What Assets Does Wang Jianlin Still Have Left?

Deep News
Sep 28

Core Highlights: 1. As of now, the assets owned by Wanda Group and Wang Jianlin include a 40% stake in Dalian Xindalian, approximately 200 Wanda Plazas, as well as Wanda Sports and Wanda Baby King. 2. Currently, Wanda Group has 24 companies in active status for external investments, with 15 companies holding more than 50% stakes. 3. Among the 76 companies controlled by Wang Jianlin that remain active, only 6 out of 11 external investment companies show active status.

Wang Jianlin is in trouble again.

According to Tianyancha, Dalian Wanda Group Co., Ltd. (hereinafter referred to as Wanda Group) and its legal representative Wang Jianlin have been restricted from high consumption, effective September 26, 2025.

Case proceedings show that the relevant case number is (2025) Gan Zhi Hui 249, with an execution amount of 186 million yuan. The executing court is the Intermediate People's Court of Lanzhou City, Gansu Province. The executed parties include Wuhan Wanda Cultural Tourism Real Estate Co., Ltd., Wuhan Chuhe Hanjie Cultural Tourism Investment Company, Wanda Group, and Wanda Real Estate Group Co., Ltd.

Information from China's Execution Information Disclosure Network shows that the case was filed on July 16 this year.

In response, a Wanda Group insider stated: "This incident was caused by an economic dispute involving a Wanda subsidiary project company. In fact, both parties have been negotiating solutions through various means. We are currently understanding the specific situation, and this restriction may have been caused by information asymmetry at the execution level."

It's worth noting that this is not the first time Wanda-affiliated companies have faced consumption restrictions this year. In July, due to failure to fulfill payment obligations determined by effective legal documents within the period specified in the execution notice, Dalian Wanda Commercial Management Group Co., Ltd. (hereinafter referred to as Wanda Commercial Management) under Wanda Group and its legal representative Zhang Chunyuan were restricted from high consumption, involving a construction project contract dispute case.

Execution Amount Exceeds 5.2 Billion Yuan

Wang Jianlin, who has repeatedly topped China's richest person list, now finds himself in a passive situation due to less than "2 small goals."

Tianyancha shows that due to an execution amount of 186 million yuan, Wanda Group and Wang Jianlin were recently restricted from consumption. This means that Wang Jianlin will not be able to take first-class flights or stay in star-rated hotels in the near future.

Although Wanda Group representatives stated that this incident was "caused by information asymmetry at the execution level," it has once again focused public attention on Wanda Group's growing debt pressure.

Tianyancha information shows that as of now, Wanda Group alone has 10 execution records involving a total amount of approximately 5.262 billion yuan, 1 high consumption restriction record, and 47 equity freeze records.

Among these, large-scale equity freezes are increasing. For example, in early September this year, Wanda Group added two new equity freeze records, with target companies being Shanghai Wanda Network Financial Services Co., Ltd. and Shanghai Wanda Small Loan Co., Ltd., with frozen equity amounts of 8.562 billion yuan and 840 million yuan respectively, both for three-year freeze periods.

However, it should be noted that Shanghai Wanda Network Financial Services Co., Ltd. has a registered capital of 9.3125 billion yuan, and Shanghai Wanda Small Loan Co., Ltd. has a registered capital of 1.05 billion yuan, both actually controlled by Wanda Group and serving as core platforms for its financial strategy.

The frozen equity in this case exceeds 80% of the registered capital, undoubtedly further exacerbating Wanda Group's financial predicament.

Additionally, Wanda Commercial Management has 1 execution record with a cumulative execution amount of approximately 2.959 million yuan; Wanda Real Estate Group Co., Ltd. has 423 execution records with a total execution amount of 1.84 billion yuan, including 4 records as a dishonest executor involving a total case amount of 2.1151 million yuan.

Industry experts have previously stated that the direct cause of Wanda Group's frequent equity freezes is debt issues. From public judicial information, almost every equity freeze corresponds to an unpaid debt due, involving bank loans, trust plans, and other financial instruments.

Assets Shrink by Over 82 Billion Yuan in One Year

In fact, to alleviate financial pressure, Wang Jianlin began a "selling spree" mode starting in 2023.

Wanda Group's official website shows that the company's industries involve three major sectors: Commercial Management Group, Cultural Tourism Group, and Investment Group.

Among these, the Commercial Management Group mainly handles commercial management and operations of Wanda Plazas nationwide. However, on March 30, 2024, after PAG Group, CITIC Capital, and others jointly invested approximately 60 billion yuan in Dalian Xindalian and obtained about 60% equity, Wanda Commercial Management's shareholding ratio dropped to 40%.

The Cultural Tourism Group involves hotel management, Baby King Group, Sports Group, cultural tourism projects, and international hospitals.

In April this year, Wang Jianlin sold 100% equity of Wanda Hotel Management Company to Tongcheng Travel for 2.49 billion yuan.

Wanda Hotel Management's main business includes four sectors: hotel operation and management services, hotel design and construction management services, investment property leasing, and overseas property trading and leasing.

As of the end of 2024, Wanda Hotel Management operated 204 hotels, with another 376 hotels signed and awaiting opening.

Baby King Group, after selling its early education business segment for approximately 420 million yuan in 2020, currently still operates over 450 park stores and IP business; Sports Group and cultural tourism projects including Wuhan Central Cultural District and Yan'an Red Street, as well as international hospitals, remain unchanged.

The Investment Group includes residential real estate, urban complexes, and Wanda Hotels. Among these, the most noteworthy core asset is Wanda Plaza.

According to Wanda Commercial Management's official website, as of the end of 2024, Wanda Group operated 513 Wanda Plazas nationwide (including light asset operations), with a total commercial operating floor area of 70.9 million square meters.

However, on May 21 this year, the State Administration for Market Regulation approved the acquisition of 48 target companies under Wanda Commercial Management by a consortium consisting of PAG, Gaohe Fengde, Tencent, JD Panda, Sunshine Life, and other institutions, involving 48 Wanda Plazas in 39 cities nationwide.

Based on the capital contribution situation of Suzhou Kuanyu Private Equity Fund established in August, these 48 Wanda Plazas correspond to sales funds exceeding 20 billion yuan.

Selling Wanda Plazas has become Wang Jianlin's routine method for cash recovery in recent years.

According to incomplete statistics, from the sale of Shanghai Songjiang Wanda Plaza in 2023 to 2024, Wanda has sold over 30 projects. This year, the pace of sales has further accelerated, with 7 Wanda Plazas sold at the beginning of the year alone. Combined with the current 48 plazas, nearly 100 Wanda Plazas nationwide have changed ownership.

It's worth noting that not all 513 Wanda Plazas are self-owned by Wanda Group. Referring to publicly available data from the end of March 2023, Wanda Group's self-owned Wanda Plazas account for approximately 60%. Based on this, it means that Wang Jianlin has only about 200 Wanda Plazas left to sell.

In addition, Wang Jianlin continues to clear other assets he owns.

In July this year, China Ruyi acquired a 30% stake in Kuaiqian Financial under Wanda for 240 million yuan; from 2023 to 2024, China Ruyi and its subsidiaries acquired 100% equity of Wanda Investment through multiple equity transfers and indirectly became the actual controller of Wanda Film through Wanda Investment; in 2024, Wang Jianlin also successively transferred stakes in US Legendary Entertainment and UK Saint Xi Yacht Company.

Industry experts note that although Wanda Group frequently divests Wanda Plazas and other assets, the cash recovery is lower than expected, with many transactions being debt-for-asset swaps, and the incremental cash brought in remains to be observed.

According to incomplete analysis, as of now, the assets owned by Wanda Group and Wang Jianlin include a 40% stake in Dalian Xindalian, approximately 200 Wanda Plazas, as well as Wanda Sports and Wanda Baby King.

According to Tianyancha, Wanda Group currently has 24 companies in active status for external investments, with 15 companies holding more than 50% stakes, including Shanghai Wanda Network Financial Services Co., Ltd., Beijing Wanda Cultural Industry Group, and Wanda Industrial Culture Co., Ltd.

Among the 76 companies controlled by Wang Jianlin that remain active, only 6 out of 11 external investment companies show active status.

According to the newly released "2025 New Fortune 500 Wealth Creation List," Wang Jianlin and his son's wealth this year is 58.81 billion yuan. Compared to last year's 140.84 billion yuan, their wealth has significantly shrunk by over 82 billion yuan in just one year, with their ranking plummeting from 9th place last year to 51st place.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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