Unexpectedly, even Poly Development fell below 100 billion yuan in market value.
In the author's mind, Poly Development is the best real estate company, with sales first, stable finance, strong background, and the best management in the industry.
However, as of the close of trading on April 10, 2024, Poly Development closed at 8.13 yuan per share, with a total market value of only 97.32 billion yuan.
This also means that at present, the number of A-share real estate companies with a market value of 100 billion yuan is "zero"!
As of the close of trading on April 10, 2024, China Merchants Shekou closed at 8.78 yuan/share, with a total market capitalization of 76.02 billion yuan, and Vanke A closed at 7.58 yuan/share, with a total market capitalization of 90.435 billion yuan.
In 2015, after China Merchants Real Estate and China Merchants Shekou Holdings completed the share exchange, absorption, merger and reorganization, its market value was as high as 180 billion yuan.
In 2018, Vanke A's share price once exceeded 40 yuan per share, and its market value exceeded 400 billion yuan, and it also topped the market value list of global real estate companies for several consecutive trading days, and now the stock price has plummeted by more than 80%, and the market value has fallen by less than a quarter.
I still remember that in 2021, Vanke A fell below 30 yuan per share, and a well-known financial writer's "post as evidence" caused a sensation in the capital market, saying: "Vanke below 30 yuan is the market giving money to everyone!", now looking back at this post, I can't help but want to laugh.
In all probability, Vanke A has not yet reached the bottom, because various negative news about Vanke is still emerging, especially for the senior management team.
In May last year, Li Shengyang, then general manager of Vanke's southern regional urban renewal, was suddenly taken away to assist in the investigation and has not returned.
Then there is Vanke's Yantai partner, which wrote three "whistleblower letters" from last year to this year to report that Vanke's executives "damage the public and private interests": Vanke's executives used Vanke's brand advantage to acquire land at low prices across the country, and then used real estate as a cover to engage in illegal activities to make profits, and the profit money was circulated through Vanke's "shadow banking", and finally flowed into the executives' personal pockets.
Recently, it was revealed that Xiao Jin, general manager of Vanke Jinan Company, was taken away by relevant departments to assist in the investigation. "Vanke Suddenly! Xiao Jin, General Manager of Jinan, Was Taken Away"
In addition, in the past six months, two senior executives of Vanke have been rumored to have "resigned without returning to the United States", which also makes people have a bad reverie.
In November 2023, Cai Ping, the head of Vanke Central China, has not yet been approved for resignation, and he is already abroad.
In March 2024, Wang Runchuan, the former secretary of Yu Liang and who was recalled from Kunming to the headquarters by Yu Liang, also staged the same scene, and the resignation was not completed, and the person was no longer in China.
As an executive, how irresponsible is this way of leaving?
In a short period of time, Vanke's executives have been negative one after another, and although the truth of these things has not yet been conclusively determined, it has undoubtedly greatly damaged the image of Vanke's executives.
You must know that many investors buy Vanke because they buy the management team!
In the past 30 years, everyone has always praised Vanke for having a very professional + excellent management team, and Vanke itself has emphasized in the "Company Profile" column that one of the company's core advantages is that the management has won a number of management awards.
Therefore, the author believes that if Vanke's stock price wants to rebound, it must at least be proven after the "innocence" of Vanke's executives is proven.
As much as the market value of A-share real estate companies, it is the market value of Hong Kong-listed real estate companies.
At present, there are only two real estate companies with a market value of 100 billion yuan in Hong Kong stocks, namely China Resources Land and China Overseas Real Estate.
As of the close of trading on April 10, 2024, China Resources Land closed at HK$23.7 per share with a total market value of 169.003 billion yuan, and China Overseas Real Estate closed at HK$12.26 per share with a total market value of 134.184 billion yuan. At one time, the market capitalization of these two companies was close to HK$300 billion at its peak.
In the most glorious years of real estate, from the second half of 2018 to the first half of 2021, there were dozens of real estate companies with a market value of 100 billion yuan and a market value of 50 billion yuan.
Real estate is a pillar industry and a big industry in any country, so China's real estate is still promising in the future, and no matter how shrunk the scale of this industry, it will definitely accommodate at least 20 real estate companies to live well. Now, it depends on which real estate companies have the strength to go through this cycle.