In recent days, Dalian Wanda Commercial Management Group Co., Ltd. (referred to as “Wanda Commercial Management”) and its legal representative Zhang Chunyuan have been restricted from high consumption. As of May this year, the heavily indebted Wanda Commercial Management has sold 48 Wanda Plazas.
According to reports from mainland Chinese media on July 10, information disclosed by Tianyancha shows that recently, Dalian Wanda Commercial Management and its legal representative Zhang Chunyuan have been restricted from high consumption due to failure to fulfill payment obligations specified in the enforcement notice within the designated period, involving disputes in construction project contracts.
Information on the case process shows that the company, because of its ability to fulfill but refusing to fulfill the obligations determined by effective legal documents, has been listed as a dishonest person subject to enforcement by the Jizhou District Court in Tianjin, with a complete non-fulfillment situation. In June this year, the company was enforced to pay about 1.5719 million yuan (RMB) for this case.
According to Tianyancha, as of now, Wanda Commercial Management has been enforced a total of 26 times, with a total enforced amount exceeding 456 million yuan.
Wanda Commercial Management is facing huge operational and debt pressures. In the first three quarters of 2024, Wanda Commercial Management’s net profit was 9.779 billion yuan, a decrease of nearly 1.3 billion yuan compared to 11.057 billion yuan in the same period last year. As of September 30, 2024, its total assets amounted to 614.047 billion yuan, with total liabilities of 299.03 billion yuan.
In addition, in May this year, the State Administration for Market Regulation of the Communist Party of China disclosed that Wanda Commercial Management has sold 48 Wanda Plazas in 39 cities including Beijing, Guangzhou, Chengdu, Hangzhou, Nanjing, Wuhan, Xiamen, Fuzhou, Quanzhou, and Putian.
Established in September 2002, Wanda Commercial Management, with a registered capital of approximately 27.16 billion yuan, is jointly held by Dalian Wanda Group Co., Ltd., and Wang Jianlin.
Zhang Chunyuan joined Wanda Group in 2008. Currently, Zhang Chunyuan serves as the Chairman and CEO of Wanda Commercial Management, as well as the CEO of Wanda Culture Travel Group, Director of Dalian Wanda Group Co., Ltd., Director of Dalian Xinda Alliance Commercial Management Co., Ltd., Director of Zhuhai Wanda Commercial Management Group Co., Ltd., and Non-executive Director of Wanda Hotel Development Co., Ltd.