2008 was a bleak year for the world's financial markets. Pen @ fun @ pavilion wWw. ｂｉｑUｇE。 infoDuring the year, more than $10 trillion in market value was wiped out from countries around the world. This is the depreciation of unleveraged spot assets, and other leveraged gambling instruments and financial derivatives are liquidated one after another.

Those derivative assets, which are dozens or even 100 times more valuable than the spot market on paper, have become worthless. Assuming that financial derivatives become waste paper, there are tens of trillions of dollars of financial derivatives that have become waste paper this year.

Many financial institutions that are not satisfied with traditional financial business and have engaged in innovation and increased leverage have gone bankrupt in this round of crisis.

Perhaps, the two houses that detonated this round of financial crisis may not be able to collapse because they are too big, involving trillions of dollars in assets and more than 10 million homeowners and investors, so even if they are insolvent, they are still not bankrupt and liquidated.

But more institutions, because they are not large enough, because they seem to be stormy. For example, institutions such as Morgan Stanley, Deutsche Bank, Lehman Brothers, and Goldman Sachs are also asking governments and some institutions that have a lot of cash reserves for help.

And in this second-by-second day, Wang Qinian has done a lot of bottom-copying actions. For example, the small partner company is crazy to attack and buy properties and real estate in many cities in China.

Whether it's a façade, an office building, an apartment, or even a warehouse.

The small partner company is one word - buy, buy, buy!

If you don't buy it, it's too late, because, in 09, the whole world has entered the watermark to save the financial crisis, and China has the famous four trillion. Although the four trillion is not an investment in real estate, there is no doubt that real estate has skyrocketed for a few years since 09. The rise in housing prices has naturally pushed rents up year by year.

In the end, the profit growth of many industries could not rise the housing prices, so that after the 4 trillion euphoria period passed, many industries entered a new round of recession.

It's not just the property itself. The cinema chain is also a target for mergers and acquisitions of small partner companies. In fact, even in the next round of recession in the future, China's film market is still doing well. Later, after Wanda Cinema, which has a net worth of billions, was listed. It was quickly hyped to a market value of 100 billion, creating a huge bubble!

But for now, it's still a good deal to buy theaters. Not only are the property prices of the cinema line much cheaper than in the future, but also the Wanda cinema line at this stage is basically in the first-tier cities and second-tier cities. Future. These locations will become more and more prosperous and become prime locations. Regardless of the box office revenue of the theater, it will increase year by year in the future, and the house price alone will increase several times compared to 07 years and before the outbreak of the financial crisis!

"Uncle Wang, I want to buy Wanda Cinema Line, you can make a price!" Right now, Wang Qinian is talking to Wanda's boss Wang Jianlin about mergers and acquisitions.

The historical Wanda cinema chain began to become the first in China's cinema market in 08. In the years that followed. It has become the first theater in China with an annual box office of 1 billion, 2 billion, 3 billion, and 5 billion. In the future, Wanda Cinema Line has consolidated the first cinema chain in Asia and is marching towards the goal of becoming the world's first cinema chain.

However, now the development of the small partner cinema is far stronger than Wanda, excluding the cinema assets of Golden Harvest, the small partner company already has more than 500 screens in 35 cinemas, and the box office income of the small partner cinema last year was 970 million, and it won the first cinema in China, and there is almost no suspense at the box office of 1 billion this year.

Excluding the income of Jiahe Cinema Line, which takes the international route, the Partner Cinema Line is already the first cinema chain in China. If Golden Harvest's cinema assets are added, the small partner group is already the largest cinema company in Asia.

As for Wanda's development, it is much more backward than in history, there are currently about 15 cinemas, and only 120 movie screens. Although it can already rank in the top five in the cinema industry, it has no ambition to win the championship with its partner companies!

With the arrival of the financial crisis in 08, domestic real estate prices naturally plummeted, and rents also fell for a short time. A company like Wanda has a debt ratio of more than 90%, which is almost half the danger of walking a tightrope. If the economy is booming. Wanda can naturally rely on ten times leverage to achieve a growth rate that exceeds that of its peers by several times. However, when the financial crisis comes, this kind of highly leveraged enterprise that relies on borrowing to develop is naturally very dangerous. Even though the capital scale is hundreds of billions of yuan, the vast majority of them are debts. It is expected that in the past few years, Wanda's boss will definitely not sleep well!

"1 billion, sold to you! Including 300 million debts, you pocket them all! Wang Jianlin did not treat the theater as a non-sale, but directly quoted a high price.

This high price is only the high price at this stage! After the financial crisis has passed, real estate developers with huge debts will not sell when they are no longer afraid!

"Uncle Wang, are you cheating on me?" Wang Qinian shook his head and smiled, "A cinema is worth 30 million yuan at most, Wanda Cinema Line has 15 cinemas, and the gross valuation asset scale is 450 million yuan, and what is even more complaining is that it is a debt of 300 million yuan!" In other words, 150 million assets, you sold me 1 billion, is it too dark? ”

"Anyway, Wanda is also a popular theater chain on the front line, but I don't have a good heart." Wang Jianlin opened his eyes and said nonsense, "Besides, you are embarrassed to say that you have a net worth of 150 million?" With a profit of 50 million a year, the price-earnings ratio of 20 times that of the stock market listing, that is, the market value of 1 billion, there are countless people rushing to ask for it! ”

At the beginning, Wanda was not ready to do its own cinema chain at all, but hoped to introduce Warner, a joint venture with Warner, and jointly support Warner Cinema in Wanda Plaza. However, due to various factors, Warner failed to apply for a Chinese cinema license, and could only participate in independent cinemas. It couldn't run an independent cinema company, so Warner lost interest in continuing to invest in cinema assets in the Chinese market.

Because, the cinema line jointly built by Warner and Wanda was not completed, so Wanda had to apply for a license by itself and set up a Wanda cinema in 05.

Unexpectedly, Wanda Cinema Line is not the expected loss-making business, but a money-making business. It can not only attract popularity to Wanda Plaza, increase the flow of people in Wanda Plaza, but also make money, so Wanda's investment in cinemas has increased year by year.

But at present, the total box office revenue of Wanda Cinema Line is only 300 million yuan a year, plus snacks and drinks, and the annual profit is only 50 million.

"Can you make a bargain?" Wang Qinian suddenly asked.

"Hehe, you asked me to quote, I thought you were so rich that you didn't have to bargain!" Wang Jianlin couldn't help laughing.

"How about 500 million?" Wang Qinian said, "If I invest myself, 500 million is enough to set up a theater chain with a similar scale as Wanda Cinemas!" ”

"No, 500 million is too little, I might as well run it myself!" Wang Jianlin shook his head. Even in 08, the business of the cinema chain has not been impacted, but continues to develop day by day.

It can be said that some high-quality movie theaters are like money printing machines!

If it weren't for the fear of the financial crisis, which would further affect the turnover of Wanda Group, Wang Jianlin would never have sold this high-speed growth asset!

"800 million, I also pocketed the debt of Wanda Cinema Line. But you have to make a guarantee that Wanda will not invest in the cinema chain within ten years, nor will it enter this market by way of equity participation! Wang Qinian said with a smile.

"Okay, 800 million is 800 million!" Wang Jianlin is actually very satisfied with the price. Wanda Cinemas has more than a dozen cinemas with more than 100 screens. In fact, only 5 theaters belong to the property assets of the theater chain itself, and most of the remaining are rented from Wanda Commercial Real Estate Company.

In terms of real assets, Wanda Cinema Line currently has total assets of less than 500 million, net assets of only 200 million, and 300 million are liabilities. Selling at a sky-high price of 800 million should be a good price!

In fact, Wang Qinian believes that Wanda Cinema Line is conservatively estimated at 500 million according to the current valuation. With an extra premium of 300 million, as long as Wanda does not invest in the cinema chain industry for ten years, it is very worthwhile!

As for ten years later, Wanda wants to invest in the film and television industry again, and the changes in the pattern of ten years and the re-entry will make it difficult to challenge the status of the partner company! (To be continued.) )