Viewpoint ｜ China Resources Land’s top leader changed ＂children＂ Xin Li was righted

Viewpoint network After less than two and a half years, the chairman of China Resources Land was re-adjusted.

On May 5th, China Resources Land announced that Wang Xiangming had resigned as chairman of the board of directors, non-executive director and chairman of the nomination committee. He was succeeded by President and Executive Director Xin Li, who was also the chairman of the board of directors and the chairman of the nomination committee.

At this point, the practice that Wang Xiangming, the chairman of China Resources Group, also serves as the chairman of China Resources Land, which is regarded as temporary by the outside world, has officially come to an end. Xin Li, as a "soldier" who joined the company after the integration of China Resources Land, has now stepped into the top position of this listed real estate enterprise.

Back in 2001, China Resources Group reorganized Beijing Huayuan and renamed Beijing Huayuan as "China Resources Land (Beijing) Holdings Co., Ltd.", and the business model of China Resources Real Estate changed from investment management to independent operation. Li Xin joined China Resources Group in 1994, worked in China Resources Property, and joined China Resources Land Beijing in 2001.

China Resources Land Beijing changed its name to "China Resources Land Co., Ltd." in 2002. With the gradual expansion of its scale, the top leaders have also changed one after another. According to the incomplete statistics of new media, from 2004 to now, the chairman of the board of directors of the company has changed six (Wang Yin has served twice), and the longest term of office is 4 years, and the shortest is only about 10 months.

Among them, the early chairman of the board of directors of China Resources Land was mainly held by senior executives of China Resources Group. For example, Wang Yin was a director and assistant general manager of China Resources Group before holding the post in 2004, and Song Lin was the vice chairman and general manager of China Resources Group and China China Resources Corporation in 2006.

In June 2013, Wang Yin chose to leave China Resources Land to focus on the position of vice chairman of China Resources Group, and Wu Xiangdong was appointed as the chairman of the board of directors and the chairman of the nomination committee. However, the good times did not last long. In November 2014, Wu Xiangdong resigned as the chairman of China Resources Land for personal reasons. When he returned in April the following year, he was replaced as the assistant general manager of China Resources Group and the executive director of China Resources Land.

Since then, the position of chairman of the board of directors of China Resources Land has been vacant for more than four years. Xin Li entered the list of core management during this period, and was appointed as co-president in July 2016 and executive director in April 2017; In 2018, China Resources Land cancelled the co-president structure, and he was appointed as the president, responsible for the daily business management of the company.

It was not until February 2019, when Wu Xiangdong officially resigned, that China Resources Land announced that Tang Yong, vice chairman, would take up the post of new chairman. At that time, Chairman Tang Yong, President Xin Li and Vice Chairman Zhang Dawei were regarded as the "iron triangle" of China Resources Land.

In March, 2019, China Resources Group suddenly announced that Wang Xiangming, the former director and general manager of China Construction (601668) Engineering Corporation, had parachuted into the post of new director and general manager of China Resources Group. By December, Tang Yong was transferred to China Resources Power, and Wang Xiangming began to serve as the chairman of the board of directors of China Resources Land.

According to the new media, at the investor meeting of China Resources Land held on March 26, 2020, Wang Xiangming responded that he was responsible for the land business as the general manager of the group and did more work in guiding the direction, managing the overall situation and promoting implementation.

"In terms of specific management, I will fully support the work of the Executive Committee of the Board of Directors headed by General Manager Li (Xin Li)." Wang Xiangming emphasized that from the perspective of division of labor, this (job adjustment) shows that China Resources Group pays close attention to the development of land and pays special attention to it.

When asked about the target planning of China Resources Land, Wang Xiangming pointed out that the first strategic goal of Land is to adhere to the positioning of urban comprehensive development operators, including customer-oriented, accurate investment, active exploration and innovation, brand influence and sustained growth in performance. The second is to adhere to the "2+X" two-wheel drive mode and emphasize the coordinated development of scale and quality.

"Specifically, it is necessary to maintain the top ten in the sales industry, maintain the position of business leader, and achieve double growth in scale and profit." At the same time, he affirmed the development of China Resources Land in recent years and thought that it had embarked on a "road of high-quality development".

This is almost the only time that Wang Xiangming attended the performance briefing meeting of China Resources Land. In fact, the performance meeting in recent two years has been dominated by Xin Li. At the performance meeting on March 30th, 2021, China Resources Land proposed to build a "3+1" business model, and achieve the goal of doubling the amount of equity signing and rental income by the end of the 14th Five-Year Plan, which Xin Li called "two small goals" in the five-year plan.

The data shows that since 2015, the land transfer fee paid by China Resources Land has increased from 59.21 billion yuan (excluding the acquisition of group property) to 98.88 billion yuan in 2019, and the equity land price reached 112.6 billion yuan in 2021; The sales scale has also increased from 85.15 billion yuan to 315.8 billion yuan, with a compound annual growth rate of over 24%.

In 2021, the comprehensive turnover of China Resources Land increased by 18.1% year-on-year to 212.1 billion yuan, and the rental income increased by 36.3% to 17.4 billion yuan. Profit attributable to shareholders increased by 38.7% year on year, and core net profit increased by 10.2%; The weighted financing cost decreased by 37 basis points to 3.71%, hitting a five-year low, and the net interest-bearing debt ratio also decreased to 30.4%.

On January 13th this year, at the 2022 working meeting of China Resources Group, Wang Xiangming highlighted four enterprises that have made outstanding contributions to the Group’s annual performance, with China Resources Land as the first one.

For 2022, the position of China Resources Land has changed, reflecting the management’s resolution and balance between development tasks and market environment.

Among them, Xin Li continued to express his hope that the sales ranking will be improved, emphasizing that China Resources Land has never been a scale theory; The gross profit margin of development business has been 36.5%, 29.1% and 23.7% respectively in the past three years, and the company’s expectation has been lowered, so it is confident to maintain it at 22% and 23%.

The operating real estate business maintains a positive outlook. During the 14th Five-Year Plan period, the overall revenue growth rate of shopping centers remained above 20%, and the gross profit margin remained above 70%. In addition, at the end of the 14 th Five-Year Plan, it is planned to achieve the top ten in the management scale of long-term rental business and the first in central enterprises.

Viewpoint people | We are concerned not only with the story of the person, but also with his and her business legends and ups and downs.