Wang Jianlin Appears in Xinjiang with a Thin Face, Video Exposed

Recently, amidst the debt crisis, Wang Jianlin, the chairman of the troubled Dalian Wanda Group, made a public appearance in Xinjiang, and the video was circulated on the internet.

According to a report from the “Xinjiang Daily” on August 24th, on August 20th to 21st, Wang Jianlin visited Karamay to inspect investment promotion, cultural tourism development, and other related work.

In an online video, Wang Jianlin was seen in a Xinjiang scenic area, dancing with Xinjiang dance performers. He appeared thinner than before but with a healthy and rosy complexion.

In recent years, Wanda Group has been entangled in a debt crisis due to failed gambling agreements. The founder, Wang Jianlin, has been continuously selling off assets to mitigate financial pressures. Despite selling 80 Wanda Plazas over three years, the company still struggles with a 66.2 billion RMB debt crisis. As of May 26th, assets totaling nearly 7.6 billion RMB have been frozen from Wang Jianlin, and Dalian Wanda Group has faced execution of nearly 7.6 billion RMB.

Wang Jianlin continues his trend of selling off assets.

On July 22nd, China RuYi announced that Shanghai Wanda Network Financial Services Co., Ltd. (the seller) reached an agreement on the transfer of 30% equity in Kuaiqian Financial Services (Shanghai) Co., Ltd. for a cash consideration of 240 million RMB in three installments with Shanghai RuYi Xingchen Enterprise Management Co., Ltd. (the buyer) and Kuaiqian Financial Services (target company).

According to the agreement, the buyer conditionally agreed to the transfer, and the seller conditionally agreed to the transfer of 30% equity in the target company for a cash consideration of 240 million RMB in three installments.

China RuYi’s announcement revealed that Wang Jianlin is the ultimate beneficial owner of Shanghai Wanda Network Financial Services Co., Ltd.

On June 19th, Beijing Huanju Business Management Co., Ltd. completed a restructuring of equity structure, with Wang Sicong, son of the former controlling shareholder and Chairman of Wanda Group, Wang Jianlin, completely withdrawing. The buyer was He Youjun, son of Macau gambling tycoon Stanley Ho’s son and Chairman of Star Glory Group.

On April 17th, LY.com announced that it had reached an agreement to acquire 100% equity of Wanda Hotel Management (Hong Kong) Co., Ltd., a wholly-owned subsidiary of Wanda Hotels Development, for approximately 2.49 billion RMB. The transaction value is approximately 9.5 times the adjusted EBITDA of 2023.