From China’s richest man to selling off his entire fortune! Wang Jianlin faces 600 billion yuan in debt, and even Wanda’s flagship brand can’t be kept.

In 2015, Wanda Film and Television went public, with a market value of about 150 billion RMB at the time, earning the reputation as “China’s first listed film company,” and was the largest entertainment holding company under Wang Jianlin. However, by mid-April this year, its complete ownership had been fully sold.

At the same time, there was also some not-so-bad news for Wanda: Wang Jianlin reached a settlement with Yonghui Superstores over a debt dispute of approximately 4 billion RMB. But Wang Jianlin had to bear joint liability, losing not only trademark rights but also taking on personal debt. For this 72-year-old, who has topped China’s richest list multiple times, this is undoubtedly a lamentable situation.

Wanda Group’s total liabilities exceed 600 billion RMB, which is just the surface figure you see. Its main subsidiary, Wanda Commercial Management, carries over 140 billion RMB in interest-bearing loans, equivalent to generating about 20 million RMB in interest every day before opening its eyes. Wanda Commercial Management’s annual revenue is estimated between 5 billion and 6 billion RMB, making it impossible to pay off.

Since 2023, Wanda has sold over 80 Wanda Plazas, raising 90 billion USD, but more than 60% of that funds have been used to pay interest, with only 30% used to repay principal. It’s like cutting one’s own flesh to feed the eagle—revenue cannot cover losses.

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

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 business viability, and lenders are demanding higher coupon rates. The company was recently downgraded by Fitch to “RD” (Restricted Default), and the international capital market generally regards it as a “near-default” entity.

When did the signs of defeat begin to show? It all 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, signing performance-linked agreements with investors like Tencent, JD.com, Suning, and Sunac: if Wanda Commercial Management failed to list quickly, these investors would buy back their shares. The deal ultimately failed, leading to a cash flow shortfall.

Initially, Wanda subcontracted projects to construction companies through clients, but later moved to direct engagement without intermediaries. 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 RMB, Suning Group claimed 5.04 billion RMB, Sunac claimed 9.5 billion RMB, and Vanke claimed 1.38 billion RMB, including frozen equity.

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

In early January 2026, Wanda had a $400 million bond due, with an 11% coupon rate, but bondholders were granted a grace period until February 2028. Wang Jianlin did not show sympathy but made a pragmatic decision. Allowing Wanda to file for bankruptcy immediately would leave very little residual value; giving two years to slowly sell assets could yield higher returns.

Wang Jianlin did not choose to exit nor abandon his remaining assets. Despite being 72 years old, he still works over 12 hours a day, traveling around the world, dedicated to cultural tourism development. It’s evident that he is increasingly thin, with hair beginning to fall, but he continues to struggle—this can be seen as the last resistance of the former richest man.

However, burdened with 600 billion RMB in debt, plus daily interest of 20 million RMB, and with few high-quality assets left to sell, it’s hard to see any short-term (before 2026) way out for Wanda Group. Surrounded by powerful enemies, the only thing left for him to decide is how to lose with dignity. The only thing Wang Jianlin can do now is leave as gracefully as possible.

Author’s note: Personal opinion, for reference only.