萬達擬迴歸萬達廣場核心業務

Dalian Wanda Group’s chairman Wang Jianlin announced an ambitious property plan this week as the group pivots back to its core business of mixed-use commercial and residential complexes.

萬達集團董事長王健林本週宣佈一項雄心勃勃的房地產計劃。該集團正迴歸其核心業務——商業和住宅綜合項目開發。

In a speech at the southern port city of Nanjing, Mr Wang committed to launching 1,000 mixed-use Wanda Plazas by 2028 in partnership with electronics retailer Suning, which is backed by Alibaba.

王健林在南方港口城市南京的一次講話中承諾，將與電子產品零售商蘇寧合作，到2028年推出1000座萬達廣場。蘇寧得到阿里巴巴(Alibaba)的投資。

The plan shows Wanda focusing on its core property business, and may not strain its stretched balance sheet.

該計劃顯示萬達聚焦於核心房地產業務，而且可能不會使該公司緊張的資產負債表更加緊繃。

“Dalian Wanda has been undergoing an asset light strategy, and with these plazas, Wanda can simply license their brand without putting in a lot of upfront investment,” said Zhang Hongwei, analyst at Chinese property consultancy Tospur.

“大連萬達一直在執行輕資產戰略，對於這些萬達廣場，萬達只需將其品牌授權出去，而不需要大量前期投資，”中國房地產諮詢公司同策(Tospur)分析師張宏偉表示。

Dalian Wanda rose to prominence as a property developer known for its mixed-use space exemplified in its Wanda Plazas, which combined shopping, dining and entertainment outlets with residential and office space. Dalian Wanda now operates 238 Wanda Plazas.

萬達當年就是以開發綜合用途空間而聲名鵲起的。這家房地產開發商最出名的是開發萬達廣場——綜合購物、餐飲和娛樂場所與住宅及辦公空間的項目。萬達現在經營着238個萬達廣場。

The group diversified aggressively in recent years to tap into demand from China’s emerging middle class for leisure and entertainment. It bought Hollywood studio Legendary Entertainment in January 2016 for $3.5bn, and US cinema chain AMC Entertainment in May 2012 for $2.6bn, among many other properties — deals that dramatically changed its business profile.

近年來，該集團積極進行多元化發展，利用中國新興的中產階層的休閒娛樂需求。它於2016年1月斥資35億美元收購好萊塢製片公司傳奇娛樂(Legendary Entertainment)，並於2012年5月斥資26億美元收購美國電影院線AMC娛樂(AMC Entertainment)——這類交易極大地改變了萬達的業務格局。

The group also aggressively built out its domestic leisure assets, including a chain of theme parks that Mr Wang said would rival Disneyland.

該集團還大舉建造自己名下的國內休閒資產，包括一個連鎖主題公園，王健林曾稱，該主題公園將媲美迪士尼樂園(Disneyland)。

The group has been on a reversal starting in June when Beijing warned banks of excessive exposure to heavily indebted groups, including Wanda. The company in July sold its theme parks to Sunac for $6.5bn, S&P downgraded the group’s property arm to junk in September, and Mr Wang pumped $460m of his own money into the property arm in December.

今年6月，北京方面警告各商業銀行，它們對包括萬達在內的負債累累的集團敞口可能太大了。此後萬達的形勢開始逆轉。大連萬達商業地產7月將其主題公園資產以65億美元出售給融創(Sunac)，標準普爾(S&P) 9月將大連萬達商業地產的評級調降爲垃圾級，萬達商業地產海外有限公司12月將其在萬達酒店發展65.04%的股權轉讓予王健林全資持有的新公司。

“I view this [announcement] as a way to shore up confidence in the international and domestic markets that Wanda is still a player, and they’re still allowed to invest,” said Shaun Rein, managing director for market consultancy CMR China. “I’m sceptical though that they are going to be able to hit that number, especially for a company that is ailing right now.”

“我認爲這一宣佈是爲了增強國際和國內市場的信心，即萬達仍是一個參與者，仍被允許投資，”市場諮詢公司中國市場研究集團(CMR China)的董事總經理雷小山(Shaun Rein)表示。“不過我懷疑那個數字能否達到，特別是對於目前境況不佳的一家公司而言。”

Wanda opened 18 Wanda Plazas this year, falling short of its goal of 30, according to CMR China.

根據中國市場研究集團的統計，萬達今年新開了18個萬達廣場，未能達到其設定的目標（30個）。

Offshore groups wholly or partly owned by Dalian Wanda have $10.7bn in long-term debt outstanding, according to S&P Global Market Intelligence.

標普全球市場情報(S&P Global Market Intelligence)的數據顯示，萬達全資或部分擁有的境外集團有107億美元的未償還長期債務。

At the event Mr Wang assured listeners of Dalian Wanda’s strong growth.

王健林在講話中向臺下聽衆保證，萬達將保持強勁增長。

“We could use Suning as a centre store and offer other products related to food, drink and entertainment around it,” said Mr Wang, describing a “co-operation on a large scale” with Suning.

“我們會把蘇寧做一個核心店，圍繞着蘇寧來做其他吃喝玩樂的配套，”王健林說。他表示將與蘇寧開展“全面合作”。

“Wanda Plazas will cover 90 per cent of the cities in China, and two-thirds of customers with purchasing power will be Wanda’s revisiting customers,” estimated Mr Wang, adding that “Wanda has suffered very little and even no impact from e-commerce in recent years”.

“1000個店我們估計覆蓋中國90%以上的城市，其中城市人口三分之二都是我們有重複消費的顧客，”王健林估計。他補充說，“這些年萬達受電子商務的衝擊，我們自己體會是很小的”。