Optical Valley Hechang Property Telephone

"To be or not to be, that is a question!"

Shakespeare's soul torture fell on Henan housing enterprises and Chang Group, which became a dilemma: scale or profit?

In the past 2020, Hechang Group ranked139.13.8 billion in the whole industry. Even with full-caliber sales, it is only 2 15. 1 100 million, and the industry ranking is 1 19, which is still far from the company's goal of "selling over 100 billion in 2020". The poor performance triggered personnel changes in senior management, including the chairman Lei Wu. Last year, more than 20 senior managers of Hechang left their jobs.

1000000000000000 scale, is widely regarded as the second half of the real estate tickets in the industry. According to the property market capital theory, Hechang's passive choice between scale and profit shows the breakthrough dilemma of medium-sized housing enterprises.

The leaders of Anyang County, once his hometown, hope Wan Yongxing can go home often and contribute to the economic development of his hometown. Today, Wan Yongxing is worth 6.5 billion yuan, making him the richest man in his hometown. As a big businessman in Henan, he has been constantly attacking on the road of diversification. Under the financial control, Wan Yongxing urgently needs new overweight for the positioning and future of real estate business.

The Rise of 10,000 Yongxing: Coal Boss Cross-border Real Estate.

Hechang Group is a subsidiary of Zhengzhou Zhong Rui Industrial Group (hereinafter referred to as "Zhong Rui Holdings"). Wan Yongxing, the actual controller, is very low-key and rarely makes public activities.

According to public information, Wan Yongxing was born in June 197 1, majoring in international trade in henan university of economics and law, and graduated from Guanghua School of Management of Peking University in 2004. 20 18, 1 1 month, henan university of economics and law celebrated its 70th anniversary. Wan Yongxing and Miao donated 1 100 million yuan to his alma mater to set up China Trade and Finance Research Institute, which was a sensation for a while.

"Capital in the Property Market" notes that Wan Yongxing started his business in coal. Founded in 2000, Sino-Swiss Holdings has developed into a large-scale comprehensive industrial group with commodity supply chain management as its core business. It has listed companies such as Ruimaotong, Top 100 Housing Enterprises, Chang Group, etc., and is involved in coal, finance, real estate, chemical industry and other fields.

In 20 19, the total revenue of Sino-Swiss Holdings was 4954 10/0 billion yuan, surpassing well-known enterprises such as Shuanghui and Yutong for the first time and becoming the "leader of private enterprises in Henan". Among them, Hechang Real Estate contributed 7.5 billion yuan, accounting for 65,438+05%.

It is a coincidence that Wan Yongxing set foot in real estate. In 2007, he got a piece of land in the outer suburbs of Zhengzhou and didn't understand real estate development. So he found Han Kai, the former president of Xinyuan Group, and asked him to be the chairman of Yifeng Real Estate, set up a team, take charge of project development and rush into real estate.

This is an era that needs courage, and Wan Yongxing is absolutely courageous enough.

The rise of Erhechang and the disillusionment of the 100 billion plan

The development history of harmony is a history of professional managers taking turns to sit in the village.

1, Han Kai era

In 2007, Han Kai lived up to Wan Yongxing's entrustment and carefully built the online celebrity real estate-Yifeng Forest Lake, which gained a firm foothold in the real estate industry. In 2009, he led Hechang into Hefei and started the national layout. 20 13 move the headquarters to Beijing.

In 20 15, the sales amount of Hechang reached 7.32 billion yuan. In the same year, Hurun Rich List was released, and Wan Yongxing ranked third in Henan Rich List with a net worth of 654.38+02 billion. However, in September of that year, Han Kai stepped down as chairman of Hechang and became the vice chairman of Sino-Swiss Holdings, which was regarded by the outside world as a bright rise and a dark fall.

When leaving, Han Kaifa sighed in a long article, saying that He Chang "always wanted to fly when he grew up", and the feeling of farewell was beyond words.

2. Lei Wu era

Lei Wu, who took over as chairman of Hechang, is a star professional manager hired by Wan Yongxing from Vanke Jinan Company. In his view, the Matthew effect in the real estate industry is getting worse and worse, and the stronger it is in the future, 1000 billion is the safety line for the survival of housing enterprises.

Lei Wu's long-term goal is to lead and successfully cross the threshold of 100 billion in 2020. To this end, he set up a "Vanke Department" management team in Hechang, launched a "3+2" strategic layout, laid out more than 60 real estate projects in Zhengzhou, Suzhou and Hangzhou, Hefei, Nanjing, Wuhan, Shenzhen, Dongguan and other cities, and launched four product lines: Cloud Department, City State Department, Ingenuity Department and Shu Yun Department.

With the expansion of the layout, Hechang's performance has advanced by leaps and bounds. From 20 15 to 20 18, the contracted sales were 7.3 billion yuan,16.5 billion yuan,19.8 billion yuan and 29.28 billion yuan respectively, which was regarded as the dark horse of the industry. However, this expansion momentum soon touched the ceiling. In 20 19, the contracted sales of Hechang was only 29.8 billion, far below the expectation of 50 billion, and the industry ranking dropped from 9 1 in 20 17 to122; In 2020, the full-caliber sales volume is 215.1900 million, and the industry ranking is 1 19. The actual transaction amount is only1390 million, and the industry ranking is 138. Both performance and industry ranking are far from Lei Wu's plan of 1000 billion yuan.

In September 2020, Lei Wu and Hechang's five-year service agreement expired and offered to leave. The departure of the leading brother has a great influence. At least 20 middle and senior managers left Hechang last year, and most of them joined Hechang at the invitation of Lei Wu.

Taking stock of Wu Lei's achievements in the past five years, the capital theory of the real estate market finds that his biggest failure may be that 213.326 billion yuan swallowed up eight projects under Lemon International. These projects are located in six cities including Shenzhen, Guangzhou and Nanjing, with a total saleable building area of 6,543,800+0.97 million square meters. Lei Wu is expected to contribute an output value of 80 billion yuan in the future, especially the Nanlian project located in Longgang, Shenzhen, with a saleable area of about 700,000 square meters, and the total value of goods is conservatively estimated to exceed 35 billion yuan.

However, for Hechang, which had sales of only 20 billion in that year, Lemmon Asset Package had overdrawn the strength of the company. Moreover, they soon found that the three core projects located in Shenzhen in the asset package are all urban renewal projects with large investment and long cycle, with a complete cycle of 8- 10 years, and there are many uncertainties in the middle.

This is a sinkhole for He Chang, whose size and strength are very thin. No wonder after Lei Wu left office, Han Kai, the former chairman, couldn't help complaining in the circle of friends that the foundation he had worked so hard to build was torn to pieces by a group of young people.

Now, Wan Yong has risen, and he took over Hechang with his old man Manxianghui, who was not in a hurry to scale and maintain profits, and declared the failure of the 100 billion expansion plan in disguise.

Third, the change of profit orientation, and smooth in the sequelae of expansion.

However, in the view of Zhang Xianghui, CEO successor of Hechang Group, the potential value of lemon asset package exceeds the investment expectation at the time of acquisition.

According to the capital theory of the property market, the Shenzhen Nanlian project, which has the most development value in the Lemmon asset package, has been fully started and is planned to be developed in four phases. The first phase of residential and commercial products will be pre-sold in the first half of this year. Zhang Xianghui estimates that the investment income of this project can cover the acquisition premium of the entire Lemmon asset package.

However, Zhang is not optimistic about his predecessor's expansion strategy. He said that Hechang auctioned and auctioned land in the open market a few years ago, and the land price was very high. The actual accounts didn't make any money at all. This is absolutely unacceptable to the big boss Wan Yongxing.

The core business of Sino-Swiss Holdings is commodity supply chain management, with large income scale and stable cash flow, but low gross profit margin, which requires real estate business with higher gross profit margin to increase the company's profitability. As the main platform of real estate business in China and Sweden, Hechang's gross profit margin has decreased year by year with the expansion of its scale. The gross profit margins of 20 17-20 19%, 2 1. 1% and 16.5438+0% have almost bottomed out, respectively, and they are struggling.

Zhang Xianghui is the first batch of Tsinghua MBA graduates recruited by China-Sweden Holdings in its early years. He knows the bottom line requirements of Wan Yongxing, the big boss, and also understands the linkage model between China-Sweden supply chain and real estate. In his view, Hechang Group is not a listed company and does not need to compete with other real estate developers to maintain a sales scale of 20 billion to 30 billion.

After taking over Hechang, Zhang Xianghui no longer pursues sales performance and industry ranking aggressively, but takes steady development and profitability as the guide to ensure that one project is invested in one project to make profits.

Capitalism in the property market found that although Hechang had changed course, Zhang Xianghui was still deeply troubled by the problems left over by his predecessor:

The first is the repayment pressure.

On 20 17, Hechang adopted the M&A loan when purchasing the Lemmon asset package. Sino-Swiss, Hechang and Wan Yongxing provided guarantees of 7.329 billion yuan for this loan, and began to repay the loan principal in June 5438+February last year. For Hechang, which has insufficient scale and limited financing, the pressure of debt repayment is indeed not small.

Followed by brand output.

2065438+June 2009, Hechang operated "Optical Valley Future City" in Wuhan, and the partner Wuhan Shunmin Real Estate unilaterally announced the termination of the contract and introduced the brand housing enterprise Greentown instead. He Chang was kicked out of the game and angrily went to court with Wuhan Shunmin. Even if he saves face, it will not help the brand to be damaged.

Finally, it is illegal operation.

Hechang's development projects have been exposed by the media for many times in recent years. For example, from 2065438 to August 2009, Yifeng Real Estate, owned by Hechang, was fined 1 1 10,000 yuan by Zhengzhou Urban Comprehensive Law Enforcement Bureau for failing to apply to the competent department of urban and rural planning for line inspection.

In August, 2020, the project of Hechang Youdi Residential Community in Luoyang was sold to the public without obtaining the pre-sale certificate, which was confirmed as illegal sales in disguised form by Luoyang Real Estate Supervision Brigade and will be investigated and dealt with according to the law.

The above problems are the sequela of Hechang in the process of scale expansion, and also the concentrated expression of the current predicament of small and medium-sized housing enterprises.

In the second half of real estate, the mainstream of the industry has shifted from scale expansion to product strength improvement. Whether Hechang's business strategy of "not rushing to scale and maintaining profits" can break through the tight encirclement will take time to verify.

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