The move has not changed and the game has reached the end.

Wanda on October 29th、One announcement from Sunac China on the 30th，Announced an agreement on an important deal that had been denied by Wanda: Sunac invested in the acquisition of Wanda’s original 188bet Online Sports Betting and Casino group and the design of 13 188bet Online Sports Betting and Casino projects、Construction and Management Company，Total cost 62.8.1 billion yuan。

In other words,After Sunac China won the “shell” of 13 188bet Online Sports Betting and Casino projects，Winning the more meaningful "bones and flesh" of the project again。These elite cultural and military generals who once belonged to Wanda，Maximizing the role is not limited to 13 188bet Online Sports Betting and Casino projects，It will also play a greater role in Sunac’s overall 188bet Online Sports Betting and Casino layout，Become the foundation or pillar team of Sunac 188bet Online Sports Betting and Casino。

Wang Jianlin finally chose to withdraw，Travel lightly；Sun Hongbin finally got his wish and will control the overall situation，He has become the real operator of Wanda’s 13 188bet Online Sports Betting and Casino projects，Also completely took over Wang Jianlin’s “scepter” of 188bet Online Sports Betting and Casino，Getting closer to becoming the head of China’s largest 188bet Online Sports Betting and Casino group。

Sun Hongbin’s 188bet Online Sports Betting and Casino landscape construction is on the fast track，But the cruel reality he has to face is even more difficult than Wang Jianlin，It may even be more difficult and dangerous，But his support and chips also have advantages。

The intersection of advantages and challenges，In an increasingly ambitious era and market context，Sun Hongbin has a new path，Opportunities to build the "era" of Sunac 188bet Online Sports Betting and Casino。

What did Sun Hongbin win

This latest transaction is timely enough for 188bet Online Sports Betting and Casino.

Time goes back to July 10, 2017， Sunac China with 438.Acquired 91% of Wanda’s 13 188bet Online Sports Betting and Casino projects at a price of 4.4 billion yuan，But the specific plan of the project、Construction and operation are still handled by Wanda。In other words, Sunac is the big financier，Bought a bunch of "shells" of 188bet Online Sports Betting and Casino projects，But the "bones and bones" that enrich these "shells"、The talent team is not owned by Sunac。

With the completion of the above transaction，Sunac will hold 100% equity of Wanda Cultural Management，Overall planning and design of 13 188bet Online Sports Betting and Casino projects、Construction Management、Brand License、Operation consulting management and other services，Sunac will be fully responsible for everything，At the same time, the 188bet Online Sports Betting and Casino projects involved in these businesses hold property construction headquarters and local personnel、Staff from Wanda 188bet Online Sports Betting and Casino Planning Institute、Wanda Theme Entertainment Headquarters and Theme Entertainment Regional Operations Manager、Wanda commercial area operations management personnel, etc.，Sunac China also accepts the status quo。

In other words,After more than 1 year，Sunac finally put the “shell” of 13 188bet Online Sports Betting and Casino projects into、The sinews, bones and flesh are all in the bag，The project truly becomes an organism。

Wanda also stated in the above announcement，The previous cooperation model in which Wanda was responsible for operations and management did have many inconveniences，Project Planning、Construction and operation management are consistent with the investor，More beneficial to project development。In addition, Wanda said it will use all resources，Fully support the smooth opening and operation of the Wanda City project acquired by 188bet Online Sports Betting and Casino but not yet opened。

The scale of this transaction is much smaller than the equity in 188bet Online Sports Betting and Casino projects，But the importance is no less than or even more than the significance of the project itself。

These 13 project organisms once they are actually running，Sunac may become China’s largest 188bet Online Sports Betting and Casino group。

Sunac’s 188bet Online Sports Betting and Casino layout has been clearly set。At Sunac’s 2017 performance meeting，Mentioned by Wang Mengde, Executive Director and Chief Executive Officer of Sunac China，The 188bet Online Sports Betting and Casino and tourism sector must be the growth point of the group’s (Sunac) profit and business revenue contribution in the future，It’s the next three years、Very important direction layout in five years。

August this year，Sunac established Sunac 188bet Online Sports Betting and Casino Development Group Co., Ltd. (Sunac 188bet Online Sports Betting and Casino Group) in Hainan，Around October, another 500 million yuan was invested to establish Sunac (Shanghai) 188bet Online Sports Betting and Casino Development Co., Ltd.，From the perspective of equity relationship，The two have no affiliation yet。

Everything everything，After this transaction is completed，Begins to show the situation 188bet Online Sports Betting and Casino expects。

Sun Hongbin may have breathed a sigh of relief.

The 188bet Online Sports Betting and Casino journey of the top team

But Sun Hongbin’s burden may not be easy.

First of allThe team of the 13 188bet Online Sports Betting and Casino projects won by Sunac plans the next projects、What is the specific efficiency of construction and operation。The specific situation of these teams is not yet known，But it is undeniable，Wang Jianlin’s generous layout of 188bet Online Sports Betting and Casino projects is not without purpose，The thickness and breadth of the professional reserve should be good，The overall professional capabilities of these project teams are among the best in the industry，Experience and combat effectiveness are also obvious to all in the industry。

Take Wanda 188bet Online Sports Betting and Casino Planning Research Institute as an example，It is the first R&D institution in the domestic 188bet Online Sports Betting and Casino industry to be recognized as a national high-tech enterprise，Including a large number of top art masters and scientific and technological talents at home and abroad，In the creative development of themed entertainment formats and their derivatives，Have high ability。

But it is also undeniable thatThe creation and operation of 188bet Online Sports Betting and Casino projects require high sophistication、as many。Preliminary planning of 188bet Online Sports Betting and Casino projects、Planning，Back to construction，Until later operations，There is no room for error in every link of the entire chain，After many years of construction，The project’s products or business formats still meet consumer needs，And in the next ten years or even longer，There is room for iteration and only moderate post-iteration，Still maintains sufficient market appeal。

Zhihui attended a large-scale 188bet Online Sports Betting and Casino and tourism industry conference in mid-September this year，The person in charge of the investment promotion bureau of a major tourist province said at the meeting，A common question now is how 188bet Online Sports Betting and Casino projects can better adapt to the needs of modern consumption，Rather than being outdated from the day it was built.He used a well-known 188bet Online Sports Betting and Casino project in the province as an example，On the day the project opened, there was a problem that the planning and construction did not meet the needs of modern consumption。

The person in charge said，Some products are being designed、In the initial stage of production, it may have certain advancement and attraction in the national 188bet Online Sports Betting and Casino and tourism industry，But some projects take three to five years from planning and construction to implementation，The consumer needs targeted by the project may have changed during this period。

He said,Both this province and other provinces and regions are facing a common challenge，How to connect products with consumer needs，And grow with consumers，Or changes in consumer reputation、How to apply the import of different fashion trends to projects，This is for investors in 188bet Online Sports Betting and Casino projects、A new challenge for planners, builders and local governments。

The 13 188bet Online Sports Betting and Casino projects won by Sunac are distributed in Guangzhou、Chengdu、Jinan、Hefei、Wuxi、Qingdao、Harbin and other places，Market environment、The target consumers are different，In the research and development of 188bet Online Sports Betting and Casino products、There are differences in specific operating models and other aspects。Can these project teams deliver satisfactory answers，Still to be seen。

Also，Before taking over the Wanda 188bet Online Sports Betting and Casino project，Sunac does not have much accumulation in 188bet Online Sports Betting and Casino，Especially in cultural and tourism content、Lack of IP and other aspects，But competitive content is what these 188bet Online Sports Betting and Casino projects need to supplement or iterate。

Wanda also suffers from a lack of IP.Wang Jianlin once commented that Wanda’s children’s entertainment project Wanda Baby King (referred to as “Baby King”) may surpass Wanda Cinemas and become Wanda’s core business，One of the major reasons is that "Baby King" has an IP，The original children's animation "Undersea Column" produced by Silvergate in the UK。

At Wanda’s annual meeting in January this year，Wang Jianlin once described it this way: "Last year, Baby King suddenly became popular，The reason is that there is an IP，Telling stories to attract people。Wanda City and Disney、What is the gap between Global?？The entertainment theme is not your own story。If there is a story，With IP，Spread again，It’s completely different。”

This shows Wang Jianlin’s joy and great expectations，Also shows the importance of IP for a 188bet Online Sports Betting and Casino project。

188bet Online Sports Betting and Casino is also aware of this problem and has begun to strengthen it.

Earlier，Sunac and Lechuang Entertainment (formerly LeTV Pictures，Sunac is the largest shareholder) and established a joint venture company "Lechuang Wenjing"，Entering the cultural and tourism live entertainment market。Cooperating，Sunac provides physical assets including 188bet Online Sports Betting and Casino City、Cultural Theme Park、Hotel、Business area, etc.，Lechuang Entertainment is responsible for brand operations，Scenario operation focusing on IP cultural value，Use IP to empower physical assets。

Early August this year，LeTV announced，LeRongzhixin, a subsidiary of LeTV, plans to cooperate with LeChuang Wenjing，Operator of the parent-child online variety show "Fairy Man"。And earlier in June，Lechuang Entertainment announced the establishment of animation division，Make "Once Upon a Time" an animated film series，At the same time, develop Sunac Wanda 188bet Online Sports Betting and Casino City theme district、Children’s Picture Book、Educational puzzle games、Parent-child brand authorization、Cartoon series, etc.。

Based on content released by Lechuang Entertainment，Except "Once Upon a Time"，Lechuang Entertainment’s first series of animated film brands also includes "Wolf Totem"、"Aventurine Beast"、《Young Gluttony》、《Zhaozi》、"Kuafu Zhuri"。Lechuang Entertainment will create 28 major movie series brand projects。

The combination of film and 188bet Online Sports Betting and Casino，will provide more film IP for Sunac 188bet Online Sports Betting and Casino Project，The teams of 13 188bet Online Sports Betting and Casino projects also have more opportunities to create and develop 188bet Online Sports Betting and Casino product content。It can be seen that the integration of these contents and projects will be a major focus of Sunac 188bet Online Sports Betting and Casino，But to maximize the benefits of integration，One depends on the strength of these IPs，Both of them depend more on the team’s product development and implementation capabilities。

Teams of 13 188bet Online Sports Betting and Casino projects，will be the foundation or pillar team of Sunac Culture and Tourism，Their effectiveness is not limited to 13 188bet Online Sports Betting and Casino projects，What’s still about is how to leverage more Sunac’s 188bet Online Sports Betting and Casino projects into operation。

Opportunities of 188bet Online Sports Betting and Casino

The challenge is ahead，Sunac’s 188bet Online Sports Betting and Casino layout is difficult to advance，Still have a different imagination？

188bet Online Sports Betting and Casino actually has better opportunities.

According to incomplete statistics on the 29th of Zhihui,As of October 29，There are 17 scenic spot listed companies in the two cities (including the New Third Board) disclosing their third quarterly reports，Over 70% of listed companies achieved revenue growth in the third quarter。The overall environment of the 188bet Online Sports Betting and Casino market is still improving.

In addition, judging from Wanda’s above announcement，Wanda said it has always been optimistic about the development prospects of China’s 188bet Online Sports Betting and Casino industry，Wanda will continue to invest in the 188bet Online Sports Betting and Casino industry in the future，Retain the backbone team of the 188bet Online Sports Betting and Casino industry，Reorganization of 188bet Online Sports Betting and Casino Planning Institute、188bet Online Sports Betting and Casino Construction Center and 188bet Online Sports Betting and Casino Management Company。Wanda will continue to invest in a number of Wanda 188bet Online Sports Betting and Casino City projects currently under negotiation，Among them, asset-light Wanda City will choose multiple investors including Sunac to cooperate。

Statements may be a bit hypocritical, but actions are more convincing.

October 22，Wanda signed a cooperation framework agreement with Guizhou Zunyi Municipal Government，Plan to invest 10 billion yuan to build Loushanguan Red Town and commercial projects；Earlier，Wanda and the Yan'an Municipal Government also signed a cooperation framework agreement for red 188bet Online Sports Betting and Casino towns。

Wanda official website information display，Wang Jianlin on September 28、Coming to Xi’an on October 11th、Lanzhou，Meeted with important senior officials of the local government，This may indicate that Xi’an Wanda 188bet Online Sports Betting and Casino City、Lanzhou Wanda 188bet Online Sports Betting and Casino Project Plan，There will be new progress after being put on hold for a long time。

Wanda is not willing to say goodbye to the travel industry。Ease the financial problem first，Exchange talents and other assets for development space，Become "light" and go into battle，Find another plan，Or a purpose of Wanda。

In the current cold winter, the 188bet Online Sports Betting and Casino industry is unique.

And real estate developers are investing in funds、Has certain advantages in resource integration and platform construction，Have strong ability to leverage 188bet Online Sports Betting and Casino projects，In addition, the trend of integrating 188bet Online Sports Betting and Casino and real estate is still strong，Real estate developers will have more room for cultural and tourism development。

In such a situation, 188bet Online Sports Betting and Casino also has its own advantages.

Team aspect，13 188bet Online Sports Betting and Casino project teams will form the foundation or pillar team of Sunac 188bet Online Sports Betting and Casino，Their execution ability、Expansion capabilities have been tested by Wanda，It’s powerful。Sunac has gone from being a small business to ranking fifth among real estate development companies in 2018 (it also ranked fifth in terms of sales in the first half of the year，In Country Garden、Evergrande、After Vanke and Poly)，This also shows its stronger team development genes and abilities。

Financial aspects，188bet Online Sports Betting and Casino 2018 Semi-annual Report Display，188bet Online Sports Betting and Casino revenue in the first half of the year 465.800 million yuan，215 year-on-year increase.3%；Net profit 63.600 million yuan，389 year-on-year increase.3%；188bet Online Sports Betting and Casino’s overall contracted sales in the first half of the year reached 1915.300 million yuan，76% year-on-year increase，Equity contract sales 137.8 billion yuan，83 year-on-year increase.7%。

As of the end of September 2018，188bet Online Sports Betting and Casino achieved contracted sales of 3219.800 million yuan，55% year-on-year increase，Accounting for 71 of the 450 billion annual sales task.55%。

Reducing leverage and stabilizing is also a keynote of 188bet Online Sports Betting and Casino in the first half of the year。Data display，In the first half of 2018, 188bet Online Sports Betting and Casino’s book cash reached 874.200 million yuan，Net interest-bearing liabilities decreased by nearly 9.5 billion yuan compared with the end of 2017，Net interest-bearing debt ratio decreased by 9.5%，Leverage reduction is accelerating。

Compared to frustrated players，For example, Zhonghong who fell from the 188bet Online Sports Betting and Casino industry，Sunac Capital、Team execution and policy research and judgment, etc.，Both are a bit taller。

Build a high wall、Guangjiliang，Can improve the ability to resist market risks。188bet Online Sports Betting and Casino 2018 Semi-annual Report Display，The scale of 188bet Online Sports Betting and Casino’s land bank reaches 2.3.1 billion square meters，Total value 3.29 trillion yuan。Reasonable distribution of goods value，More than 92% of the land bank is located in first-, second- and first-tier cities with healthy supply and demand relationships。Other data is shown，The average cost of 188bet Online Sports Betting and Casino’s land bank is only 4,470 yuan/square meter，Far lower than the industry average land acquisition cost。

Cultural and tourism aspects，Sunac acquired Wanda’s cultural and tourism assets at the right time and at the right price。The total construction area of ​​the land reserves involved in the 13 188bet Online Sports Betting and Casino projects is approximately 58.97 million square meters。Nomura Securities Research Report believes，The land cost per square meter of 13 188bet Online Sports Betting and Casino projects is approximately 1,180 yuan，The cost is very low。Wang Mengde also said，The floor price of the Wanda properties held by Sunac is around 1,000 yuan/square meter，After the revaluation of the residential part, the gross profit margin is about 30%。

Before more huge capital investment，Sunac’s 188bet Online Sports Betting and Casino projects have basically maintained a relatively high risk resistance capability。

Sunac stands at a relatively high position in the 188bet Online Sports Betting and Casino industry，How to get there，It’s not just Sunac itself that is affected，More connected with the direction of 188bet Online Sports Betting and Casino industry。

Sunac’s 2017 annual report mentioned that Sunac will establish an independently operated 188bet Online Sports Betting and Casino group，The long-term goal of 188bet Online Sports Betting and Casino Group is to become one of the most competitive 188bet Online Sports Betting and Casino real estate operators in China，Becoming a new growth point for the Group in the future；Its 2018 semi-annual report stated that it will focus on improving the operational efficiency and profitability of 188bet Online Sports Betting and Casino assets in the future，Reserve new impetus for the company’s sustained and steady development in the future。

Sun Hongbin has publicly stated on many occasions that he is optimistic about the development of "Poetry and Distance" in 188bet Online Sports Betting and Casino，But the development pace of Sunac 188bet Online Sports Betting and Casino is not very radical。At Sunac’s 2018 interim results meeting，He said he would continue to develop the 188bet Online Sports Betting and Casino sector，But it needs more time to ferment，Waiting for (13) projects to be completed，Sunac will be China’s largest company in the 188bet Online Sports Betting and Casino sector。

In the face of the general trend，Sunac’s real estate and 188bet Online Sports Betting and Casino advantages are more combined，But specific to 188bet Online Sports Betting and Casino real estate，Its real market value is not “culture and tourism as a shell”、Real estate is the core”，It lies in the integration of the two，And thus form a driving force for the surrounding areas of the project，Realizing premiums in these areas，Request to bring new and more logistics、Flow of people and money，The biggest test is project creation and operation capabilities。

So in the end this still comes down to the abundance of talent，In Sunac’s established 188bet Online Sports Betting and Casino territory，Wanda’s talent team is still not enough，The scarcity of 188bet Online Sports Betting and Casino talents in the industry is increasing。

For Sun Hongbin，Winning Wanda’s 188bet Online Sports Betting and Casino team is not the end，Just the beginning。