Real Estate Executives Shake "Three Red Lines" Again

Real estate, which is on the way of IPO in South China real estate company, once again become the focus of the industry due to the change of executives.

On February 19, 2021, it was reported by the media that "after the Spring Festival, 13 senior executives of real estate collectively resigned", including Vice Chairman and President Liu senfeng, executive president and CFO Li Bin, vice chairman and co president Luo Jianwei, vice president and regional president of Chengdu Chongqing Zhang Wei, vice president of capital Liu Jun, and vice president of marketing Zhang Yuqing.

Field real estate issued a clarification statement on February 21, saying that the former employees involved in the report left at different time points last year, not after the Spring Festival as described in the article. In addition, most of the employees were dissuaded by the company, and only two resigned for personal reasons.

Although it is the company's "active behavior", but the large-scale personnel change still makes the outside world have doubts about the development trend of this real estate enterprise. Many people close to the real estate told the 21st century economic report that most of the executives who were forced to quit were caused by their poor performance.

This is a dilemma. There is a positive understanding that the real estate with "black horse dream" uses standardized and high-standard performance objectives to constrain professional managers. However, it is the consensus of the industry to say goodbye to the best era in the real estate industry. What's more, it is difficult to find "black horse". The performance and development mode of real estate in recent years are not typical. It has yet to find a development model that it can harness.

It is no fault for the real estate industry to restrict professional managers with high performance targets, but it is the consensus of the industry that the real estate industry should bid farewell to the best era. Photo by Zheng dikun

Top management shakes again

In terms of scale, the real estate is a small real estate enterprise with a weak sense of existence. According to the statistics of Kerry, the sales volume of the field group in 2020 will be 25.74 billion yuan, just ranking among the top 100 in the industry.

In addition to the fact that financial data have to be examined by the capital market because of IPO planning, the image it has left to the industry in recent years can be roughly described as enterprises founded by the "second generation of real estate", real estate companies that want to play with technology, and the stereotype of "frequent changes in personnel".

"Most of them were fired," a person familiar with the field group told the 21st century economic report after the market reported that "13 executives" had left. Another senior executive of Party B who has cooperated with the real estate company pointed out that there are many changes in the "real estate". The general manager level flow that we contact with them is very large, and most of them will leave if their performance is not up to standard. "

According to interface news, Zhang Yuqing, the former general manager of Hongkun's real estate marketing department, who joined the field only in August last year, left his job after a few months. The main reason is that he doesn't adapt to the company's work style.

In the employer market, these are not positive descriptions, but the real estate industry has no willingness to change this impression. In response to the "collective turnover of senior executives" incident, the real estate company still said, "for a fast-growing enterprise, it is normal for personnel to enter and leave."

Prior to the "collective resignation of 13 senior executives", the last time that field real estate was concerned about the removal of senior executives was the resignation of vice chairman and President Liu senfeng in December 2020.

Liu senfeng, the "star agent" in the industry, has been in the field group for more than one year since October 2019. Since the second half of 2020, the market has repeatedly heard that Liu senfeng has left the field real estate.

Earlier, the real estate industry has been widely commented by the industry because of the personnel turbulence caused by the cross-border introduction of professional managers.

The last round of frequent changes in senior management of real estate occurred in 2017. At that time, Zhang Zhang, the son of Zhang Li, chairman of real estate and co chairman of Fuli real estate, introduced Li Mingyuan, the former vice president of Baidu, as the president of field real estate, which led to the resignation of more than 10 employees above the level of general manager.

All kinds of past have brought negative influence on the talent market of real estate. A person who once interviewed a middle-level management position in real estate told the 21st century economic report, "I heard that there is a great flow of people on the ground, and they can't change a group of people within a few months. And has been said to be a technology enterprise, also invited Baidu's to be a leader, but very far from the ground, think it is better to do real estate steadfastly. "

It's not easy to be a "black horse"

Real estate tensor has a "dark horse dream", even from all aspects, it is a small real estate enterprise to be further improved.

According to Craig data, from 2017 to 2020, the sales amount of real estate on the spot was 20.01 billion yuan, 15.8 billion yuan, 11.96 billion yuan and 25.74 billion yuan respectively, ranking 89th, 122nd, 153th and 100th in the real estate industry.

But tensors are not satisfied with this. According to Caijing, in 2018, tensor once raised its internal sales target of real estate, pointing to 120 billion yuan. From 10 billion to 100 billion, which is very difficult to achieve in the short term. The real estate industry is still far away from 100 billion, but this can partly explain the reason why field real estate executives are often dissuaded.

The risk resistance ability of small real estate enterprises is relatively low. From the perspective of debt data, the real estate industry is the same. According to its prospectus, from 2017 to 2019, the net asset liability ratio of real estate is 3809%, 533% and 225%, which is still in the highest range of the industry even if it drops rapidly. Under the "three red lines" of the new financing rules, it is more and more difficult for small and medium-sized real estate enterprises to realize the "dark horse dream" of overtaking on the curve.

The IPO prospectus of real estate has expired on November 20, 2020. Up to now, the IPO of real estate has not been submitted again.

Regardless of the financial performance of real estate, from another point of view, it is also a special presence in the real estate industry. It is an enterprise that focuses on "smart living" and takes the route of scientific and technological real estate.

Zhang's vision is to build the field into an "Apple company in the real estate industry". In the eyes of employees in the field, they prefer to see the company as an "Internet enterprise" rather than a "real estate company". Embracing technology is beyond reproach. However, its image of "living with science and technology" plays an irreplaceable role in the industry.

Huang Tao, member of the expert committee of Guangzhou Real Estate Association, analyzed the 21st century economic report that "due to insufficient accumulated time, and the content of science and technology and its differentiation are not very prominent, we can only say that it pays attention to science and technology in its development, but in reality, there has not been a distinctive technology real estate on the spot, and there is not a characteristic distinguishing it from other developers."

An observable case is that in the industry, outside the field, Midea real estate, which takes "smart living" as the core of development, has more distinctive characteristics because it relies on the leading appliance group. And the real estate really needs time to precipitate and prove itself.

The real estate industry should realize that the real estate industry has bid farewell to the best era, and "black horse" is hard to find. For it is not optimistic about the debt and the product outlook is not prominent, it is perhaps the best solution to be a "small and beautiful" real estate enterprise down-to-earth.

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