In a response on the Shenzhen Stock Exchange's interactive platform on January 22, China Vanke Co., Ltd. (Vanke A, 000002.SZ) addressed investor inquiries regarding the progress of its lawsuit against Dalian Wanda Group. The company stated that the court has lawfully frozen Wanda Group's equity assets, although the possibility of liquidating these assets through a court auction remains uncertain. Vanke emphasized that this case is not expected to have a material impact on its financial performance.
The legal dispute between Vanke and Wanda originated from their collaboration on the Changchun International Movie Metropolis project back in 2019. Public records indicate that Wanda initially planned to invest 20 billion yuan to develop this integrated cultural tourism and residential complex, subsequently inviting Vanke to participate in the venture. Under the partnership, Wanda was responsible for the tourism components while Vanke took charge of the residential development. Vanke's subsidiary, Hainan Wanjun Management Service Co., Ltd., acquired a 15% stake in the project company, Changchun Northern Movie Metropolis Investment Co., Ltd., through a capital increase. Between September 2019 and June 2020, Vanke made two separate payments totaling 5 billion yuan to Wanda's subsidiary, Wanda Real Estate Group, as part of their cooperative agreement.
However, the collaboration between the two giants, often referred to as the "Twin Wans," encountered significant difficulties. By June 2021, Vanke had decided to terminate the partnership ahead of schedule. Although Wanda had returned 5.24 billion yuan to Vanke by that time, disagreements arose concerning the settlement of the remaining investment funds, ultimately leading to a financial dispute.
The conflict escalated considerably in June 2023 when Vanke applied for and obtained a freeze on approximately 1.979 billion yuan worth of equity in Wanda Commercial Management Group held by Dalian Wanda Group. This freeze is set to remain in effect until June 4, 2026. In response to the asset freeze, Wanda Group stated that the financial dispute with Vanke involved just over 1 billion yuan related to the Changchun project. Wanda contended that Vanke's move to freeze 1.9 billion yuan in Wanda Commercial Management shares significantly exceeded the actual amount in dispute.
Most recently, in October 2025, business registration information revealed that a court had publicly disclosed hearing details for a contract dispute case filed by Hainan Wanjun Management Service Co., Ltd. against Dalian Wanda Group Co., Ltd., Wanda Real Estate Group Co., Ltd., and Wang Jianlin. The announcement indicated that the case is scheduled for a hearing on November 3, 2025, at the Shanghai No. 2 Intermediate People's Court.
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