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Original 66-year-old Lin Qingxia’s recent condition is rarely exposed! Crazy thin 11kg temperament still remains, accidentally injured right eye when going out to exercise

Recently, 66-year-old Lin Qingxia made a rare appearance for an exclusive interview with the media. She, who has not been seen for a long time, has attracted widespread attention from netizens.

On that day, Lin Qingxia wore a solid-colored loose top with a leopard print silk scarf, with exquisite makeup and tight skin, and her temperament was still elegant and noble. Lin Qingxia said that she had lost 11 kilograms in six months at home, and now she is back in a slender and slender state.

In the interview, Lin Qingxia also mentioned that her beauty is achieved through a combination of diet and exercise. Lin Qingxia, who is 66 years old, still insists on the good habit of exercising for 1 hour a day. She often encounters wild boars when climbing mountains, and she gets out of the car to shoot boldly.

In addition to climbing mountains, Lin Qingxia is more passionate about ball sports. She says playing table tennis can not only promote blood circulation, make the skin blow and break, but also prevent Alzheimer’s disease. In addition to table tennis, Lin Qingxia also plays badminton twice a week.

But according to another local media report, Lin Qingxia accidentally injured her right eye when she went out to play badminton with friends not long ago. During this operation, Lin Qingxia not only treated the wound but also solved the problem of cataracts, and her daughter has been carefully watching and accompanying her, which makes her feel warm.

Lin Qingxia officially entered the entertainment industry after filming the love movie "Outside the Window" in 1973, and was widely popular with the public for her superb acting skills and beautiful appearance. Lin Qingxia has rarely appeared in front of audiences since she retired from the movie in 1944.

Today, Lin Qingxia has changed her identity and become a writer. So far, she has published three collections of essays. In 2023, she won the annual supplement award of a magazine, which is also the first award she has won in her 16-year writing career.

Although Lin Qingxia rarely appears, it can be seen from the interview that her agent still has very high requirements for her body management. And Lin Qingxia also has her own opinions on "beauty". She bluntly said that it is very hard to search for beauty after the age of 60. To accept the laws of nature, there is nothing to be afraid of when you grow old and become ugly.

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Lin Chaoxian： Others sell Peng Yuyan’s figure, but I sell his fighting spirit

Lin Chaoxian shoots "Breaking the Wind", focusing on youthful blood

　　 1905 movie network feature For a male Hong Kong director in the Mesozoic era, it seems a very common choice to earn experience from police and gangster films. From the early and then the hot Academy Awards, Lin Chaoxian has shown talent in analyzing the complex personalities of both police and gangsters, as well as the motives of good and evil behavior. He let Jay Chou and Nicholas Tse fight for life and death in a big gun, and let Wu Yanzu and Zhang Jiahui fight in the profound and profound soul. In this world full of life and death decisions and good and evil judgments, Lin Chaoxian has his own set of mental methods.

　　 However, there are quite a few people in the Hong Kong film industry who are good at police and gangster movies. However, Lin Chaoxian’s wit and calm took another path. The appearance in 2013 was really amazing. It made Zhang Jiahui’s best actor temperament shine again, and made Peng Yuyan, who was already getting stronger and stronger, fight to a new height. It also made the Chinese film industry see a different movie at that time: the heavy background of the boxing champion in the late twilight, the warm fermentation of family ties, and the strong inspirational energy of focusing on a competitive sport.

　　 Seemingly following this line of thinking, Lin Chaoxian shifted his perspective from MMA to bicycles. In terms of the film’s concept, he also created a word called "Breaking the Wind" and set it as the final title. He was afraid that the audience would not understand and spent a lot of effort to explain its meaning everywhere: The so-called Breaking the Wind is actually breaking through the air resistance. It is a character who has made a lot of effort and sacrificed a lot in a bicycle team. In Lin Chaoxian, the inspirational object is younger, and the male protagonist is positioned as an all-male god. Peng Yuyan and Cui Shiyuan, even Dou Xiao, the spare tire of 10,000 years of bitterness, put on tights and practiced big thick legs. He said that it is normal to choose handsome guys to sell men’s colors. There is no reason to choose ugly ones to play in order to avoid the idol effect.

　　 Although the strong men spraying hormones all over the screen will make some nymphomaniacs feel overwhelmed, Lin Chaoxian’s brilliance is that he can inspire some good-looking male actors to inspire extraordinary fighting spirit. When filming "Guild Wars", Zhang Jiahui said that one of the things he hated the most in his life was fitness. He even thought it was childish and ridiculous for a man to use his muscles to win respect. But there was no way. With the younger and stronger Peng Yuyan there, he couldn’t lose too much. After all, he was also a generation boxer. As for Peng Yuyan, he was lucky to seize this opportunity to self-sculpture and use devil training to prove his sincerity, but instead concealed his mild and mundane performance.

　　 While "Guild Wars" is about a midlife crisis, "Breaking Wind" is more focused on youthful blood, says Mr. Lin. He has not seen the youth films that have been popular in mainland theaters in the past, including those starring Peng Yuyan. He believes that youth in "Breaking Wind" has its own unique selling point: "Peng Yuyan is very popular and has a good figure. Sometimes it is easy for people to sell his figure, but my interest is not here, but I think his biggest selling point is his fighting spirit." And the biggest success of "Breaking Wind" is that when you watch Peng Yuyan talk about love, you may have a little different opinion, but when he rides a bicycle and starts to attack, you will quickly turn around and applaud.

　　 That’s a good story.

The original intention is very small and the cost is very large: thousands of drivers cooperate to shoot, breaking the collarbone is too common

　　 Lin Chaoxian now likes to wear a pair of black-rimmed glasses and speak slowly and slowly, but his police and gangster movies are not small in scale, and there is no shortage of violent externals and abusive internals. He is also a sports fanatic in life, and cycling has been his hobby for more than ten years. When Lin Chaoxian was addicted to this sport, he thought of making a movie with this theme, but the technology at that time was limited and the actors were not suitable. Now that conditions permit, the movie that was originally conceived as a very low-cost movie has become bigger and bigger: traveling around snow-capped mountains, crossing deserts, large scenes and large teams, many people are injured and injured, and finally the car crash is regarded as normal.

　　 1905 Movie Network: You said before that you wanted to shoot the theme of bicycles more than ten years ago, but you failed to make it. What are the specific conditions?

　　 Lin Chaoxian: At that time, film was used. If you were shooting bicycles, you had to use a lot of rolls. This was a cost issue, and the cameras at that time were also very cumbersome and inconvenient to operate. But this is a small problem, because it was difficult to find investment in this kind of theme at that time, because there were no successful examples. So at that time, I thought of a very small and small cost drama, which is completely different from now.

　　 1905 Movie Network: But now we see that the production scale of "Breaking Wind" is still very large, including deserts, snow-capped mountains, highways, and many other scenes, with a large geographical span.

　　 Lin Chaoxian: Because different scenes require different methods of riding bicycles, I like riding bicycles very much. Although it is not a competition type, it is just leisure, but I love this sport very much. So I think if I have the opportunity to make a movie about cycling, I will put all the elements into it. Different competition scenes and different rules will have different challenges. For the performance of actors, you can also challenge their will.

　　 1905 Movie Network: In this way, the cost will increase a lot. In terms of manpower and material resources, which one is more expensive?

　　 Lin Chaoxian: Of course, we have to fly the whole team to many places, and we have to find many professional cyclists in each place, and we also use a lot of photography equipment, so the cost is really not small. Each race requires at least 200 to 300 people, and there are more than 1,000 people in several places. Of course, the cyclists who come to help are also people who love cycling, and they don’t get particularly high compensation for doing this. Everyone wants to participate.

　　 1905 Movie Network: Have you counted the number of times the crew members were injured this time?

　　 Lin Chaoxian: The number of times is a lot. More than 80 people in the entire crew were injured, and 7 or 8 of them had broken collarbones alone. Basically, during training, they all fell a little numb, just like when you fell for the first time, it felt very serious. After a few falls, you feel that it is just a skin injury, and it is not a big deal. In real competitions, if it is a world first-class competition, there are not many accidents, because their skills are very good. The most accidents happen when going downhill, and everyone is chasing time and fighting hard.

Don’t sell your body, sell your fighting spirit: I want to take out the best things of Peng Yuyan

　　 Many people think that Peng Yuyan must have a self-masochistic tendency just after filming "Guild Wars" and then "Breaking the Wind" with Lin Chaoxian. Anyway, there is no shortage of devil training. When Lin Chaoxian lobbied Peng Yuyan to join, he said: This time I just ride a bicycle and fall in love, and I won’t be seriously injured by others like "Guild Wars". As for whether I will be seriously injured by myself, I don’t dare to guarantee it. Sinister! But on second thought, it was just Zhou Yu playing Huang Gai. Peng Yuyan’s choice of this path is still very smart, because now many people say: If you want to be as sexy as Peng Yuyan, you still need a bicycle.

　　 1905 Movie Network: Why didn’t you find professional athletes to star in the movie?

　　 Lin Chaoxian: They don’t know how to act. In the past, some famous athletes retired. At that time, they heard that they were going to film, but they didn’t. Acting is another matter.

　　 1905 Movie Network: When did you talk to Peng Yuyan about the project "Breaking the Wind"?

　　 Lin Chaoxian: After filming "Guild Wars", I went to shoot "The Magic Police". I talked to Peng Yuyan about this when filming "The Magic Police". I didn’t lie to him, I just told him that this time I don’t have to fight others like "Guild Wars", and this time there is still a lot of love. Of course, I didn’t tell him that the final shooting was even harder than "Guild Wars". In fact, he didn’t have any big problems. I told him at that time that he wanted to play a cyclist, so he should be mentally prepared to pay a lot.

　　 From "Guild Wars" to "Breaking Wind", you seem to be very good at using male color to create some jokes.

　　 Lin Chaoxian: You see Zhang Jiahui kissing Peng Yuyan in "Guild Wars". This is what happens in real life. When two people fight fists so fiercely, it is easy to bump into each other. This is something discovered in the real world, and we will feel very interesting as an outsider. Like Peng Yuyan crashing the car, the clothes are so thin that they will definitely break when the car crashes. If you have watched the game, you will definitely see such a scene. We didn’t force it. I think Peng Yuyan’s role is very cute and interesting. He is a very cheerful young man, so I think it should be enjoyable and happy. Also, Cui Siyuan, Peng Yuyan and the others massaged each other, which is also what happens in real training. The whole drama is about friendship. It is inevitable that such a situation will occur when we are young.

　　 1905 Movie Network: Some people say that Lin Chaoxian’s filming of Peng Yuyan is like Wang Jiawei’s filming of Liang Chaowei. What do you think of this statement?

　　 Lin Chaoxian: I really want to bring out his best stuff. Now that he is very red and has a good figure, sometimes it is easy for everyone to sell his figure, but my interest is not here. I think his biggest selling point is his fighting spirit. I will get to know him slowly, and I hope everyone can get to know him as well as I do. Maybe everyone’s starting point is different.

Real fight, real ride, real speed: the bicycle has no special effects, and the competition is not the protagonist

　　　 Compared to "Breaking Wind" and "Guild Wars", the interpretation of the sports competition part is more difficult. Fighting can rely entirely on the body language of two people, plasma and makeup, but it is not easy to shoot a bicycle race with courtesy, and if you are not careful, it will turn into a dull live event. In "Breaking Wind", Lin Chaoxian’s visual control of the sense of speed is excellent, and the rhythm of the competition is also maximally cinematic, but he smiled wryly when he said this: You ask me how to show speed? That is, they really have to ride very fast!

　　 1905 Movie Network: What do you think is the most important thing when interpreting a bicycle race in film language? How to visualize the sense of speed in the race?

　　 Lin Chaoxian: In fact, the most important thing is that they really have to ride very fast. It is not like a car. I can also have sound effects and motion on the camera to help you feel fast, but it is not actually going fast. But bicycles can’t do this, because bicycles have no sound. No matter how much your camera moves, it is still a small bicycle, and its visual impact must not be better than that of a car. So you must have real speed. We have to shoot 3 to 4 kilometers for each shot. In the first 1 kilometer, you can’t get up at all. Only after 1.5 kilometers can you. Then you have to control the formation, including the plot that is going to happen in the play. So every time the actors have to ride very fast.

　　 1905 Movie Network: Cycling has a complex and detailed set of competition rules. If the audience wants to learn some professional knowledge before watching the film in order to understand the content of the film, what do you think are worth introducing?

　　 Lin Chaoxian: Actually, I don’t think this is necessary. The simplest thing is that everyone should see what happened to the protagonists, what strategies they have, and what accidents happened. We are just nervous about the protagonists, and see how they solve the problem. Instead of you understanding everything that happens in the whole game. It’s just that we consulted a professional coach every detail when filming the game. This is my attitude towards movies, but audiences don’t need to have this attitude.

　　 1905 Movie Network: When filming the game, how did you distinguish it from the live broadcast of the game on TV?

　　 Lin Chaoxian: The real competition usually takes a few hours. It is impossible to be very nervous every second during these hours. Most of the time is the performance of the athlete’s endurance, and they will not attack until they cross the line. If you don’t like cycling, watching cycling competitions will definitely suffocate you. Although I like cycling very much, I also ask the coach to help me arrange the competition strategy very objectively. I will see which strategies have more visual effects and which ones can stimulate the audience in rhythm. I will watch this matter very calmly.

"Guild Wars" spirit of youth film: young people also need to cheer up

　　　 When discussing the significance of competitive sports in "Breaking Wind," Lin Chaoxian always avoids the subjectivity of this element. He believes that sports are just a carrier, not the protagonist of the story. The red tape on the field can be completely forgotten by the audience. What he wants to express is actually the story of the characters. Although the characters of "Breaking Wind" are much younger than "Guild Wars", and many historical accounts are slightly less full, this is precisely the change Lin Chaoxian made in "Breaking Wind". The 50-year-old director is to make a movie for young people to see.

　　 1905 Movie Network: Are there any real sports stars as blueprints for the protagonists of the film?

　　 Lin Chaoxian: Many characters have archetypes, such as the relationship between Cui Siyuan and Lian Kai, which is the relationship between Hong Kong world champion Huang Jinbao and his coach. Huang Jinbao met his coach at a low point in his life. At this time, the coach found that Huang Jinbao was very talented and helped him solve his problem. Huang Jinbao rode 100,000 kilometers in two years. This is the story of Cui Siyuan in the movie. There is also the role of Wang Luodan. There is a female driver in Hong Kong who actually had an accident during a race and broke three ribs, but she still got up, caught up, and finally recovered a champion. I feel it every time I see this clip, so I put it on Wang Luodan.

　　 1905 Movie Network: Compared with "Guild Wars", "Breaking Wind" is more youthful, and compared with "Magic Police", "Breaking Wind" is also more sunny. In terms of the overall tone of the film, what makes you want to make such a youthful and inspiring movie?

　　 Lin Chaoxian: "Guild Wars" I am talking about the midlife crisis, which is to cheer up middle-aged people. After finishing it, I felt that I had never made a youth film, so I decided to use the spirit of "Guild Wars" to make a youth film to cheer up young people. The market needs this kind of film. Maybe there are changes in mentality. I used to be more depressed, and I feel a strong impact on things. It has been almost 8 years since "Witness", and my life has reached another stage. The creation of each stage will reflect your different life experiences, which are all closely related.

　　 1905 Film Network: How do you see the current prospects for sports-themed films in the market?

　　 Lin Chaoxian: I don’t think it’s necessary to see "Breaking Wind" as a sports movie. The spiritual communication between this movie and the audience mainly depends on the experience and mentality of the characters. In fact, sports are just a means. I think everyone can ride a bicycle when they are young, which is a test and tempering of their own will. It is just a background. Of course, I also hope that there will be more movies of this type in the future, so that everyone can have a very excited mood when they walk out of the cinema.

Gossip media exposed that Yang Zi had a boyfriend, and fans denied it： the news on the Internet was false

　　Recently, some gossip media broke the news that actor Yang Zi had a boyfriend, and the two were dating, causing heated discussions.

Yang Zi denied the relationship with the party, saying that the news spread online was false, hoping not to spread rumors

　　In response to the rumor, Yang Zi’s fans clarified the connection, denying that Yang Zi had a boyfriend, saying that the news spread online was false, hoping that fans would not believe the rumors and not spread them, and also hoping that the gossip media would not spread rumors.

　　It is reported that Yang Zi’s love life has been the focus of attention since her debut. Previously, she had a relationship with actor Qin Junjie, but the relationship ended in a breakup. Later, she was also photographed interacting closely with Liu Xueyi, eating a piece of cake and speculating that she was in love. But Yang Zi denied this, saying that she was friends with Liu Xueyi.

　　At present, Yang Zi is filming a new play, and she has a lot of works to be broadcast, including "Sauvignon Blanc Season 2" and "Love for a Long Time". Fans are eagerly anticipating Yang Zi’s new works.

Original title: Gossip media exposed that Yang Zi had a boyfriend, fans denied it

Editor in charge: Li Xiaoling

Fan Bingbing did not take a photo of the leakage and wrinkles were obvious, and he was complained that he did not help Li Bingbing PS.

The Internet exposed the photo of Fan Bingbing without PS, and the underarm wrinkles were obvious

Fan Bingbing’s breasts are fake

Users prefer Li Bingbing’s mermaid dress at the Oscars in 2012

Users ridiculed Fan Bingbing for being too biased and did not help Li Bingbing PS

　　　 Movie Network News On the 25th, Fan Bingbing appeared on the red carpet of the Oscars for the first time. Compared with the Chinese style of participating in overseas film festivals in the past, she also wore a western dress as the Romans did. A peach low-cut dress looked bumpy and sexy. However, Fan Bingbing’s previous ideas were very novel, and her appearance at major film festivals in the past always brought great surprises to everyone. But this time, the peach low-cut dress she chose to wear for the 85th Academy Awards Ceremony is not as conservative as in the past.

　　　 Regarding Fan Bingbing’s dress, netizens have mixed reviews. Some netizens think that Fan Bingbing is still "domineering", but many netizens complain that "the aura is not enough", "I always feel that there is something wrong", "like the snake spirit in the gourd baby", etc. In addition, media reported that some netizens published an article "Fan Bingbing Oscar has not been photoshopped", with pictures of Fan Bingbing wearing a pink low-cut dress showing a charming smile while also showing wrinkled armpits. Weibo said: "It’s too exciting to see this! How should a female star live without PS? Look under my armpits and neck, shouting’My young bird will never come back ‘! ".

　　　 In addition to complaining Fan Bingbing’s slightly old loose skin, netizens also did not forget to comment on her body shape. Regarding Fan Bingbing’s selfie recently exposed on Weibo, netizens said: "Seeing Fan Ye’s double peaks, I said that everyone who has seen it should know that Fan Ye’s is fake. Alas, I have always thought that Fan Ye is real."

　　　 Previously, Fan Bingbing had stunned the Cannes red carpet three times with dragon robes, cranes, and porcelain dolls, and the Oscar red carpet dress also became the focus of media attention. But perhaps because everyone’s expectations were too high, Fan Ye’s red carpet look this time did not bring too many surprises. Some people satirized that she could not play new tricks and her creativity was exhausted. Some netizens posted on Weibo that Fan Ye also misses sometimes. Compared with her red carpet look this year, everyone prefers Li Bingbing’s mermaid look on the 2012 Oscar red carpet, which is called Muse.

　　　 For Fan Bingbing and Li Bingbing to appear at the 85th Oscar Vanity Fair party at the same time, the "double ice" combination still failed to escape the complaints of netizens. Some netizens said: "One imperial sister and one Muse! Why do I think the two look ugly together? Maybe it’s because I usually watch too much PS… "Because in the photo of the two, Fan Bingbing’s skin tone is obviously much whiter than Li Bingbing’s, and some netizens took out the original picture that was suspected of not being PS and said," Li Bingbing and Fan Bingbing took a photo together at Oscar Vanity Fair. If you want to say PS, I’m not smart, but it’s still a professional in Bingbing Studio. We’ll take a look at the photos of the face that can absorb light during the day and believe it, but the light at night is so weak, you still have to suck it all into your face. You really always take netizens as fools. "Some netizens ridiculed Fan Bingbing for being too eccentric and photoshopped it without helping Li Bingbing.

China’s foreign reserves exceed $2 trillion for the first time, and the money supply skyrockets

> > > Enter the domestic channel

　　The People’s Bank of China website, July 15In the first half of 2009, the People’s Bank of China implemented a moderately loose monetary policy in accordance with the unified arrangements of the Party Central Committee and the State Council, increased financial support for economic growth, and saw rapid growth in money and credit and abundant liquidity in the banking system.

The money supply rose by 28.46%.

　　At the end of June 2009, the balance of broad money supply (M2) was 56.89 trillion yuan, an increase of 28.46% year-on-year, an increase of 10.64 percentage points higher than the end of the previous year and 2.72 percentage points higher than the end of the previous month; the balance of narrow money supply (M1) was 19.32 trillion yuan, an increase of 24.79% year-on-year, an increase of 15.73 percentage points higher than the end of the previous year and 6.09 percentage points higher than the end of the previous month; the balance of money in circulation in the market (M0) was 3.36 trillion yuan, an increase of 11.46% year-on-year. In the first half of the year, the net return of cash was 57.80 billion yuan, and the year-on-year return was 63.90 billion yuan (the net investment in the same period last

Financial Institution Group Renminbi loans increased by 34.44%

　　At the end of June, the balance of various RMB loans of Financial Institution Group was 37.74 trillion yuan, an increase of 34.44% year-on-year, an increase of 15.71 percentage points higher than the end of the previous year and 3.83 percentage points higher than the end of the previous month. In the first half of the year, RMB loans increased by 7.37 trillion yuan, an increase of 4.92 trillion yuan year-on-year. From the perspective of sub-sectors: household loans increased by 1.0607 trillion yuan, an increase of 599 billion yuan year-on-year, of which short-term loans increased by 465.20 billion yuan; medium and long term loans increased by 595.50 billion yuan. Loans to non-financial companies and other sectors increased by 6.3096 trillion yuan, an increase of 4.3189 trillion yuan year-on-year, of which short-term loans increased by 1.3193 trillion yuan; medium and long term loans increased by 3.1771 trillion yuan; bill financing increased by 1.7065 trillion yuan. In June, RMB loans increased by 1.53 trillion yuan, an increase of 1.20 trillion yuan year-on-year.

　　At the end of June, the balance of foreign exchange loans of Financial Institution Group was 295.40 billion US dollars, an increase of 8.08% year-on-year. In the first half of the year, foreign exchange loans increased by 51.70 billion US dollars, an increase of 3.60 billion US dollars. Among them, foreign exchange loans increased by 37.20 billion US dollars in June, an increase of 35.80 billion US dollars year-on-year.

　　After the merger of domestic and foreign currencies, the balance of various loans in domestic and foreign currencies of Financial Institution Group was 39.76 trillion yuan at the end of June, an increase of 32.78% year-on-year. In the first half of the year, new loans in domestic and foreign currencies 7.72 trillion yuan, an increase of 4.99 trillion yuan year-on-year.

　　Financial Institution Group RMB deposits increased by 29.02%

　　At the end of June, the balance of RMB deposits in Financial Institution Group was 56.63 trillion yuan, an increase of 29.02% year-on-year, an increase of 9.29 percentage points higher than the end of the previous year and 2.34 percentage points higher than the end of the previous month. In the first half of the year, RMB deposits increased by 9.99 trillion yuan, an increase of 5.02 trillion yuan year-on-year. From the perspective of sub-sectors: household deposits increased by 3.1719 trillion yuan, an increase of 975.40 billion yuan year-on-year; non-financial corporate deposits increased by 5.8723 trillion yuan, an increase of 4.2403 trillion yuan year-on-year; fiscal deposits increased by 688.30 billion yuan, an increase of 335.10 billion yuan year-on-year. Among non-financial corporate deposits, corporate deposits increased by 5.2934 trillion yuan, an increase of 3.7665 trillion yuan year In June, RMB deposits increased by 2 trillion yuan, an increase of 1.23 trillion yuan year-on-year.

　　At the end of June, the balance of foreign exchange deposits was 208.10 billion US dollars, an increase of 16.01% year-on-year. In the first half of the year, foreign exchange deposits increased by 15.40 billion US dollars, an increase of 3.30 billion US dollars year-on-year. Among them, foreign exchange deposits increased by 2.10 billion US dollars in June, an increase of 3 billion US dollars year-on-year.

　　After the merger of domestic and foreign currencies, the balance of deposits in domestic and foreign currencies of Financial Institution Group was 58.05 trillion yuan, an increase of 28.65% year-on-year. In the first half of the year, new deposits in domestic and foreign currencies were 10.09 trillion yuan, an increase of 5.07 trillion yuan year-on-year.

　　Fourth, the interbank market interest rate remains low

　　In june, the total turnover of rmb transactions in the interbank market was 13.72 trillion yuan, with an average daily turnover of 623.60 billion yuan.

　　In June, the weighted average monthly interest rate of interbank lending in the interbank market was 0.91%, 0.06 percentage points higher than the previous month and 2.16 percentage points lower than the same period last year; the weighted average monthly interest rate of pledged bond repurchase was 0.91%, 0.06 percentage points higher than the previous month and 2.17 percentage points lower than the same period last year.

V. National foreign exchange reserves increased by 17.84%

　　At the end of June 2009, the balance of national foreign exchange reserves was 2.1316 trillion US dollars, an increase of 17.84% year-on-year. In the first half of the year, the national foreign exchange reserves increased by 185.60 billion US dollars, an increase of 95 billion US dollars year-on-year. In June, foreign exchange reserves increased by 42.10 billion US dollars, an increase of 30.20 billion US dollars year-on-year. At the end of June, the exchange rate of RMB was 6.8319 yuan per US dollar. (End) (Source of this article: People’s Bank of China)

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Image source @Visual China

Article | Hong Kong Stock Research Institute

Recently, following the termination of Wanda Commercial Management’s bond issuance plan, the Securities Supervision Commission questioned the authenticity of Wanda’s shopping mall sales data, and the freezing of Zhuhai Wanda Commercial Management’s equity by the court, Wanda Commercial Management encountered "water reverse" again – Fitch released a report downgrading Wanda Commercial Management’s rating, and believes that Zhuhai Wanda Commercial Management may not be able to complete the listing before the end of 2023.

The influx of negative news has cast more and more clouds over Zhuhai Wanda Commercial Management’s fourth impact on Hong Kong’s IPO.

And in the Wanda Group debt pressure, nearly 40 billion yuan bet the deadline is approaching, the Zhuhai Wanda Commercial Management impact on Hong Kong stocks, is also considered to be Wanda’s last battle, for this reason, Wanda opened a new round of "sell sell sell". So, in this case, carrying Wanda’s future asset-light model, can it still be bright?

Zhuhai Wanda Commercial Management is the product of Wanda’s commercial real estate sector.

Wanda’s commercial real estate sector once included commercial real estate development, residential real estate development and commercial property management. It is worth mentioning that Wanda’s real estate sales revenue reached 160 billion yuan at the peak, and then with the official proposal of "real estate and housing not speculation", the development of the real estate industry has gradually returned to rationality.

Under this trend, Wanda Commercial changed its name to Dalian Wanda Commercial Management in 2019, and from then on, its business focus shifted to commercial management. In this regard, Wang Jianlin clearly set the tone that the real estate group "does not pursue sales, exists for commercial management, and digests Wanda Plaza residential facilities every year to maintain tens of billions of sales." This choice is also in line with the development trend of the industry.

At that time, China’s commercial plazas were in the second half of the rapid expansion cycle. Data show that from 2016 to 2021, the growth rate of China’s stock commercial plazas, although declining, still maintained an average annual growth rate of about 15%. The total number of commercial plazas increased from 2,862 to 5,936. For the business management giant Wanda, the business management business undoubtedly has a lot of room for development.

But since then, with the high land prices in first- and second-tier cities and the frequent emergence of "land kings" in the core area, Wanda’s previous asset-heavy business management model of self-built commercial plazas has been unsustainable due to the need to invest a lot of money. Therefore, in 2021, Dalian Wanda Commercial Management will divest its business again, and establish a new subsidiary Zhuhai Wanda Commercial Management to conduct asset-light operations in commercial property management business, and strengthen its business layout in third- and fourth-tier cities.

In fact, compared with real estate companies such as Vanke, Country Garden, and China Resources, which mainly focus on residential development, Wanda has accumulated profound experience in the operation and management of commercial plazas. Moreover, the shift in the focus of industry development has also provided a rare opportunity for its expansion in third- and fourth-tier cities. Since the beginning of the new century, in the construction frenzy of Chinese shopping centers, there have been obvious geographical stratification. In the first ten years, 60% of the new shopping centers were concentrated in four first-tier cities, and then began to gradually extend to second-tier cities. In recent years, with the increasing vacancy rate of shopping centers in first- and second-tier cities, the expansion of the industry has also begun to sink.

With the continuous improvement of brand power in low-tier cities and the advantages of low capital investment and fast replication of the asset-light model itself, Zhuhai Wanda Commercial Management has experienced a wave of expansion. According to the prospectus, by the end of 2022, Zhuhai Wanda Commercial Management managed a total of 472 commercial plazas, of which 288 were from the parent company and 184 were owned by independent third parties, accounting for nearly 40%. In contrast, in recent years, real estate companies that have also begun to develop an asset-light model have made slightly slower progress. For example, China Resources Vientiane Life, a subsidiary of China Resources Real Estate, has an operating income of only 4.20 billion yuan as of 2022, and the projects under management still mainly come from the parent company, accounting for 86%.

At the same time, Zhuhai Wanda Commercial Management’s operating performance is also quite eye-catching. According to the prospectus, Zhuhai Wanda Commercial Management will achieve revenue of 27.10 billion yuan in 2022, net profit will reach 7.50 billion yuan, and the return on net assets is quite high. Its net assets equivalent to 4% of the parent company’s net assets contributed 72% of the total profit of the parent company Dalian Wanda Commercial Management. Strong profitability has also made Zhuhai Wanda Commercial Management Wanda’s "cash cow". From 2019 to the first half of 2022, the cumulative cash dividend will be 13.273 billion yuan, the vast majority of which will flow to Wanda Commercial Management, which holds nearly 80% of the shares.

If you look at it alone, after layers of stripping, Zhuhai Wanda Commercial Management seems to have "crossed a thousand mountains in a light boat". However, when you zoom in to the entire Wanda system, things may not be so easy. It can be said that Zhuhai Wanda Commercial Management’s light asset operation is still moving forward with a heavy load.

When Zhuhai Wanda Commercial Management was established in 2021, it introduced a group of heavyweight investors up to 38 billion yuan in financing. As a bet, Zhuhai Wanda Commercial Management needs to be listed before the end of 2023. If it cannot be listed as scheduled, it will not only have to repay the entire investment of 38 billion yuan in cash, but also pay an additional 8% interest.

Now, after the failure of multiple submissions to the Hong Kong Stock Exchange, the end of the bet is approaching. At the same time, due to multiple factors, Wanda Film and other sectors continue to slump, and financing is limited, Wanda Group’s debt problem has become increasingly prominent.

On April 28, Dalian Wanda Commercial Management disclosed the 2022 corporate bond report on the Shanghai Stock Exchange. As of December 31, 2022, the company’s short-term borrowing balance was 5.046 billion yuan, an increase of 948.74% year-on-year; the non-current liabilities due within one year were 68.768 billion yuan, an increase of 304.12% year-on-year. In June, Wanda Commercial Management issued bonds with a quota of 6 billion yuan and was forced to terminate the issuance. The financing channels were significantly tightened, which was related to Zhuhai Wanda Commercial Management’s delay in listing.

It can be seen that for Wanda, the Zhuhai Wanda Business Management sprint IPO is largely an important attempt to revitalize the overall situation. But even putting aside the pressure of capital and other aspects and returning to the asset-light operation model itself, Zhuhai Wanda Business Management is also facing no small challenges.

Compared with the asset-heavy model, the asset-light model has two main advantages. First, it is no longer necessary to pay attention to land acquisition, construction, etc., but focuses on the operation of shopping malls. After the professional division of labor is clearer, it can give full play to its strengths, thereby improving business performance. Second, the traditional asset-heavy model itself has accumulated a large amount of funds, and its expansion speed is bound to be constrained by the scale of funds, while the asset-light model only exports brand and management, which greatly reduces the demand for funds, so it can achieve rapid expansion, and once the operation model is formed, it can be quickly replicated, and the scale effect is more prominent.

As mentioned above, Zhuhai Wanda Commercial Management has been able to expand significantly, largely due to the asset-light model itself. However, after a wave of rapid expansion, Zhuhai Wanda Commercial Management’s subsequent continued growth is also facing uncertainty.

In recent years, under the policy tone of reducing leverage and debt, there are not a few real estate enterprises that attach importance to the asset-light model, such as Country Garden, Longhu, Vanke Printing, China Resources Land, Joy City Holdings, and Baolong Real Estate. They have all accelerated the layout of asset-light projects. For example, Xincheng Holdings will have 31 Wuyue Plaza openings in 2023, and sinking cities will dominate.

At the same time, the oversupply of domestic commercial plazas has gradually become apparent. Data show that from 2017 to 2022, the number of commercial plazas with a rental rate of less than 70% in China increased from 7,800 to 10,948, and it is estimated that it will reach 13,182 by 2027. With the overall oversupply compounded by the influx of many leading real estate enterprises, the market competition in the commercial management track may become more intense.

In this competition landscape, although Wanda business management plans to open 51 in 2023, and focuses on the distribution of third-, fourth- and fifth-tier cities, with the rise of a number of unique emerging business entities, the increase in its acquisition may be more limited.

Moreover, under the predicament of debt pressure, there are frequent news of Wanda’s sale of projects in the market. After the "century sale" of 13 cultural tourism projects and 77 hotels packaged and sold in 2017, Wanda seems to be going to stage "selling, selling" again this year. Relevant actions include selling Wuhan Hanjie Wanda Plaza to SKP Group, transferring more than 80% of the equity of the partnership to China Huarong, reducing its holdings of Wanda Film 37.1877 million shares and cashing out 447 million yuan. In addition, there are rumors in the market that Wanda will sell more than 20 shopping malls in Jiangsu, Zhejiang and Shanghai.

The non-stop sale of assets has also attracted speculation that Wanda’s so-called "light assets" are actually "clearing assets", and some industry insiders believe that Wanda’s clearing assets may now affect the basic business of Zhuhai Wanda Commercial Management.

However, according to Wanda Group, the follow-up operation rights of the equity transfer projects are still retained by Wanda Commercial Management, which is not affected by the equity change, and most of the projects sold are heavy asset projects and are not under the umbrella of Zhuhai Wanda Commercial Management. From this point of view, there may be no need to worry too much.

In addition, in the medium and long term, the industry still has room to explore its business potential in the future. The main reason is that in the construction of a new development pattern, with the increasing fundamental role of consumption in economic development, shopping malls still have great development value as large-scale physical consumption platforms that can meet a variety of needs.

In terms of management scale, Zhuhai Wanda Commercial Management is already the world’s largest commercial square operating company, with a construction area of 65.60 million square meters in the management mall, exceeding the combined second to tenth place in China. From the perspective of the rental rate, an important indicator to measure the operation capacity of business management enterprises, Zhuhai Wanda Commercial Management’s leading position is also very consolidated. According to the prospectus, as of 2022, the average rental rate (excluding parking spaces) of Zhuhai Wanda Commercial Management reached 98.6%; over the same period, Xincheng was 95.13%, Longhu was 93.9%, and the printing power was 93.2%.

Based on this, if Wanda Commercial Management continues to strengthen its refined operations, establish a better ecosystem for its asset-light model operation, and meet the current stock demand to the greatest extent, such as its recent launch of the "Wanda Smart Business Platform", which provides integrated value-added services for merchants in the four scenarios of location selection, rental, store opening, and operation, it may be conducive to breaking through many constraints and promoting the potential of the asset-light model to a greater extent, thereby demonstrating greater investment value and taking this bumpy road to listing.