Wen/Leju Finance Li Yihe

"The current performance of the stock price must fail to meet the requirements of shareholders, and we fully accept the criticism of shareholders."

Yu Liang said so at Vanke's 2023 annual shareholders' meeting on April 30.

Influenced by the periodic flow pressure of Vanke, the leader of real estate enterprises, who has always been known to the outside world by telling the truth, had to rush around.

Half a month ago, he, together with Zhu Jiusheng, President of Vanke and Zhu Xu, Secretary of the Board of Directors, received representatives of several securities companies. The recent financial situation and the rumor that the management was controlled by the border made the head of the industry very upset.

As the helmsman of the enterprise, Yu Liang has to explain that, To reduce the impact of these negative news on Vanke.

At that time, Vanke was frank that it did encounter phased operational difficulties and liquidity was under pressure in the short term. It has always been regarded as a top student, but it failed to escape the impact of this wave.

Vanke has always been resolute in its response. At the time of performance disclosure in 2023, Yu Liang, as the chairman of the Board of Directors, took the lead in reducing his salary and received only 10000 yuan of monthly pre tax salary. It reflects Vanke's determination not to lie flat.

In the face of a large number of shareholders, Vanke also disclosed more solutions. As for the problem of stock price fluctuation, Yu Liang revealed that he was currently working out a plan to increase the stock holdings of the management team.

He said frankly that the fate of the management team was tied to the fate of the company. Since becoming a director of Vanke in 1994, he has only bought and never sold in the past 30 years.

But in the long run, the key to boosting stock prices is to do a good job of the company, reduce risks, improve fundamentals, and seek long-term healthy development.

To this end, Yu Liang has brought Vanke's "package" of fitness:

First of all, "reducing debt", Over 100 billion yuan of interest paying debt will be cut in the next two years, In the next five years, the total scale of interest bearing liabilities will be reduced by more than half.

Second, 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.

The third is to complete the "focus on the main business", free up limited resources, and do a good job in strengthening Comprehensive residential development, property services, rental apartments Three main businesses.

According to Yu Liang, the "package" mainly includes two stages.

The first stage is to firmly slim down, adjust the financing mode and reduce risks. Specifically, except for the three main businesses, it will exit other businesses and clean up and transfer the financial investment of non main businesses. Firmly and vigorously promote business office and other large asset transactions, It is planned to complete 20 billion yuan annually. At the same time, actively complete the transformation of financing mode.

In the second stage, Vanke will focus on its main business, refine its business, and become the industry's product benchmark and service benchmark. The package plan is not only a plan for contraction and pressure drop, but also a plan for development and progress.

In Yu Liang's view, the first phase of slimming is to gather resources and lay the foundation for the second phase. He believes that housing and property services are the starting point of Vanke's development, and Vanke has established comprehensive competitiveness. The scale and operating efficiency of rental housing have also reached the first place in the industry. This is Vanke's advantage.

In 2023, Vanke will achieve a total operating revenue of 465.74 billion yuan and a net profit of 12.16 billion yuan attributable to shareholders of listed companies. In terms of operating service business, Vanke achieved a total revenue of 55.81 billion yuan, up 8.9% year on year.

In terms of property services, Vanke's All Things Cloud will achieve an operating revenue of 33.42 billion yuan (including the revenue from providing services to Vanke Group) in 2023, up 10.2% year on year.

Zhu Jiusheng also responded to Vanke's periodic liquidity challenges, emphasizing three priorities of Vanke:

First, the real estate financing coordination mechanism (white list) has been fully implemented. We can report as much as we can. At present, the Group has applied for 59 projects to be included in the white list.

The second is to vigorously promote operational property loans. As a "win-win", it can not only solve the stock problem in history, but also obtain new liquidity in stages.

Third, syndicated loans, which have been supported by many banks, can improve the efficiency of bank enterprise cooperation, and are being actively promoted.

It is understood that since this year, Vanke has The newly increased financing withdrawal was 16.8 billion yuan, The average cost of newly increased financing in China is 3.33%, and the financing channels of the company's bank side remain smooth.

At the shareholders' meeting, Shenzhen Railway Group, as a major shareholder, still expressed its support for Vanke.

Xin Jie, chairman of Shenzhen Railway Group, said that it is inevitable for enterprises to encounter difficulties and adjustments in the process of development, and there has never been a smooth sailing enterprise. The key is the attitude to face difficulties and the determination to solve problems.

In his opinion, Vanke's management is fully aware of the current situation, and is determined to focus on the main business, slim down, reduce debt, and accelerate the transformation of the financing model. This package of measures reflects the management's firm attitude. As long as we work together, we believe there is no difficulty that can not be overcome.

Xin Jie further stressed that as a long-term shareholder of Vanke, the attitude and position of Shenzhen Railway Group has not changed and will continue to support the healthy development of Vanke.

The latest move was that on the morning of April 30, CICC Yinli Public Offering Fund was successfully listed on the Shenzhen Stock Exchange. The fund issued 3.26 billion yuan, and Shenzhen Railway Group subscribed 29.7% of the fund, with an amount of about 1 billion yuan, It is by far the largest investment of the domestic state-owned assets system in the subscription amount of consumer REITs.

Xin Jie introduced that REITs, as an important strategic platform, will bring new liquidity support to Vanke and also provide a platform for the revitalization and realization of a large number of commercial assets.

"At present, the raising plan is being planned and new assets are expected to be injected. Shenzhen Railway has great confidence in the development of the platform. He also said that other cooperation projects with Vanke are actively planned and promoted in a market-oriented and rule of law manner. Once implemented, Vanke will make an announcement," said Xin Jie.