One
Wu Xiangdong new Huaxia Happiness, so far more than 780 days, during this period, the outside world only a few times in the public to see him.
One of them was on April 26 last year, when Huaxia Happiness held its 2019 annual online earnings meeting, which was attended by Chairman Wang Wen and Co-Chairman and CEO Wu Xiangdong. This is also the first time that Wang Wen and Wu Xiangdong are publicly in the same frame, although they are located in the north and south of the two venues.
Wu Xiangdong is considered to be the "spokesman" recommended by Ping An, the second shareholder of Huaxia Happiness.
In July 2018, Ping An took a stake in Huaxia Happiness, and in February 2019, Wu Xiangdong moved from China Resources to Huaxia. Since then, the southern headquarters of Huaxia Happiness was established, and the team members are mainly him and other old CR departments. Huaxia Happiness north and south headquarters operate independently, and it is reported that usually even meetings are held separately.
Huaxia Happiness began to change dramatically at the business level. In the past few years, Wang Literature has asked for sincerity and righteousness within the company to do industrial new towns, but starting with the 2019 mid-year report, the company has begun to be divided into industrial new towns and related businesses, and commercial real estate and related businesses, with the latter being led by the southern headquarters.
The new business has been positioned from its birth to serve Ping An's strategic arrangements, specifically in the four areas of large-scale commercial office complexes, health and wellness business, light asset management and scientific communities, and it is up to Wu Xiangdong to ensure that the new business has a chemical reaction with Huaxia.
At that performance meeting, Huaxia Happiness management also made it clear that commercial real estate and related businesses in 2019 from scratch, plans to layout North, Guangzhou, Shenzhen and other 8 core cities, and based on light assets to develop commercial real estate and related businesses.
Wu Xiangdong stumbled, said to the investors and media present, "We want to do the best commercial real estate projects in China, and ultimately become one of the best commercial real estate developers or operators. This is our goal."
Huaxia Happiness paid for the new dream by offering Wu Xiangdong a contract with an annual salary of 38,689,300 yuan, equivalent to 4.5 times Wang Literature's annual salary for the same period, which is also the highest record for A-share executive salaries.
But from the end of last year, Huaxia Happiness capital chain problems, serious enough to let Wang Wen turned to the government and Ping An for support, such as exploring the introduction of Ping An as a cornerstone investor, China Resources as an equity investor, this initiative ultimately did not come to fruition.
On February 4 this year, Ping An Group General Manager and Co-CEO Xie Yonglin revealed that Ping An's equity investment in Huaxia Happiness 18 billion, table debt investment of 36 billion, has been prepared to make provisions. 25 March, Xie Yonglin was asked by small and medium-sized shareholders to deal with the problem of debt of Huaxia Happiness, he responded:
Ping An will no longer be able to pay the money, but will spare no efforts to support Huaxia Happiness!
Ping An will not contribute any money in the future, but will spare no effort to support Huaxia Happiness in the design of the debt treatment program and the implementation of the rescue process.
Ping An's wind direction has changed.
After this, the southern headquarters of Huaxia Happiness began to rumors of turbulence. at the end of March, there is news that Wu Xiangdong said that regardless of the debt, and has not been working normally, or will be withdrawn to the Shenzhen real estate company Pengrui Group, at the same time, the southern headquarters will also be transferred to the Pengrui.
According to the media's latest disclosure, with Wu Xiangdong to Pengrui together, and the southern headquarters of the former China Resources Land team, about 100 people.
More changes are occurring at Huaxia Happiness, at a time when founder Wang Wenwen, is mending the debt seam. He personally participated in the financial creditors conference, reviewing and apologizing to creditors, stating that he is determined not to evade the debt. Langfang has become the main battlefield to resolve the crisis, he praised by name is "standing in Langfang brothers".
According to the viewpoint of real estate new media, Huaxia Happiness 2021 maturity to repay the debt is still as high as 100 billion yuan, cash flow shortages, and even interest and wages can not be paid. It is the largest of the real estate enterprises that have broken out in crisis.
After attending the financial creditors' conference, Wang Wenwen made an internal speech to thousands of employees in Langfang, saying that it was fine for everyone to leave, and that it was a voluntary choice between the two sides, and had nothing to do with morality.
"You are professional managers, I am a professional entrepreneur, we have to behave professionally with each other."
II
Three years later, Wang Wenwen sat in his office in Langfang, and may still feel that Ma Mingzhe and he are professional entrepreneurs in sympathy.
At the end of October 2018, Huaxia Happiness held its first staff meeting after Ping An's entry into the company, and according to media reports at the time, Wang Wen openly talked about the reasons for this insurer's entry into the company at the meeting. His statement is that the two sides once hit a land in Shenzhen at the same time, without fighting, Ma Mingzhe appreciated Huaxia Happiness's execution and judgment, Ping An also recognized the potential of the company.
However, Ping An will delegate executives to Huaxia Happiness to be responsible for day-to-day operations, financial audits, and new business.
This change also signals that Ping An is not purely a financial investment in the second shareholder, it has business synergies with Huaxia Happiness.
At this moment, market news has long been circulating the names of two commissioned dispatch executives: Wu Xiangdong, executive director of CR Land, and Yu Jian, CFO of CR Land. in December 2018 and February 2019, Yu Jian and Wu Xiangdong successively assumed their duties at Huaxia Happiness, confirming that what the market said was not false.
Industrial and commercial information, on the other hand, shows that on December 20, 2018, Huaxia Happiness (Shenzhen) Operations Management Company Limited was registered and established, with a registered capital of 1 billion yuan. This is also the industrial and commercial body of the southern headquarters, and the pattern of the southern and northern teams "ruling the river" is gradually becoming clear.
In the following six months, the company added Yu Jian, chairman of the board of directors, Zhao Rong, Wang Xiao, Liu Rong, Zhao Wei, as well as supervisors Pang Hui, all of whom are former professional managers of China Resources Land.
After the formation of the southern headquarters team has been rapidly opened to expansion, a number of projects are in the state of contact, such as the end of April 2019, Guilin government and Wu Xiangdong on the Le Man Land recreational culture and tourism complex project landing construction exchanges.
By the end of July, the first old reform project surfaced, the former China Resources team in Yantian, Shenzhen, formally became the Shatoujiao Tianxin Industrial Zone area of old reform of the pre-service provider; August 23, Huaxia Happiness (Shenzhen) Urban Renewal Management Company Limited was registered and established, and formally involved in the field of old reform.
On August 16 of the same year, Huaxia Happiness announced that nine months ago from the hands of China Iron to 5.78 billion yuan Beijing Lize financial business district project, transferred to Ping An Life, the price is only 5.829 billion yuan. The company explained that the transaction is the first attempt to adopt the light asset model of management output in the commercial office.
A month later, the southern headquarters for the first time in the land auction market, with a total price of 11.625 billion yuan at the bottom of the bidding Wuhan Wuchang Riverside CBD core area of the two land parcels. This is the first commercial complex of Huaxia Happiness that covers the full cycle of development, construction, operation and management from the beginning of land acquisition.
As of the end of 2019, Huaxia Happiness has landed projects in commercial real estate and related businesses, including the Beijing Lize project and the Wuhan Yangtze River Center project, and 8 old reform projects have been selected as pre-service providers, of which Shenzhen and Dongguan accounted for 6 and 2 respectively.
At the 2019 annual results meeting, Wu Xiangdong said that the past year was a "positive warm-up and work", and believed that in 2020, "new models, new areas, new geographies" will certainly be fully landed.
"Even we feel that the eight cities selected as the highest priority (for development) are going to be covered, and that's something I'm still very confident about."
This is the only time Wu Xiangdong has publicly communicated with the outside world since joining HHF, and most of the other times, he and his southern headquarters team are like cheetahs, silently searching for and approaching their prey.
In the first half of 2020 alone, Huaxia Happiness added four new commercial office complex projects, won the bidding for one project's construction services, and locked in a pre-existing service provider for old reforms, including the Nanjing Daxuechang project and Guangzhou Baigutan project. The company emphasized that it has basically completed the layout in the target cities.
A more typical case of business synergy between Ping An and Huaxia Happiness is the Harbin New District Shenha Financial and Technology City project, which started construction in early October last year.
The project, which covers a total area of about 880,000 square meters and a building area of about 1.59 million square meters, is being built with a 20 billion yuan investment by Ping An and Huaxia Happiness*** and will combine Ping An's financial industry resources and Huaxia's strengths in the development and operation of industrial new towns. Xie Yonglin, general manager and co-CEO of Ping An Group, as well as Wang Wenhua and Wu Xiangdong attended the groundbreaking ceremony for the first time on the same stage, showing the importance of all parties.
Three
If you think back over the previous 25 years of his career, Wu Xiangdong can pick out representative titles: managing director of China Resources Land, chairman of the board of directors, and potentially chairman of Vanke.
The fact that these titles are now history probably makes him feel the weight of making a "very difficult decision" even more acutely.
The turning point is the invitation issued by Ma Mingzhe in 2018, when his identity is the assistant general manager of China Resources Group, executive director of China Resources Land, after returning to China Resources gradually hit the career ceiling, and ultimately decided to turn around and go to Huaxia Happiness to open up a new battlefield.
According to media reports at the time, Wang Literature at the beginning of Wu Xiangdong joined the affirmative, emphasizing that the North and South dual headquarters can not do their own thing, do not emphasize the difference between you and me. At the same time, Wu Xiangdong joined, will lead Huaxia Happiness towards diversification, hedge risk.
In fact, the southern headquarters to take the lead in the development of commercial office complexes and old reform, mostly related to Wu Xiangdong and his team in China Resources Land accumulated experience and resources, for which a large amount of money needs to be deposited. And the southern headquarters in Huaxia Happiness enjoys a very high strategic position, especially in the acquisition of land with a high amount of financial security.
Even in the case of the northern headquarters to strengthen the management of industrial new towns and related business reserves, the southern headquarters still increase the land investment in new business. 2020 May 9, the board of directors of Huaxia Happiness to consider the adoption of a proposal to approve the company and its subsidiaries in the period of May-June to carry out the amount of land investment of not more than 22 billion yuan.
Among them, in May-June Huaxia Happiness*** disclosed land acquisition in 3 times, with a cumulative total of 22 new land, with a total transaction amount of 12.053 billion yuan; commercial real estate and related businesses accounted for 12 cases, with a transaction amount of 11.266 billion yuan, showing that the southern headquarters is the absolute main force of land acquisition.
Huaxia Happiness last year's results announcement showed that the first three quarters of the company's land expenditure of 19.85 billion yuan, an increase of nearly 2.5 billion yuan; of which 10.203 billion yuan of expenditure on commercial real estate and related businesses, industrial new town business expenditure from 17.373 billion yuan nearly cut to 9.646 billion yuan.
Starting at the end of last year, Huaxia Happiness outbreak of debt repayment problems, the new year is facing hundreds of billions of dollars due to be repaid, the business cash flow can not cover the demand for repayment. The company has accumulated 37.2 billion yuan of default. At this time to look at the rapid expansion of new business, the risk is not hedged, it has become a huge sucking beast.
Shenzhen old reform practitioners said, Huaxia Happiness in Shenzhen and other places to obtain a number of old reform, but basically the pre-service provider projects, the progress is not the same, means that still need a long cycle to cash value.
Even the earliest incremental project acquired by the southern headquarters, Wuhan Yangtze River Center, the fastest node for the residential and apartment part to enter the market will be: the third quarter of 2021.
Wang Literature on February 2 in an internal speech reflected, TOD rail transit, medical and other businesses have not achieved significant results. Consuming and occupying a large amount of the company's funds, the assessment mechanism is not sound enough.
He also spat, certain units, the company needs them to various reasons to stall, just do not come to Langfang.
Six months before saying this, some little noticed changes are happening, the southern headquarters withdrew from the Gu'an Hua Royal City Real Estate Development Co. Ltd. to Langfang Jing Royal Real Estate Development Co. Ltd. hold, the latter is mainly the parent company of the Peacock City brand. At the same time, the southern headquarters in the open land market fell silent, Langfang Jinggou Real Estate became the main land acquisition.
At the end of the year, Huaxia Happiness in Langfang, Gu'an two major commercial complex foundation stone laying and groundbreaking ceremonies, the attendees are Wang Literature.
Two days after Wang Wen's internal speech, Xie Yonglin, general manager and co-CEO of Ping An, publicly commented that Huaxia Happiness has liquidity difficulties and debt crisis, mainly due to the macro-economic and policy regulation affecting the return of money, the impact of the epidemic, and the expansion is too fast.
Xie Yonglin emphasized that the 54 billion yuan investment in Huaxia Happiness is only one item in Ping An's 8 trillion investment portfolio. But no one will believe that once Huaxia Happiness falls, it will be able to not be swept up in it.
March 25 that much-anticipated annual shareholders meeting of Ping An, in addition to a clear indication that no longer contribute money, Ping An management also mentioned that, after the Huaxia debt crisis event, the company's internal multiple rounds of in-depth reflection.
The last of which is that the future of "these enterprises" to send directors, responsibilities and requirements will be further enhanced.
And Huaxia Happiness in the debt crisis has taken active measures to slim down and downsize the table, that close relationship with Ping An's biggest director, seems to have the right to make independent decisions on foreign assets. A media report mentioned that Wu Xiangdong and Pengrui Group Chairman of the Board of Directors Xu Hang initial contact, but also to promote the southern headquarters of the project, but the two sides in-depth conversation, Wu Xiangdong chose to join.
Now, the southern headquarters has nearly a year without public expansion of reserves, that was praised by Huaxia Happiness as "Wu Xiangdong led the first team of China's commercial development and operation", more and more signs that it will bring the talent to the Pengrui Group. The company has a short history of development of Pengrui Real Estate, with total assets of only 10.4 billion yuan in 2017, equivalent to 1/36 of the total assets of Huaxia Happiness in the same period.
Some people say that Wu Xiangdong whisked his sleeve away, and that he just made the choice of professional managers, which has nothing to do with morality.
Just a year ago, he beat his chest like shouting that "to become one of the best commercial real estate developers or operators", and the reality is encountered together, are the sound of broken dreams.
Original Story | We use facts to speak, and record and report in an objective and in-depth manner.