美国商务部初步裁定中国产铝箔获得了补贴万达集团重组10亿美元资产
随着监管机构对收购欲望较强的企业加大施压力度，让它们削减债务，中国地产业大亨王健林在他的商业帝国内启动了一次大规模的资产重组，以降低万达集团(Dalian Wanda)旗下上市公司的杠杆率。
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，在香港上市的万达酒店发展有限公司(Wanda Hotel Development)宣布，其将向万达旗下主题公园和酒店管理部门收购近11亿美元的资产。该公司也将出售其在4个知名海外开发项目中的股权(价格并未披露)，使这家企业集团旗下的大连万达商业地产(DWCP)获得100%所有权。
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.
这次重组的1天之前，万达集团否认了其正尝试出售在澳大利亚的近20亿美元的地产项目的传闻。这些项目确实出现在出售给大连万达商业地产的项目之中。
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.
分析师们表示，资产重组的目的在于把类似资产分组，同时使万达集团的旗下上市公司不会受到昂贵海外地产项目的拖累。
“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.
“其中可能存在对(万达)旗下地产业务进行更清晰界定的因素，因为房地产是这次打压的一个重点对象。也许这是抛向监管者的橄榄枝，”北京咨询公司Trivium的联合创始人安德鲁•波尔克(Andrew Polk)说。
“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，这是一个整理动作，”香港研究公司GMT Research的分析师奈杰尔•史蒂文森(Nigel Stevenson)表示，“就(房地产项目的)所有权而言，100%要简单得多。”
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.
这次出售——仍有待股东批准——实际上把万达集团的上市子公司从一家房地产开发商转型为仅仅管理和设计万达集团旗下旅游和酒店项目的公司，作为万达集团面对销售下滑采取的“轻资产”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.
“跟地产开发相比，管理服务业务的资本密集程度较低，”穆迪(Moody's)副总裁曾启贤(Kaven Tsang)说。
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.
万达进行重组之际，监管机构正对国内一些在并购方面最咄咄逼人的企业进行金融整顿，担心这些企业的债务水平可能危及中国经济。
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，万达成为因财务风险敞口而遭调查的5家企业集团之一。与此同时监管机构警告中国的银行不要对这家地产公司提供更多融资。王健林4月在接受英国《金融时报》采访时承认，万达收购迪克•克拉克制片公司(Dick Clark Productions)的交易因资本管制而告吹。
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.
万达近来签署了把价值94.3亿美元的酒店和旅游地产出售给融创(Sunac)和富力地产(R&F Properties)的合同，其中包括原本意在挑战上海迪士尼(Shanghai Disney)的南昌万达主题公园。所获资金将用于偿还大连万达商业地产将于明年到期的大约240亿美元债务。
