Recently, the news of “Wang Jianlin and Wanda Being Sued for Contract Dispute” hit the trending list on October 16, bringing about a surge of interest.
According to Tianyancha APP, a contract dispute case involving the plaintiff Hainan Wan Jun Management Service Co., Ltd. and the defendants Wang Jianlin, Dalian Wanda Group, and Wanda Real Estate Group Co., Ltd. will be heard in court. The court hearing is scheduled for November 3 and will take place at the Shanghai Second Intermediate People’s Court.
Love Enterprise Check App reveals that Dalian Wanda Group Co., Ltd. was established in September 1992 with Wang Jianlin as its legal representative. The registered capital is 1 billion RMB, and its business scope includes import and export of goods, technology, and general trade. Shareholder information indicates that the company is jointly held by Dalian Huxing Investment Co., Ltd. and Wang Jianlin. Risk information shows that the company has multiple debtors with a total amount exceeding 5.3 billion RMB, and the equity of several companies held by the company has been frozen.
Through a comprehensive equity map, it is shown that Hainan Wan Jun Management Service Co., Ltd. is 70% owned by Shenzhen Yingda Investment Fund Management Co., Ltd., a subsidiary of Vanke, and 30% owned by Zhuhai Hengqin Wan Jun Investment Group Co., Ltd.
Since the beginning of this year, Dalian Wanda Group and its affiliated enterprise Dalian Wanda Property Management Group have been involved in several legal proceedings.
Previously, on September 28, Dalian Wanda Group and its legal representative Wang Jianlin were subject to restrictions on high spending, drawing widespread attention. The restriction was lifted the next day. A spokesperson for Wanda’s brand department clarified that the incident stemmed from economic disputes within a subsidiary project company due to asymmetric information at the execution level.
To date, there have been 49 instances of equity freezes and 10 historical records of equity freezes related to Dalian Wanda Group. Additionally, the company has 10 instances of debtors with an execution amount of approximately 5.263 billion RMB and 27 historical records of debtors with an execution amount of around 9.03 billion RMB.
Recently, Dalian Wanda Property Management Group issued a new court notice. The plaintiff is China Ping An Property Insurance Co., Ltd. Hubei Branch, and the defendants include Wuhan Jingyun Space Construction Co., Ltd., Wuhan Dongsha Wanda Business Management Co., Ltd., and Dalian Wanda Business Management Group, among others. The court hearing is scheduled for December 1 this year.
According to news reports from Jiemian, since October, there have been multiple instances of equity freezes within Dalian Wanda Property Management Group. These include a 100 million RMB equity freeze on October 14, a 10 million RMB equity freeze on the 13th, a 188 million RMB equity freeze on the 8th, and a 50 million RMB equity freeze on the 3rd, totaling over 300 million RMB in frozen equities.
As of now, there have been 53 instances of equity freezes and 38 historical records of equity freezes within Dalian Wanda Property Management Group. In late September, the company became a debtor, with an execution target of 2.959 million RMB. There are 37 historical records of the company being a debtor, with an execution amount of 599 million RMB.
In mid-July, Dalian Wanda Business Management Group Co., Ltd. and its legal representative Zhang Chunyuan were restricted from high spending due to a construction project contract dispute, as they failed to fulfill payment obligations specified in the enforcement notice within the designated period. In June this year, the company was executed for over 1.57 million RMB in relation to this case.