The New Board Of Directors Of Vanke Was Born, And Yu Liang, The Chairman Of The Board, Entered The Era Of "Management Dividend"

Yu Liang said that the "land dividend" and "financial dividend" of the real estate industry have disappeared and now enter the era of "management dividend". Vanke should learn from the manufacturing industry, strategic guidance, refined management, and improve roe.

There is no suspense, Vanke's new board of directors candidates, and the previous announced list is exactly the same.

Behind this is the stability of Vanke's equity structure. As the first and second largest shareholders, shentie and Yingan partnership have reached an agreement. Baoneng, which has always had disagreements with the management, has gradually withdrawn with only 1.14% of its shares.

Whether the relationship between shareholders and management is harmonious and stable is the premise of a company's long-term development. In the past five years, Vanke, which has experienced the dispute over Wanbao, has reorganized the matters in this respect. Three years later, from the ownership structure to the management team, Vanke has entered a new stable period, and its businesses have been steadily promoted.

As Wang Shi, founder of Vanke, said three years ago, "Vanke will enter a golden period of development.". On June 30, Yu Liang, the chairman of the board of directors, put forward the idea of re-election of chairman Yu in the new era of silver development.

He said that the "land dividend" and "financial dividend" of the real estate industry have disappeared and now enter the era of "management dividend". Vanke should learn from the manufacturing industry, strategic guidance, refined management, and improve roe.

Gloomy. Information map

Deepening cooperation with Shenzhen railway

Although the headquarters has moved to Futian, the general meeting of Vanke's shareholders was held in Dameisha, and the proposal for candidates for the 19th board of directors was approved by a high vote of shareholders, continuing the previous balance.

Shenzhen Metro, the major shareholder, has three directors, namely, board chairman Xin Jie, general manager Tang Shaojie, and deputy general manager Li Qiangqiang. They are all the new leaders of Shenzhen railway from 2017 to 2019.

In addition to the vice president of the board of directors, Mr. Wang also joined the board.

In addition, Hu Guobin, chairman of Shenzhen capital operation group Co., Ltd., served as an independent external director to replace sun ShengDian, the former chairman of Shenzhen SEG Group Co., Ltd. Four independent directors, Liu Shuwei, Kang Dian, Wu Jianing and Zhang Yichen, were selected.

In his first public appearance at the general meeting of Vanke shareholders, Shen tie chairman Xin Jie expressed his strong support for Vanke. He said that Vanke is a highly market-oriented enterprise. In accordance with the rules of the market and the requirements of listed companies, Shenzhen railway does not interfere in the management and operation of Vanke team, but supports the culture and team of Vanke all the time, so as to better repay shareholders.

"As the chairman of Shenzhen railway, I am also the marketing director of a project, and I also constantly obtain resources to help Vanke develop. Vanke also has a share of the money made by Shenzhen railway. For every 100 yuan made by Vanke, Shenzhen railway can earn more than 20 yuan. Why not do it? " He also said that for Shenzhen Metro Group, it is a great pressure to become a shareholder of Vanke, forcing Shenzhen railway to reform its modern enterprise system. Based on the adjustment of Shenzhen railway, we hope to be a qualified shareholder of Vanke.

The statement of Shenzhen railway gave the small and medium shareholders present a "reassurance". Xin Jie stressed many times that he would support Vanke and let everyone rest assured.

Looking back on the past three years, Yu Liang admits that the challenge is really great. In the future, Vanke should try to reduce the impact on the operation and team stability of Vanke.

After the general changes of regional and urban defense last year, the management team of Vanke has also entered a stable state. Together with the members of the board of directors, they constitute the "basic plate" of personnel of Vanke, and the new power map of Vanke is clearly revealed.

Recently, the cooperation between Shenzhen Metro and its shareholders has been obviously strengthened. On the evening of June 29, Vanke announced that the company had signed a memorandum with Shenzhen railway to jointly invest in the establishment of a joint venture, with each party holding 50% of the shares respectively, deepening cooperation in the field of "track + property" (i.e. TOD).

The specific cooperation includes acquiring the land above and around the subway project (or land preparation benefit coordination project), and implementing the project development, construction and operation; large-scale project of industry city integration and overall development, construction and operation of new urban development area.

Prior to that, in April, Vanke and Shenzhen Metro invested 6 billion yuan to jointly develop Foshan TOD project plot, which was the first cooperation since Shenzhen Metro took a stake in Vanke.

Many securities companies have pointed out that as a major shareholder, Shenzhen railway has an immeasurable impact on Vanke in terms of obtaining project resources. Yu Liang also mentioned that an important direction of Vanke's business development is Tod. "TOD is a great test for an enterprise's comprehensive strength and social resource integration ability, and we are ahead in this respect."

Vanke 2019 annual general meeting of shareholders. Materials and pictures

Top priority of operation management

Vanke as the industry leader, its analysis and views on the industry, often become the focus of attention. At this general meeting of shareholders, Yu Liang, who once put forward the silver age and the second half of real estate, put forward a new judgment, and the real estate entered the era of "management dividend".

He believes that the era of rapid development of the real estate industry is far away, and the decisive factor in the development of the industry, from land dividend to financial dividend, has come to the era of management dividend.

In the first stage, the selection of financial instruments should be based on the firm's financial leverage. Second, the selection of financial instruments should be based on the firm's financial leverage.

But both eras are over. In the era of management dividend, we should learn from the manufacturing industry.

The roe of Gree, one of the representatives of China's manufacturing industry, is about 30%, while that of Vanke is about 20%. What kind of planning measures does Vanke have to improve the return on net assets and earnings per share. In response, Yu Liang said: "elder sister Dong is an example for us to learn from, and we should study hard."

Yu Liang said, "if we simply increase roe, there are ways. For example, the leverage ratio is very high. But what if there is fluctuation? Our requirements are that the speed and scale should not be reduced, roe should not be low, and debt should not be risky. Now it is relatively well balanced. "

For real estate companies, managing dividends means putting operations in a more important position. It also means that developing new business beyond the business becomes more important.

Vanke's transformation and new business is also in the forefront of the industry. The first is Vanke property. At present, half of the property management area of Vanke is no longer a residential area of Vanke, and its expansion is very fast. In addition to residential buildings, Vanke property has become the first property management company in China's commercial office market through the cooperation with DTZ in 2019.

According to the financial report, in 2019, Vanke property achieved a revenue of 12.7 billion yuan, a year-on-year increase of 29.7%, ranking first in the industry and far ahead of other property companies.

In the past three years, Yu Liang believes that Vanke's better business is logistics. Vanke has achieved one of the best results in terms of high standard warehouse, and ranks first in the industry in terms of cold chain. After the outbreak of the epidemic, logistics, as the most basic construction and the most needed supporting facilities of the city, has become particularly urgent, which has brought great development opportunities for the industry.

Recently, Vanke issued a product closest to the standard REITs and listed on the Shenzhen Stock Exchange. The underlying assets are two logistics parks.

At the same time, Yu Liang is also satisfied with the centralized apartment rental. He said that in the industry environment of housing without speculation and rent and purchase, Vanke ranked first in the list of centralized apartment rental in China. In 2019, more than 120000 were put into use, and 80000 are under construction. "Although this business is not making money now, I believe there are great opportunities in the future."

In addition, Vanke's agriculture, vacation, education and other new businesses are also steadily advancing. In the future, Vanke president Zhu Jiusheng said that he hoped that all businesses could be separated and listed independently.

"How do you feel about doing in the past three years" to shareholders? Yu Liang said with rare boldness, "how do I do, or let the performance speak, let the shareholders vote to give the answer.".

Three years ago, in the same place, Yu Liang took over from Wang Shi and began to take charge of Vanke. Three years later, he, together with the president Zhu Jiusheng and other management teams, took Vanke to a new height. After that, it depends on the performance of Vanke's share price.

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