroad，But Wang Jianlin really needs to be restrained when he returns to the office，At least real data、Realistic 188bet online sports betting cases show，It is really difficult for Wanda to build 1,000 Wanda Plazas。

二、The new retail mentioned by Internet giants is just an excuse to obtain offline traffic。This investment，Tencent will invest 10 billion yuan，The shareholding ratio is 4.12%，Suning and Sunac China each invested 9.5 billion yuan，Shareholding ratio 3.91%，Jingdong invests 5 billion yuan，Shareholding ratio 2.06%，Accounts for approximately 14% of Wanda Commercial shares。Calculated according to this ratio，Wanda Commercial’s current valuation is 243 billion yuan。

No exaggeration，Among the four, Tencent and Suning have indeed taken advantage of Wanda。Wanda faces shortage of money，Wanda’s commercial valuation is no longer Wanda’s best consideration。Only with the help of Wanda Plaza’s offline parent-child visits of billions every year、couple、Business、Precise offline customer flow of young women，Tencent can definitely build a payment wall between Alipay and the most accurate consumption big data fortress。

The same is true for Suning。Wang Jianlin revealed at the Suning strategy conference at the end of last year，Wanda will conduct in-depth cooperation with Suning starting in 2018，More store cooperation and Wanda will also customize a commercial center for Suning，Build food, drink, entertainment and other packages around Suning。Zhang Jindong, the head of Suning, also recently announced a big strategy: "It is planned to expand Suning Internet stores to about 20,000 in the next three years、The area reaches more than 20 million square meters，Among them，The number of new stores will reach 5,000 in 2018。”

In fact, Wanda has already had enough of relying on the working capital of financial institutions 188bet app download to survive，Wang Jianlin has experienced the policy control risks in the past year，Packaging and listing Wanda’s true core assets is the only way to resolve risks - shareholders do not have to pay back their money。

Wanda really took a crucial step for this:

“After introducing new strategic investors，Wanda Commercial will be renamed Wanda Commercial Management Group，Digest the real estate business within 1 to 2 years，Wanda Commercial Management will no longer conduct real estate development in the future，Become a pure business management and operation enterprise，All parties will promote Wanda Commercial Management Group to be listed as soon as possible。”

Back to the beginning of this article，Sunac and Wanda’s remaining five cultural and tourism projects have yet to be delivered，Sunac’s more than 10 billion yuan has not yet entered Wanda’s account。According to the previous agreement between the two parties，It is reasonable for Wanda, which is hungry for funds, to hand over remaining projects to Sunac。Why did both parties delay the appointment？

The reason is very simple，Wanda’s investment in the remaining five cultural tourism projects far exceeds this 14.4 billion，In other words，The previous project delivery in exchange for Sunac’s 29.4 billion was Wanda’s life-saving money，And the remaining 14.4 billion，If you reach out and take it, it will be poison。