This afternoon, the news of the cancellation of a joint venture between BYD and Vanke has attracted attention on the Internet. Tianyancha APP shows that recently, the enterprise status of Shenzhen Vanke Yundi Industrial Co., Ltd. has been changed from existence to cancellation.
The equity panorama penetration chart shows that the company is 72% and 28% owned by Shenzhen Denza Automobile Co., Ltd., a subsidiary of BYD, and Hengqin Vanke Yundi Business Consulting Partnership (Limited Partnership), a subsidiary of Vanke A.
So, what is the reason for the deregistration of the above-mentioned companies? Brokerage China reporters learned through interviews that when the above-mentioned joint venture company was established in 2017, it was to obtain a project, but the project was not obtained in the end, and the joint venture company was cancelled according to the process.
Cancellation of the joint venture
On May 13, Tianyancha APP showed that recently, the enterprise status of Shenzhen Vanke Yundi Industrial Co., Ltd. was changed from existence to cancellation. The company was established in May 2017, the legal representative is Zhang Yan, with a registered capital of 100 million yuan, and its business scope includes technology development, technology transfer, technical consulting, technical services in the field of information technology, online business activities, investment and establishment of industries, etc.
The equity panorama penetration chart shows that Shenzhen Denza Automobile Co., Ltd. holds 72% of the shares of Shenzhen Vanke Yundi Industrial Co., Ltd., and Hengqin Vanke Yundi Business Consulting Partnership (Limited Partnership) holds 28% of the shares. Among them, Shenzhen Denza Automobile Co., Ltd. is a subsidiary of BYD, and Hengqin Vanke Yundi Business Consulting Partnership (Limited Partnership) is affiliated to Vanke A.
It is understood that the reason for the cancellation of Shenzhen Vanke Yundi Industrial Co., Ltd. is the resolution to dissolve. On June 7, 2023, Shenzhen Vanke Yundi Industrial Co., Ltd. applied to the company registration authority for cancellation of registration due to the dissolution of the resolution.
Brokerage China reporters learned through interviews that Shenzhen Vanke Yundi Industrial Co., Ltd. was originally established to cooperate in a project, but the final project was not obtained, and the joint venture company was cancelled in accordance with the agreement, and the relevant cancellation process will be followed in 2023. Among them, Vanke is responsible for liquidation, and BYD is responsible for handling procedures.
Vanke promotes "slimming"
It is worth noting that Vanke has made frequent moves recently, and has transferred assets many times to promote "slimming".
At the end of last year, Vanke sold its stakes in three of its subsidiaries, Banyan Tree Services (China), Banyan Tree Hotel Management (China) and Banyan Tree Hotel Management (Tianjin), for 480 million yuan. In February this year, Vanke transferred the remaining 50% stake in Shanghai Qibao Vanke Plaza to Link for a transaction consideration of 2.384 billion yuan.
On May 8, the Shenzhen Public Resources Trading Center launched a new land transfer information, and the T208-0053 parcel of land use rights located in the Shenzhen Bay Super Headquarters Base was listed for transfer, with a starting price of 2.235 billion yuan and a bidding ladder of 10 million yuan.
It is reported that the land was sold for the first time by Vanke Co., Ltd. in December 2017. At that time, Vanke won the above-mentioned land at a reserve price of 3.137 billion yuan, with a land area of 19,227.53 square meters, and the nature of the land was mainly commercial offices. According to the original plan, Vanke will build the Vanke headquarters building project on the T208-0053 parcel, with a planned investment of 6.94 billion yuan.
The plot information shows that the current status of the parcel construction project has been suspended, and the basement structure construction of the S1 area (tower area) of the southern plot of the project has been completed; The construction of the second underground structure in the S2 area was completed; The construction of the three-storey underground structure in the S3 area was completed; The construction of the cushion cap in the S4 area was completed. The engineering piles in the north area of the project have all been completed, and about 2 meters of deep earthwork has not been excavated due to the imperfect structural drawings. Parcels are transferred as-is. The announcement period is from May 8, 2024 to May 17, 2024, and the listing period is from May 18, 2024 to 15:00 on May 27, 2024.
According to public information, Shenzhen Bay Super Headquarters Base is one of the 17 key development areas in Shenzhen, with a planned land area of about 1.17 square kilometers, which will become a gathering place for global headquarters enterprises and technology enterprises, promote the further agglomeration of global resources in Shenzhen, and promote the internationalization process of Shenzhen.
In response to the transfer of the Shenzhen Bay plot, Vanke responded that the listing and transfer of the plot is one of the measures taken by the company to resolutely promote the package of slimming and fitness. The plot is a commercial office project acquired by the company in the rapid development stage of the industry, and was originally planned to be mainly used for office use by employees in Shenzhen. In view of the major changes in the current industry situation, the company plans to no longer build the project, so it intends to transfer the project as a whole, reduce the occupation of funds by non-main business assets, and focus on resources to do a good job and strengthen the three main businesses. The company is firmly optimistic about the development of Shenzhen Super General Area, and is still one of the enterprises with the highest participation in the construction of the area.
At the end of April this year, at the 2023 Annual General Meeting of Shareholders, Vanke's management stated that the company has formulated a package of slimming and fitness plans, coordinated debt reduction and high-quality development, and focused on the three main businesses of comprehensive residential development, property services and rental apartments in the future, so that the company can return to a sustainable track and continue to lead in the new stage of real estate development.
The company split the package into "two phases", the first stage is to firmly slim down, adjust the financing model, and degrade risks; In the second stage, Vanke will focus on its main business, refine its business, and become a benchmark for products and services in the industry.
Among them, in the slimming stage, Yu Liang, chairman of the board of directors of Vanke, made it clear that in addition to the three main businesses, it will withdraw from other businesses and clean up and transfer financial investments in non-main businesses. Resolutely and vigorously promote the transaction of bulk assets such as commercial offices, and plan to complete 20 billion yuan per year. At the same time, it took the initiative to complete the transformation of the financing model. Now, only a week has passed, and Vanke has landed on the ground, which shows Vanke's firm determination to promote weight loss and fitness.
Yu Liang said that the industry has undergone profound adjustment to a new stage of development, which is bound to be a process of slimming down and fitness, and the process is by no means easy, but the result is to a healthier and high-quality development. The current pressure is phased, and the next two years will achieve initial results, and the company can only achieve sustainable development by coordinating debt reduction and high-quality development. Vanke's management team has never changed the cherishing and attaching importance to its professional reputation, and will continue to introspect and redouble its efforts.
In April this year, Vanke achieved a contracted sales area of 1.643 million square meters and a contracted sales amount of 20.89 billion yuan, and from January to April 2024, the company achieved a cumulative contracted sales area of 5.554 million square meters and a contracted sales amount of 78.87 billion yuan.
In the first four months of this year, Vanke only added three new development projects in Yinchuan, Kunming and Guiyang, with an equity price of 930 million yuan, and two new logistics properties in Foshan and Jinan, with an equity price of 169 million yuan, in the same month. From February 8 to May 6, 2024, the company has no new development and logistics real estate projects.