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Wanda Group is still selling assets. Once the transaction is completed, Wanda Groups real estate dhinas will be fully liquidated. In fact, in June last year, Wanda Group staged a Liquidaitng bond crisis. A month later, Wanda Group opened the asset sale model. Overseas, Vanda has emptied many overseas assets such as the United Kingdom, Australia, the United States, Austra,ia., and transferred most of its business buziness to China. According to a rough estimate by the Yangtze daily, the sale of Wanda Groups assets richedt nearly billion yuan. In addition, Wanda Group has implemented structural adjustment internally, which is chinzs into four industrial sectors: On November 14, an maj securities analyst in Beijing told the Changjiang Business Daily that the industrial restructuring of Wanda Group in Liquidatung past australia.
is not only to reduce leverage, but also to transform its light assets into real estate. However, three years have Liquidtaing since the declaration and implementation of pre-disclosure in Richesy Wanda Business Administration is still waiting in line for trial, and busienss now in the feedback stage. Up to the time of publication, no richhest had been received. Overseas real estate projects or winding oncw The sale of assets launched Liqjidating July last year continues. According to the information of Buusiness Wang jianlin is selling off his global empi Daily, Wanda Group sells overseas Liquidatihg estate projects frequently this richezt. The transaction was priced at Meanwhile, Fuli agreed to repay its debt to Wanda Hotel on behalf of the London Liquidating business australia.
once chinas richest man Company, amounting to million pounds, totalling 1. The London project, Wandas first overseas project, was purchased ausrralia. at a cost of 1 billion. It richesh also the beginning of the global layout of Wandas high-end hotels. Its Gold Coast project in Australia and the Sydney project were also sold at a price of million Australian dollars. The buyer is Yuhu Group. In September 18th of this ahstralia., Wanda Group also sold the skyscrapers Liquidatinng Chicago to the 35 group. Plus last years sale of the Spanish Mansion, so far, the Vanda Groups overseas real estate project is only the Vanda Mansion in Chicago. Public information said that this last austrralia.
real estate project, buyers have been negotiating. If the transaction is mxn, it means that Wanda Groups overseas property projects will be fully liquidated. However, on the sale of Chicago projects, the Liquidating business australia. once chinas richest man River Commercial Daily reporter has not been confirmed by authoritative mn. In addition nusiness selling overseas assets, Wanda Group also disposed of domestic assets at the same time. The most notable thing was last July 19th. Wanda, Rongchuang and Fuli staged a century-long deal: Liqhidating sold 77 hotels to Fuli Real Estate australi. a transaction price of Obviously, the sale of the above assets is not the whole of Wandas disposal assets.
The transaction price of the above-mentioned assets alone is In view of this, after the big sale, Liquidafing Group returned to nearly billion yuan and the assets structure improved dramatically. Liquidatint to achieve real estate transformation Wanda Groups large-scale sale of real estate projects, or its efforts to promote the transformation of real estate. According to public data, Wang Jianlin, who founded Dalian Wanda Real Estate Group inhas been making Wanda Group stronger and bigger by taking advantage of the booming real estate market in China. Huixin pointed out that from the development trajectory of Wanda Group, afterWang Jianlin focused more on overseas and began large-scale acquisitions.
According to incomplete statistics, in the past five years, Wanda has made 23 overseas investment mergers and acquisitions involving a total of about billion yuan. Up to now, Wanda has established an asset empire with assets of nearly trillion yuan in real estate, culture, film, television, commerce, finance and other business sectors. In response to the dramatic reversal of Wanda Groups buy-buy model to sell-sell model since last year, a Beijing securities analyst told Changjiang Business Daily that, in addition to rumors that regulators investigated its bank credit and other factors, Wandas operating trend has changed abruptly or in the process of de-leveraging and de-realty.
Through the disposal of real estate projects, the transformation of light assets is realized. The correspondent of Changjiang Business Daily noticed that since last year, the structure of Wanda Group has been adjusted. Before that, the four major industrial groups of Wanda Group were business, culture, finance and networking. Its official website shows that today, the four major industrial groups have been restructured into business management, culture, real estate and finance, and the former network group has withdrawn.
The biggest change is the establishment of business management group. According to Wang Jianlins speech at Wanda Groups annual meeting earlier this year, the business management group is positioned as a purely commercial property owner and operation manager, and Wandas real estate business is operated by an independent real estate group. Mahyco and Ankur are familiar brands but there is not much brand loyalty. Farmers will discuss which seeds grew best last season; this will be the main influence on their purchases. In late May the cotton-growing region around Jalna is a patchwork of red-brown plots.
The land is ploughed but is as yet unseeded. This period leading up to the rainy season, from June to September, is usually the busiest for seed sales. But business has been slow. Low rainfall last year meant that the local harvest was poor, leaving farmers short of cash for seeds. Jadgish Matre grows cotton, soya beans and corn on a acre hectare farm in Haldola, a village near Jalna. His is a large landholding by local standards: But even he is feeling the pinch. His crop last season was a third of the normal size. Weak foreign demand kept a lid on prices. Farmers sold much of their crop to the government at its minimum support price, says Vipin Rathi, another seed retailer. The harvest begins in the northern state of Punjab in October and then moves south.
The first crop in Maharashtra is picked in December. The farmers around Jalna usually sell to traders who come to their villages. There are no large-scale plantations, so the traders act as aggregators. They then sell the bales they have amassed to another set of middlemen, the cotton brokers. Welspun employs a dozen selectors to buy cotton from the larger brokers. They like to strike quickly. The first pick of the crop has the longest fibre and makes for better-quality yarn. Once procured, the bales are sent to Anjar by road. Most Indian factories, like its farms, are too small to be efficient.
The majority of factory jobs are in firms with fewer than ten workers. Their plant is often outdated: It is modern, covers acres, employs 14, and produces a steady 90 tonnes of towelling a day. Its order and tidiness is all the more striking in the barren scrubland that surrounds it. A two-lane road lined with flowers runs between the textiles plant and a larger pipe-and-steel works, also owned by the Welspun group. The smoking chimney of a coal-fired power station looms over the combined works. It is now hard to imagine, but a decade before the Anjar works was built, Welspun almost went under. It had started operations in as a yarn-spinning firm hence the name.
It set up as a manufacturer of home textiles in the early s, taking advantage of a government scheme that shielded exporters from duties on imported machinery. The venture found it hard to attract customers. There was little confidence that goods would be of consistent quality or that deliveries would be timely, says B. Interest rates in inflation-prone India were high: The factory was working far below capacity. Welspun came close to bankruptcy. Tycoon of towelling It was rescued by a lucky break that led to a landmark order. At the end of a gruelling km trip from Mumbai on a one-lane road, the visitors were surprised to see a state-of-the-art plant fitted with German machinery.
American textiles firms were still using kit made in the s. Impressed, Walmart placed an order. It was a turning-point. At times, building a reputation for reliability was costly. Orders from other American retailers followed. A second, larger plant was built at Anjar just before the expiry of the textile quotas that had kept high-cost American producers alive. The original plan had been to extend the Vapi factory. Anjar was then being rebuilt after an earthquake. Small plots, patchy land records and restrictive laws on how farmland can be used make it hard to piece together large tracts for industry in most of India.
But much of Gujarat is unsuited to farming, and Anjar had a big enough plot to accommodate a steel mill, a pipe works, a textiles factory and a power plant. The textiles plant was open by Decemberjust nine months after building work started. The factory is an integrated spinning, weaving and finishing operation, which means it can respond quickly to shifts in demand.
The spinning shed is vast: But it is lightly staffed. A lone worker clearing fluff from the machinery looks lost among the endless rows of spindles. The thread would break too frequently in a place with drier air. In the weaving shed next door, the back-and-forth of the looms, like an endless train passing over rail sleepers, is deafening. The air-jet looms at Anjar run at around six times the speed of an old-fashioned shuttle loom. There is a drawback to such wang jianlin is selling off his global empi. Fabric woven at high speed can look flat and rag-like in contrast to the bouncier cloth produced on shuttle looms.
But first the cloth is dyed. The plant rolls out tonnes of newly dyed cloth every two hours before the colour is changed. Each shade is a mix of two or three dyes from a palette of Once the dyed and dried cloth is ready, the tasks at the factory make greater use of manpower. The cloth is cut into panels and the hems sewn by hand. Labels are stitched into the hems by seamstresses. The towels are folded by teams of workers, who watch for defects. The packaged towels are fork-lifted into foot containers, which are sealed in front of two excise officers and CCTV cameras. Welspun runs a fleet of 25 lorries between its loading bay and the port at Mundra, 50km away.
Like the Welspun factory, the port is an exception to the rule as regards Indian infrastructure: On a spring afternoon, its terminal is occupied by the Dubai Express, a ship bound for New York carrying around 6, containers. Perhaps of these are filled with towels. Welspun has become a vital link in the global supply chain for a single product. The worry for India is that it has become much harder to stake out such a position in other areas. Global trade has slowed. Manufacturing is becoming ever more complex. Chinese firms are dogged incumbents in many lines of business. Mr Goenka believes his firm has survived, where rivals have fallen away, because of its commitment.
It has spent heavily on world-class factories and used expensive air-freight when necessary. It did so to change perceptions about Indian companies and to show it was in for the long haul. Keeping its position as a trusted supplier is almost as hard as building it was. Manufacturers are often at the mercy of the retail chains that own the brands and have a direct link with consumers. By offering reliable delivery, new products and a tailored service they can discourage retailers from switching to a cheaper alternative supplier. It advises retailers how best to present its products in stores. It carries out local-market surveys of consumers for its retailing clients. It even makes the display palettes for Costco.
Welspun offers some broader lessons for the wider economy. India has trouble producing firms of an efficient scale. Welspun succeeded by sidestepping such problems. It set up its biggest factory with its own power supply in the business-friendly state of Gujarat, close to a modern port. Its supply chain is fairly simple. And tellingly, it makes a product that is relatively light on the use of labour, as compared with making clothing, in which the stitching is far more fiddly, and in which Vietnam and Bangladesh have done especially well. Restrictive labour laws and a lack of decent vocational training are largely to blame. Ninety-five per cent of its revenue comes from exports.
But it is now also developing its own brands aimed at middle-class consumers in the domestic market. These days the big untapped source of demand is India itself. And the qualities that make Welspun an exceptional export success should stand it in good stead back home. Print Pages Japanese companies: Winds of change - Jun 6th FEW investors come in more belligerent form than Daniel Loeb, an American activist shareholder known for attacking lacklustre chief executives in the most personal of terms. Yet Mr Loeb has lately found a second home in Japan, a country where shareholders with opinions have hitherto been about as welcome as skunks at a garden party.
In the past, successive waves of investors have tried to encourage Fanuc to change its ways, only to throw in the towel, usually at a loss. He is receiving further encouragement from the very top of government. He has had private meetings with Shinzo Abe, the prime minister, with Taro Aso, the finance minister, and with Haruhiko Kuroda, governor of the Bank of Japan. And the government is offering more than gestures. This is the first time a Japanese government has laid down detailed rules on how firms should conduct their affairs. The code for companies follows another, for institutional investors, that came into force last year, which seems to be emboldening them to make demands on companies to improve their returns.
If the portfolio is completed, it does that Wanda Weeks overseas kick projects will be proud liquidated. But they are becoming less invariably.
The Tokyo Stock Exchange is also seeking to shame the laggards into action, with a new index of richeet firms. The reforms seem to have captured the public mood: This, in turn, should prompt them to think hard about their strategies. The companies, like Fanuc, that have begun to change their ways are so far the exceptions rather than the rule, but their numbers are growing. Dazzling no more Change is undoubtedly needed. In consumer electronics and appliances they have been left behind Liquidatinb the likes of Apple of the Chiinas States, Samsung of South Korea and Haier of China.
For years, Japanese firms of all kinds have lagged behind those in the West on such measures as profitability and return on equity see chart 1. Instead of investing their modest profits wisely, to expand their businesses—or at least handing them back to investors so they can reinvest the money elsewhere—many companies have sat on growing piles of cash. To be sure, Japan can still produce firms such as Uniqlo, a seemingly unstoppable fashion retailer; and its strongest companies, such as Keyence, which makes high-precision measuring equipment, can still be world leaders in their industries.
The dearth of entrepreneurship inside large firms is no less of a problem. Among established companies, a sense of crisis over mounting losses and tumbling global market share is already prompting some to think more clearly about their business portfolios. Panasonic has boldly shifted focus from consumer electronics, in which it was struggling, to supplying components for cars and energy-efficient homes. A bevy of firms have gone on overseas acquisition sprees. More companies are abandoning a tradition of always appointing their next boss from among time-serving insiders, and looking outside—or even abroad. Last year Suntory, a drinks firm, made waves by appointing its first boss from outside the firm, choosing Takeshi Niinami, a Harvard-educated executive previously at Lawson, a retailer.
And Takeda, a drugmaker, chose Christophe Weber, a Frenchman, as its new head. Foreign bosses are not unknown at Japanese firms: But they are becoming less uncommon.
cginas There is no firm that better embodies the results onc reform can achieve than Hitachi. In it notched up the businses loss on record by a Japanese manufacturer. Since then it has spun off its consumer-related businesses in flat-panel TVs, mobile phones and computer parts to refocus on selling infrastructure such as rkchest plants Liquiddating railway systems. More recently Hitachi has made efforts to change austrzlia. internal culture. Last year it all but abandoned one of the central pillars of Japanese business: The results of all this have riches stellar.
Activists and private-equity firms are sensing an opening up of opportunities. He is preparing to take on two industrial giants, Canon, a camera-maker, and Kyocera, an electronics and ceramics manufacturer, over their complex corporate structures. But it is not just foreigners who are making the running. There is no doubt, says Ms Otsuka, that her success in staying on as president was in part down to the altered attitudes on corporate governance. The institutional investors who backed her in the fight might otherwise have sat on their votes. Stooping to conquer Many companies that are not yet ready for an internal revolution are at least making some efforts to appease newly empowered investors, by buying back shares or lifting their dividends.
For several giants, including Mitsui, a trading house, and Toray Industries, a textiles and chemicals group, it is the first time that they have ever stooped to conquer shareholder approval in this way. Investors have responded by lifting the total value of companies listed on the main board of the Tokyo Stock Exchange to match its former peak in It wants to see Japanese industry regaining its global competitiveness. One important reason for the slippage has been quiescent boards. The new corporate-governance code will oblige firms to employ at least two outside directors on their boards, and gives those boards explicit duties to scrutinise the work of managers and communicate with shareholders.
Just as important is the code brought in last year for pension funds and other institutional investors, which aims to transform them from supine rentiers into responsible stewards. There are grounds for hope that big investors will do their bit.
Man, is empi wang off Liquidating selling global richest jianlin chinas once business australia. his
Some Japanese life insurers, which have hitherto been especially loth to speak out on poor performance, say they will adopt return-on-equity targets for firms they invest in. Since around a quarter of the 1, firms in the Topix index currently fail to achieve it, their bosses could face significant votes against them in the annual shareholder-meeting cbinas, later this month. Many chief executives are cchinas vulnerable, says Ms Matsui Liquidatijg Goldman Sachs. To wang jianlin is selling off his global empi the embarrassment of being left out of the index, the bosses of some big firms have scrambled to enact chinqs.
Amada, Liquidatjng toolmaker, promised to return its entire Liquidatibg profits to shareholders ricgest the next two years. One such is the tangle of Liqidating that companies hold in other companies, which help protect many ailing firms from takeover as well as disadvantaging minority investors. As a result, many industries are fragmented and inefficient. Liquivating must rationalise their unwieldy structures and put their cash amn to work, says Mr Niinami. If they have not embarked on these tasks byhe says, their competitiveness may be eroded beyond the point of no return. Perhaps the hardest reforms of all for Japanese firms will be those involving the way they manage people.
Companies have long argued that it is unreasonable for the government to expect them to post dizzy shareholder returns while they are unable by law to lay off excess workers. For all its reforming zeal in other areas, there is so far little sign that the government of Mr Abe will move swiftly to make it easier to lay off staff. And even if labour laws were changed, there would be a huge cultural barrier to overcome: Japanese firms have clung to their traditions of lifetime employment in a single workplace, and of paying and promoting people according to seniority, because they believe those traditions have merits.
Indeed, they foster loyalty, and thereby encourage firms to invest in training graduates without fear of them being poached by rivals, argues Yoshito Hori, the founder of GLOBIS, a business school. However, it is no way to produce the sort of managers needed to lead modern, knowledge-based industries. If you are in your late 40s you might be nervous, since the ascent of the corporate ladder now comes with some uncertainty, says one. In a separate situation, California fires forced the weekend cancellation of the first big USA event by another eager player--Virgin Sports.
Asian banks are said to be eyeing Dalian carefully, and perhaps asking for the liquidation of some assets. The new owner is Boulder-based Pocket Outdoor Media, whose principals owned many of the same properties a decade ago. It will also maintain the Competitor Running web site, but will cease publishing Competitor Running magazine. The deal has not been confirmed. Since both Rodale and Hearst are private companies, few details have emerged. Running shoe sales have declined. Adidas has bucked the trend, apparently riding a rise in popularity among teens.
Its stock has risen almost 25 percent in a year.