美國商務部初步裁定中國產鋁箔獲得了補貼萬達集團重組10億美元資產

Chinese property tycoon Wang Jianlin has embarked on a big asset reshuffling within his empire to reduce the leverage of Dalian Wanda’s listed arm as regulators increase the pressure on acquisitive dealmakers to cut debt.

隨著監(jiān)管機構對收購欲望較強的企業(yè)加大施壓力度，讓它們削減債務，中國地產業(yè)大亨王健林在他的商業(yè)帝國內啟動了一次大規(guī)模的資產重組，以降低萬達集團(Dalian Wanda)旗下上市公司的杠桿率。

Hong Kong-listed Wanda Hotel Development announced late on Wednesday it would buy nearly $1.1bn of assets from Wanda’s theme park and hotel management units. It will also sell its stakes in four of its most prominent overseas development projects for an undetermined amount, giving the conglomerate’s unit Dalian Wanda Commercial Properties 100 per cent ownership.

周三晚，在香港上市的萬達酒店發(fā)展有限公司(Wanda Hotel Development)宣布，其將向萬達旗下主題公園和酒店管理部門收購近11億美元的資產。該公司也將出售其在4個知名海外開發(fā)項目中的股權(價格并未披露)，使這家企業(yè)集團旗下的大連萬達商業(yè)地產(DWCP)獲得100%所有權。

The restructuring comes a day after the group denied rumours it was trying to sell nearly $2bn of property projects in Australia, which are among those sold to DWCP.

這次重組的1天之前，萬達集團否認了其正嘗試出售在澳大利亞的近20億美元的地產項目的傳聞。這些項目確實出現在出售給大連萬達商業(yè)地產的項目之中。

Analysts said the asset reshuffle was a move to group similar assets together while freeing up its listed arm of expensive overseas real estate projects.

分析師們表示，資產重組的目的在于把類似資產分組，同時使萬達集團的旗下上市公司不會受到昂貴海外地產項目的拖累。

“There could be an element of trying to get the real estate part of [Wanda] more clearly defined, since real estate has been a big part of this crackdown. Maybe that is an olive branch to regulators,” said Andrew Polk, co-founder of Beijing-based research group Trivium.

“其中可能存在對(萬達)旗下地產業(yè)務進行更清晰界定的因素，因為房地產是這次打壓的一個重點對象。也許這是拋向監(jiān)管者的橄欖枝，”北京咨詢公司Trivium的聯合創(chuàng)始人安德魯•波爾克(Andrew Polk)說。

“My suspicion is that this is a tidying up exercise,” said Nigel Stevenson, an analyst at GMT Research in Hong Kong. “Just in terms of ownership [of real estate projects], 100 per cent is much simpler.”

“我猜，這是一個整理動作，”香港研究公司GMT Research的分析師奈杰爾•史蒂文森(Nigel Stevenson)表示，“就(房地產項目的)所有權而言，100%要簡單得多。”

The sale, which still requires shareholder approval, in effect transforms Wanda’s listed arm from a property developer to solely managing and designing Wanda’s tourism and hotel properties as part of an “asset light” approach the company adopted in the face of dipping sales.

這次出售——仍有待股東批準——實際上把萬達集團的上市子公司從一家房地產開發(fā)商轉型為僅僅管理和設計萬達集團旗下旅游和酒店項目的公司，作為萬達集團面對銷售下滑采取的“輕資產”模式的一部分。

“The business of management service is less capital intensive than property development,” said Kaven Tsang, a vice-president at Moody’s.

“跟地產開發(fā)相比，管理服務業(yè)務的資本密集程度較低，”穆迪(Moody's)副總裁曾啟賢(Kaven Tsang)說。

Wanda’s restructuring comes against a financial clampdown on some of the country’s most aggressive dealmakers, whose corporate debt levels regulators worry could jeopardise China’s economy.

萬達進行重組之際，監(jiān)管機構正對國內一些在并購方面最咄咄逼人的企業(yè)進行金融整頓，擔心這些企業(yè)的債務水平可能危及中國經濟。

In July, Wanda became one of five conglomerates investigated for their exposure to financial risk, while separately regulators warned Chinese banks to restrict additional financing to the property company. In an interview with the Financial Times in April, Mr Wang admitted that an acquisition bid for Dick Clark Productions had fallen through because of capital controls.

今年7月，萬達成為因財務風險敞口而遭調查的5家企業(yè)集團之一。與此同時監(jiān)管機構警告中國的銀行不要對這家地產公司提供更多融資。王健林4月在接受英國《金融時報》采訪時承認，萬達收購迪克•克拉克制片公司(Dick Clark Productions)的交易因資本管制而告吹。

Wanda recently signed a deal to sell $9.43bn worth of hotel and tourism properties, including its Nanchang theme park that was intended to rival Disney Shanghai, to developers Sunac and R&F Properties. Proceeds will go to pay down approximately $24bn in DWCP’s debts, which come due next year.

萬達近來簽署了把價值94.3億美元的酒店和旅游地產出售給融創(chuàng)(Sunac)和富力地產(R&F Properties)的合同，其中包括原本意在挑戰(zhàn)上海迪士尼(Shanghai Disney)的南昌萬達主題公園。所獲資金將用于償還大連萬達商業(yè)地產將于明年到期的大約240億美元債務。