Jia property Rui

After Chairman Lu Junsi was investigated by the Securities Regulatory Commission for alleged insider trading in the securities market, the property company controlled by gree real estate also experienced executive shock.

Recently, gree real estate, a company listed on the New Third Board, announced that three senior executives, including Zhang Xiaowen, chairman and general manager, Wu Sijian, director and deputy general manager, and Chen Li, director, had resigned due to job changes. At the same time, in order to fill the statutory minimum number of directors, gree real estate elected three directors, namely Chen Yifeng, Fan Xiaojing and Deng Shicheng, and appointed Chen Yifeng as the general manager, Fan Xiaojing and Deng Shi as the company's deputy general managers.

Regarding the reasons why three senior executives, including Zhang Xiaowen, left their jobs, relevant persons in gree real estate told Time Finance, "There are no reasons for leaving their jobs, and there are no normal job changes. One of them is about to retire, and Zhang Yuwen has other work arrangements. The specific work is not convenient to disclose. " As for the reason for the announcement as "resignation", the person called it "the format requirement of the New Third Board".

Chen Li, a director who was born in March of197/kloc-0 or retired at the age of 20 18, was appointed as a director in June of 20 18, and was re-elected when the board of directors changed in 2018. Zhang Xiaowen, born in June 1986 1 1, worked long hours. From 20 16 to 12, Zhang Xiaowen, who was nearly 30 years old, replaced Chen Jitao who resigned for "personal reasons" and was re-elected when the board of directors changed in 20 18.

Wu Sijian has the shortest term of office among the three. In September 2020, Wang Jun, director and deputy general manager of Gree Property, retired and Wu Sijian took over. According to relevant announcement information, Wu Sijian, born in June 1980, joined Gree Property in 201year, and served as assistant to the general manager from February18 to September 2020.

It is worth noting that Zhang Xiaowen and others were originally scheduled to terminate their posts on 202111,but they were collectively "replaced" 10 months before the expiration of their terms.

The three newly appointed executives are similar in age and resume. Chen Yifeng, Fan Xiaojing and Deng Shicheng were born in1February, 1979,1August, 1983 and1June, 1998, respectively. They were all the former Zhuhai gree real estate Co., Ltd. (hereinafter referred to as "gree real estate") and the later Zhuhai Gree Port-Zhuhai-Macao Bridge Artificial Island Development Co., Ltd.

According to the data of Tianyan, gree real estate is a wholly-owned subsidiary of gree real estate, and the artificial island company of Hong Kong-Zhuhai-Macao Bridge is a wholly-owned subsidiary of gree real estate, and their shareholding ratio in gree real estate is 60% and 40%.

Li Yanjie, research director of Jiahe Family Property Research Institute, told Time Finance that there will be high-level changes in general enterprises, which will lead to capital actions such as listing or delisting, but Gree's property scale is too small, and there is basically no possibility of going to the board of directors. "The first real estate in 2020" Xingye IOT can be used as a reference. It is known as the "mosquito-type" property company in Henan, but its income in 20 19 is still1840,000 yuan, up 40.5% year-on-year. Gree real estate's income from 20 19 was only 79.32 million, up by 12.38% year-on-year.

According to the consultation document issued by the Hong Kong Stock Exchange at the end of June 2020 1 1, the market value of newly listed companies is not less than HK$ 4 billion, and the income in the latest fiscal year is at least HK$ 500 million. According to this regulation, gree real estate's hope of listing on the main board of the Hong Kong Stock Exchange, which has a low listing threshold, is still slim.

Moreover, gree real estate's profitability is worrying. From 20 17 to 20 19, the growth rate of Gree's property income decreased from 33.92% to 12.38%, and the income in the middle of 2020 was only 36.29 million yuan, which was only 2.42% higher than that in the same period of 20 19. Among them, the net profit of homecoming in 20 17 and 20 18 both fell below10.5 million yuan, with year-on-year decreases of 59.26% and 13.99% respectively. The net interest rate is also far below the industry average, which is 2.5%, 65, 438+0.7%, 3.3% and 6% from 2065 to mid-2020 respectively.

Gree real estate's lack of development is related to its parent company, gree real estate. Zeng Mian, a market analyst at Hefei Research Institute, told Time Finance that Gree Property is mainly engaged in the property projects of the parent company, rather than expanding the third-party management projects like other property companies, and the scale is average. The primary development of gree real estate is more inclined to municipal projects such as port facilities and islands.

Judging from the actions in recent years, it seems that gree real estate is "de-real estate" and building a big ocean, big finance and big healthy industrial cluster. In 2020, Zhuhai Duty Free Group will be reorganized, with three major sectors featuring duty-free business: large consumer industry, biomedical health industry and real estate industry as its core business.

However, the proportion of real estate business is declining. In 20 19, the proportion of real estate business in gree real estate's main income decreased from 77.6 1% at the end of 20 18 to 55.95%, and the contribution of agent construction increased from 16.8 1% at the end of 20 18 to 3. It is rare for the agent construction project to drive its 20 19 income to increase substantially in recent years. From 20 16 to 20 18, gree real estate's revenue was 365,438+22 million yuan, 365,438+300 million yuan and 3,078 million yuan respectively, and the revenue in 20 19 was 4193 million yuan, year-on-year.

In the industry, gree real estate has been "aphasia" for a long time. According to the ranking of the top 200 real estate enterprises in China in 2020 released by Ke Rui, the threshold of the top 200 enterprises is the contracted sales of 710.50 billion, and gree real estate is once again out of the list. By the end of the third quarter of 2020, its short-term cash debt ratio will be 0.45, after excluding the advance payment, its asset-liability ratio will be 73.2%, and its net asset-liability ratio will be 65,438+0.73%, all of which are on the "three red lines".