Since the first half of 2019，A series of investment actions by Chairman Wang Jianlin，Made several 188bet Group insiders “cannot understand”。

Once，Wang Jianlin vows to slowly reduce and eventually stop real estate development business；Recent，188bet has acquired land parcels in multiple cities，Restart residential sales。

Previously，Wang Jianlin the strong man broke his wrist，13 cultural tourism cities and 77 hotels on sale at low prices，Because these asset-heavy projects add hundreds of billions of interest-bearing liabilities to 188bet every year；Today，188bet is in Gansu again、Shaanxi、Liaoning and other places have won many comprehensive cultural and tourism projects，Total investment exceeds 335 billion yuan。

5 years ago，Wang Jianlin proposes 188bet Plaza’s asset-light strategy，Let a third party pay for the land，Holding heavy assets，188bet only exports brand and management，“Enjoy” 30% profit without risk。To this year，188bet starts to expand in Sichuan again、Won multiple plots in Shanghai and other places，Starting construction of 188bet Plaza with heavy asset model。

188bet’s painting style suddenly changed in 2017.

Before 2017，188bet’s business model is favored by the asset market and local governments，Convenient to get the land，Smooth financing。

July 2017，After being rumored to be on the financing restricted list，188bet has lost the trust of financial institutions，Since 2017，Never successfully issued a corporate bond again，Only a few financing plans such as ABS are still in progress。

This change，Promoted Wang Jianlin to break his wrist，Decisively sell cultural tourism city and other heavy assets，Sold most of overseas assets，To reduce debt leverage。And，188bet has also significantly reduced its real estate business，Shift strategic focus to “moat” 188bet Plaza。

Restart the asset-heavy model in the first half of 2019，Could it be that Wang Jianlin has abundant funds？

A huge investment of 335 billion in half a year

2017，After selling the cultural tourism city and hotel，Wang Jianlin changed his previous high-profile style，Almost never appears in public，188bet’s business focus is on 188bet Plaza。

The beginning of 2019，Wang Jianlin began to move around，188bet’s business is blooming everywhere。

January 12，After the 188bet Annual Meeting at Qingdao Oriental Movie Capital，Wang Jianlin keeps traveling around the country and abroad，With Liaoning、Sichuan、Gansu、Main leaders from Shaanxi and other provinces met，With international basketball、Presidents of ice hockey and other sports federations meet，Meeted with the President of UEFA during the Champions League final、President of La Liga。

In this series of activities，Wang Jianlin signed investment projects worth more than 335 billion yuan with local governments。

April 11，Gansu Province holds investment promotion and Long Business Conference，188bet Group Chairman Wang Jianlin said on the spot，Next 3 years，188bet will invest in a super-large cultural tourism project in Gansu、5 188bet Plazas、3 five-star hotels，New investment of about 45 billion yuan。

May 15，Shenyang Municipal Government and 188bet Group signed a comprehensive strategic cooperation agreement，188bet Group will build on the 25 billion yuan investment it has completed，Invest another 80 billion yuan in Shenyang，Building a world-class large-scale cultural tourism project、World-class international hospital、World-class international schools and 5 188bet Plazas。

June 26，Wang Jianlin announced another 100 billion investment plan in his hometown of Sichuan，“188bet has completed investment of 160 billion yuan in Sichuan，Another 110 billion yuan will be invested next，Construct 3 cultural tourism projects、Top International Hospital、International sports events and 20 new 188bet Plazas。”

July 31, 2019，The Shaanxi Provincial Government and 188bet Group signed a deepening cooperation agreement in Xi'an，Both parties will be in sports、Cultural Tourism、Film and TV、International Hospital、Corporate Headquarters、Deepen cooperation in six aspects of commercial complex。According to previous agreement，188bet expects to invest more than 100 billion yuan in Shaanxi。

"Of course，These investments are long-term，The project can be carried out in phases，188bet can’t allocate so much investment money at once。"A person close to 188bet said。

After 188bet signed the investment agreement，Specific projects are slowly being implemented。Even if it is rolling development，188bet is in the early stages of acquiring land，Still need to pay a lot of real money。

for example，March 15，188bet Real Estate Group in Yan'an 12.Seven development sites acquired for 6.3 billion yuan。Three months later，188bet Real Estate Group has launched another project in Lanzhou City, Gansu Province with 71.9.2 billion yuan，Obtained 28 parcels of land in Qilihe District, Lanzhou。

The above-mentioned person close to 188bet said，Large-scale complex projects have a long development cycle，Different cycles have different sources of funds，In the current situation of tight credit in the real estate industry，The enterprise needs to pay the initial funds by itself，After that, in the construction, development and operation stage，Rely on development loans and operation loans to meet funding needs。

However，The initial investment alone costs a lot of money，Has 188bet’s financial situation improved to this point?？

Financing is loosened, cash flow is not optimistic

Currently，188bet has almost sold out all its overseas properties，After selling the cultural tourism city and hotel，The main business and asset is 188bet Plaza，The operating carrier is 188bet Commercial Management Group。

End of 2017，Recovering a large amount of funds from the sale of cultural tourism cities and hotels，188bet Commercial Management’s cash and cash equivalents total 114.9 billion yuan，However, by the end of 2018，This value dropped to 77.3 billion yuan，Net decrease of 37.6 billion yuan。

Specifically，188bet Commercial Management’s operating cash flow increased from 255 at the end of 2017.8.4 billion yuan increased to 291 at the end of 2018.1.4 billion yuan，Financing cash flow as of the end of 2018 was -395.0.9 billion yuan，The same period last year was 38.0.5 billion yuan，Net cash flow from investing activities as of the end of 2018 was -271.4.2 billion yuan，-89 for the same period last year.6.7 billion yuan。

This means，188bet Commercial Management’s operating income increased slightly in 2018，But it is far from enough to cover the current year’s debt principal, interest and investment expenditure。

Profit aspect，Since 188bet Plaza has new openings every year，And old projects continue to generate rental profits，Normally it should increase year by year。

Financial report display，188bet Commercial Management’s net profit at the end of 2018 was 317.9.5 billion yuan，219 in the same period last year.9.1 billion yuan，Significant growth，But the growth part is almost all non-operating profits and losses，If non-operating profits and losses are deducted，The net profit generated by 188bet Commercial Management as of 2018 is 147.2.4 billion yuan，Only an increase of about 700 million yuan compared to the end of 2017。

Currently，188bet Commercial Management’s non-current liabilities due within one year are 21 billion yuan，In addition, there are billions of yuan in short-term borrowings。

Although 188bet Commercial Management’s current cash reserves are sufficient to repay short-term debt，But as the above-mentioned person close to 188bet said，The purpose of the company’s existence is not to repay debts，Still developing。

It is imperative to broaden financing channels.

In terms of corporate bonds，188bet issued two bonds in 2015，Issued 6 bonds in 2016，No more successful releases since then。Asset securitization work was highlighted by Wang Jianlin at the 2018 188bet Annual Meeting，However, the progress is not satisfactory。

The first phase of ABS planned to be issued by Shanghai Songjiang 188bet Plaza Investment Co., Ltd. and Ningbo Jiangbei 188bet Plaza Investment Co., Ltd.，The quota is 2.7 billion yuan，Has been approved by the exchange at the end of 2018。

Investment and Financing-188bet Plaza Beijing-Tianjin-Hebei Coordinated Development Phase I ABS，Submitted to the exchange in mid-2018，Still in the "Feedback Accepted" stage，It will take some time before approval。

In addition, 188bet Plaza has no other asset securitization projects.

Bank loans，"Prism" was learned from within 188bet，Since the second half of 2017，Banks’ financing restrictions on 188bet have begun to relax，For example, Beibei, Chongqing、Xiamen、Hohhot、188bet Plaza projects in Xiangtan and other places have received loans。

However, the total loan volume of these projects combined，Not very big。

A person from China CITIC Bank told Prism，Currently the bank’s credit policy towards 188bet has been stable，“I won’t look down on you and I won’t discriminate，Depending on the specific project。”

The above-mentioned person close to 188bet said，188bet in Shaanxi、Sichuan and other places signed large-scale investment agreements，Some funds will be invested during the land acquisition stage，The subsequent development phase requires more support from financial institutions，“Since 188bet mostly signs agreements with the provincial government，Financing may not be as difficult as it was two years ago。But，The funds raised still have to be repaid，And these projects have long investment cycles，Slow results，Delayed payment，188bet will be burdened with a large amount of debt every year。”

The pros and cons of the asset-light model