BEIJING, February 28 (TMTPOST)—With the recent equity changes in Haikou Wanda Plaza and Hohhot Wanda Plaza in February, Wanda Group has sold a total of 12 Wanda Plazas since the beginning of 2023.

On Tuesday, information from Tianyancha showed the divesture of Haikou Wanda Plaza’s shares by Wanda Group. Haikou Wanda Plaza Investment Co., Ltd. bid farewell to the original sole shareholder Dalian Wanda Commercial Management Group Co., Ltd., which was replaced by  East Taixingye Technology Co., Ltd. Meanwhile, there were changes in the company's top-level personnel, with Zhang Jing stepping down as the legal representative, executive director, and general manager and being succeeded by Zhu Caixia.

On February 5, Tianyancha data indicated that Hohhot Wanda Plaza Investment Co., Ltd. underwent industrial and commercial changes. The original sole shareholder Dalian Wanda Commercial Management Group Co., Ltd. exited, and Erdos Oriental Road and Bridge Group Co., Ltd. became a new shareholder. The registered capital of the company increased from 50.75 million yuan to approximately 400 million yuan, a surge of about 689.66%. Additionally, Zhang Jing stepped down as the legal representative, executive director, and manager, and was replaced by Hasbatu.

Previously, Wanda Plaza in Suzhou Taicang, Huzhou, Guangzhou Luogang, and Shanghai Jinshan also changed hands, with Central Fund Management Co., Ltd., a subsidiary of China Resources, taking over.

Data released by Wanda Commercial Management shows that, as of November 23, 2023, more than 18 billion yuan in public debt has been paid off in 2023. The current balance of domestic bonds has been reduced to about 6.9 billion yuan, with 4.8 billion yuan due next year. Regarding overseas debt, Wanda Commercial Management will repay USD 600 million in debt through four phases next year, which have already been extended. In 2025 and 2026, there will be repayments of US$ 400 million each.

Wanda initiated its light asset strategy back in 2015. In 2017, Wanda's chair Wang Jianlin sold 77 hotels, 13 cultural tourism projects, and numerous overseas real estate projects, a move considered a "transformation milestone" at the time. Subsequently, the light asset strategy continued, with Wanda Commercial Property renamed Wanda Commercial Management in 2018. In 2019, it sold off the real estate business, and in 2021, it fully implemented the light asset strategy.

In 2013, Wang became China's richest person, and surpassed Li Ka-shing in 2015 to become the world's richest Chinese. The dazzling era of Wang and Wanda has now entered a period of decline.

(1 yuan equals $0.14)