Abstract:    As an important way for real estate enterprises to get rid of the competition dilemma and realize their own development, strategic transformation oriented by continuous reform has attracted extensive attention from both industrial circles and the academia. But how can an enterprise successfully choose a suitable transformation strategy to meet its own development needs? What are the main paths and mechanisms in the process of implementing the specific strategic transformation? How do these key elements function in the process of strategic transformation? What′s more, what capabilities should an enterprise have in order to achieve a successful transformation?
    Strategic analysis, strategic choice and strategic implementation in the process of organizational strategic transformation develop and change together with the formation process of enterprise dynamic capability and organizational knowledge. The time nodes for mutual promotion and realization are consistent and simultaneous. Wanda Group′s development ability and cultural ecology can no longer meet the needs of the external ecosystem and its own strategic trends. Meanwhile, the top management of the enterprise perceived the external environmental network and compared its organizational ability with the external network. The top management of Wanda Group analyzed the financial development trend of its inherent real estate development business in recent years. 
    A comprehensive analysis of the reasons for the change in business income includes the impact of external policy environment and the industrial agglomeration of leading enterprises in industry competition. Once the analysis results showed that the organizational operation mode and the external environment network were full of conflicts and repulsions, and the existing organizational capacity and operation mode do not conform to the organization′s phased development vision, the organization leaders conveyed the organizational discomfort to Wanda Group through the factors such as policy impact and market drive. The cognition of the development within the Group was split and a consensus was reached. 
    Each relevant knowledge needs to be verified and further excavated, developed and reused in the process of strategic transformation of the organization. Through the analysis and prediction of the knowledge needed for the current and future development of the organization, the target knowledge source was determined. Through the knowledge analysis, the ability of the organization to perceive the environment and identify opportunities is realized, and the perception and insight of the group were improved. Through the identification of knowledge needs and opportunities, the group′s senior managers conducted organizational strategy analysis and discussion according to their results, discovered existing organizational strategy problems, and conducted in-depth analysis of the organization.
    Once the knowledge source was determined through organizational perception and insight ability and the organizational strategy analysis was carried out, the organization excavated and reused the original knowledge beneficial to the transformation through organizational learning. Meanwhile, through external communication and external communication, the organization transferred and learned the knowledge beneficial to the transformation, which was helpful to shorten the time of strategic transformation and reduce the transformation cost. The organization′s existing basic capabilities were all attributed to its existing knowledge stock. The increase of knowledge stock included the accumulation of "quantity" and the improvement of "quality". The combined effect of the two aspects of knowledge development and implementation provided the knowledge foundation and basis for the improvement of organizational capacity. Wanda Group made full use of its ability to choose and adapt to changes in knowledge, makes decisions on strategic positioning, and selected a strategic positioning suitable for the organization′s business ecosystem and its future development.
    The Group basically determined the organizational strategic direction and gradually updated its business. From the first generation of single box-type pure commercial houses to the second generation of combined commercial houses and complexes. The third generation of business development has been deeply involved in the field of real estate services. While developing leisure and health business products, Wanda Group has integrated functional combinations of the original pure commercial products. Up to now, Wanda Group has basically realized the transformation, completely entered the cultural tourism sector and realized all-round integrated functional combinations. Through the gradual entry and penetration of various business sectors, it has moved closer to light assets. Through the continuous joint promotion and cooperative interaction among various business sectors, it has promoted the strategic transformation from unidirectional business to orderly structural changes in many business sectors.
    During the implementation phase of the strategic transformation of an enterprise, organizational knowledge is integrated. During the implementation process of the transformation, the dynamic capability of the organization is realized through sorting out and discarding the original knowledge, integrating and innovating new knowledge. The improvement of the dynamic capability of the enterprise is mainly based on the change of the knowledge state included in the original capability of the enterprise. Wanda Group has restructured the elements of its original capabilities, embedded new capable resources and realized the integration and reconstruction of its organizational capabilities. The Group has adopted an internal innovation incentive mechanism to encourage employees to carry out organizational development and innovation. It has also sought to cooperate with Changchun University, University of Pittsburgh and other universities to carry out scientific and technological innovation, personnel training and accumulation strategies. 
    Wanda Group has chosen a cooperative path to implement its internal research and development strategy and has vigorously developed the light asset industry. In the process of strategy implementation, we still have to face the influence of market driving factors, and every business transformation needs to face the risk of achievements. We need to reposition the overall strategic layout of the organization, enhance the development of comprehensive environment-friendly industries, realize business diversification, and adjust the inherent operation mode to realize the spatial layout of industrial strategic transformation. In the process of strategy implementation, the Group realized modular control of the plan through weekly reports, monthly assessments, standard setting, target setting and other means to resist the risks of transformation and to tap and cultivate the original high-quality industries to realize market guarantee.
    It can be seen that the implementation of the specific strategic transformation of an enterprise is the result of the interaction and co-evolution of various constraints such as organizational environment, organizational knowledge formed by internal factors and dynamic capabilities. These internal and external factors play a very important role in the guidance of enterprise strategic transformation.

Key words: co-evolution model, strategic transformation, knowledge linkage, senior management perception, capacity restructure