Wanda Group has once again sold off one of its major assets after a year of hiatus. This time, It was led by Taimei Investment Group, in collaboration with Tencent Holdings, Sunshine Life Insurance, JD Panda, among several other enterprises, through the establishment of a joint venture to acquire 100% equity of 48 target companies held by Wanda Group. This transaction has been unconditionally approved and involves Wanda Plaza projects in 39 cities, including Beijing and Guangzhou.
According to information disclosed by the market supervision department, the deal was spearheaded by Taimei Investment Group, together with Gaohenfengde, Tencent Holdings, JD Panda, Sunshine Life Insurance, and other companies, through the establishment of a joint venture to acquire Dalian Wanda Commercial Management Group Co., Ltd., which holds 48 target companies primarily engaged in large-scale retail real estate operations, covering first and second-tier cities, as well as some third and fourth-tier cities.
The amount of the transaction was not publicly disclosed; however, market sources indicate that the total scale could reach 50 billion yuan, with Taimei planning to contribute around 5 billion yuan, a 30 billion yuan loan provided by a banking consortium, and the rest raised through mezzanine financing.
This is not the first collaboration between Taimei and Wanda. In March 2024, Taimei, together with CITIC Capital, Ares Management, invested around 60 billion yuan in Dalian Xinda Alliance Commercial Management Co., Ltd, holding a 60% stake, while Wanda held a 40% stake. Moreover, Tencent Holdings, JD, Sunshine Life Insurance, all have had historical partnerships with Wanda. For example, in 2018 Tencent and JD made a 15 billion yuan investment in Wanda Commercial, while Sunshine Life Insurance has taken over Wanda Plaza projects multiple times in recent years.
Wanda has faced liquidity pressure in recent years, having sold off assets multiple times to optimize its financial structure. Previously, Rongchuang and Suning initiated arbitration against Wanda due to share repurchase issues, resulting in the freezing of some equity, impacting a 60 billion yuan equity restructuring process. As of May 2025, Wang Jianlin’s additional frozen equity amounted to around 300 million yuan, with the freezing period extending until 2027.
According to reports from mainland China, the funds brought back through this transaction will effectively alleviate Wanda’s liquidity pressure. However, due to differences in project distribution and business types, the expected investment return rate is 6%-8%, and attention needs to be paid to the repayment risks of mezzanine financing. After the completion of the transaction, Wanda Commercial Management will continue to be responsible for the operation of the plazas, but ownership will be completely transferred.