The year is coming to an end, the helmsman Wu Xiangdong, who has been working for China Resources for 25 years, is once again rumored to be leaving.
As early as October 17, it was rumored that Wu Xiangdong, assistant general manager of China Resources Group and executive director of China Resources Land Limited, would be commissioned by Ma Mingzhe, chairman of Ping An Group, to take over the Huaxia Happiness, along with the company's CFO Yu Jian.
At that time, China Resources Land responded quickly that "the company's management is normal performance, the company's board of directors did not change". Subsequently, in the company's official WeChat public number released a Wu Xiangdong to participate in the activities of the news. At the same time, the Times reporter called China Resources Land on the departure of Wu Xiangdong, the relevant person in charge said the situation is not true.
However, on the evening of December 4, an announcement from China Resources Land made things clear. The announcement said that the company's executive director, senior vice president, chief financial officer Yu Jian resigned as executive director of China Resources Land as well as a member of the Executive Committee due to personal career development planning. In the new company's board of directors, there are six executive directors, namely Wu Xiangdong, Tang Yong (chief executive officer), Li Xin (president), Zhang Dawei (vice chairman), Xie Ji and Shen Tongdong.
Two days after CR Land released its report on Yu Jian's resignation, Huaxia Happiness announced that it had hired Yu Jian as co-president of the company, in charge of finance and financing. Yu Jian formally joined Huaxia happiness, alluding to previous rumors. The media obtained a notice of appointment and dismissal of internal personnel of China Resources Group directly shows that Wu Xiangdong no longer serves as the chief executive officer of China Resources Land, the appointment of Tang Yong as the chief executive officer of China Resources Land, removing its vice chairman of the board of directors of China Resources Land, the position of chief operating officer.
25 years of time, the soul of China Resources Land Wu Xiangdong had a moment of glory, but also fell to the bottom. With the adjustment of the power structure of China Resources Land, after Wu Xiangdong era or the advent of China Resources Land will be sailing to where, attracting people's imagination.
Masterpiece Vientiane City
In 1993, joined the China Resources Group, officially entered the China Resources Land in 2005, now 51 years old Wu Xiangdong in the China Resources Group for 25 years.
In 2000, the young commander-in-chief was appointed to set up China Resources (Shenzhen (property)) Co., Ltd. and the investment of more than 4 billion Hong Kong dollars in the Vientiane City shopping mall has become the largest single project investment in Shenzhen after the establishment of the company.
At that time, commercial real estate is still a novelty, in the face of this huge and unfamiliar project, Wu Xiangdong appeared to be a bit at a loss, and then went to Europe, the United States to study.
In 2005, Vientiane City opened, and the fire was extraordinary. According to Wu Xiangdong, the occupancy rate of the first anniversary of the opening of Vientiane Luohu has reached 97%, and the occupancy rate of China Resources Building has reached 100%.
Since then, the Vientiane project has begun the pace of off-site replication in various cities across the country, and the commercial real estate with Vientiane as the core has become an important commercial asset of China Resources Land.
As of the end of June this year, CR Land had 27 shopping centers in operation in 20 cities across China, including 16 Vientiane Cities and 11 Cinco Colores City Vientiane, with total investment property assets reaching RMB 106.7 billion, accounting for 19% of the company's total assets.
In 2013, Wu Xiangdong took over the post of Wang Yin, the former Chairman of the Board of Directors of China Resources Land, so Wu Xiangdong's career ushered in a high moment, and put forward the goal of 2015 sales to break through the scale of 100 billion.
On March 21 of the second year, Wu Xiangdong delivered his first report card after becoming chairman of the board of directors, in 2013, China Resources Land sales reached 71.389 billion Hong Kong dollars, net profit of 14.696 billion Hong Kong dollars, compared with the previous year, respectively, increased by 60.9% and 39.1%.
Soul Character
However, after only one and a half years at the helm of CR Land, Wu Xiangdong resigned as chairman of the company's board of directors in November 2014, suspected to be involved in Song Lin's case for personal reasons, and since then, he has rarely appeared in the public eye.
Frequent personnel changes and management instability have had an unavoidable impact on CR Land's operating environment.
In 2014, CR Land achieved sales of 69.2 billion yuan, failing to achieve the sales target of 70 billion yuan, of which the gross profit margin continued to decline to 30.6%.
In April 2015, Wu Xiangdong returned to China Resources in a low-profile manner as Assistant General Manager of China Resources Group, in charge of China Resources Land and as an executive director.
In July 2016, Vice Chairman Tang Yong presided over the overall work of the company, and at the same time set up a co-president management structure, co-presidents Zhang Dawei and Li Xin to assist Tang Yong to carry out their work, forming a three-person core team of China Resources Land. And the chairman of the chairman of the board of directors is in a state of long-term vacancy.
Subsequently, China Resources Land has carried out a regional structural adjustment, formally adjusted from nine regions to six regions, of which Beijing (real estate) region will be merged with Shandong region, Shanghai (real estate) region and Jiangsu region merger, Shenzhen region and Fujian region merger, and the rest of the Chengdu, Shenyang, Wuhan (real estate) region will remain unchanged.
The completion of the integration of the regional structure, the reorganization of high-level power makes the company's performance back to the accelerated track, in 2016, China Resources Land with 108.04 billion yuan of sales successfully among the 100 billion army.
Long avoided the limelight, Wu Xiangdong seems to play the role of the mastermind behind the scenes. The outside world is also quite curious about the status of Wu Xiangdong in the company. Tang Yong, vice chairman of the board of directors, responded that Wu Xiangdong is the party secretary of China Resources Land, executive director, but also the assistant general manager of China Resources Group, in charge of real estate business, the development of China Resources Land has played an important role. According to the reporter's understanding, Wu Xiangdong is still at the top of the management introduction of China Resources Land.
In fact, from the organizational structure of China Resources Land can also be seen in the adjustment of the dominant position of Wu Xiangdong. In June this year, China Resources Land will be its commercial real estate division from the development of business divestment, adjusted to the first level of organizational structure, the formation of the headquarters of the region project commercial real estate three-tier control, and by the vice president of the Yu Lincang is fully responsible for. And this move is seen as the first step in the commercial real estate spin-off and listing, and this decision is closely linked to the planning of Wu Xiangdong.
In April this year, Vanke's independent director Liu Shuwei's article will be pushed to the "BaoWan dispute" in the vortex of public opinion, and ultimately, China Resources Land came out to refute.
System adjustments
Along with Yu Jian's resignation statement and rumors of Wu Xiangdong's departure, CR Land's new power system is also being further adjusted.
In the announcement released by China Resources Land on December 4, Tang Yong was appointed as the Chief Executive Officer of China Resources Land Limited, removing him from the position of Vice Chairman of the Board of Directors and Chief Operating Officer of China Resources Land Limited; Li Xin was appointed as the President of China Resources Land Limited, removing him from the position of Co-President of China Resources Land Limited; Zhang Dawei was appointed as the Vice Chairman of the Board of Directors of China Resources Land Limited, removing him from the position of Co-President of China Resources Land Limited; Zhang Dawei was appointed as the Vice Chairman of the Board of Directors of China Resources Land Limited, removing him from the position of Co-President of China Resources Land Limited. Ltd. co-president position.
And the current senior vice president and chief information officer of China Resources Land Shen Tongdong will be replaced Yu Jian, become a member of the executive director,
After this adjustment, Tang Yong officially became the helmsman, and the co-president of the organizational structure will be withdrawn from the stage of the history of China Resources Land. Along with the finalization of the various positions, new issues have emerged.
"Boat against the current, not to advance is to retreat", the real estate industry reshuffle speed is accelerating. This round of real estate enterprises in the scale of the race, about China Resources Land fell out of the discussion.
In the 2017 interim report investor conference call, Tang Yong made a review of the less-than-ideal report card.The end of 2018 is approaching, and the Kerry statistics show that in November 2018, the group realized a cumulative contracted sales amount of about 195.02 billion yuan, an increase of 56.4% year-on-year, and overfulfilled the sales target of 183 billion yuan. At this time, the sales amount of BGN has broken 600 billion yuan, Evergrande and Vanke have broken 500 billion yuan, and CR Land is not even as good as Sunac and New City Holdings.
Although it has been questioned by the outside world conservative, but China Resources Land also has its own performance "bottom line" - the scale of the industry to keep the top ten. In terms of the current results, China Resources Land is at the edge of the danger of the tenth, in order not to be overtaken, the management needs more efforts.
In the scale of the race of real estate enterprises, China Resources Land real estate development and sales business gradually lagged behind Vanke, Evergrande, BGG, the company's hopes in diversified business, China Resources Land in the 2016 annual report put forward to adhere to the "sale of property + investment property + X" business model. In this, the commercial real estate business as an investment property is becoming increasingly important.
But according to its annual report for the past five years, the revenue of commercial real estate has always been less than expected, accounting for less than 10% of the total annual revenue. How to improve the revenue contribution of commercial real estate has likewise become a difficult problem for the new management to solve.