After joining Vanke for 15 years, Xiao Jin was caught in the turmoil of being investigated.
China Housing Daily reporter Xu Qian reported from Beijing
Vanke, on the cusp of the storm, has another sudden situation.
On April 10, according to multiple verifications, Xiao Jin, general manager of Vanke Jinan, had been taken away by Shandong police for investigation 48 hours ago.
In this regard, the reporter of China Real Estate News verified the situation with Vanke, and Jinan Vanke said that Xiao Jin cooperated with the investigation of relevant departments for personal reasons, and the company operated normally, and Jin Yabin (chairman of Shijiazhuang Vanke Enterprise Co., Ltd.) took over as the general manager of Jinan Company. At present, the investigation is still ongoing, please refer to the information disclosed by the relevant government departments.
Affected by this news, Vanke suffered a "double kill of stocks and debts".
After the opening of A-shares on April 10, Vanke's share price weakened, and the stock price fell sharply by more than 6% in the afternoon, and closed down 5.13% at 7.58 yuan per share as of the end of the day. Many of Vanke's domestic bonds also fell, with "22 Vanke 05" falling nearly 5%, "2000000000", "2100000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000
15 years executives were taken away for investigation
According to his resume, Xiao Jin is the chief partner of Jinan Vanke Enterprise Co., Ltd. and the president of Shandong Real Estate Industry Association. During his 15 years at Vanke, he worked in Beijing Vanke, Shenyang Vanke and Jinan Vanke, and led Vanke to achieve first-tier results in the local area.
His most recent public appearance was in April 2023, when he appeared in a series of interviews with local media in Shandong, "Shandong Builders on a New Journey", introducing Jinan Vanke's achievements in the Shandong market, and becoming the No. 1 market share in Jinan in 2022. Xiao Jin said that Vanke is full of confidence in Jinan, and will continue to cultivate Jinan in the future, play a leading role as a "leading real estate enterprise", strive to bring Vanke's "good products and good services" to more customers, and implement the work of "quality and quantity" delivery to the end.
Xiao Jin is a well-known professional manager in the real estate industry. According to public information, Xiao Jin holds a bachelor's degree in civil engineering from Southeast University and a master's degree in business administration from Beihang University. Since 1992, he has been engaged in the real estate industry and has been engaged in product positioning, marketing and brand promotion in Beichen Real Estate, Huayuan Real Estate, Modern Group, Sino-Ocean Real Estate and Vanke.
In September 2009, Xiao Jin joined Vanke as the deputy general manager of Beijing Vanke under the recommendation of Mao Daqing, the general manager of Beijing Vanke at that time, in charge of sales, operation and commercial business.
According to relevant reports, in the process of Mao Daqing leading Beijing Vanke to conquer the Beijing market and sit in the first echelon, Xiao Jin made great contributions. During the partnership between Mao Daqing and Xiao Jin, Beijing Vanke's performance has grown for five consecutive years, and has achieved sales of 10 billion yuan for four consecutive years since 2010.
In December 2014, with Mao Daqing as the CEO of Vanke Beijing, Xiao Jin was also transferred to Shenyang Vanke as General Manager. Before taking office, Xiao Jin took the initiative to release the article "Written Before Taking Office - Xiao Jin" through Vanke's Shenyang public WeChat platform. He wrote, "In the past two years, due to market shocks and other reasons, the operating performance of Shenyang company has fallen into a trough, and its market share has retreated to second place. My personal character is not acceptable to the second ranking, so it is my mission to take up a new role in Shenyang and lead the Shenyang company back to the top. ”
In more than 5 years as the general manager of Shenyang Vanke, he has increased the sales of Shenyang Vanke from several billion yuan to about 20 billion yuan. CRIC data shows that in 2017, Vanke ranked first among Shenyang real estate enterprises with an equity sales amount of 13.856 billion yuan, and continued to rank first in 2018.
At the end of 2019, Xiao Jin left Shenyang and went to Jinan as general manager. In 2020, Vanke publicly acquired a total of 17 land acquisitions in Jinan, with a total area of more than 926 mu and a volume of over 1.3 million square meters.
In 2020 and 2021, Vanke Jinan ranked first in local sales with a sales amount of more than 15 billion yuan, surpassing China Overseas and Sunac, and in 2022 and 2023, Vanke ranked second in the sales list of real estate enterprises in Jinan, with sales of 11.36 billion yuan and 9.54 billion yuan respectively. But since 2024, Vanke's sales in Jinan have fallen sharply. In the first quarter of 2024, Vanke Jinan fell to seventh place with a sales scale of 1.2 billion yuan.
Now, 15 years after joining Vanke, Xiao Jin is caught in the storm of being investigated.
This is not the first time that Vanke's senior executives have been taken away for investigation. In May last year, Li Shengyang, then general manager of Vanke's southern regional urban renewal, was suddenly taken away to assist relevant departments in an investigation involving an old incident that occurred more than 10 years ago when he was the general manager of Foshan Vanke, and the matter involved was a personal act. At that time, Vanke's southern region responded that Li Shengyang was cooperating with the relevant departments in Foshan for personal reasons.
Caught in the "whistleblower door"
Recently, Vanke has been quite unhappy in the Shandong market.
On the morning of April 1, Yantai Bairun Real Estate published an article titled "Reflection on Yu Liang's Manipulation of Vanke for Personal Gain" on the WeChat public account "Yantai Wanlin Enterprise Management Consulting Co., Ltd.". The article mentions that the senior executives led by Yu Liang used Vanke to evade taxes, misappropriate funds, issue usury, launder money, and co-invest for profit.
At the end of the article, the seals of ten companies, including Yantai Bairun Real Estate, Yantai Yingxing Enterprise Management Consulting Co., Ltd., and Yantai Yingtai Enterprise Management Consulting Co., Ltd., are all minority shareholders of Vanke Yantai.
In the afternoon of the same day, Vanke responded to Bairun Real Estate's accusations, saying that Yantai Bairun Real Estate posted malicious remarks against the company and the company's responsible personnel on the Internet, and the content was seriously untrue. The dispute between Yantai Vanke and the local partner has now entered the judicial process, and it is believed that the law will give a fair judgment. The relevant false accusations and commercial defamation have constituted the crime of defamation against individuals and the illegal infringement of the company's reputation rights and business reputation, and the company will take legal action to protect its legitimate rights and interests.
Subsequently, Yantai Bairun Real Estate posted on the WeChat public account "Ask Yu Liang again - about the reply to the complaint".
Earlier, on January 18, Yantai Bairun Real Estate Co., Ltd. released a "Report Letter on Tax Evasion and Tax Evasion of Vanke Enterprise Co., Ltd." on its WeChat public account, which stated that as early as August last year (2023), Vanke had reported Vanke's tax evasion in real name, and the Yantai tax authorities conducted an investigation, but in the past 5 months, Vanke has refused to pay the accounts and has not even adjusted the accounts.
It is understood that Yantai Vanke and Bairun Real Estate have cooperated for 10 years, and the disputes between the two parties mainly involve the Yulongshan project, the Seattle project, Cuihu Shanxiao and other projects.
Vanke has also attracted attention due to declining operations and debt problems. According to Vanke's announcement, in January ~ March 2024, the company achieved a total contracted sales area of 3.911 million square meters and a contracted sales amount of 57.98 billion yuan, a year-on-year decrease of 42.81%.
According to a corporate observer, the crisis and challenges faced by Vanke not only reflect changes in the market environment, but also reveal the issues that Vanke needs to pay attention to in terms of operation and strategic layout, including declining gross profit margin, rising asset-liability ratio, business diversification challenges, balancing land reserve and capital use efficiency, and the competitiveness of property service business.