The "second generation of real estate" carries the banner.
Author |Zhao Pu.
Editor丨Gao Yuanshan.
* |Bronco Finance.
In the last two months of 2023, the "second-generation figures" of the three major real estate companies of Sunac, Wanda, and Country Garden will collectively stand in the foreground, either speak for the family business, or return to the main business, and have the feat of "solving problems and difficulties" for the family business.
Among them, Sunac "Prince" Sun Zheyi officially took over the Beijing area of Sunac and guarded the important "granary" for his father Sun Hongbin; Wang Sicong rarely attended the signing ceremony of the local ** cultural tourism project, returning to the main business of "Lao Wang" cultural tourism from pan-entertainment investment; And Yang Huiyan recently issued a heavy voice of "smashing the pot and selling iron" to support the company.
It is accidental and inevitable, restructuring or unrestructured debts, out of risk or out of risk of real estate enterprises, are facing severe cash flow challenges, relying solely on the real estate "creation of a generation" to complete the reversal of the situation, it is not realistic, to the "second generation" to carry the banner.
Source: Yiweishi.
"The prince guards the granary", and Sun Zhe takes the lead alone?
In the last month of 2023, the news that Sunac "Prince" Sun Zheyi will be the president of Sunac Beijing was confirmed, which is also regarded by the industry as a precursor to taking over Sunac. Sun Hongbin, who was born in 1963, has now entered the age of Ershun, and it is time to anchor the next generation of helmsman for Sunac in 10 years.
The Sunac Beijing area taken over by Sun Zheyi was previously operated by Jing Hong, Sunac's "veteran".
Jing Hong joined Sunco China in 2002 and joined Sunac in 2007, and has been working hard with Sun Hongbin for more than 20 years, and Sunac's Beijing area can be said to be created by Jing Hong.
From the high-end boutique strategy of Xishan No. 1 Hospital to Sunac No. 1 Hospital, and from the "Sunac Greater Beijing" strategy of deep cultivation in Beijing to the expansion of multiple cities around Beijing, Jinan, Qingdao and Shijiazhuang, Sunac Beijing Region has a strong "Jinghong memory".
In 2023, Sunac will experience a turbulent stage in which Chi Xun and Shang Yu, the heads of the two major regions in Southwest China and North China, have resigned as directors one after another, and at the same time it is difficult to resolve debts. Its Beijing Sunac No. 1 Hospital has subscribed for 169 sets, with a subscription amount of about 56The achievement of 200 million yuan, together with projects in Shanghai and Guangzhou, has allowed the market to see Sunac's ability to recover.
Born in 1962, Jing Hong is 61 years old this year, and according to insiders, he is also considering retirement. Sun Zheyi, who took over as president of the region, is only 33 years old this year, and is in the prime of life, from the point of view of the time of taking over, although it is in the stage when the property market is not very good, the company has completed the restructuring of domestic and foreign debts, and the Beijing project has also improved in sales, and has passed the most difficult moment.
This has given Sun Zhe a relatively relaxed environment for taking office, and the next question is whether he can maintain or even improve the performance of the Beijing region and contribute cash flow to the group, which is an important task.
After the deep adjustment in Southwest and North China, Beijing and Shanghai have become the two most important granaries within Sunac.
As of the first half of 2023, among the top ten regions of Sunac, the equity land storage area in Beijing is about 1477950,000 square meters, accounting for about 12 of the group's total equity land storage area11%, of which Sunac Beijing's equity land storage area exceeds one million square meters.
Sunac has four main projects in the Beijing market: Chang'an Yuexi in Shijingshan, Chaoyang Yishu in Chaoyang District, Sunac No. 1 Courtyard and Chaoyang No. 1 Courtyard, some of which will enter the market next year.
*: Canned Picture Gallery.
Qingdao, on the other hand, has the second largest equity land reserve area in the group, with an area of about 79410,000 square meters (the first is Sunac Chongqing, with more than 10 million square meters of equity land reserves), these projects are both assets and liabilities, and they are also a test of Sun Zheyi's ability.
In 2014, Sun Zheyi joined Sunac and successively held positions related to capital markets, land acquisition, project operation, finance and other related positions in the headquarters of Sunac Group and regional companies in Tianjin and Shanghai. In May 2017, Sun Zheyi officially entered the core management of Sunac as an executive director and served as an executive director of the board of directors of Sunac China, marking his official entry into the core senior management of Sunac.
In addition, Sun Zheyi is also the president of Sunac Culture Group, and has also led the Culture Group to launch big IP works, such as Luo Xiaohei, Ahri, "The Peak Glory of Full-time Masters", etc. But in 2023, Sunac Culture sold its big IP "Luo Xiaohei" to Chinese**, and Sunac Future Culture and Entertainment (Beijing)** also changed its name to "Shengxiao Culture and Entertainment (Beijing)**" in the external name "de-Rongchuang".
After Sun Zheyi took over as the president of the Beijing region, Sunac has adjusted 5 regional presidents in two years, including Zhu Zuxing, president of the northwest region, and Wang Yingjia, president of the central China region, the other regional presidents are all under the age of 50, and Sun Zheyi is the only post-90s generation.
*: Corporate announcements, Bronco Finance.
Sun Hongbin can alleviate 90 billion yuan of domestic and foreign debt, but debt repayment and recovery of cash flow still depend on the long-term, among these 30-year-old and 50-year-old regional presidents, Sun Zheyi's Beijing region is undoubtedly a high-quality granary, will he become the "king of cash flow" in the Sunac bond period?
Wang Sicong "came back to work", and Yang Huiyan "smashed the pot and sold iron".
In addition to Sun Zheyi, Wang Sicong, Yang Huiyan, the second generation of star-level real estate also used different actions to resolve the debt pressure of the family business at the end of this year.
On December 8, Yang Huiyan, chairman of the board of directors of Country Garden, made a rare statement at the monthly management meeting that the family would also support the company by "smashing pots and selling iron".
This statement was full of emotion, but it also described Country Garden's debt repayment pressure very clearly, and it has reached the point of "smashing the pot and selling iron".
Compared with Wanda Group and Sunac China, the Yang Huiyan family's Country Garden has the highest debt, with a total debt of 136 trillion yuan, although about 14.7 billion yuan of 9 domestic bonds have been restructured, but overseas debts have been overdue, the latest data shows that Country Garden public US dollar bonds about 15, the principal of about 9.3 billion US dollars, is waiting for restructuring news.
Yang Huiyan, who took over the chairmanship of her father Yang Guoqiang on March 1 this year, is one of the few "second generation of real estate" who has taken over the management of the group with full authority.
Yang Huiyan wants to make Country Garden a model for insurance companies to recover as soon as possible, and Blu-ray Development has become a different life: the first A-share delisted insurance real estate company, and there are still 425 when it is delisted$5.6 billion in overdue debt. So far, it is still unknown whether Yang Wu will be able to solve the debt problem.
In contrast, Wang Sicong seems to be taking the road of "saving the country with a curve".
At present, the biggest risk of Dalian Wanda Commercial Management Group (hereinafter referred to as "Wanda Commercial Management") of Wang Jianlin's family is still the repurchase risk of unsuccessful listing, which has been less than 20 days since the previously promised Zhuhai Wanda will be listed by the end of 2023.
According to public data, Wanda Commercial Management's consolidated interest-bearing liabilities are 14128.3 billion yuan, of which 292 are interest-bearing liabilities due within one year$5.7 billion (as of the end of June 2023). According to interface news data, as of the end of the first quarter of this year, Wanda's total liabilities exceeded 310.5 billion yuan, short-term borrowings and non-current liabilities due within one year were nearly 80 billion yuan, while monetary funds were only 3046.7 billion yuan. This does not include the 38 billion yuan to be paid for Zhuhai Wanda's failed listing.
Wang Jianlin once said in an interview that Wang Sicong was allowed to fail twice, and if he failed again the third time, he would honestly return to work. Recently, Wang Sicong signed the Taishan Cultural Tourism Project, and he is indeed at work, but it cannot be regarded as "coming back" to work.
*: Canned Picture Gallery.
On November 27, 2023, Wang Sicong, as the chairman of Beijing Huanju Business Management, signed a cooperation agreement with Tai'an City on the Taishan Cultural Tourism and Fitness Center project. This behavior was interpreted by the outside world as a signal that Wang Sicong inherited the family business.
After the news was released, relevant people from Wanda Group responded that Beijing Huanju Commercial Management had nothing to do with Wanda Group, and Wang Sicong had been busy with his own affairs, and he basically did not participate in Wanda's business. However, it cannot be denied that the Taishan cultural tourism project in which Wang Sicong participated in is highly overlapping with Wanda's business.
In August 2023, Wanda Group changed its Wanda Culture Group to Wanda Cultural Tourism Group, and then Wang Jianlin frequently met with leaders of many tourism cities.
In the context of Wanda Commercial Management's listing time "pushing again and again", Wang Jianlin frequently ** Wanda Plaza, Wanda Film and other equities, and struggling to maintain the company's operation, Wang Sicong regained the main business of "Lao Wang" cultural tourism outside the main body of Wanda, or has the intention of "willows and flowers".
Bronco Finance found that Beijing Huanju Commercial Management was established on July 20, 2023, and the company is the only domestic company focusing on immersive experience, trendy entertainment and scene operation, and is a member of the Banana Project. At present, it has more than 6 billion yuan of assets under management, more than 70 projects and more than 100 offline stores. The business formats cover cultural tourism, commerce, experiential consumption and night entertainment.
Beijing Huanju Business Management *** love enterprise check.
The two ** of Beijing Huanju Commercial Management are Hangzhou Cup Commercial Management *** and Jiuhuan Real Estate Development (Beijing) **, of which Hangzhou Cup holds 51% of the shares. Hangzhou Cup is a member of the "Banana Plan" initiated by Wang Sicong, and Wang Sicong holds about 31 shares5%, which is its actual controller; Jiuhuan Real Estate is a member of Hainan Sihuan, which was invested by Pulse Capital in 2021 and indirectly holds 45% of the equity of Sichuan Tianfu Wanda Construction and Development.
Maybe when Wang Sicong's business development goes smoothly, even if he doesn't "come back", he can still "go to work" well.
In fact, whether it is Wang Jianlin, Sun Hongbin or Yang Guoqiang, who has taken a back seat, strongmen such as these founding generations cannot transcend time, and the "second generation of real estate" should fulfill their responsibilities for the family business.
Who will be the brightest star in the "second generation of real estate"? Let's talk in the comment section!