Dalian Wanda Commercial Management Group Co., Ltd.

Dalian Wanda Commercial Management Group Co., Ltd. (Dalian Wanda Commercial Management Group for short) is a commercial management company within Wanda that holds a large number of shopping malls and properties. According to Weijian Shan, co-founder and executive chairman of PAG, the Wanda system distinguishes between a “big commercial management” and a “small commercial management”: Wanda itself holds many malls and properties, which is called the “big commercial management”, namely Dalian Wanda Commercial Management Group; in contrast is the asset-light operation and management company Zhuhai Wanda Commercial Management.

In December 2023, PAG and Dalian Wanda Commercial Management Group entered into a restructuring framework agreement and jointly formed Dalian Xindameng, placing Zhuhai Wanda Commercial Management, the company responsible for asset-light operation and management, under it. In 2024, PAG led several investors in injecting a further 60 billion yuan; together they hold 60%, giving PAG principal control. Speaking of the investment, Weijian Shan said that what PAG had invested in was not real estate but the asset-light operation and management business, the “small commercial management” entity, which is similar in nature to a hotel management company or an asset management company.

According to Weijian Shan, this asset-light management platform manages about 530 shopping malls across the country, the largest scale in the world; the company does not own these malls and only collects a portion of the rent, so it cares most about occupancy rates, which at the time were above 97%, and its after-tax net profit was 8 billion yuan. He also said that 20 to 30 new malls come under its management every year, and that, relying on the scale of more than 500 malls, new malls can complete tenant recruitment before they even open.