On May 1, the surging news learned that at the Vanke shareholders' meeting held on April 30, Vanke President Zhu Jiusheng disclosed to investors that under the background of tight cash flow, Wang Shi had voluntarily given up his pension of 10 million yuan to spend a difficult time with the company.
Wang Shi. Data map Wang Shi, the founder of Vanke, stepped down as chairman of Vanke on June 30, 2017, officially handing over the baton to Yu Liang. On the same day, Vanke Group announced that in order to fully recognize Wang Shi's irreplaceable contributions to the company in the past 33 years, Wang Shi was appointed honorary chairman of the board of directors of Vanke. The shift handover of the leader of Vanke was officially completed. At that time, Wang Shi was 66 years old.
Wang Shi revealed during the follow-up activities that his decision to retire in 2017 was made after the "Wanbao Battle". "Actually, I was going to retire at the age of 70, four years earlier than expected. But I think this is the best handover time. I resigned from the General Manager in 1999 to guide Vanke's team to move forward. I am very confident about the team led by Yu Liangdai."
Although Wang Shi is the honorary chairman of Vanke's board of directors, he does not participate in corporate governance. After retirement, Wang Shi said when he participated in a program recording, "It's not inconvenient to say about the annual income, that is, pension, the honorary chairman of the board for life, which adds up to more than 10 million."
Since the second half of 2021, the default risk of real estate enterprises has further spread due to the downward impact of the real estate market. Since March this year, Vanke has also suffered a rating downgrade and a double killing of stock and debt. Yu Liang said frankly that although Vanke had proposed to "live" very early, it was not comprehensive enough.
According to Vanke's 2023 annual report, in 2023, Vanke will achieve an operating revenue of 465.74 billion yuan, down 7.6% year on year; The net profit attributable to shareholders of the listed company was 12.16 billion yuan. During the reporting period, Vanke's monetary capital in hand was 99.81 billion yuan, which can cover interest bearing liabilities due within one year.
According to the annual report, since the disclosure date of the report, the Chairman of Vanke's Board of Directors, Yu Liang, the President, Zhu Jiusheng, and the Chairman of the Board of Supervisors have voluntarily received 10000 yuan before the monthly salary tax. In 2023, 8 directors, supervisors and senior managers working full-time in Vanke Group voluntarily gave up the bonus of 2023.
In addition, according to the data released by Vanke for the first quarter of this year, in the first quarter, Vanke achieved an operating income of 61.59 billion yuan. Affected by the decline in settlement scale and the decline in gross profit margin of development business, Vanke realized a net loss attributable to shareholders of listed companies of 360 million yuan, compared with 1.446 billion yuan in the same period last year.
On April 14 this year, Vanke held an investor exchange meeting, and Vanke said that, from the overall business situation, Vanke did encounter phased operational difficulties, and liquidity was under short-term pressure.
On April 30, Vanke held the 2023 annual general meeting of shareholders, and Yu Liang said that the company has formulated a package of plans to slim down and keep fit, and planned to reduce debt and high-quality development. In the next two years, the interest paying debt will be reduced by more than 100 billion yuan, and the total scale of interest paying debt will be reduced by more than half in the next five years; At the same time, complete the "financing mode transformation", from the mode of unified borrowing and repayment and subject credit oriented to the financing mode of project and asset credit oriented. In the future, Vanke will withdraw from other businesses and clear up and transfer financial investment in non main businesses, except for three advantageous main businesses, namely, comprehensive residential development, property services and rental apartments. In addition, we will resolutely and vigorously promote business office and other large asset transactions, and plan to complete 20 billion yuan annually.
Yu Liang pointed out that the industry experienced profound adjustment and moved to a new stage of development, which is bound to be a process of slimming down. The process is not easy, but the result is more healthy and high-quality development. The current pressure is phased, and the next two years will see initial results. Only by coordinating debt reduction and high-quality development, can the company achieve sustainable development. Vanke's management team has never changed its value and emphasis on professional reputation, and will constantly introspect and redouble its efforts.
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