In the past few days, the performance reports of major real estate companies in the real estate circle have been released one after another, and the editor is really enthusiastic, basically the entire industry has regressed to the state of 5 years ago, and the real estate circle has not been in much turmoil for a long time.
Not only is the performance pressure so simple, the transfer of senior executives of major real estate companies is becoming more and more frequent, the day before yesterday is the new Gemdale Group president candidate finally landed, Gemdale Group should soon have greater movement.
Just yesterday, Midea Real Estate, one of the few stable scale real estate companies, released several senior management appointments: Wang Dazai, the former general manager of Midea Real Estate in the central region, was promoted to the group's executive president.
In addition, it is worth mentioning that Wang Quanhui, vice president of Midea Real Estate Group, has also been transferred to the general manager of Yuegui region, and it is very likely that he will no longer serve as vice president of the group in the future.
The current management structure of Midea Real Estate is basically dominated by professional managers, and almost none of the core executives of the family have served in the system.
At present, Hao Hengle, executive director and president of Midea Real Estate, as a post-60s player, has basically reached the age of retirement, and it seems that Wang Dazai's promotion this time should also be to find a successor for the later stage.
Wang Quanhui was born in 1974 and is 50 years old this year. In July 1997, he graduated from Shijiazhuang University of Economics, majoring in accounting, which has been renamed "Hebei University of Geosciences".
In June 2014, Wang Quanhui obtained a master's degree in business administration from Northwest University, and he was already 40 years old at this time.
In June 2001, Wang Quanhui joined Midea Real Estate and successively served as the director of the group, the general manager of the city company, the general manager of the North China regional company, and the general manager of the central regional company.
In June 2021, Wang Quanhui was appointed as an executive director and vice president of the Company, primarily responsible for the Group's product management, marketing, operation, cost control and procurement business.
It is still a little surprising that Wang Quanhui was not successfully promoted to CEO this time. Because Wang Dazai, the executive director of this promotion, has similar workplace experience as Wang Quanhui, and is also one of the veteran executives of Midea Real Estate.
Some time ago, Midea Real Estate also released its own report card, and in 2023, Midea Real Estate will achieve an operating income of 73.6 billion yuan and a core net profit of 2.3 billion yuan. As the real estate sector of Midea Group, Midea Real Estate has inherited the "gene" of the parent company's generous dividend distribution.
As of the end of the reporting period, the net debt ratio of Midea Real Estate was only 35.8%, down 8.1 percentage points year-on-year, the lowest in the past years, the cash short-term debt ratio was 1.44, the asset-liability ratio was 67.3%, and the "three red lines" remained green, and the scale of interest-bearing debtors in the same period was 38.07 billion yuan, down 21.4% year-on-year.
Looking at the data alone, Midea Real Estate can be said to surpass 80% of real estate companies, basically in the market environment dominated by state-owned enterprises and central enterprises, it is not easy to maintain this rhythm and profitability.
As one of the five golden flowers of large-scale private enterprises, Midea Real Estate can be regarded as making its own reputation, but compared with Longfor Real Estate, which has outstanding products and reputations, Binjiang Real Estate, Midea is still good at activities in second- and third-tier cities.
In the early days, the development logic of Midea Real Estate was almost copied from Country Garden next door, and Country Garden and Midea Real Estate were also one of the few brand real estate companies headquartered in third-tier cities, and it was very obvious to follow the eldest brother to copy the homework directly.
Before 2019, many of Midea Real Estate's projects were located in third- and fourth-tier cities, and some were even fifth-tier counties, including: Dali, Liuzhou, Zhongshan, Zhoushan, Taizhou, Shijiazhuang, Handan, Taizhou and other cities.
After 3-4 years of internal digestion, Midea Real Estate should have a significant change in its strategic orientation, and in 2023, it will newly acquire high-quality land plots in core cities such as Guangzhou, Foshan, and Changsha, increasing the value of goods by about 7 billion yuan.
Midea Real Estate is a representative of real estate enterprises backed by large industries, and its core development logic is to rely on some early industrial foundations, coupled with Midea's financial advantages and financing advantages, rapid and high turnover development, and its essence is still investment-driven strategy.
In order to keep the country, Midea Real Estate has gradually reduced its land acquisition actions in the past few years of industry adjustment, but its own organizational adjustment and personnel changes are still very large, especially in terms of attrition.
The Yangtze River Delta, the Greater Bay Area and Central China are the heavy positions of Midea Real Estate, and several regional companies in the early days have gradually carried out mergers, such as the central region merging with Central China, and the Guangdong-Guizhou region merging with the Pearl River Delta region.
The Shanghai-Suzhou-Anhui region was also merged into the Jinhuai region, the Tianjin branch was also directly assigned to the central regional company, and the Hunan region and the Jiangxi region were merged to form the Hunan and Jiangxi regions.
At last month's results conference, Midea executives also announced that the annual sales target set by Midea Real Estate in 2024 is about 55 billion yuan. Among them, there is a new value of 40 billion yuan to 50 billion yuan in the value of goods, and about 70 billion yuan of inventory, and the overall supply is about 1100-120 billion yuan.
It seems that Midea Real Estate is going to keep a low profile, and in recent years, it has almost revolved around reducing debt + adjusting the land structure, with a total debt of 6.25 billion yuan due in 2024, and as of March 2024, 1.95 billion yuan has been paid as scheduled, and the remaining 4.3 billion yuan is to be paid when due.
Judging from the market in recent years, there are not a few middle and senior executives who have left Midea Real Estate, but because the early focus is still on the third and fourth lines, and basically the high turnover route, the employment pressure of managers from Midea Real Estate is still not small.
In addition, a large number of core executives in the early days almost all came from the Country Garden system, especially the Midea real estate marketing system, which has become very large in recent years, and most of them are mainly from Country Garden next door.
Among the real estate companies, Midea Real Estate belongs to the type of muffled wealth, and can contribute 2 billion net profits in such a market-oriented environment, which is actually a good result compared to the Midea Group, which started in the manufacturing industry.
However, since last year, there have been a lot of rumors in the market, Midea Group seems to be cautious about the future of Midea's investment in real estate, and seems to be in contact with the senior management of central enterprises.
Now that the real estate industry has been in a downward trend very obviously, Yimei Real Estate's current products and trading capabilities want to completely PK the giants, and the chances of winning will not be very great at present, and it is not a bad thing if it can successfully go ashore.
The previous big brothers, Vanke, Gemdale, are also standard private enterprises controlled by professional managers, and now it seems that the future outcome will be full state-owned assets, and the main competition between state-owned enterprises in the future has been very obvious.
Now that Midea Real Estate has ushered in the replacement of new and old executives, whether it will bring new ideas and ideas to Midea Real Estate is worth continuing to observe in the future.