The rebranding of Wanda Film to Ruyi Film this week marks more than just a change in corporate registration; it signals the definitive end of an era for Wang Jianlin. Once China’s richest man and the standard-bearer for the country’s global cultural ambitions, Wang has spent the better part of a decade liquidating the pillars of his empire. The transition of control to Ke Liming’s 'Ruyi' group represents the loss of the last 'premium asset' in the Wanda portfolio, leaving the conglomerate a shadow of its former self.
Since 2017, the trajectory of Dalian Wanda Group has been a masterclass in controlled de-leveraging under duress. What began with the shock sale of theme parks and hotels to Sunac and R&F Properties has evolved into a permanent state of survival. The numbers are staggering: in the last three years alone, Wanda has offloaded over 85 of its signature Wanda Plazas to recoup more than 50 billion RMB. Even the core commercial management business is no longer fully under Wang’s control, following a forced equity restructuring with PAG and other investors after a failed IPO.
The financial pressure remains acute, as evidenced by the predatory interest rates Wanda is now forced to accept. A recent $360 million senior guaranteed bond carried a coupon rate of 12.75%, nearly double the industry average, highlighting the market's skepticism regarding the group's long-term solvency. Furthermore, legal battles are mounting. The Shanghai International Economic and Trade Arbitration Commission recently ordered Wanda to pay 3.86 billion RMB to Yonghui Superstores over equity disputes, adding to the list of creditors circling the embattled tycoon.
Yet, there is a distinct narrative of 'honor among ruins' that separates Wang from peers like Evergrande’s Xu Jiayin. Unlike the collapse of Evergrande, which left millions of homebuyers in limbo, Wang has methodically sold assets to honor debts to banks and investors. He has not fled overseas or hidden assets through complex offshore trusts, instead choosing to 'cut his own flesh' to keep the group afloat. While the era of Wang Jianlin as a global kingmaker is over, his legacy may be that of a survivor who chose a painful exit over a chaotic implosion.