Exclusive interview with new Cantonese businessman Kong Jianmin

Guandian Real Estate New Media: Is this development idea related to your study of science?

Kong Jianmin: I think risk awareness should be relatively strong, and risk control must be well grasped. Since the reform and opening up, many wealthy people in China used to be famous, but now they are no longer famous. What is the reason? It’s just that when it gets bigger, the management system can’t keep up.

One or two batches of the richest people in the past have disappeared. What is the problem? It is not a personal problem, but a management system problem that corporate management must be aware of.

The most dangerous time is when a company wants to increase its sales volume. It is dangerous when sales change from 10 billion to 20 billion, and it is even more dangerous when sales change from 20 billion to 40 billion. But if we can continuously consolidate the foundation and continuously improve the system, it will be fine. I think it is not difficult to increase the volume. What is difficult is whether the management can keep up after the increase.

Therefore, KWG constantly requires management to conduct regular reviews, because not everyone is born with great management skills. In addition, we must regularly exchange management content with some peers.

Persistence in cooperation

Guandian Real Estate New Media: KWG is a company that is very willing to cooperate with others. What are the gains from cooperation?

Kong Jianmin: Every enterprise must have its own advantages to survive and develop. First, it can learn the good aspects of cooperative enterprises; second, one business cannot make enough money, and it is even more necessary to form a cooperative A winning situation. We have a very good relationship with our partners. We understand each other and achieve a win-win situation, so we are more active in market cooperation.

When working with others, you must first be honest, which is the most important thing; secondly, both parties must be open and transparent.

If the cooperative project is operated by the other party, I must give considerable trust, but the premise of trust is that I must see all the content, such as some key nodes, when to start construction, when to sell the property, When to build, when to hand over, labor costs, cost, budget, etc. must be open and transparent. As long as this is done, there will be no quarrels among shareholders. Why are so many shareholders unhappy? There is no transparency, no budget, no plan.

Second, the planning for the development project has been finalized beforehand. The entire administration, labor, and budget have been reviewed and approved by the ***, confirming that the team must execute according to this.

In this case, we will know how much money we will make on the day the project starts, so what is there to argue about? The following is all done. Everyone establishes an authorization system. Both parties sign the amount involved. If it does not exceed the amount, the shareholder representative signs.

Guandian Real Estate New Media: Do you place great emphasis on planning and budgeting?

Kong Jianmin: Yes, very particular. Because both parties must make it clear and be open and transparent. If this is done, there will be no conflicts between the bosses and both parties will be happy. This is to create benefits for shareholders. Both parties must have a plan and budget at the beginning, be very clear, and be open and transparent.

Guandian Real Estate New Media: Is this using Westernized management to avoid problems with Chinese humanity or governance?

Kong Jianmin: I don’t want my team to be selfish when we cooperate, because first of all, we need to know that the business is not just one deal. The other party thinks your team is good and will give you more business. Reputation is very important. I would rather Even if you suffer some losses, don't let your shareholders suffer.

It is definitely not possible to be selfish, it is impossible to cooperate well, and the company's reputation will be problematic. Therefore, in cooperation, the first requirement is to be open and transparent, and to be responsible to shareholders, especially cooperative projects, which are more important than sole proprietorships.

Second, I would rather my company suffer losses on some minor issues than let shareholders suffer losses. Others will know if you suffer a loss, and other shareholders will be happy to cooperate with you in the future. This is something our company has always implemented. Both partners must be magnanimous, because there is no need to waste time on a trivial matter.

Both parties must be fair and just, regardless of whether they are major shareholders or small shareholders. For example, in some projects we cooperate with, I hold a large share and the other party holds a small share. I am very fair to the small shareholders.

Guandian Real Estate New Media: Do you think the current business environment is more conducive to cooperation? Or is the business environment deteriorating?

Kong Jianmin: There are many ways to cooperate. In the first way, some companies suddenly acquire a piece of land. Because of the large amount of investment, it may be difficult for one person to hold and develop it, so they want to cooperate with us. 50/50 equity each. If two companies can't do it, then three. For example, in the Jinnan New Town project, four companies cooperated. The land price of that project was 8 billion, and the average was 2 billion, which can dilute the risk.

In the second way, some developers think that we have strong product control and cost control, and are willing to approach us for business operations.

The third method is that if it is a developer without a brand and is very tight on funds, this type of developer would rather find some good developers to cooperate with, and he can just sit there and divide the money. He may lose money if he doesn't do it well on his own, and he may lose money if he doesn't control all aspects of management well. If he asks me to cooperate, he can just sit there and share the profits.

It’s just these three situations. I don’t like all of these three situations, because some cooperation cannot consolidate the reports. Therefore, we hope to be in the third category in terms of consolidated statements. If some developers without a brand come to us, then we ask for a large share to trade. If we are peers, everyone is about the same, 50% vs. 50%, and the cooperation model is different.

I am open to cooperation, but I require that my company must be controlled to some extent by myself. For example, the land recently acquired is 100% controlled, except for Beijing and Shanghai.

Some developers also asked us to do construction on their behalf, but I immediately refused. I resisted construction on behalf of them because I wanted to make good use of talents, and doing construction on behalf of them would affect the entire resource system. I hope that the quality of the product can be controlled, and we will never consider agent construction.

Guandian Real Estate New Media: Do you spend more time in the office reading reports or do you like to go to the construction site?

Kong Jianmin: I usually take my management trainees to the construction site on Fridays and weekends. I take several management trainees every year, and each of our management teams must take them. My training principle is that I don’t want to put them at the bottom. Sometimes it’s not good for many college students to be at the bottom, because the platforms and perspectives that college students can access will be different.

Second, there must be a complaint channel when you do not do well and are pressured by the master. Even if we let the management trainees we train with the management, we can all communicate with each other about anything. Usually, after three years of training, they have reached the level of vice president.

Guandian Real Estate New Media: Where will they be placed after being brought out in three years?

Kong Jianmin: Put it in regions and cities. One of the people I took charge of last year is now the regional assistant general manager. Because his platform is different, except for the company's very confidential financial meetings and human resources meetings, he can participate in all business meetings without asking me for permission. Agreed, just come in by yourself.

He was listening, but he stood high and had a far-sighted view, because it involved management, the positioning of the project, including his views on the matter, including mergers and acquisitions, etc.

Guandian Real Estate New Media: Does this require you to trust them and not worry about them leaking the contents of the meeting?

Kong Jianmin: If you don’t believe him, you will ignore him. People are sincere to each other, give them a heart and they will also be sympathetic to you. If you don't believe him in anything, how can he give your heart to you?

Guandian Real Estate New Media: Is the attrition rate of management trainees high?

Kong Jianmin: I don’t have much, basically none.

Urbanization

Guandian Real Estate New Media: Urbanization and real estate are closely related. What do you think of urbanization?

Kong Jianmin: The process of urbanization is definitely inevitable, because after economic development in all aspects, land resources will become less and less, so urbanization is necessary. The urbanization process in developed areas will become faster and faster, which is inevitable.

The current view is that the urbanization process in some cities is faster and some is slower. I personally feel that this is not a problem of ten years, but a problem of twenty years. It is impossible to urbanize to a great extent in ten years, and some cities do not necessarily have to be pushed into the city center, because municipal administration and transportation cannot solve these problems. Now the government is increasingly discovering a problem: as population density increases and development volume increases, municipal administration and all supporting facilities cannot keep up.

So I think some cities have done a good job and transformed it locally, forming some urban sub-centers to solve the pressure in the city center. The previous view was that urbanization means megacities. I think this is unreasonable.

Nowadays, many urban sub-centers such as future cities, science and technology cities, and satellite cities actually work like this. However, this requires a lot of municipal investment, because the local economy has to radiate land prices and the industrial structure can The money invested in support, otherwise there would be so much money invested, so it is not a problem that can be solved in ten years.

Guandian Real Estate New Media: If it were twenty years later, would there be more and more opportunities for real estate companies in the future?

Kong Jianmin: In the long run, I am still optimistic about real estate. However, there will be some policy adjustments in the mid-term, and I hope it will be more stable in this regard.

Guandian Real Estate New Media: Will KWG be affected?

Kong Jianmin: I hope that property prices will not fluctuate excessively, and that they will not be too violent when they are good. When the fluctuations are large, the government will issue corresponding policies. It is better to grow steadily. Nowadays, developers are very mature and rational, and their risk control is becoming more and more perfect. After two financial crises, the developers that have survived are very mature.

Guandian Real Estate New Media: If the policy becomes more and more stable, will the opportunities for small and medium-sized developers become smaller and smaller in the future?

Kong Jianmin: I think this is normal, but China’s real estate is very strange. For example, the entry threshold for small developers in Guangzhou is very high. There are still uncertainties in planning, land acquisition and other aspects in second- and third-tier cities, so there is still room for small developers to survive.

Guandian Real Estate New Media: Will KWG enter third-tier cities in the short term?

Kong Jianmin: We will not go to third-tier cities. Our focus is on first-tier cities, at least provincial capitals. Our current development is such that first-tier cities and provincial capital cities are integrated.

Guandian Real Estate New Media: Chengdu Hejing has launched many projects. Chengdu was hit by an earthquake before. Aren’t you worried?

Kong Jianmin: Chengdu is a window to the southwest. The city’s planning and cultural aspects are still very suitable for doing business, but I think the only drawback is that the land supply is too large.

I like that Chengdu is clean, the food is good, you can go shopping at night, the atmosphere is good, and the government is good at packaging. I think the smartest thing is the Chengdu government. After a CBD comes out, it will launch a new CBD after a while, and it is constantly packaged, and the packaging is very good. The government is very strong in attracting investment. The top leader (the municipal party committee secretary) directly comes out to attract investment, saying De is also very frank.

This is a question of whether you are willing to go in and do it. After you go in and do it, you will find that people like everything in Chengdu. The government will greet you warmly and help coordinate the construction application. Everything is very good. The only drawback is that There is too much land supply.

Industrial Model

Guandian Real Estate New Media: KWG currently does a lot of hotels, but Chen Qizong, chairman of Hang Lung Properties, said at the 2012 Boao Real Estate Forum that hotels are a terrible What do you think of this business?

Kong Jianmin: The hotel business will not have any big surprises from the report, but the properties corresponding to the hotel will appreciate in value. Why should we build a hotel? Because hotels are a very stable business, don’t underestimate hotels. The appreciation of hotel properties is very strong. Now the assessed value of our hotels is close to 6 billion. When financing is needed, RMB 2 to 3 billion can be obtained through appraisal, and the cost of financing is not high because long-term loans can be obtained, while operating loans are ten-year term.

Second, if you don’t build this hotel, but build it as a residence and sell it, you will only make money that year after selling it, but the number of properties will not increase, and the company’s ability to resist risks will be weak. Why do hotels and shopping malls sell? If you don't sell it, your ability to resist risks will be stronger. While you will have a stable income in the future, if you are short of funds, you can mortgage it and get loans from some financial institutions. This is the biggest benefit.

Thirdly, when people from other places come to visit, they should always bring something to show them, something representative. Don't say that you will take them to the community and say that these houses are mine, but in fact they are all sold out. Like many developers in Hong Kong, they say "This place in Central is mine." The additional brand influence this brings is very important.

Therefore, for a company to have good-looking statements, its sales must be guaranteed, but its holding properties must also continue to grow.

Guandian Real Estate New Media: What proportion of property holdings do you hope to occupy in the future?

Kong Jianmin: 20% is enough. One more holding property every two years is enough, whether it is a shopping mall or a hotel. There is no need to grow a lot every year, because this will have an impact on cash flow. It should always be based on sales, and hold some properties while selling.

Some of our businesses are for sale. For example, some businesses in Suzhou are for sale. They are only held in shopping malls built above the subway. They are only held in high-quality projects in good locations. Those can lay eggs. of. For example, when buying a house, I originally bought five houses. I must have sold the second-hand houses I bought ten years ago. If I can make money, I will hold on to some properties with good locations, appreciation in value, and good quality.

Guandian Real Estate New Media: You currently share risks among hotels, businesses, and residences. If the economy goes down, can residences increase sales?

Kong Jianmin: We mainly focus on selling residential buildings. We have also recently built some industrial parks. Chaohu is doing it, Suzhou is doing it, and Hangzhou is planning to do it.

The industrial park has two models, one is sales and the other is leasing, which supports some small and medium-sized enterprises. In fact, building these industrial parks will help the real estate business structure. We have been very successful and are planning to build one in Guangzhou recently.

Guandian Real Estate New Media: Will the government have great support for building an industrial park?

Kong Jianmin: There is definitely one thing. Helping the government build industrial parks will definitely provide policy support, because it will help the government recruit many companies.

Guandian Real Estate New Media: Is it difficult to build an industrial park?

Kong Jianmin: It’s not difficult. There is a team to do it. Of course, it doesn’t work without a good location. If it’s very remote, who will go? This must be related to all aspects of transportation.

Guandian Real Estate New Media: Is it related to the investment team and brand?

Kong Jianmin: Yes, the government believes that we can do it, and there are many supporting services to be implemented. For example, we are talking with the four major banks about a financial services platform to provide some small and medium-sized loans to enterprises.

This is actually after-sales service, or after-rental service. After small and medium-sized enterprises come in, we will outline a financial platform. When we reach a certain level in the future, we can also provide some listed services to companies.

In addition, we will build some supporting places, such as large training centers, conference centers, canteens, clubs, restaurants, commercial streets, etc. People can live there, research and development is there, and industries are there. In this way, the entire park will be very mature and basically become a city because it provides many platforms.

Guandian Real Estate New Media: You just said that the net profit of residential properties is 15%-20%. What about industrial parks?

Kong Jianmin: Industrial parks vary from place to place, but the average is definitely more than 15%. For example, after reaching the goal, some buildings will not be sold but will be rented out. This is because the industrial park will become more mature in the future, and some of them will be rented out to increase their value.

Guandian Real Estate New Media: KWG will also be a big landowner in the future, with industrial parks, hotels, residences, and shopping malls.

Kong Jianmin: Now I feel that the company is still very young, but there will be a time when it gets old. Will we still have to sell tens of billions of properties every year? joke! I personally hope that rental properties will account for 30% of our income in the next ten years.

Land and Strategy

Guandian Real Estate New Media: Land prices in Guangzhou are rising rapidly. Is it too high for you?

Kong Jianmin: It is very high for our company’s bottom line. For example, the price I can accept for the land on Nanzhou Road is 16,000 yuan/square meter. It's very simple. The land price is 30,000 yuan/square meter. After the land is built, taxes and fees are close to 38,000 yuan/square meter. If it is not sold for 50,000 yuan/square meter, where can you make money? Do you think 50,000 yuan/square meter is acceptable over there? If it is not acceptable in the short term, how long is it expected to take?

I went to see that piece of land specifically. It is surrounded by farmers’ houses and is not a luxury area at all. Can I accept that price? I personally think that if we get that price, it will probably be three years from now. Is it safe to say three years from now? There are so many places in the country, why should I wait for three years? Because this will reduce the utilization rate of funds, I think it is not cost-effective.

Guandian Real Estate New Media: Will it be a bit stressful to acquire land through bidding, auction and listing in first-tier cities?

Kong Jianmin: It will be a bit stressful, but our company’s product bargaining power is very strong. For example, in the same location, if others sell it for 20,000 yuan, we can sell it for 23,000 yuan. This is product innovation. Like the previous project in Chengdu, who dares to sell it for 20,000 to 30,000 yuan? No one dared to sell it, and the developer next door only sold it for 12,000 yuan/square meter. Others said we were stupid at the time, but I still succeeded in selling the product. This is because our products have strong bargaining power, and our land acquisition advantage is reflected in this.

Second, there are cost advantages, but they won’t be too obvious. Others cost 4,000 yuan/square meter, but ours is at most 3,600-3,700 yuan/square meter. The cost is not absolute relative to the land price, but the bargaining power of the product is very important.

Therefore, we focus on first-tier and provincial capital cities. It does not mean that there is not much land available, but it is just whether we want to take it or not. Because some plots of land will not be taken if they really don’t want to, but the promising plots are basically taken.

You can make a digital model. Others expect it to sell for 20,000 yuan/square meter, but I expect it to sell for 23,000 yuan/square meter. How can I not win? So sometimes it’s about whether you want to take the land, not whether you can take it.

Guandian Real Estate New Media: What are KWG’s current financing cost requirements?

Kong Jianmin: We have been relatively cautious in buying land in the past two years. The profit margin is very good in all aspects and the assets are relatively high-quality. This year’s sales volume is very large and we have more abundant funds, so at the beginning of the year we mentioned that our debt ratio would go down.

Guandian Real Estate New Media: Less than 50%?

Kong Jianmin: 50% is impossible. Last year we were more than 70%, and it may be more than 60%. Second, my requirement for capital costs is to reach the middle level in the industry, not the lowest, not the highest. Of course, this also depends on the company. Our debt ratio is not high, and the cost of capital is still low compared to the industry. Because the debt ratio is low and the assets are good, banks will look at this aspect. The higher the asset-liability ratio, the higher the cost of capital.

Guandian Real Estate New Media: Development will be relatively rapid in the next few years. When the demand for funds is relatively large, will the requirements for financing costs be relatively relaxed?

Kong Jianmin: In fact, there are many financing channels. Of course, when you want to increase the volume, you can get more funds. But it depends on the timing. For example, a month ago the loan was a little over 7%, but in the past two days the loan has been higher. Taking money is like taking land, you must seize the opportunity.

Business and Life

Guandian Real Estate New Media: Chinese developers are scolded the most. Will you not invest in other industries? Also, you don’t want your daughter to do real estate, why?

Kong Jianmin: In China, we don’t approve of family businesses passing from generation to generation, because everyone knows that her father has worked so hard, so why should she work so hard? I think she should become a professional, whether it is art or other majors, just be a professional.

Doing business and real estate in the Mainland is very hard. This kind of hard work can only be understood through personal experience, so let her be a professional and live a happy life.

It’s not that doing business is impure. What I’m saying is that you have to go through a lot of things, and after experiencing a lot of things, people will mature very quickly. No matter which successful person is successful, he must gain something and lose something. When he gains something, he must lose something at the same time. But as a professional, you may be happy to have a lot of time for yourself. Of course, you may lose all material things, but I think it depends on how you think about it. As long as you are happy and healthy, you will never make enough money.

Guandian Real Estate New Media: Are you happy or not?

Kong Jianmin: I am happy. I have a good attitude. My biggest advantage is that I am open-minded and optimistic. My philosophy is very simple. When I sit in this office, I am fully engaged. When I leave the office, I don’t want to work.

Guandian Real Estate New Media: How much time do you spend with your family?

Kong Jianmin: I am very attentive. When my daughter goes to study in London, I fly there specially to pick her up. My daughter must attend every parent-teacher meeting. From childhood to adulthood, she has never failed to attend, and I have turned down all her work.

What is my main mentality? As long as you sit in this office and have meetings, you will forget about everything else and be very focused. But when you leave this office, forget all your work, only then will you be happy.

I eat, chat, and exercise with my friends. I exercise every day. After dinner, I go for a walk, swim, and exercise.

I don’t know how to run. I sometimes do fitness equipment once a month at most. It’s very regular. When I get home, I listen to music and drink tea.

Guandian Real Estate New Media: Do you like to listen to classical music or modern music?

Kong Jianmin: I listen to new things. I think classical music is boring. I have to listen to the latest things. The magazines I read are all new, and the songs I listen to are also the latest.

Guandian Real Estate New Media: Are you worried about being derailed from the outside world?

Kong Jianmin: I have to keep up with the latest things, because I want to be sensitive to everything, whether it is music, design, or trends, I must be very sensitive.

Guandian Real Estate New Media: Are you very interested in design?

Kong Jianmin: I am interested, but not very obsessed. In fact, it will be very confusing when you invest a lot of interest, so don’t get obsessed. Aesthetes are stupid, some imperfections are actually best, and everything being 100% perfect is actually bad.

Guandian Real Estate New Media: Don’t you want to be an esthete?

Kong Jianmin: No, I hope to be persistent, serious and honest about things and work. I am also very honest with my colleagues and will not keep things to myself. However, I am very serious when I work. I do not interfere with my colleagues in my private time, and my colleagues do not interfere with me. If you have urgent matters on Saturdays and Sundays, don't bother me. You can send me a message. I will judge the importance. If it is important, I will reply. If it is not important, I will not reply.

Guandian Real Estate New Media: This is not easy. Many bosses are workaholics.

Kong Jianmin: Therefore, the system and authorization in all aspects are very important. I have the power to make decisions within the scope of authorization. If it exceeds this scope, it must be reported.

Guandian Real Estate New Media: If there are many authorization systems, will it slow down the execution efficiency?

Kong Jianmin: No. Execution efficiency means constantly optimizing the authorization system. It should be optimized regularly. For some authorizations, you can look at the date to determine whether the response is too slow.

Being a person and doing things

Guandian Real Estate New Media: Are there any companies or entrepreneurs that you admire? If I were to label you personally, which words do you think would be better?

Kong Jianmin: I don’t judge myself. Let others talk about my business and personal affairs, which will be more honest, transparent and open. As long as things that are beneficial and helpful to the enterprise must be done, I absolutely agree with things that can improve the enterprise. Things that are not good or unfavorable to the enterprise should be changed.

We must be honest with our partners and people, and there must be trust between both parties. As for how I evaluate myself, I think I am very low-key in life, but I can be very low-key in my work.

Guandian Real Estate New Media: You are also engaged in poverty alleviation and charity. Will KWG invest heavily in this area in the future?

Kong Jianmin: Yes, every company will proceed based on its performance. When a company becomes bigger, in addition to solving local employment and tax issues, it also needs to do charity. The economic and social benefits of an enterprise must be balanced, and it is impossible not to do social welfare.

The entrepreneurial stage can be the survival stage. It must be done when you reach a certain scale, because it is complementary to each other and will help in all aspects of social influence and branding, so that others will pay attention to you. Only after graduating from college They will want to join your company. This is something that most people cannot see.

After a company becomes large-scale and achieves good results, it is necessary to do some appropriate charity.

Guandian Real Estate New Media: There are many cooperation between brothers in Hong Kong companies, but many of them operate in the form of funds. Is KWG also divided very well? Are there any conflicts?

Kong Jianmin: No, the three of us brothers grew up together and have a relatively good relationship. They tend to listen to me on everything. We discuss it, but in the end someone must make the final decision. We have never had any conflicts, and I was the one who brought them into this industry.

Guandian Real Estate New Media: Why did you want to do real estate in the first place?

Kong Jianmin: I entered by chance. This industry is very good, but there are also situations where big waves wash away the sand, which may be easy or difficult.

Guandian Real Estate New Media: Is there a clear goal in terms of performance?

Kong Jianmin: I hope it will exceed 30 billion in 2015. I am very practical. I have spent two years preparing the product coverage and standardization center. I have always told my team not to rush, to lay the foundation first, and then it will be much faster. If you rush to increase the volume but management cannot keep up, it will be very dangerous and accidents will easily happen.

Some companies have developed rapidly in the past two years, but doing business requires a long-term perspective, and do not struggle for one or two years. Because after everything is prepared, the stamina will be very strong.

Guandian Real Estate New Media: After 18 years of development, KWG plans to become a century-old company in the future?

Kong Jianmin: We do not have such a long-term goal. I am a relatively optimistic person and do not think that the company must be a century-old store. I certainly hope the business lasts as long as possible, but I have a plan to retire.

Although retirement does not mean exiting the company, and one will participate in major decisions on the board of directors, the entire operation is handed over to the management. The three of us brothers will quit and just stay on the board of directors. We can give opinions on the direction, but leave the management details to the management.

People are very strange. If we have this energy now, will we still have this energy in ten or twenty years?

Guandian Real Estate New Media: KWG’s current development speed is considered very fast.

Kong Jianmin: It’s very fast now, because the foundation has been laid, and the requirement from land acquisition to launch is about six months.

Guandian Real Estate New Media: Will there be quality problems?

Kong Jianmin: No. All aspects of the early design must be moved quickly and there will be no problem with the quality, because there is no relationship between the opening of the project and the handover of the building. The key is to implement the plan when acquiring the land. This requires the team to have strong execution capabilities. Now we can do this. It used to be eight to nine months, now the requirement is five to six months. Of course, some large projects are not feasible, such as large urban complexes. However, if it is a residential project, it will definitely be feasible within five to six months.

Guandian Real Estate New Media: Better locations will encounter a lot of demolition problems. Will this kind of raw land be used?

Kong Jianmin: Demolition is basically not done. Demolition is troublesome and unpredictable, and there is no demolition law in China's property rights law. If a demolition project is to be carried out, the enterprise must take it after the demolition is completed, and it can be involved in primary development when the demolition reaches 80 or 90%.

Guandian Real Estate New Media: You don’t talk much about political issues, especially southern entrepreneurs who don’t like to talk about political issues.

Kong Jianmin: The government also has its own difficulties. It is wrong to blame the government for everything. Moreover, the beneficiaries of reform and opening up are our group of entrepreneurs, so what else is there to complain about?

Of course, the government will also understand the enterprises. When they have difficulties, they go to the government and the government will still support them. The government should also understand when they have difficulties. There is no point in complaining too much.

The government considers the overall situation and will support companies when they are in trouble, but the government must also balance society and appease the people. Entrepreneurs after China's reform and opening up are all beneficiaries. As beneficiaries, what do we have to complain about? Of course, this requires mutual understanding.

Personally, I am very open-minded and will not do anything to make money, never. I think this is a natural thing. When entering this industry and entering this office, you must be very serious and be worthy of shareholders and the company.

When you leave, you must face life positively and maintain a good body and an optimistic attitude. You must have a strong heart and psychological quality that an entrepreneur must possess.

I have always said this to my friends: "Having no money today does not mean there will be no money tomorrow. Being rich today does not mean being rich tomorrow."

Without this mentality, there is no way. This is why I have kept friends for a long time. The friends who often come to my house to drink tea and chat now are still friends I met more than ten years ago, but they may not all do well in business.