Zhuhai Wanda Commercial Management Undergoes Two Leadership Changes in Half a Year; PAG Shifts Strategy to Operation-Oriented

Based on the latest information I found, Zhuhai Wanda Commercial Management has indeed experienced two major management changes in half a year, which reflects the major adjustments to corporate governance and strategic direction after PAG (Pacific Alliance Group) took control. The following is a detailed analysis:

• Xiao Guangrui resigned from his positions as CEO of Dalian Xindameng and Zhuhai Wanda Commercial Management due to personal reasons
• Huang Dewei (Partner of PAG) and Hu Zhengwei were appointed co-chairmen
• Huang Dewei concurrently served as Chief Executive Officer

• Xu Fen took over from Huang Dewei as CEO of Zhuhai Wanda Commercial Management
• Chen Qi was appointed Chief Operating Officer (COO)

Xu Fen is a senior manager in the Wanda system, joining Wanda in 2006 with nearly 20 years of commercial real estate operation experience[1][2]. Her promotion from COO to CEO reflects PAG’s strategic adjustment of “returning to the essence of operation”[3].

Currently, Zhuhai Wanda Commercial Management’s listing plan faces the following challenges:

PAG holds 60% of Zhuhai Wanda Commercial Management’s shares through Dalian Xindameng, while Wanda Group holds 40%, resulting in a transfer of the company’s actual control[4]. This major change in equity structure requires a re-evaluation of the listing path and timeline.

Frequent management changes indicate that the company is in a period of strategic adjustment, and the new management needs time to stabilize the operation system and formulate a new development strategy.

PAG has rich experience in cross-border capital operations; Shan Weijian has successfully managed multiple enterprise listing projects[5]. However, the current Hong Kong stock market is relatively cautious about the valuation of mainland real estate-related enterprises.

PAG prefers to realize exit through asset securitization rather than overall listing, and has introduced industrial investors such as Tencent, JD.com, and Sunshine Life for asset transformation[5].

PAG’s strategy has shifted from “emergency rescue” to “integration in depth”:

PAG has clearly put forward the concept of “returning to the essence of operation, prioritizing operation”[2], emphasizing front-line operation as the core.

Established three systems: operation, finance, and human resources, to strengthen professional management[1].

PAG’s exit strategy shows diversified characteristics:

Approved to acquire 48 Wanda Plazas in May 2024, with a scale of approximately RMB 50 billion; an additional USD 2.8 billion investment was made in November[4].

Introduced Tencent and JD.com for digital transformation, and Sunshine Life and other parties participated in the investment to achieve risk diversification[5].

Revitalize stock assets through asset securitization.

Among the 10 current board members, 6 are from investors and 4 are from Wanda[1]. Although Xu Fen is a veteran of Wanda, as a professional manager, she needs to balance the interests of both parties.

PAG has more pragmatic requirements for operational indicators, emphasizing that “indicators are tools, not goals”[1].

The frequent leadership changes of Zhuhai Wanda Commercial Management reflect the transformation process of the traditional real estate operation model after the private equity fund took control. In the short term, the company will focus on:

Improving operation efficiency through a professional management team

Promoting the upgrading and transformation of core city plazas

Reducing interest burden and improving financial conditions

In the long term, PAG may adopt the “light asset + asset securitization” exit model instead of the traditional IPO path. This not only conforms to the current market environment but also reflects the investment style of private equity funds pursuing certainty.

The case of Zhuhai Wanda Commercial Management shows that during the in-depth adjustment period of the real estate industry, private equity funds are becoming important participants in commercial real estate through equity acquisition and management transformation, and their operation model is fundamentally different from that of traditional developers.

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[1] Sina Finance - “Zhuhai Wanda Commercial Management Undergoes Two Leadership Changes in Half a Year! Xu Fen Takes Over from Huang Dewei as CEO” (https://finance.sina.com.cn/stock/estate/2026-01-17/doc-inhhqtmz9917851.shtml)

[2] 36Kr - “Zhuhai Wanda Commercial Management Replaces Its CEO” (http://www.36kr.com/p/3641465620631169)

[3] Winshang - “Xu Fen Takes Over from Huang Dewei as CEO of Zhuhai Wanda Commercial Management” (https://finance.sina.com.cn/roll/2026-01-16/doc-inhhpfkp2469183.shtml)

[4] NetEase - “RMB 60 Billion Bottom Fishing for Wanda! Student of US Treasury Secretary Acquires Stake, Leading to Wang Jianlin’s Loss of Power” (https://www.163.com/dy/article/KJAI5NB805568US4.html)

[5] Fuyoushuo - “RMB 60 Billion Bottom Fishing! The Student of the US Treasury Secretary Acquired China’s Wanda” (https://www.163.com/dy/article/KJ0RRDKP055651K3.html)