The executives were arrested and their debts were blocked. What happened to Wang Jianlin’s Wanda?

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The executives were arrested and their debts were blocked. What happened to Wang Jianlin’s Wanda?

2018-08-03 10:25:07 113 ℃

On August 1, Yin Mou and Jin, executives of real estate giant Wanda, were taken away by the police at the Wanda headquarters in Beijing. According to informed sources, the two executives were suspected of using their positions to seek personal gain, and the amount was huge.

Low buy and sell for profit

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According to the introduction, Yin and Jin, who were involved in the case, previously served as deputy general managers and general managers of the regional marketing. The case was filed in Wanda Central District, mainly in Anhui. The project company relied on difficulties in sales and sales. The collusion group executives relaxed the approval authority, and then sold the house to an external supplier at a low price to earn the difference.

The case involved more than 20 regional companies and group companies. The amount of illegal income of group executives was over 10 million yuan. Some senior executives have seen the case and have rushed away. The case is still under investigation.

In fact, for internal corruption, Wanda has been working hard to contain it.

In the summary of work in 2017, Wang Jianlin said frankly that many corruptions occurred in the field of engineering construction, mainly because engineering construction is non-standardized, neither east nor north Similarly, the plot conditions are also different, and the construction is a lot of individual operations, the intelligent control of the project is a big problem. This time, there was a problem with the real estate sales, which may have been unexpected.

For some of the problems in real estate sales exposed in this case, Wanda recently revised its marketing management system to prohibit project underwriting.

5 billion supply chain ABS termination

Wanda’s troubles are not only caught by executives.

Last month, the long-running Wanda Supply Chain Finance [1-5] Asset Support Special Program ("Wanda Supply Chain ABS") suddenly "terminated". According to the bond project information of Shenzhen Stock Exchange, the project belongs to Shanghai, and the issuer is Shanghai Moshan Commercial Factoring Co., Ltd., with a proposed issuance amount of 5 billion yuan, and the underwriter/manager is Huaxia Capital.

This asset plan is mainly used for Wanda City business. It was “suspended” due to asset transfer in 2017 and suddenly terminated this year.

Supply Chain Finance ABS, The company owes the supplier money, the supplier transfers the accounts receivable to the factoring company, and the accounts receivable are packaged and transferred to the asset support special plan.

While Wanda’s supply chain ABS project is frustrated, the company is still Promote other real estate ABS projects. Also in the Shenzhen Stock Exchange, there is also the Wanda Plaza Beijing-Tianjin-Hebei coordinated development phase I asset support special plan, the current status is "has feedback." The issuer of the project is Dalian Wanda Commercial Management Group Co., Ltd., and plans to issue 3.08 billion yuan. The underwriter/manager is the investment management.

Industry sources said that the issuance of ABS projects indicates that corporate funds are tight. Some Shanghai companies that cooperated with Wanda disclosed that they bought and sold some properties and shops of Wanda Mao in 2016 and paid a deposit of about 100 million yuan. Now the project has been completed, but Wanda has not refunded the remaining deposit as soon as possible. give them.

A bank executive who is engaged in real estate ABS projects revealed that some property companies have signed up with the factoring company in order to increase the supplier’s participation in the supply chain financial ABS. In the Factoring Contract and the transfer of its unexpired accounts receivable claims, the discount portion of the “loss” will ultimately be subsequently compensated by the housing company to the supplier in other ways. When such compensation can be put in place, it depends on the operating efficiency and asset quality of the housing company.

For Wanda, although the sale of assets last year, some debts were dissolved, but the flow of funds is still tight. On July 6, Wanda Group started to issue a total of 2 billion yuan of corporate bonds, and planned to adopt a phased issuance method, and determined that the coupon rate of the first phase of 1 billion yuan corporate bonds was 7.50%.

Public financial data shows that as of December 31, 2017, Wanda Commercial Management Group Co., Ltd. had total assets of 689.105 billion yuan and total liabilities of 446.253 billion yuan. In 2017, the company achieved operating income of 135.567 billion yuan, an increase of 4.40%; net profit of 20 billion yuan, down 34.04%; net cash flow from operating activities was 25.584 billion yuan, down 32.63%.

Editor: Ren Wanshun