Chivalrous Island: Who is the winner of the loss of 63.7 billion transactions?

R&F's 199 Billion Wanda Hotel's Logic: 40% Off to Buy Future Spin-off

R&F intervenes in Wanda’s Century Trading, Wang Jianlin, saying that the deal is a win-win

R&F believes that the acquisition of Wanda Hotel is worthwhile, but it is not optimistic to buy expensive.

[Economy ke] The secret behind the 637 billion transactions of Sunac Wanda

Source: Knight Island

This column is jointly produced by Xia Kedao and China Economic Weekly.

From the original two males to the Three Kingdoms, from the original 16 o'clock to 17:30, the name of R&F Properties disappeared on the background board, and the last moment magically "returned", the sound of the cup, the appearance of the printer, and the change Transaction price...

At 18:00 on July 19, the richest man, Wang Jianlin and the headline Ge Sunhong, together with the hotel giant Li Silian, staged the most dramatic press conference in the history of Chinese business and created the largest transaction record in the history of Chinese real estate.

Sunac acquired the acquisition of 91% of Wanda's 13 cultural tourism project companies in China, with a total transaction consideration of 43.844 billion; the previous Wanda's 76 companies mentioned in the framework agreement (increased to 77 when officially signed) Home) The hotel asset package was taken over by R&F Properties for 19.906 billion. The total amount of the two transactions was 63.75 billion yuan.

The economy ke witnessed the largest transaction in the history of Chinese real estate.

Who broke the glass?

On the afternoon of July 19, 2017, Sofitel Wanda Beijing.

When the reporter of China Economic Weekly arrived at the scene, it was found that in addition to Wanda Commercial and Sunac China, the name of R&F Properties also appeared on the background board, and Li Silian, the chairman of R&F Group, also came to the scene. Some media speculated that R&F Group is likely to take over the Wanda's hotel industry.

However, dramatic scenes have appeared one after another.

Just at the beginning of this conference, suddenly the staff came in to clear the scene, saying that they would rehearse and adjust, and announced that the conference would be postponed for one hour.

In the hallway outside the meeting, there was a rush of staff: a male staff member hurriedly holding a printer and plunged into the work room next to him; ten minutes later, another staff member trotting all the way to take a new print Good documents went into the lounges of Wang Jianlin and Sun Hongbin, and another staff member behind him walked and smashed the old documents.

At this time, Wang Jianlin, Sun Hongbin and Li Silian were present and entered the VIP room. But suddenly there was a loud noise in the VIP room. According to a reporter who was close, I heard the loud quarrel and the sound of the cup. At the same time, the reporters found that the background board in the banquet hall was suddenly covered with inkjet cloth, leaving only Wanda and Rongchuang. At the same time, the reporter also saw that the site ppt has also been replaced.

Of particular concern is the fact that Zhang Hui, the vice president of R&F, who signed on behalf of R&F, has repeatedly entered and exited the conference room and VIP room. His expression is dignified and he refused any problems.

“What happened?” This is a question for everyone.

At 17:30 Beijing time, in a shout of "enter the scene", the press conference finally began, and the time from the previous notice was delayed by one hour and 30 minutes. At the same time, everyone found Wanda, Sunac, and R & F on the inkjet canvas. R & F is back!

Wang Jianlin said that "the quarrel and the cup" is a rumor, and the three people talked and laughed in the conference room.

The game behind the triple win

"We are three wins!" Wang Jianlin, Sun Hongbin and Li Silian said in unison.

However, behind the laughter, there are always people who break their teeth and swallow their stomachs.

According to the agreement, more than 60 billion yuan of cash fell into the pocket of Lao Wang, 77 Wanda hotels topped the name of R&F Real Estate, and 13 Wanda Cultural Travel Projects groomed and married Sun Hongbin and his Sunac China.

So, who lost who earned it?

Follow the economic ke and bring the time back to 9 days before you taste it.

On July 10, nine days ago, Wanda announced that 91% of the registered capital will be transferred to Sunac, with 91% of the registered capital, or 29.575 billion yuan, and the project will be undertaken by Sunac. All loans. Wanda transferred its 76 hotels to Sunac for RMB 33.595 billion.

From July 10th to 19th, what happened in just 9 days, which drastically modified the merger plan that Wanda and Rongchuang had finalized? The same target, why is Sunac will spend nearly 15 billion yuan?

Sun Hongbin concluded that this adjustment has better liquidity for Sunac than the original trading plan, lowering the level of debt, and also taking the discount portion of the original hotel transaction consideration, which is an acceptable premium. The trading arrangements are very satisfactory to all three parties. Sun Hongbin also believes that this part of the hotel assets that R&F has undertaken has a very suitable price and will have good business results in the future.

However, he also spit, this is his first time in his life.

Everyone in the world knows that in the heart of Sun Hongbin, only the land is wanted because the hotel assets are not realizable.

In this regard, Sun Hongbin said at the signing ceremony that the price of the acquisition of the cultural tourism project is indeed higher than the price agreed upon in the previous framework agreement, which is the compensation of Sunac for the assets of R&F.

For the externally questioned Sunac’s debt problem, Sun Hongbin said that Sunac’s sales in the first half of the year were more than 110 billion yuan. As of June 30, 2017, Sunac has more than 90 billion yuan in cash, and the return will exceed 20 billion yuan in July. In the second half of the year, the return will exceed 30 billion yuan, and there will be more than 300 billion yuan in sales throughout the year. There will be sufficient cash flow. In a word, not bad money.

For the hotel industry, R & F, 19.9 billion = 77 hotels. It is necessary to know that the 76 hotels that Wanda intends to transfer to Sunac have a price of 33.95926 billion yuan; on July 19, the total price of 77 hotels was only 19.906 billion yuan, a price reduction of 40.75%, equivalent to a 40% discount. At present, R&F has many high-end hotels in 25 cities in China, including Park Hyatt Hotel, Grand Hyatt Hotel, Ritz-Carlton Hotel and Holiday Inn. After the transaction, R&F will hold more than 100 high-end hotels and become the world's largest five-star hotel owner.

No wonder Li Silian said frankly: "This time we got 77 hotels in one breath, we are the winners for R&F."

Wang Jianlin also said that looking at the world, such a low-cost acquisition opportunity is difficult for a hundred years. This "clearance sale" will allow Wang Jianlin to recover nearly 68 billion in cash.

According to Wang Jianlin, after the transfer, Wanda Commercial’s loans and bonds totaled nearly 200 billion yuan. Wanda Commercial's book cash amounted to 100 billion yuan (excluding 13 book loans of 30 billion travel projects), plus this transfer of cash recovery of 68 billion yuan (including recycling funds), a total of about 170 billion yuan in cash.

What do you do with so much money? Wang Jianlin said that Wanda Commercial decided to pay off most of the bank loans.

It seems that in the face of management's over-weight supervision of Wanda's outflow of funds, Wang Shoufu can temporarily relax.

What to do in the second half

However, the largest and most complicated transaction in China's real estate history made it difficult for the outside world to assess its long-term impact.

In an interview on the previous day, Sun Hongbin revealed that in addition to the transaction price of 43.444 billion yuan, Wanda's 13 cultural and travel project companies have a total debt of about 45 billion. Sunac has begun to contact the creditors of various project companies in an attempt to smoothly transfer Wanda’s liabilities to Sunac.

At the same time, the 13 Wendengcheng project companies transferred by Wanda this time involved a total land area of ​​approximately 58.97 million square meters, of which the self-sustaining area was approximately 9.24 million square meters and the saleable area was approximately 49.73 million square meters. The sale area is about 84% of the total construction area.

The land reserves involved in the above 13 projects accounted for about 80% of Wanda's total land reserve of 73.326 million square meters in 2017. After the transfer of assets, Wanda’s real estate assets will shrink significantly.

In contrast, Sunac achieved a substantial increase in the scale of the land. By the end of 2016, Sunac had a land area of ​​79.12 million square meters. In the same period, the top three domestic land reserves were Evergrande, 229 million square meters, Country Garden, 166 million square meters and green land, 136.54 million square meters. With the creation of Wanda's more than 59 million square meters of land, Sunac's land reserves are expected to rank among the top three in the industry.

However, many institutions are not optimistic.

For example, international rating agencies Fitch and S&P are not optimistic about this transaction. Recently, the two institutions have downgraded the corresponding ratings of Sunac and Wanda.

But the bigger policy background is that the state's regulation of finance has shifted from real estate and hotels to studios, entertainment, sports clubs and other fields. From MT to Fosun, from Anbang to Wanda, from brokers and regulators, to Suning and other companies, the country's supervision of the financial industry can no longer be understood: to prevent irrational overseas investment and ensure the country's financial security.

Although the old drivers Wanda and Sunac are selling, selling, buying and buying, even though Wang Jianlin said, it is necessary to prove the word! But can this huge transaction be over-regulated? I am afraid that the good play is still behind.

Text / "China Economic Weekly" reporter Hou Wei

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