Sun Hongbin and Wang Jianlin are brewing something big again.

July 2017，Wanda sold 91% of its shares in 13 cultural tourism projects to Sunac China，Exchange back to 438.4.4 billion yuan in cash。

The consensus reached by both parties at that time was，Brands of these items、Planning content、Project construction and operation management will continue to be controlled by Wanda，Sunac will continue for 20 years，Pay a brand licensing fee of 50 million yuan to Wanda for each project every year，Total 13 billion yuan。

But the plan cannot keep up with the changes.

"Financial" reporter learned exclusively，Wang Jianlin is ready，Farewell to the cultural tourism business once and for all。Wanda is packaging the core business and related personnel of the cultural tourism group headquarters to Sunac。

This trade fair involves design planning in the cultural tourism group、Construction、Most business areas such as operations。Specifically including the Cultural Tourism Planning Institute、Cultural Tourism Project Construction Center、Cultural Tourism Project Company、Theme entertainment company and other major departments，The personnel involve the core creative team of the cultural tourism group headquarters and the operation and maintenance management team, etc.。

In simple terms，What Wanda sold last year was the shell of cultural tourism projects，What we are selling now is the essence of cultural tourism projects。The design plan corresponding to the cultural tourism project sold last year、Construction、All operations and management of these business departments and 188bet Online Sports Betting and Casino personnel are transferred to Sunac，Managed by Sunac itself。Including commercial formats in the project，Wanda will no longer be responsible for business operations and management。

After transfer，Wanda only retains 9% of the equity in 13 cultural tourism projects，No longer responsible for any other affairs。

In Wanda Cultural Tourism Group，Except Baby King、Hotel management company, etc.，Other core departments will basically be cleared in the future。In other words，Wanda has decided to bid farewell to the cultural tourism business completely。

This transaction is in progress，Not yet made public。Specific transaction price、Transaction method，As well as the aforementioned brand royalties totaling 13 billion yuan, Sunac will continue to pay，Or cancel directly，Still unknown。But compared to last year 438.Transaction size of 4.4 billion yuan，This deal is much smaller。

"Finance" reporter learned，Sunac will give Wanda Cultural Tourism Group personnel an evaluation period of about half a year，After their establishment was transferred from Wanda to Sunac，Salary、There is a high probability that the ranks will remain unchanged for half a year。

The Caijing reporter sought confirmation from Wanda and Sunac regarding this transaction，No reply as of press time。

This ongoing transaction is a turning point in the big deal last year，But it was not within the scope of Wanda and Sunac’s expectations at first。

What changed the attitudes of both parties and led to the new deal？What does this deal mean to Wanda and Sunac？

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Sunac is coming to the headquarters of Wanda Cultural Tourism Group，What I am looking for is undoubtedly the creative and managerial personnel of the cultural tourism business。

The threshold for cultural tourism business is still quite high，The professionalism of Wanda’s cultural tourism business team ranks high in the country，Is an experienced team、A powerful team。

How ambitious was Wang Jianlin in the cultural tourism business back then，The gold content of this team is so high。They are the core force that keeps the wheel of cultural tourism business rolling，Design、Construction、Operation、Management，They are all 188bet sports betting app download high-tech technical activities。

Among them，Wanda Cultural Tourism Planning and Research Institute is the first R&D institution in China’s cultural tourism industry to be recognized as a national high-tech enterprise，Gathering together a large number of top art masters and scientific and technological talents at home and abroad，Business covers creative research and development of themed entertainment formats and their derivatives、Production、Intellectual property licensing and services, etc.。

This year，Rongxin established a cultural tourism group，Already started to operate independently，The professional talent team is still vacant。

This transaction is completed，Equivalent to Sunac’s betrothal gift to Wanda，Incorporated into the luxury team，It is a complement of talents，It’s also going with the flow，The best of both worlds。

This is also like my honey，His arsenic transaction。The logic of the transaction is，Wanda and Sunac have different demands，But both sides get what they need，Seeking a win-win situation，It is in a complex real situation，The best balance between the interests of both parties。

Today，Wang Jianlin and Sun Hongbin have different views on the cultural tourism business，It is the strategic goal between the company and the company、Asset Chassis、Financial strength、Reflection of different business focus。From this perspective，No one is better or worse，Only whether it is suitable or not。

According to the reporter from Caijing，In Wanda，The Cultural Tourism Group has initiated a discussion on the issue of talent retention，The number of manpower and service personnel in the cultural tourism construction business has been reduced to single digits。

Sunac cultural tourism business has entered a new level

Sunac’s recognition of the importance of cultural tourism business and professional team，It is a step-by-step process。

Transaction with Wanda last year，Only the transfer of individual project and project-level personnel，The consensus at the time，Cultural tourism project design and construction、Management and operation are authorized to Wanda，Directly responsible by Wanda，Sunac plays more 188bet app download of a financial role，Ownership，But no management rights。

This mechanism design actually also laid a foreshadowing，In the actual advancement process，It may easily result in Sunac’s control and restrictions on cultural tourism projects being relatively limited。

Sun Hongbin is optimistic about the prospects of cultural tourism business， Valuing consumption upgrade，The bet is on future results。This year Sunac began to regard cultural tourism as an important business segment，When you start investing heavily，New development demands will amplify this sense of powerlessness in control。

The sales properties of cultural tourism projects have provided Sunac with good value and cash flow，Saleable area 49.73 million square meters。But other properties require heavy investment，Continues for many years。

For Sunac，Cultural tourism assets must be revitalized in the future，Seeking good returns，Must make up for the practical ability，Clear management permissions。They will become nuclear weapons on the way to the development of Sun Hongbin’s cultural tourism plan，This is an important starting point for Sunac to take over Wanda Cultural Tourism Team。

For example，Sunac has spent 438.4.4 billion yuan bought 13 cultural tourism projects，Ready for a big fight，It is equivalent to spending a lot of money to buy a SLR camera，Buy a better lens，Make high-quality configuration，Also reasonable。

What’s more，Team configuration this time，Compared to buying the item itself，It’s still much cheaper。

Content and form are equally important，After the strong combination，Only then can Sunac’s cultural tourism business officially enter a new level，Change from walking on one leg，The stage where Wanda is needed as a crutch。

Wanda: Money now is more valuable than money in the future

Why Wanda is willing to let go of its core cultural and tourism business and backbone team that it was once proud of？

Although the transaction with Sunac last year，Wanda has formulated requirements to continue to charge operating management fees to Sunac，It seems that Wanda will continue to retain the core business and team of the Cultural 188bet Online Sports Betting and Casino Tourism Group，Doing cultural tourism and light asset operations。

But actually，Package and sell all cultural and tourism projects，This behavior itself is a signal，This is the first step for Wang Jianlin to give up the cultural tourism business。

From the first step to giving up now，It’s just a matter of time。

From Wanda’s point of view，No items，Team only，Do light asset allocation，You need to meet the rigid prerequisites for telling asset-light stories。

Wanda Commercial’s asset-light story has been established，In full swing，But the story of cultural tourism being asset-light is different from that of business being asset-light。

All asset-light business models need to achieve visible incremental benefits，Do business with growth potential。If Wanda wants to be big in cultural tourism and light on assets，The cultural tourism projects and revenue taken over each year must at least have an upward trend。

But，The cultural tourism project is large in size，Difficult to obtain，More accumulated funds，A single project may invest tens to hundreds of billions，To do a cultural tourism project is to start a long-term project。

The fastest developing developer in the cultural tourism field in China is Wanda itself，But there are only 13 projects in total。Peers attack cultural tourism business，In terms of number of projects and intensity of attack，Not many can rival Wanda。

This means，Wanda Cultural Tourism’s asset-light external activities，There is not much room for independent operation。

For Wang Jianlin，Divest cultural tourism business，Is Wanda’s best move on the road to transformation，It is also an inevitable choice。Wanda borrows this sale，Completely freed from the burden of cultural tourism business，You can focus on the most valuable business，Further transformation into light assets。It’s so powerful to let go，This shows Wang Jianlin’s determination to transform。

In his own words，It is Wanda Plaza where Wanda already holds a large number of heavy assets，There is no need to hold asset-heavy cultural tourism projects，It will take more than ten years for the latter to recover its investment，The debt 188bet Online Sports Betting and Casino pressure is quite high。

Today，A complete farewell to the business and team of the Cultural Tourism Group，Also based on interests。Instead of waiting for an uncertain annual return on management fees ，It is better to sell directly，Get stable cash flow directly。

For cultural tourism，Wanda would rather believe，Money now is worth more than money in the future。Of course，This may also be reflected from another aspect，Funds are still very important to Wanda at this stage。

*Source of this article: "Finance", Author: Dong Wenyan,Original title: "Sunac will take over all Wanda Cultural Tourism, Wang Jianlin cashes out and exits》.