Wu Xiangdong has been in China for more than 780 days. During this period, the outside world only saw him several times in public.
On April 26th, last year, Huaxia Happiness held the 20 19 annual online performance meeting, which was attended by Chairman Wang He and Co-Chairman and CEO. This is also the first time that Wang and Wang have been framed in public, although they are located in the north and south stadiums respectively.
Wu Xiangdong is regarded as the "spokesperson" recommended by Ping An, the second shareholder of Huaxia Happiness. On July 20 18, China Ping An took a stake in Huaxia Happiness. On February 20 19, Wu Xiangdong was transferred from China Resources to China. Since then, Huaxia Happiness South Headquarters has been established, and the team members are mainly him and other former departments of China Resources. Huaxia Happiness North-South Headquarters operates independently, and it is said that even meetings are held separately at ordinary times.
Huaxia happiness began to undergo great changes at the business level. A few years ago, Wang asked the company to be sincere about the new industrial city, but since 20 19, the company has been divided into new industrial city and related businesses, commercial real estate and related businesses, and the latter is led by the southern headquarters.
From the very beginning, the new business has been positioned as a strategic arrangement to serve safety, including four areas: large-scale commercial complex, health care business, light asset management and scientific community. Wu Xiangdong should 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 will grow from scratch in 20 19, and it is planned to lay out eight core cities, including Guangzhou, Guangzhou and Shenzhen, and set up enough assets to develop commercial real estate and related businesses.
Wu Xiangdong told investors and media: "We hope to be the best commercial real estate project in China and eventually become one of the best commercial real estate developers or operators. This is our goal. "
Huaxia Happiness paid for the new dream and offered a contract with an annual salary of 38.6893 million yuan, equivalent to 4.5 times that of Wang in the same period, which is also the highest salary of A-share executives.
However, from the end of last year, the problem of Huaxia Happiness's capital chain was so serious that Wang turned to the government and Ping An for support, such as exploring the introduction of Ping An as a cornerstone investor and China Resources as an equity investor. This move finally failed.
On February 4th this year, Xie Yonglin, general manager and co-CEO of Ping An Group, revealed that Ping An had injected 654.38+08 billion yuan into Huaxia Happiness, with 36 billion yuan in on-balance-sheet debt and provision. On March 25th, when Xie Yonglin was asked by minority shareholders about the handling of Huaxia Happiness Debt, he responded:
Ping An will not pay any money in the future, but will spare no effort to support the design of Huaxia Happiness Debt Treatment Scheme and the implementation of the rescue process.
The wind of peace has changed.
After that, the southern headquarters of Huaxia Happiness began to spread turmoil. At the end of March, it was reported that Wu Xiangdong said that regardless of debts, it would no longer work normally, or it would be transferred to Shenzhen Housing Enterprise Peng Rui Group, and its southern headquarters would also be transferred to Peng Rui.
According to the latest media disclosure, Wu Xiangdong joined the original China Resources Land team of the South Headquarters in Peng Rui, with about 100 people.
More changes have taken place in Huaxia Happiness, and founder Wang is mending the debt gap. He personally attended the meeting of financial creditors, reviewed and apologized to creditors, and firmly stated that he would not evade debts. Langfang became the main battlefield to resolve the crisis, and he praised "brothers standing in Langfang" by name.
According to the new media report of Viewpoint Real Estate, Huaxia Happiness's debt due at 202 1 is still as high as 1000 billion yuan, and its cash flow is short, so it can't even pay interest and wages. It is the largest housing enterprise in the current crisis.
After attending the meeting of financial creditors, Wang made an internal speech to thousands of employees in Langfang. He said that everyone can leave. This is a voluntary choice of both parties and has nothing to do with morality.
"You are professional managers, I am a professional entrepreneur, and we want to show our professionalism to each other."
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After three years, Wang and Ma Mingzhe may still feel that they are professional entrepreneurs who appreciate each other.
At the end of 20 18 10, Huaxia Happiness held its first staff meeting after Ping An became a shareholder. According to media reports at that time, Wang publicly talked about the reasons for this venture capital investment. He said that the two sides had stayed in Shenzhen at the same time and had never met. Ma Mingzhe appreciated the execution and judgment of Huaxia Happiness, and Ping An also recognized the company's potential.
However, Ping An entrusted Huaxia Happiness to send senior executives to take charge of daily operations, financial audit and new business.
And this change also indicates that Ping An is no longer a simple financial investment-oriented second shareholder, but a demand for business collaboration with Huaxia Happiness.
At this moment, the market news has spread the names of two entrusted executives: Wu Xiangdong, Executive Director of China Resources Land, and Yu Jian, CFO of China Resources Land. 20 18, 19 February, Yu Jian and Wu Xiangdong successively took up new jobs in China, which proved that what the market said was true.
According to industrial and commercial information, Huaxia Happiness (Shenzhen) Operation Management Co., Ltd. was incorporated on February 20th, 20 18 with a registered capital of 65,438 billion yuan. This is also the industrial and commercial subject of the South Headquarters, and the pattern of "river management" by the North-South team has gradually become clear.
In the following six months, the company added Chairman Yu Jian, directors Zhao Rong, Wang Xiao, Liu Rong and Zhao Wei, and supervisor Pang Hui, all former professional managers of China Resources Land.
After the formation of the South Headquarters team, it has begun to expand rapidly, and several projects are being approached. For example, at the end of April, 2065438+2009, the Guilin Municipal Government and Wu Xiangdong exchanged views on the construction of the cultural tourism complex in Yang Kang, Lemandi.
At the end of July, the first old renovation project surfaced, and the former China Resources team officially became the pre-renovation service provider of Tian Xin Industrial Zone in Shatoujiao, Yantian, Shenzhen. On August 23, Huaxia Happiness (Shenzhen) Urban Renewal Management Co., Ltd. was incorporated and formally set foot in the field of old reform.
On August 16 of the same year, Huaxia Happiness announced that it would transfer the project of Beijing Lize Financial Business District, which was just transferred by China Railway for 5.78 billion yuan nine months ago, to China Ping An Life Insurance Company of China Insurance Company, with a consideration of only 5.829 billion yuan. In this regard, the company explained that this transaction is the first attempt to adopt the light asset model of managing output in its business.
A month later, the Southern Headquarters made its debut in the land auction and auction market, and won two plots of land in the core area of Wuhan Wuchang Riverside CBD at the reserve price of 1. 1.625 million yuan. This is the first commercial complex of Huaxia Happiness that starts with land acquisition and covers the whole cycle of development, construction, operation and management.
By the end of 20 19, Huaxia Happiness had landed projects in commercial real estate and related businesses, including Beijing Lize Project and Wuhan Yangtze Center Project, and eight old renovation projects were selected as pre-service providers, of which Shenzhen and Dongguan accounted for 6 and 2 respectively.
At the 20 19 annual performance meeting, Wu Xiangdong said that the past year was "active warm-up and work", and he believed that "new model, new field and new region" would be fully implemented in 2020.
"Even if we feel that we should cover (develop) the eight cities with the highest priority, I am still very confident."
This is the only open communication with the outside world since Wu Xiangdong joined Huaxia Happiness. Many times, he and the team in the South Headquarters are like cheetahs, quietly looking for and approaching prey.
In the first half of 2020 alone, Huaxia Happiness added four new commercial complex projects, won the bid for 1 project to provide agency services, and locked in 1 pre-service providers, including Nanjing University Campus Project and Guangzhou White Swan Pool Project. The company emphasizes that it has basically completed the layout in the target city.
A typical case of business cooperation between Ping An and Huaxia Happiness is the Shenha Financial Science and Technology City Project in Harbin New District, which started in the first half of June last year.
The total area of the project is about 880,000 square meters, and the construction area is about 6.5438+0.59 million square meters. It will be built by Ping An and Huaxia Happiness with a joint investment of 20 billion yuan, which will combine Ping An's financial industry resources with Huaxia's industrial new city development and operation advantages. The general manager and co-CEO of Ping An Group attended the groundbreaking ceremony with Wang and Wang for the first time, which shows the importance attached by all parties.
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Looking back on his career in the past 25 years, Wu Xiangdong can choose representative titles: Managing Director of China Resources Land, Chairman of the Board of Directors, and Potential Chairman of Vanke.
These titles have become history, which may make him feel the burden of making a "very difficult decision" more truly.
The turning point was the invitation from Ma Mingzhe on 20 18. At that time, he was assistant to the general manager of China Resources Group and executive director of China Resources Land. After returning to China Resources, he gradually touched the professional ceiling and finally decided to turn around and open up a new battlefield in Huaxia Happiness.
According to the media reports at that time, Wang initially affirmed the joining, emphasizing that the North-South headquarters could not go their own way, but did not emphasize the difference between you and me. At the same time, Wu Xiangdong will lead Huaxia Happiness to spread risks and hedge risks.
In fact, most of the commercial complexes and old renovations developed by South Headquarters are related to the experience and resources accumulated by Wu Xiangdong and his team in China Resources Land, so a lot of funds need to be deposited. Southern headquarters enjoys a very high strategic position in Huaxia Happiness, especially in land acquisition.
Even though the northern headquarters strengthened the management of industrial new towns and related business reserves, the southern headquarters still increased the land investment in new business. On May 9, 2020, the board of directors of Huaxia Happiness reviewed and approved the plan, and approved that the land investment amount of the company and its subsidiaries during May-June should not exceed 22 billion yuan.
Among them, from May to June, Huaxia Happiness * * * disclosed the land acquisition for three times, adding a total of 22 plots, with a total turnover of 654.38+02.053 billion yuan; Commercial real estate and related businesses accounted for 12 cases, and the transaction amount accounted for110.266 billion yuan, indicating that the southern headquarters is an absolute land acquisition force.
Huaxia Happiness's performance announcement last year showed that the company's land expenditure in the first three quarters was 654.38+09.85 billion yuan, a year-on-year increase of nearly 2.5 billion yuan; Among them, the expenditure on commercial real estate and related business reached 654.38+0.0203 billion yuan, while the expenditure on industrial new town business decreased by nearly half from 654.38+0.7373 billion yuan to 9.646 billion yuan.
At the end of last year, Huaxia Happiness broke out in a debt repayment storm. In the New Year, it faced hundreds of billions of repayments due, and the business cash flow could not cover the repayment demand. At present, the company has accumulated a default of 37.2 billion yuan. At this time, looking at the rapidly expanding new business, the risk has not been hedged, but has become a huge gold-sucking beast.
Practitioners of the old reform in Shenzhen said that Huaxia Happiness has obtained a batch of old reforms in Shenzhen and other places, but they are basically pre-service provider projects with different progress, which means it will take a long time to realize the value.
Even Wuhan Changjiang Center, the earliest incremental project acquired by South Headquarters, will be the fastest node for residential and apartment parts to enter the market: 202 1 the third quarter.
In his internal speech on February 2, Wang reflected that the results of TOD rail transit and medical services were not obvious. Consume and occupy a lot of company funds, and the assessment mechanism is not perfect.
At the same time, he also bluntly said that some units and companies used various reasons to prevaricate when needed, that is, they did not come to Langfang.
Six months before the announcement, some little-known changes were taking place. Southern headquarters withdrew from Gu 'an Huayu City Real Estate Development Co., Ltd. and transferred to Langfang Jingyu Real Estate Development Co., Ltd., mainly the parent company of Peacock City brand. At the same time, the southern headquarters fell into silence in the open land market, and Langfang Jingyu Real Estate became the main land acquisition force.
At the end of the year, Huaxia Happiness held a groundbreaking ceremony in two commercial complexes, Langfang and Gu 'an, with Wang Jun present.
Two days after Wang's speech, China Ping An, general manager and co-CEO, publicly commented that Huaxia Happiness had liquidity difficulties and debt crisis, mainly because macroeconomic and policy control affected repayment, epidemic situation and rapid expansion.
Xie Yonglin emphasized that the investment of 54 billion yuan in Huaxia Happiness is only one of Ping An's 8 trillion investment portfolio. But no one will believe that once China's happiness drops, it can't be swept in.
At the high-profile annual shareholders' meeting of Ping An on March 25th, the management of Ping An also mentioned that after the debt crisis in China, the company conducted several rounds of in-depth reflection.
Finally, the responsibilities and requirements for "these enterprises" will be further enhanced in the future.
Huaxia Happiness has actively taken measures to slim down and shrink its table under the debt crisis. It seems that the largest director who is closely related to Ping An also has independent decision-making power over external assets. According to media reports, Wu Xiangdong initially contacted Xu Hang, Chairman of the Board of Directors of Peng Rui Group, in order to promote the project of South Headquarters, but after in-depth talks between the two sides, Wu Xiangdong chose to join.
Now, the South Headquarters has not been publicly expanded for nearly a year, and there are more and more signs that this team, which is praised by Huaxia Happiness as "the first commercial development and operation team in China led by Wu Xiangdong", will bring its own talents to Peng Rui Group. The development history of Peng Rui real estate under Peng Ruiqi is short, and the total assets in 20 17 years are only 104 billion yuan, which is equivalent to 1/36 of the total assets of Huaxia Happiness in the same period.
Some people say that when Wu Xiangdong left, he just made a choice as a professional manager, which has nothing to do with morality.
However, the phrase "becoming one of the best commercial real estate developers or operators" that he shouted out with confidence a year ago, in reality, is a voice of broken dreams.
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