Wanda Group statement： The news of Wanda’s large-scale layoffs on the Internet is false
On May 20, Wanda Group’s official website released an official statement: The news of Wanda’s large-scale layoffs on the Internet is untrue.
Although the rumors have been cleared up, Wanda’s lack of money and its status as an old man have once again attracted attention from the outside world.
Wanda Real Estate became a dishonest person subject to execution
On April 13 this year, Wanda Real Estate underwent an industrial and commercial change, and the legal representative was changed from Zhang Lin to Huang Guobin.
According to the China Execution Information Open Network, on April 20, Wanda Real Estate was twice listed by the court as a dishonest person to be executed, and was forced to execute 841 million yuan and 246 million yuan respectively, totaling 1.087 billion yuan.
On April 4 this year, due to the application of the applicant China Fuxing Co., Ltd., the court officially filed a case, mainly because Wanda Real Estate failed to perform the payment obligations determined by the effective legal documents within the period specified in the notice in the domestic arbitration award case. Subsequently, Wanda Real Estate, Heyuan Fuxin Construction Co., Ltd., and Heyuan Yuhai Real Estate Development Co., Ltd. became the executors.
On April 20, the above-mentioned three companies became dishonest and were restricted from high consumption. The specific circumstances were all "having the ability to perform and refusing to perform the obligations confirmed by effective legal documents."
In addition to the three companies, Zhang Lin, the original legal representative of Wanda Real Estate, was also restricted from high consumption, that is, when taking transportation, he could not choose aircraft, train soft sleeper, steamer second class or above, and could not make high consumption in hotels, hotels, nightclubs, golf courses and other places above the star rating.
According to the data, Zhang Lin is a "veteran" of Wanda Group. He joined Wanda Group in March 2000 and has served as the president of Wanda Culture Group, the vice president of Wanda Group, and the CFO of Wanda Group. He also served as the director and general manager of Wanda Real Estate.
In June 2022, Zhang Lin served as the chairperson of Wanda Real Estate. In April 2023, Wanda Real Estate underwent industrial and commercial changes, and the legal representative was changed from Zhang Lin to Huang Guobin.
According to the Tianyancha APP information, Wanda Real Estate has become "Lao Lai" this time, and the real estate project planted in Heyuan, Guangdong has been sued by its former partners.
In addition to Wanda Real Estate, which was listed as the person subject to execution by the court, there were also Heyuan Yuhai Real Estate Development Co., Ltd. and Heyuan Fuxin Construction Co., Ltd. Among them, Heyuan Yuhai Real Estate Development Co., Ltd. was a 100% owned subsidiary of Wanda Real Estate, while Heyuan Fuxin Construction Co., Ltd. was Heyuan Yuhai Real Estate Development Co., Ltd. and Zhonghua Fuxing Co., Ltd. held 90% and 10% respectively. This time, Wanda Real Estate was sued by Zhonghua Fuxing Co., Ltd.
Wanda Group attempts to defer loan repayments
On May 16, some media publicly reported that Wanda Group was negotiating with domestic banks to try to extend the maturity of some project loans of Wanda Real Estate. It currently wants to postpone the repayment of the principal of the loan due this year, but the interest payment is not postponed and is still willing to pay the interest.
The situation of delayed loan repayment reflects the debt pressure Wanda is currently facing. DM check debt pass data shows that only one domestic bond, Wanda Group and the same actual controller to be repaid during the year will reach 4.163 billion yuan, and the interest to be repaid is about 714 million yuan.
Jing Shi Law Firm lawyer Zhai Yalong believes that the extension of the principal, but the repayment of interest belongs to the loan extension, generally refers to the borrower’s cash flow problems, can not repay the loan principal on time, can not perform the loan contract, which is a breach of contract; there are also some loan extensions that change the loan period after negotiation between the two parties before the loan expires, and other conditions remain unchanged. This is a normal business conduct, not a breach of contract.
According to previous reports, recently, Wanda Group and some major creditor banks of the Industrial and Commercial Bank of China and other groups began to discuss the renewal of loans without repayment, but it is only an initial negotiation, and no specific plan has been formed yet.
A person familiar with the bank’s credit business said that just "deferring the principal but repaying the interest" itself is a change in the loan contract, and it is very difficult to obtain the consent of the bank in practice. But if it is "renewal of loans without repayment of principal", this practice is still more common in practice.
He explained that "renewal of loans without principal repayment" usually applies to loan customers applying to the bank for renewal of loans before the loan expires, and the bank conducts loan investigation and review according to the requirements of new loans in advance. If the bank agrees to renew the loan, it will sign a new loan contract with the loan customer before the original loan expires, and settle the original loan through new loans, allowing the customer to continue to use the loan funds. In form, it is equivalent to "deferring the repayment of the principal but repaying the interest."
A person from the Financial Institutions Group with a background in central enterprises said that the bank is definitely unwilling to agree to the request for a loan extension, but there is no way. If it does not agree, it will definitely lead the situation to a more unfavorable situation for itself. But for companies that have done this, even if the loan is successfully postponed, its credit will be reduced, which will affect its subsequent issuance of bonds.
"We have encountered a similar situation before. Some developers have delayed loan repayment. Although the deadline for loan repayment has not yet been reached, for the sake of safety, within our company, this behavior has been regarded as a material breach of contract and losses have been included in the statement," he said.