“厨师不看菜谱改看兵法了，那就更厉害了。”7月16日，万达集团上半年工作会上，董事长王健林对6个项目软件获国家知识产权证书提出褒奖。他的这番话，也正是对万达激进转型的最好注解。

“The cook from the menu to see the art of war，That would be much worse。”July 16,，Wanda group meeting in the first half of the work，The chairman WangJianLin to 6 projects software was put forward national intellectual property certificate praise。His words，It is also the best of wanda radical transformation comments。

　　数据显示，万达上半年收入562.1亿元，与去年同期618.2亿元相比下降9%，这是万达收入历史上第一次同比减少。其中，商业地产收入494.6亿元，同比减少14%。

Data display，In the first half of wanda income 56.21 billion yuan，With the same period last year dropped 9% compared to 61.82 billion yuan，This is the first time in the history of wanda income reduce year-on-year。Among them，Commercial real estate income is 49.46 billion yuan，Reduced by 14% year-on-year。

　　在外界看来，万达一直引以骄傲的“万达速度”慢了下来。不过，万达集团总裁助理刘明胜在接受本报采访时表示，“这是万达根据形势采取的先抑后扬战略，在计划和预期之内。另外，万达正积极寻求向文化、旅游产业转型。全年看，万达业绩将稳步增长，预计收入1400亿元。”

On the outside looking in，Wanda always proud of“Wanda speed”Slow down。but，Wanda group assistant President LiuMingSheng in accept our interview said，“This is wanda according to situation take the first after suppression Yang strategy，In the planning and within expected。In addition，Wanda is actively seeking thereof、Tourism industry transformation。Throughout the year to see，Wanda performance will be steady growth，Expected income is 140 billion yuan。”

　　并购AMC、进军俄罗斯旅游业、筹备成立文化旅游城……上半年，万达主动放缓商业地产扩张步伐，在文化、旅游领域则动作频频。万达缘何加速转型？在传统房企纷纷转战商业地产之际，万达的反其道而为究竟是有意还是被迫？开始看兵法的王健林，是否真能用兵如神？

M&a AMC、Tourism into Russia、Established for cultural travelocity...In the first half，Wanda active slowdown in the pace of commercial real estate expansion，In the cultural、Tourism field is action again and again。Wanda what accelerating transformation？In the traditional room enterprises fought in the commercial real estate，Wanda reverse its way and for what is intentional or forced to？Start looking at art of war of WangJianLin，Whether really could YongBingRuShen？

　　

商业地产之考 Commercial real estate of the exam

　　按照万达公布的数据，上半年，商业地产公司收入494.6亿元，完成全年目标的50.1%，完成半年目标的127.6%，同比减少14%。商业地产公司上半年现金回款315亿元，同比减少31%。上半年新开工531.2万平方米，同比减少35%。

According to the wanda figures，In the first half，Commercial real estate company income is 49.46 billion yuan，Completed 50.1% of the annual target，Finish half a year 127.6% of the target，Reduced by 14% year-on-year。Commercial real estate company cash 31.5 billion yuan in the first half of the collection，Reduced by 31% year-on-year。New start in the first half of 5.312 million square meters，Reduced by 35% year-on-year。

　　“业绩下滑，主要是上半年仅开业了1个万达广场，而去年同期2个万达广场开业。”刘明胜说，“作为一个千亿级企业，不可能每年都保持40%以上的增长速度，万达的增速只是逐步趋稳，不必大惊小怪。”

“Performance decline，In the first half of the main is only opened a wanda plaza，And the same period last year two wanda plaza, opening。”LiuMingSheng said，“As a yuan level enterprise，Impossible to keep every year more than 40% growth rate，The rate of growth of wanda is gradually stabilised，Don't make a fuss。”

　　“年初本来计划全年开业18个万达广场，后来调整为17个，上半年开业1个，下半年预计开16个。”一位万达集团内部人士亦告诉记者，按照商业周期规律，万达广场多数集中在“国庆”、“春节”前后开业。

“At the beginning of the planned opening 18 wanda plaza，Then adjust for 17，In the first half opening one，Second half is expected to open 16。”A wanda group insiders also told reporters，In accordance with the law of the business cycle，Wanda plaza, most concentrated in“National Day”、“The Spring Festival”Opened before and after。

　　尽管万达上半年收入同比减少在预期之内，但在外界看来，也与其“快进快出”的商业模式遭遇瓶颈有关，万达是有意放缓商业地产的扩张步伐。

Although in the first half year-on-year reduction in income wanda within expected，But in the outside looking in，Also and“Fast-forward quick out”The business model encounter bottlenecks，Wanda is intended to slow the pace of expansion of commercial real estate。

　　正略钧策管理咨询顾问赵丽燕认为，万达新开工面积减少与拿地节奏有关。在宏观调控大背景下，万达依照在城市副中心低价拿地的策略，已越来越难找到符合要求的土地。由于可供销售房产的存量没有大幅增加，导致上半年万达商业地产销售额同比减少。

Is slightly jun strategy management consultants ZhaoLiYan think，Wanda new commenced area to reduce and take relevant to the rhythm。In the macroeconomic regulation and control background，Wanda according to a deputy city center at a low price to take the strategy，Already more and more difficult to find to meet the requirements of land。Due to the property available for sale of stock did not increase，In the first half to wanda commercial real estate sales reduce year-on-year。

　　“万达商业地产主要是住宅依赖型和销售依赖型，在调控形势下，万达业绩肯定受影响。”中国商业地产联盟秘书长王永平表示，“另外，万达经过几年的快速发展，在规模上已基本铺开，下一步将逐渐由规模转向质量，放缓扩张速度也是其合理的选择。”

“Wanda commercial real estate is mainly residential dependent and sales dependent，In the control situation，Wanda performance must be affected。”China's commercial real estate league secretary general wang yongping said，“In addition，Wanda after several years of rapid development，In the scale has basic spread out，The next step will be gradually from the scale to quality，Slow speed is also expanding its reasonable choice。”

　　在盛富资本和协纵国际总裁黄立冲看来，虽然万达有较强的政府资源，但较低的租金回报率是其发展中的一个障碍。另外，随着越来越多的房企涌向商业地产，未来商业地产将面临“血的洗礼”。

In ChengFu capital and association longitudinal international President HuangLi impact it seems，Although wanda have strong government resources，But lower rent rate of return is the development of an obstacle。In addition，With more and more room to flock to commercial real estate，The future commercial real estate will face“The baptism of blood”。

　　关于万达商业地产租金回报水平，万达方面反复强调其近几年租金回报在逐步增长。在2011年3月的一次商业地产论坛上，王健林曾公开表示，“万达商业地产租金并不比业内平均水平低。”

About wanda commercial real estate rental return level，Wanda aspects reiterated its recent years the rental return in the gradually increase。In March 2011 a commercial real estate on the BBS，WangJianLin has publicly said，“Wanda commercial real estate rental is not better than the industry average level is low。”

　　“尽管万达的租金处于行业平均水平之上，但与恒隆、大悦城等相比仍有差距。”王永平表示，“万达扩张速度快，但其运营、管理并不出色。万达在商业地产领域的位置跟零售业的‘沃尔玛’状况比较像。知名度高，规模最大，但业绩并非最好”。

“Although wanda rent in industry are above average，But 5 and、Big yue city, there are still gap compared。”Said wang yongping,，“Wanda expansion speed，But its operation、Management is not good。Wanda in commercial real estate with the position of the retail trade‘wal-mart’Status more like。High reputation，largest，But the performance is not the best”。

　　赵丽燕认为，与成熟的商业地产公司（新鸿基、凯德商用、新世界等）在中国的经营相比，万达的累计经营面积已超过任何一家公司，但其租金收入和占总收入的比例却远低于这些第一梯队的公司。“对比成熟的商业地产公司或多或少地借助资本市场来取得发展资金，万达在资本市场的借力明显不足。”

ZhaoLiYan think，And mature commercial real estate company（Sun hung kai、Cade commercial、New world, etc）Compared to in China's business，Wanda the accumulative total business area has more than any company，But the rental income and accounted for the proportion is far below the first echelon company。“Contrast mature commercial real estate company or more or less with the capital market to achieve development fund，Wanda in capital market borrows the lack of obvious。”

　　在万达商业地产租金部分还没有完全培养起来之前，万达的资金来源主要靠银行贷款和销售回款。不过，目前来看，销售回款和银行贷款两个主要融资渠道已被用到极致了。“万达需要股权融资方式，不能光靠贷款。而其几百万平方米的持有型物业价值，只有通过上市才能释放。”一位投行人士表示。

In the wanda commercial real estate rental part is still not fully training before it，Wanda funds depend mainly on bank loans and debt collection sales。but，So far，Sales returns and bank loans two main financing channels has been used the acme。“Wanda need to share financing，Can't light on loan。And the several million square meters hold type property values，Only through the public can release it。”An investment bankers said。

　　然而，万达的上市之路阴差阳错、一波三折。

however，Wanda public road a strange combination of circumstances、Full of twists and turns。

　　令王健林心焦的不仅是急欲进军资本市场而不得，国内商业地产整体形势的不景气亦让他担忧。

Make WangJianLin worried is not only urgent desire to capital market and do not，Domestic commercial real estate overall situation of recession also let he worries。

　　在上半年工作会上，王健林坦言，“中国的经济困局已反映到消费环节。一是消费人次下滑。以前每年每个广场的人流同比增长两位数，但今年跌至个位数，增长缓慢；二是客单价下降。无论超市、百货，还是服装、餐饮，客单价同比都在降；三是商家减少开店。过去超市、快时尚品牌开店是来者不拒，给多少店开多少店，但今年商家的开店计划大幅度减少。”

In the first half of the year at work，WangJianLin said，“China's economy this already reflected in the consumptive link。One is the consumer people down。A year before each square poured year-on-year growth of two digits，But this year fell to singly，Slow growth；The second is the guest unit price decline。supermarkets、Department store，Or clothing、catering，The guest in unit price year-on-year drop；Three is a businessman to reduce set up shop。In the past the supermarket、Fast fashion brand set up shop is the net，How much to shop open many shop，But this year the merchants set up shop plans to greatly reduce。”

　

　另辟蹊径之谋 The author seeks

　　商业地产不景气及上市之路受阻情势下，王健林将目光转向文化和旅游产业。在他勾画的版图里，万达将加大在文化和旅游领域的投资。到2020年，万达商业地产的收入比重将降到50%以下，彻底实现转型。

Commercial real estate recession and listed road hindered situation，WangJianLin looked culture and tourism industry。In his sketch in the territory，Wanda will increase in the cultural and tourist areas of investment。By 2020，Wanda commercial real estate income proportion will drop to below 50%，Thoroughly to realize the transition。

　　向文化、旅游业转型，正如王健林所言，类似“厨师改看兵法”。上半年，万达已迈出实质性步伐。5月，万达斥资31亿元并购AMC，目前已获中美两国审批，并购8月底将完成。同时，其进军俄罗斯旅游业亦有实质性动作。

cultural、Tourism transformation，As WangJianLin said，similar“The cook to see art of war”。In the first half，Wanda has substantial step。may，Wanda spend $3.1 billion merger AMC，At present has been the two countries for examination and approval，Mergers and acquisitions will be completed at the end of August。At the same time，Its foray into Russia tourism also have substantive action。

　　在外界看来，斥资31亿美元，超过70%的高溢价并购AMC，万达似乎做的是亏本买卖。“如果所有人都看得明白，一定不是赚钱的买卖。就像所有人都去炒股，一定是最危险的时刻。万达管理层这么聪明，不会愚蠢到做赔钱买卖。”王健林显然有自己的算盘。

On the outside looking in，More than 3.1 billion dollars，More than 70% of the high premium m&a AMC，Wanda seem to do is buying and selling at a loss。“If all people see，Must not make money buying and selling。Just as everyone to fry，Must be the most dangerous moment。Wanda management is so smart，Not foolish to do lose money trading。”WangJianLin obviously has its own abacus。

　　“目前，万达院线正冲刺IPO。不过，院线上市可能牵涉过多关联交易，通过中国证监会的审批可能有困难。并购AMC成为独立第三方，可为其上市做储备。”黄立冲表示，

“At present，Wanda courtyard line is sprint IPO。but，Courtyard line listed may involve too much connected transaction，Through the examination and approval of the CSRC may be difficult。Merger and acquisition of AMC became an independent third party，For the listed do reserve。”HuangLi impact said，

　　但他同时认为，AMC可能助力万达上市，也可能拖累万达，美国院线和国内院线经营是两码事，在经营管理上要有一套先进的管理方式才行。“王健林所畅想的规模做大后的谈判能力、广告提价都会提高，未必能顺利如愿。”

But he also think，AMC may help wanda listed，Can also drag wanda，The United States court line and domestic courtyard line management are two different things，In business management to a set of advanced management mode to just go。“WangJianLin imagination by the size of the big do after the negotiation skills、Advertising prices will increase，Not necessarily can well fulfill a wish。”

　　黄立冲所担忧的是，之前AMC的规模就足够大，但仍然会亏损。难道万达接手后有了规模就能保证提高议价能力？

HuangLi impact is concerned is，Before the scale of AMC is large enough，But will still be losses。Don't wanda took over the scale after to assure that improve the bargaining power？

　　除了并购AMC，令人瞩目的还有万达欲进军俄罗斯旅游业。在国内市场，万达联手泛海、一方集团等打造的长白山国际旅游项目已于7月28日开业。据王健林透露，万达将斥资200亿元在北京打造以文化旅游为主题的文化旅游城，目前设计概念已基本完成，并已向北京市相关部门进行了汇报，预计明年春天正式开工。

In addition to mergers and acquisitions AMC，Remarkable and wanda into Russia to tourism。In the domestic market，Wanda to flood the sea、A party group and so on make the changbai mountain international tourism project has been on July 28, opening。According to WangJianLin revealed，Wanda will spend 20 billion yuan in Beijing to build cultural tourism as the theme of the cultural travelocity，The current design concept has been completed，And has set up a file to the relevant departments for the report，Next year is expected to formally started in the spring。

　　“这个项目将作为万达创新的大品牌重点推广。”王健林说，城市综合体已经有模仿者，旅游度假区可能有模仿者，文化旅游城杜绝模仿者。“将来它会成为一个即使有图纸，别人也不敢做的项目，会在全球范围内申报知识产权。”

“This project will be as wanda innovative brands key promotion。”WangJianLin said，The city synthesis have imitators，Tourist resort may have imitators，Cultural travelocity put an end to mimic。“In the future it will be a even with drawings，Others can't do the project，In the global scope of intellectual property declaration。”

　　对此，一位长期跟踪万达的证券分析师表示，实际上，万达商业地产在发展中一直遭遇的尴尬是，出现了越来越多的同质化竞争。王健林现在非常注重知识产权保护，其在最新的项目里融进了更多复合型的功能和概念。“拓展上下游产业越多越难复制。”

this，A long-term tracking wanda securities analysts said，In fact，Wanda commercial real estate in developing always encounter is embarrassed，Appeared more and more homogenization competition。WangJianLin now pay much attention to intellectual property rights protection，In its latest project melt into the more complex functions and concept。“Expand the downstream industry, the more difficult the copy。”

　　“王健林的高招在于，其可能将万达旗下相关业务分别打包上市，而在分拆上市之前要做的，就是得做出规模。”上述不愿具名的证券分析师表示。

“WangJianLin is the silver bullet，Its may wanda its related business listed respectively pack，And in split listed before you do，Is to have to make a scale。”The above anonymous securities analysts said。

　　正略钧策管理咨询顾问赵丽燕则认为，与其说万达转型或多元化，不如说万达是通过分拆商业地产中的关键业态或主力店，从而达到融资和资源整合的目的。

Is slightly jun strategy management consultants ZhaoLiYan is think，Rather than wanda transformation or diversity，As wanda is through the partition of commercial real estate of the key format or main shop，So as to achieve the purpose of financing and resource integration。

　　7月25日，万千百货更名为万达百货，按照万达的发展计划，万达百货到2015年将开业110家店，成为中国最大的连锁百货企业。充分整合文化、旅游、百货等旗下资源，王健林正为打造一个更大的商业王国做准备。

July 25,，Myriad department was renamed wanda department，According to the wanda development plan，Wanda department to 2015 will be opened 110 stores，As China's largest department store chain enterprise。Integrated in full culture、tourism、Department and its resources，WangJianLin is to create a more business to prepare kingdom。

　　不过，万达在旅游、文化领域的大手笔，外界在震惊之余，也颇多诟病——万达仅靠贷款资金能否支撑这么大的支出？

but，Wanda in tourism、The big cultural field，In the outside world more than shock，Also for quite a lot - wanda only on loan funds can support such a big spending？

　　“万达进军海外文化、旅游产业，与国家战略相契合，在资金上会得到一定支持。另外，目前国内文化、旅游产业多数是打概念，还是以住宅为核心。”一位不愿具名的业内人士表示。

“Wanda overseas culture、Tourism industry，With the national strategic phase fit，The funds will be support。In addition，At present domestic culture、Tourism industry most is a concept，Or in the house as the core。”An anonymous the personage inside course of study says。

　　他透露，万达号称国内最大的长白山国际旅游度假项目，虽然酒店及滑雪场的运营投资高、回报周期长，但并不被外界关注的是，该项目拥有近500万平方米的住宅配套，这一部分带来的资金回报将是一笔很大的收益。

He revealed，Wanda boasts the largest changbai mountain international tourism resort projects，Although ski resort hotel and operation of high investment、Return cycle is long，But not be outside concern is，The project has nearly 5 million square meters of housing supporting，This part of the funds bring rewards will be a big income。

　　“羊毛出在牛身上。”上述人士表示，单纯算商业账，万达在文化、旅游产业的投入也许短期内不能很快获得回报，但在文化、旅游之外，万达的收益不能简单用金钱来衡量。

“The wool in cattle。”The above said people，Simple calculate commercial accounts，Wanda in cultural、Tourism industry investment in the short term may not quick returns，But in the cultural、tourism，Wanda income can't simply use money to measure。