Wang Jianlin sells Shanghai project for 2 billion, has sold over 80 Wanda Plazas

Wanda has sold another asset.

According to independent sources, Wanda sold its Wanda Plaza in Zuanqiao, Shanghai, for 2.048 billion yuan.

The buyer is Suzhou Lian Shang Qihao Commercial Management Co., Ltd. Through equity penetration, it is known that the major shareholder of Suzhou Lian Shang Qihao is Zhejiang Jin Hui Trust, which is ultimately held by Zhejiang State-owned Assets Supervision and Administration Commission through multiple layers of shareholding.

Analysts point out that this is another significant move in Wanda’s recent intensive disposal of core commercial assets, reflecting ongoing liquidity pressures and indicating that asset disposal has become an important way for the company to ease these pressures.

From Holding to Divestment

Shanghai Zuanqiao Wanda Plaza was invested in and developed by Wanda in 2016 and officially opened in 2017. With a total construction area of approximately 147,500 square meters, it is a benchmark commercial property in the southwest Shanghai region.

Originally, this project was a fully owned, self-operated heavy-asset project managed by Wanda Commercial Management, developed and managed by Shanghai Zuanqiao Wanda Plaza Investment Co., Ltd.

According to Tianyancha, the current shareholders of Shanghai Zuanqiao Wanda Plaza Investment Co., Ltd. are Dalian Tongnan Enterprise Management and Dalian Wanzhuan Enterprise Management, both fully controlled by Suzhou Lian Shang Qihao. Wanda Commercial Management has completely exited the shareholder list.

Business registration information shows that the major shareholder of Suzhou Lian Shang Qihao is Zhejiang Jin Hui Trust, which is 87% owned by Zhejiang Dongfang Holding Group Co., Ltd. Zhejiang International Trade Co., Ltd. holds 41.14% of Jin Hui Trust, and Zhejiang Provincial State-owned Assets Supervision and Administration Commission holds 90% of Zhejiang International Trade Co., Ltd.

It is noteworthy that Zuanqiao Wanda was previously included in Wanda’s 2025 package sale of 48 core Wanda Plaza assets, with a total transaction price of about 50 billion yuan, jointly taken over by institutions such as Taikang Investment, Tencent, JD.com, Sunshine Life, and He Capital.

“The fact that mature projects like Zuanqiao Wanda can be sold at relatively reasonable prices indicates that buyers still recognize their operational value,” said a real estate industry analyst. Under liquidity pressure, Wanda is liquidating heavy assets. The current prices may be below peak valuations, but considering the total value of Zuanqiao Wanda Plaza is substantial, being able to successfully sell and recover some funds is already a rare achievement.

Intensive Asset Sales

The sale of Zuanqiao Wanda Plaza is just the tip of the iceberg of Wanda’s large-scale asset disposals in recent years. Since the beginning of 2026, Wanda has been actively managing its assets.

This year alone, China State Construction Engineering Corporation has taken over three Wanda Plazas. On January 7, its contracting platform China State Construction Engineering Corporation (CSCEC) completed the acquisition of 100% equity of Changde Wanda Real Estate Co., Ltd., with the previous shareholders, Dalian Wanrui Enterprise Management and Dalian Wandarui Chi Enterprise Management, exiting simultaneously. Both are within Wanda’s management system.

In the same month, Wanda Plazas in Xinbei, Changzhou, and Suining were successively taken over by companies affiliated with CSCEC. Changzhou Xinbei Wanda Plaza was acquired by China State Construction Second Engineering Bureau Co., Ltd., and Suining Wanda Plaza Investment Co., Ltd. was taken over by China State Construction First Engineering Bureau (Group) Co., Ltd.

According to incomplete statistics, since 2023, Wanda has sold over 80 Wanda Plazas, including 48 in a package sale in May 2025, covering major first- and second-tier cities such as Beijing, Shanghai, Guangzhou, Chengdu, and Hangzhou.

In fact, Wanda’s asset disposal is no longer limited to Wanda Plazas. In January 2026, 70% of the equity of Shanghai Wanda Microloan Co., Ltd. was auctioned on JD’s judicial auction platform, but the auction was unsuccessful due to no bids. The starting price for the second auction was reduced to 409 million yuan, and it will be auctioned again on March 5.

Additionally, Wanda is also strengthening its financing efforts. In February 2026, Dalian Wanda Commercial Management Group successfully issued $360 million in senior secured bonds with a coupon rate of 12.75%.

Market sources say that the main purpose of this high-yield bond issuance is to refinance maturing dollar-denominated debt.

Financial Associated Press previously reported exclusively that Wanda Commercial Management’s $400 million bond, originally due on February 13, 2026, was extended to February 2028, with the coupon rate maintained at 11%, but with provisions for partial redemption of principal over time. According to the agreement, Wanda must redeem the principal in installments at specified times. As of now, the remaining balance of this $400 million bond is $78.8 million.

Analysts believe that 2026 will still be a critical year for Wanda’s debt repayment. Whether the company can withstand the pressure and achieve smooth debt repayment through asset sales and financing arrangements will determine if this former real estate giant can truly “lighten its load” and move to the next stage of development.