Du plus riche de Chine à vendre tout son patrimoine ! Wang Jianlin, avec une dette de 600 milliards, la pression est insoutenable, même la réputation de Wanda ne peut être sauvée

2015年，万达影业上市，彼时市值约1500亿元人民币，曾获“中国首家上市电影公司”之誉，是王健林旗下最大娱乐控股公司，而今年4月中旬，其完整控股权已悉数出售。

Same period also brought some not-so-bad news for Wanda, Wang Jianlin reached a settlement with Yonghui Superstores over a debt dispute of about 4 billion yuan. But Wang Jianlin thus had to assume joint liability, not only losing trademark rights but also bearing personal debt. For this 72-year-old, who has topped China’s richest list multiple times, this is undoubtedly a lamentable situation.

万达集团的总负债超6000亿，这只是你眼中看到的表面账。主要子公司万达商管就背负着超过1400亿元人民币的带息贷款，相当于每天还没睁眼就产生了约2000万元人民币利息。万达商管的年营业收入预计在50亿至60亿元人民币之间，根本无力支付。

Wanda Group’s total liabilities exceed 600 billion yuan, which is only the surface figure you see. Its main subsidiary, Wanda Commercial Management, carries interest-bearing loans of over 140 billion yuan, equivalent to generating about 20 million yuan in interest every day before opening its eyes. Wanda Commercial Management’s annual revenue is estimated between 5 and 6 billion yuan, far from enough to cover the interest.

自2023年以来，万达已售出80多座万达广场，筹集了900亿美元的资金，但其中超过60%的资金都用于支付利息，只有30%的资金用于偿还本金。这就像割自己的肉去喂鹰一样，收入无法弥补损失。

Since 2023, Wanda has sold over 80 Wanda Plazas, raising 90 billion dollars, but more than 60% of the funds were used to pay interest, only 30% went toward principal repayment. It’s like cutting one’s own flesh to feed the eagle; income cannot offset losses.

达摩克利斯之剑依然悬在公司头上，现金流不足以支付短期支出，现金余额在133亿元至151亿元人民币之间，短期债务偿还缺口高达284亿元至529亿元人民币，现金与长期债务比率仅为0.2-0.4。打个比方说，战争要打很多年，可你连一个月弹药供给都保证不了。

The sword of Damocles still hangs over the company; cash flow is insufficient to cover short-term expenses, with cash balances between 13.3 billion and 15.1 billion yuan, and short-term debt repayment gaps of up to 28.4 billion to 52.9 billion yuan. The ratio of cash to long-term debt is only 0.2-0.4. To put it simply, a war that could last many years, but you can’t even guarantee a month’s supply of ammunition.

即便是维持运营所需的融资成本，也在急剧上升。2026年2月，万达商业管理（WCM）发行了3.6亿美元的债券，票面利率为12.75%，而行业平均水平约为5-6%。市场对WCM的业务可行性持否定态度，贷款方也要求更高的票面利率，该公司最近被惠誉评级下调至“RD”（受限违约），国际资本市场基本上将其视为“准违约”实体。

Even the financing costs needed to sustain operations are rising sharply. In February 2026, Wanda Commercial Management (WCM) issued bonds worth $360 million with a coupon rate of 12.75%, while the industry average is about 5-6%. The market is skeptical about WCM’s viability, lenders demand higher coupon rates, and the company was recently downgraded by Fitch to “RD” (restricted default). The international capital market essentially views it as a “near-default” entity.

败局迹象什么时候开始显露的？这要从2016年开始说起。王健林当时想让公司从香港联交所退市，以便在A股市场上市，获得更高的估值。为了实现这一目标，他需要回购股份，因此与腾讯、京东、苏宁、融创等投资者签订了一份业绩挂钩的合同：如果万达商业管理未能迅速上市，这些投资者将回购股份。最后对赌失败，导致现金流出现缺口。

When did signs of defeat begin to show? It started in 2016. Wang Jianlin wanted to delist the company from the Hong Kong Stock Exchange to list on the A-share market for higher valuation. To achieve this, he needed to buy back shares, so he signed performance-linked contracts with investors like Tencent, JD.com, Suning, and Sunac: if Wanda Commercial Management failed to list quickly, these investors would buy back shares. The bet ultimately failed, causing a cash flow gap.

为此，万达初始通过客户将项目转包给建筑公司，发展到后期没有中间手续，全是直接对接。近年来与大连有过业务往来的中国主要开发商几乎都在提起诉讼。永辉集团赢得了一起38亿元人民币的债务追讨案，苏宁集团索赔50.4亿元人民币，融创集团索赔95亿元人民币，万科集团索赔13.8亿元人民币，其中包括冻结股权。

Initially, Wanda subcontracted projects to construction companies through clients, but later on, there were no intermediaries—everything was direct. In recent years, nearly all major Chinese developers with business dealings in Dalian have filed lawsuits. Yonghui Group won a debt recovery case of 3.8 billion yuan, Suning Group claimed 5.04 billion yuan, Sunac claimed 9.5 billion yuan, Vanke claimed 1.38 billion yuan, including frozen equity.

万达集团的股份至今已被冻结47次。万达持有的北京消费金融银行5000万股股份也被冻结。2025年9月，王健林因一起金额高达1.86亿元人民币的诉讼案被下达消费限制令，并在36小时内成为债务违约者。这对他的精神造成了难以估量的打击。

Wanda Group’s shares have been frozen 47 times to date. The 50 million shares Wanda holds in Beijing Consumer Finance Bank are also frozen. In September 2025, Wang Jianlin was subject to a consumption restriction order due to a lawsuit amounting to 186 million yuan, and within 36 hours, he became a debt defaulter. This dealt an immeasurable blow to his spirit.

2026年1月初，万达一笔4亿美元债券到期，票面利率为11%，但债券持有人却获得了延期至2028年2月的喘息之机。王健林并没有表现出同情心，而是做出了务实的决定。如果允许万达立即申请破产，公司的剩余价值将非常有限；但如果给予两年时间以较慢的速度出售资产，他们就能获得更高的回报。

In early January 2026, Wanda had a $400 million bond maturing with an 11% coupon rate, but bondholders were granted a deferral until February 2028. Wang Jianlin did not show sympathy but made a pragmatic decision. Allowing Wanda to file for bankruptcy immediately would greatly limit the company’s residual value; however, giving two years to slowly sell assets could yield higher returns.

王健林并没有选择退场，也未放弃他目前仅有的资产。尽管他已年届72岁高龄，却依然每天工作超过12个小时，奔波于世界各地，致力于文化旅游开发。能看出来，他身材近日日渐消瘦，头发也开始脱落，但仍在尽可能挣扎——这可以说是这位昔日首富的最后反抗。

Wang Jianlin did not choose to exit nor give up his remaining assets. Although he is now 72, he still works over 12 hours daily, traveling around the world, dedicated to cultural tourism development. It’s evident that he is increasingly thin, his hair is beginning to fall, but he continues to struggle as best as he can—arguably his final resistance as a former billionaire.

然而，背负着6000亿元的巨额债务，加上每天2000万元的利息，以及如今已无多少优质资产可供出售，实在看不出万达集团在短期内（即2026年之前）有任何摆脱困境的办法。他已是强敌环伺，能够做出决断的只剩下怎么能输的好看一点。王健林唯一能做的，就是尽可能体面地离开。

However, burdened with 600 billion yuan in debt, plus daily interest of 20 million yuan, and with few high-quality assets left to sell, it’s hard to see any way for Wanda Group to escape its predicament in the short term (before 2026). Surrounded by powerful enemies, the only decision left is how to lose gracefully. Wang Jianlin’s only option is to leave as decently as possible.

作者声明：个人观点，仅供参考