譯文摘錄（保密內容以XXX替代）：
 
（二）持續轉型顯示效果
(II) Continuous transformation yielded results
萬達初始轉型始于20年前，從單純住宅開發轉向持有商業中心開發運營，4年前集團又提出全面轉型現代服務業，2018年，我們堅持轉型見到明顯效果。
Wanda began its initial transformation 20 years ago, from a developer of residential houses only to a developer and owner of commercial centers. Four years ago, the Group proposed to fully transform into a player in the modern service industry; and tangible results were achieved in 2018.
1、服務業收入占比提高。2018年，萬達服務業收入XXX元，占總收入的XXX%，房地產收入僅占XXX%。應該說萬達已經不是房地產企業，而是以服務業為主、有房地產業務的綜合性企業集團。服務業收入中，有穩定增長預期的租金收入達XXX元，占總收入的XXX%。這是集團收入中，我們最希望看到增長的部分，也是最可靠的部分。
1. The proportion of income from services increased. In 2018, Wanda reaped RMB XXX income from services, accounting for XXX% of its total revenue, while real estate income took only XXX%. It should be said that Wanda is no longer a real estate developer, but a conglomerate running real estate business but with services as its pillar. Of the income from services, rental income that is expected to grow steadily amounted to RMB XXX, making up XXX% of the total revenue. This is the part of the Group's revenue where we most would like to see growth, and also the most reliable part.
2、輕資產戰略見到效果。2018年開業的萬達廣場中，輕資產已達XXX個。新發展的XXX個萬達廣場中，輕資產達XXX個。從2019年起，開業的輕資產廣場超過一半，以后占比越來越高，也許幾年以后開業項目全部都是輕資產。新開業的酒店全部是委托管理的輕資產。
2. Asset-light strategy paid off. Among Wanda plazas opened in 2018, XXX are asset-light ones; and XXX out of the XXX newly-developed Wanda plazas are also asset-light ones. Starting from 2019, more than half of the plazas to be opened are asset-light ones, and the proportion will increase ever after. Perhaps a few years later, all the projects opened by Wanda will be asset-light ones. The newly opened hotels are all light assets entrusted to management.
3、轉型認識更趨一致。萬達為什么要從房地產轉型？為什么否定自己已經成熟、做得不錯的商業模式？為什么折騰自己？因為房地產行業有兩個比較大的缺陷，一是房地產是強周期性行業，好幾年差幾年，在周期變化中很多企業死掉。大型企業通過開發比較多的項目，似乎可以一定程度熨平周期，但是不可能完全擺脫周期。二是房地產現金流不長遠。房子不是快銷品，即使比起汽車這樣的耐用消費品，更新速度也慢得多。買多套房的人基本都是為了投資，真正自己居住，更新換代是很慢的，很多人買一套房子住一輩子，甚至傳承幾代人。一個國家城市化率達到70%左右，房地產市場就會萎縮。一些企業在房地產行業活上幾十年、上百年是可能的，但是市場銷量萎縮后，行業里的企業數就會大幅減少。
3. Agreement on the Group’s transformation. Why does Wanda seek transformation from real estate? Why does it deny its mature, well-done business model and enter a new frontier? The reason is that the real estate sector has two big flaws. First, real estate is a strong cyclical sector which may see fast growth in the first several years but sluggishness in next few years, and a lot of companies may come to an end during the cyclical changes.  Large enterprises seem to be able to flatten cycles to some extent by developing more projects, but they can't get rid of cycles completely. Second, the cash flow in the real estate sector is not long-term. Houses are not fast moving goods, and even when compared to durable goods such as cars, they are much slower to update. People who buy multiple apartments are basically for investment. The renewal of houses for dwelling purpose is slow. Many people buy an apartment for life, even for generations. The real estate market will shrink when a country's urbanization rate reaches about 70%. It is possible for some companies to live in the real estate sector for decades or a hundred years, but after the market sales shrink, the number of companies in the sector will be greatly reduced.