With the profound adjustment of the industry, this process of slimming and fitness, like weight loss, is very painful and not easy, and its result must lead to a healthier and more high-quality development direction.
China Housing Daily reporter Xu Qian reported from Beijing
Vanke in the "crisis", every move has attracted attention.
On May 13, Tianyancha information showed that the enterprise status of Shenzhen Vanke Yundi Industrial Co., Ltd. had been changed from existence to cancellation. The company's two major shareholders are Shenzhen Denza Automobile Co., Ltd. and Hengqin Vanke Yundi Business Consulting Partnership, holding 72% and 28% of the shares respectively. The former is a subsidiary of BYD, while the latter is owned by Vanke.
According to the data, Shenzhen Vanke Yundi Industrial Co., Ltd. was established on May 26, 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, and technical services in the field of information technology.
According to relevant reports, the purpose of the establishment of Shenzhen Vanke Yundi Industrial was to cooperate with Vanke and BYD on a project, but the joint venture was cancelled in accordance with the agreement because the final project could not be obtained. In 2023, the relevant cancellation process will be followed, with Vanke responsible for liquidation and BYD responsible for handling procedures.
In other words, at the beginning of the company's establishment, it represented a "joint venture" between Vanke and BYD, but due to various reasons, the two sides failed to go on according to the established goals and had to "break up". The reporter called Vanke about the company's cancellation, but as of press time, no reply has been received.
Go back 8 years. In December 2016, Vanke and BYD signed a strategic cooperation agreement to jointly explore the development of "rail + property" business based on the cooperation model of resource sharing. One belongs to the automotive industry and the other belongs to the real estate industry, and the combination of the two companies, which seems to have no intersection, caused quite a stir at the time.
At the signing ceremony, Wang Chuanfu, chairman of the board of directors of BYD, said that BYD's "cloud rail" plan is committed to solving the congestion problem in third- and fourth-tier cities. BYD's green vision and Vanke's are highly overlapping, and the two parties are committed to a long-term strategic cooperation of "rail + property".
Vanke said that "rail + property" is a very optimistic mode for Vanke to solve the problem of ordinary people's residence, life and work in the future. This signing combines Vanke's property development with BYD's "Cloud Rail" to provide a solution for urban development.
Two months ago, on October 13, 2016, BYD's "Cloud Rail", which lasted five years and cost 5 billion yuan to develop, was officially opened to traffic at BYD's Pingshan headquarters in Shenzhen. Wang Chuanfu announced that he has reached cooperation intentions with more than 20 cities, "The rail transit market can 'rebuild a BYD'." ”
The background of this cooperation was also that Vanke was busy developing multilateral emerging businesses and transforming into an urban supporting service provider. The alliance with BYD is another emerging business after Vanke entered a number of urban supporting services such as apartment leasing, centralized commerce, community commerce, industrial office, logistics, elderly care, and education.
Previously, when it planned to introduce the Shenzhen Metro, Vanke put forward this concept. In June 2016, Shenzhen Metro and Vanke jointly announced that they planned to innovate the cooperation model in the construction of the fourth phase of the subway network and the development of land along the line, and participate in the construction of Shenzhen rail transit and superstructure property projects in accordance with market rules in the "rail + property" model.
Wang Shi, then chairman of Vanke's board of directors, predicted that China would add 170 million people to urban areas in the next 10 years, but the main sites for new urban immigrants would likely be satellite towns within developed urban belts. Vanke will seize the opportunity to position itself as an "urban supporting service provider" and provide supporting services for the city around the subway, which will be one of the most important development directions of Vanke in the future.
However, this emerging industry, which was favored and pinned on by both Vanke and BYD, has not been successfully launched in more cities and projects. In 2017, the national policy on urban construction was tightened, and only 3 cities were approved throughout the year; At the end of 2017, less than a month after the start of construction, BYD's cloud rail project in Hengyang was halted by the National Development and Reform Commission, and cloud rail projects in other cities were forced to be suspended.
Two years later, Vanke and BYD collaborated again. On October 8, 2019, Vanke announced that it would jointly invest 1.101 billion yuan with BYD and other companies to jointly invest in a fund focusing on science and technology, logistics and other fields, with a fund-raising scale of 1.101 billion yuan, of which Vanke (Chengdu) subscribed 500 million yuan and BYD Automobile Industry subscribed 600 million yuan.
Vanke said that the company's subsidiaries participate in the investment fund with its own funds, which is based on the company's established development strategy, and this investment will help accelerate the implementation of the company's strategic positioning as an "urban and rural construction and life service provider".
The background of this cooperation is that in March 2018, Vanke announced in its financial report that it would upgrade the company's strategic positioning from the previous "urban supporting service provider" to "urban and rural construction and life service provider". Also in 2018, at the autumn regular meeting, Vanke shouted the slogan "Survive".
The change in corporate strategy is also based on the market environment and the company's operating conditions. At present, Vanke is implementing the "slimming" plan - "focusing on the main business", freeing up limited resources and strengthening the three main businesses of comprehensive residential development, property services and rental apartments; Resolutely and vigorously promote the transaction of bulk assets such as commercial offices, and plan to complete 20 billion yuan per year.
Vanke's first-quarter financial report shows that in the first quarter, Vanke achieved a large asset transaction of 4.2 billion yuan, of which Shanghai Qibao Vanke Plaza realized a 50% equity transaction, with a transaction amount of 2.384 billion yuan.
On May 8, the Shenzhen Public Resources Trading Center launched a land transfer information, publicly transferring the right to use the land located in the Shenzhen Bay Super Headquarters Base T208-0053 by way of listing, with a starting price of 2.235 billion yuan. And the owner of this plot is Vanke.
"With the profound adjustment of the industry, this process of slimming and fitness, like losing weight, is very painful and not easy, and its result must be to a healthier and more high-quality development direction, so I believe that the pressure we encounter today is phased. With the support of all parties in the community, including major shareholders, and through our own efforts, we believe that we will be able to achieve initial results in the next two years. Yu Liang, chairman of the board of directors of Vanke, said at the 2023 annual general meeting of shareholders held on April 30.
On May 13, Vanke issued an announcement on the guarantee provided by its holding subsidiary for its loan application from the bank. Among them, Vanke applied for a loan of 690 million yuan from Bank of China Shenzhen Branch, with a term of 3 years. Wuhan Lizihu Company, a subsidiary of Vanke, provided a pledge guarantee for the aforesaid loan with its 100% equity interest in Changsha Wancheng. Vanke applied for three loans from Agricultural Bank of China Shenzhen Branch, with a total principal of 2.2 billion yuan. Vanke's three holding subsidiaries provided pledge guarantees for Vanke's three loans with 100% equity interests in other project companies.
On May 13, Vanke's share price fell 1.85% to close at 7.42 yuan. On the same day, the prices of a number of US dollar bonds issued by Vanke increased: the price of the 3.975% bond due November 2027 increased by 5.1 cents per dollar, the price of the 3.5% bond due November 2029 increased by 3.7 cents per dollar, and the price of the 3.15% bond due May 2025 increased by 3.3 cents per dollar.