New China Life Insurance (601336.SH) has taken over another Wanda asset.

Tianyancha information shows that Wanda Plaza in Chifeng and Jinjiang has undergone business changes, with the original wholly-owned shareholder Dalian Wanda Commercial Management Group (hereinafter referred to as "Wanda Commercial Management") withdrawing from the shareholder sequence in mid-December, and Kunhua (Tianjin) Private Equity Partnership (hereinafter referred to as "Tianjin Kunhua") being added as the wholly-owned shareholder.

The major shareholder of Tianjin Kunhua is New China Life Insurance.

In January this year, New China Life Insurance and China International Capital Corporation Operations jointly established a Fund to invest directly or indirectly in the Assets of portfolio real estate project companies.

The two parties Hold 99.99% and 0.01% equity in Tianjin Kunhua with subscription amounts of 9.999 billion yuan and 1 million yuan, respectively.

From the current business information, "portfolio real estate" mainly refers to assets under Wanda.

Tianyancha information shows that Tianjin Kunhua has currently obtained controlling rights for Wanda projects in six locations: Peking, Yantai, Nanjing, Chengdu, Chifeng, and Jinjiang.

The largest Nanjing Wanda Plaza has a registered capital of up to 1.442 billion yuan, and the newly acquired Chifeng and Jinjiang Wanda Plazas have registered capitals of 0.418 billion yuan and 0.099 billion yuan respectively.

In the past year, there have been continuous reports regarding Wanda's liquidity issues.

As of the end of December 2023, Wanda Commercial Management'sZhuhai Wanda Commercial Management is encountering the fourth expiration of materials since first submitting to the Hong Kong Stock Exchange in October 2021.

Just as Wanda Commercial Management is troubled by the 30 billion buyback pressure, "white knight" TaiMeng Investment Group (hereinafter referred to as "TaiMeng Group") brings a new agreement.

It is reported that TaiMeng Investment will collaborate with other investors to reinvest in Zhuhai Commercial Management, thereafter Wanda Commercial Management will maintain its status as the largest single shareholder with a 40% shareholding, while TaiMeng Group and several existing and new investors will collectively hold 60%.

In March 2024, Wanda Commercial Management announced the formal signing of an agreement with TaiMeng Group and 5 other institutions, with these 5 institutions investing 60 billion yuan into Dalian Xin Da Meng Commercial Management (referred to as "Xin Da Meng"), while acquiring 60% of the company's equity.

In the industrial and commercial changes implemented six months later, Xin Da Meng has introduced a total of 10 new shareholders, including the aforementioned 5 institutions, with registered capital increasing from 16.21 billion yuan to 40.52 billion yuan.

However, the pressure on Wanda Commercial Management is not limited to this.

As early as January 2018, TENCENT, as a initiator, teamed up with Suning Cloud Commerce, Sunac, and JD.com to invest 34 billion yuan in Wanda Commercial (now renamed Wanda Commercial Management Group), acquiring 14% of the shares from investors brought in during its (Delisted) period.

This also includes a bet agreement.

It is reported that this agreement requires Wanda Commercial to complete its listing by October 31, 2023; it cannot change its main business, and the net rental income in 2019 should not be less than 19 billion yuan.

In October and December 2024, Suning.com and Sunac respectively initiated arbitration against Wanda Group at the China International Economic and Trade Arbitration Commission regarding this agreement, involving amounts of 5.041 billion yuan and 9.5 billion yuan.

Perhaps due to a liquidity crisis, Wanda's intertwining with insurance funds is becoming increasingly close.

At the end of 2023, as Wanda Commercial faced setbacks in the Hong Kong stock market, there were market rumors that Wanda planned to sell its plazas in first- and second-tier cities to exchange for liquidity, and was in talks with insurance fund institutions.

Since then, there have been frequent instances of insurance funds taking over the工商变更 of Wanda assets.

In December alone, there were changes in equity for four Wanda assets in places such as Shanghai Jinshan, Jiangsu Taicang, and Zhejiang Huzhou, with the new wholly-owned shareholders being traceable to SUNSHINE INS.

Even the investment from the TAIMENG Group in 2024 did not interrupt the pace of Wanda selling off assets.

After the new investment in Xinda Meng, the registered capital of Nanjing Wanda Plaza was significantly increased from 0.1 billion yuan to 1.442 billion yuan; however, less than a month later, Wanda Business Management exited the shareholder ranks, with Tianjin Kunhua taking over.

At the beginning of December, the registered capital of Chifeng Wanda Plaza rose significantly from 0.05 billion yuan to 0.418 billion yuan; in the same month, the shareholders were again changed from Wanda Business Management to Tianjin Kunhua.

Coincidentally, it was on the same day that Chifeng Wanda Plaza changed ownership that Sunac officially announced the pursuit of debt from Wanda.

It seems that liquidity needs may be the reason Wanda Business Management was ruthless in 'letting go' of many assets; however, for insurance funds, whether this is a rescue or 'bottom fishing' may depend more on the price of the assets being acquired.

Currently, Wanda has layouts in multiple cities across China, and acquiring at a low position not only enjoys holding period returns but also anticipates appreciation after the market warms up, which is beneficial for diversifying investments and spreading risks.

According to incomplete statistics, there are currently four insurance companies: New China Life Insurance, SUNSHINE INS, Dajia Insurance, and Hengqin Life Insurance, taking over 15 Wanda Plaza projects.

Among them, SUNSHINE INS holds Wanda Assets in six locations: Hefei, Taicang, Huzhou, Jinshan in Shanghai, and Luogang in Guangzhou through Lishui Lianrong No. 1 Private Equity Investment Partnership (Limited Partnership).

Dajia Insurance holds Wanda Assets in three locations, and Dajia Insurance jointly holds one Wanda Asset with Hengqin Life Insurance.