Wanda Real Estate Half Year Financing Cost 6 Billion 723 Million

In the first half of 2015, the revenue of Wanda real estate was about 30 billion 894 million yuan, but in the first half of this year, the net cash flow (inflow outflow) generated by Wanda real estate activities was about -36.68 billion yuan, and negative mean net outflow and negative in the first half of last year.

Wanda real estate in the first half of this year

The net cash flow generated is also negative, which means that the repayment of loans is higher than the money borrowed from the bank. One possibility is that Wanda real estate has concentrated repayment of the loan.

Of course, there is another possibility that banks and other financial institutions are slowly reducing loans to Wanda real estate, which can not be reduced at once, which will crush Wanda real estate, but some banks may realize that the situation of Wanda real estate is not as good as in the past, so reducing loans gradually.

To sum up, the total assets of domestic companies can exceed 100 billion yuan, and Wanda real estate loans exceed 170 billion yuan! There is no free lunch in the world.

In the first half of 2015, the financing cost of Wanda real estate was 6 billion 723 million yuan, up by 5.21% over the same period last year.

In the first half of this year,

Net profit attributable to shareholders of the parent company is only 5 billion 194 million yuan.

Why do we say Wanda real estate value is not as good as before? An important indicator is listed. In 2012, 2013 and 2014, the fair value of Wanda real estate investment has increased by 21 billion 898 million, 15 billion 443 million and 13 billion 455 million yuan respectively, declining year by year.

The deterioration is continuing.

In the first half of 2015, the fair value of Wanda real estate investment increased by only 3 billion 910 million yuan, and if it was based on this benchmark, it would be no more than 7 billion 820 million yuan in 2015. Compared with 13 billion 455 million yuan in 2014, it would shrink 5 billion 635 million yuan.

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But the value added level has been greatly reduced compared with the same period last year, which means that the investment property of Wanda real estate is not optimistic.

Meanwhile, the rental rate of investment property of Wanda real estate dropped from 99.2% in 2012 to 98.1% in the first half of 2015. This is the first time that the occupancy rate has dropped below 90% in the past three years.

In addition to investment property, Wanda real estate's performance is also not as good as before. In the first half of 2015, its gross profit margin was 44.3%, compared with 51.2% in 2012, a 7 percentage point decline.

However, Wanda real estate is still carrying a high debt of 420 billion 500 million yuan, of which the current liabilities are as high as 259 billion 700 million yuan.

This amount is too large. If we do not mention it, we will say that the bank loan is also a lot of Wanda real estate.

By the end of the first half of 2015, the trust loans, entrusted loans, overseas loans, bonds, development loans and Operating Loans of Wanda real estate were about 7 billion 204 million, 7 billion 933 million, 5 billion 181 million, 36 billion 553 million, 55 billion 187 million and 62 billion 181 million yuan, respectively, totaling 174 billion 239 million yuan.

Debt laden and gross profit margin slipped. Wang Jianlin could only start selling some assets with poor profitability. Recently, Wanda real estate announced that it would pfer five Wanda Plaza in Fuyang, Binzhou, Yantai, Yingkou and Lianyungang, and the price would be 16 million 250 thousand yuan higher than the five Wanda Plaza's net assets.

Wanda real estate admits that one of the purposes of doing so is to reduce the company's debt level and respond to fluctuations in the domestic real estate market.