Wanda Group has sold the Zhuanqiao Wanda Plaza in southwest Shanghai for 2.048 billion yuan, marking another chapter in the former property titan’s rapid run of disposals. The buyer is Suzhou Lianshang Qihao Commercial Management Co., whose ultimate controlling stake traces back to Zheshang Jinhui Trust and, through layered holdings, to Zhejiang’s state asset vehicle.
The 147,500-square-metre Zhuanqiao complex was developed by Wanda in 2016 and opened in 2017 as one of the company’s mature, heavy-asset retail anchors in Shanghai. Until the transaction it was fully owned and operated within Wanda’s property-management arm; public filings now show Wanda has exited the shareholder register for the project.
This sale is far from an isolated move. Since 2023 Wanda has disposed of more than 80 Wanda Plazas, including a high-profile 48-asset package marketed in 2025 and acquired by a consortium of institutional buyers. State-linked groups and China’s construction conglomerates have featured repeatedly among the buyers, as Beijing-aligned and private capital alike take stakes in operating retail real estate.
The pattern reflects twin dynamics: persistent liquidity pressure at Wanda and continued buyer confidence in the operational value of mature shopping centres. Analysts say the company is converting heavy, self-operated assets into cash to meet looming debt commitments; prices achieved are likely below peak valuations but acceptable to buyers because of stable cashflow profiles at operating malls.
Wanda’s balance-sheet manoeuvres extend beyond asset sales. In February 2026 its commercial-management arm issued $360 million of senior secured bonds at a steep 12.75% coupon, a move described by market participants as “borrow new to pay old.” One earlier $400 million bond was extended to 2028 and partially redeemed; at present about $78.8 million of that issue remains outstanding. Other assets, including a majority stake in a small-loan unit, have been put to auction with mixed success.
The transaction signals a recalibration of China’s commercial real-estate landscape. State-related buyers and large institutional investors are acquiring operating centres that still produce rental income, while the former developer-operator pares down ownership to reduce leverage. Whether these disposals will fully repair Wanda’s finances depends on scale: proceeds from single transactions ease short-term pressure but leave the company exposed if market appetites cool and more large liabilities fall due in 2026.