Reporter | Huang Yu
Edit |
The day of Song Guangju's retirement has finally come, and where Poly's development will go in the future is a matter of concern to the outside world.
On July 29, Poly Development issued the announcement of the fourth interim board resolution in 2021, passed the "Proposal on Replacing the Chairman of the Company", and agreed to song Guangju's resignation as chairman and director of the company due to age in accordance with the relevant provisions of the State-owned Assets Supervision and Administration Commission of the State Council on cadre management, and the chairman of the board was taken over by Liu Ping, director and general manager of the company.
Born in 1968, Liu Ping has successively served as the chief of the branch directly under the Guangdong Provincial Audit Office, the manager of the Poly Development Planning Department, the director of the general manager's office, the assistant general manager, the secretary of the board of directors, the deputy general manager, and has served as the general manager of Poly Development since the end of 2016.
Song Guangju's departure was already foreshadowed. As early as March 24 this year, the official website of the State-owned Assets Supervision and Administration Commission showed that due to age reasons, Xu Niansha was dismissed from the posts of party secretary, party committee standing committee, chairman and director of Poly Group; Song Guangju (female) was dismissed from the standing committee of the party committee of Poly Group, and no longer served as the deputy general manager of China Poly Group Co., Ltd. and retired.
Poly Development said that Song Guangju has poured a lot of effort into the company's reform and development, made important contributions, and laid a solid foundation. Under the leadership of Song Guangju, Poly Development has achieved leapfrog development and established a "one main and two wings" development strategy, and is committed to creating a "real estate ecological development platform".
Despite this, until retirement, the female head of the largest central enterprise housing enterprise still has some goals that have not been achieved, such as leading Poly Development to bring back the "top three in the industry", achieving diversified transformation, and solving the problem of "competition in the same industry" with Poly Real Estate.
The pressure of "returning to the top three"
Since Liu Ping became the general manager, Poly Development has begun to make major personnel adjustments, the original deputy general managers include Liu Ping, Chen Dongju, Hu Xin, Wang Jian, Wu Zhangyan, Yu Ying, and then successively changed to Zhang Yanhua, Zhang Wei, Kong Junfeng, Pan Zhihua, Liu Wensheng, Liu Yingchuan.
As a veteran central enterprise, Poly Development entered the threshold of 100 billion yuan in 2012, ranking third. However, after 2012, Evergrande, Country Garden, Sunac and other rapid development, Poly Development has never entered the top three, in addition to slipping to the sixth place in 2015, Poly Development's sales ranking has remained in the fifth position for many years.
In 2016, the real estate industry entered a new round of regulation cycle, the scale advantage of housing enterprises increased significantly, and how to return to the top three became a major problem for the new general manager Liu Ping. At that time, Liu Ping, who had just taken office, admitted at the shareholders' meeting that the gap between the company and the first three housing enterprises did exist, but Poly should continue to maintain its position in the first square and would not let this gap continue to increase.
At the 2017 shareholders' meeting, Song Guangju shouted that Poly Development will return to the top three goals of the industry in the next two to three years.
And set up a "345 strategy", in 2017 to achieve sales of 300 billion yuan, in 2018 to achieve sales of 400 billion yuan, in 2019 to impact 500 billion yuan.
"As long as people have dreams, they will always come true." Song Guangju once said that the total scale of Poly development back to the top three is a goal of the company, and there are many paths to achieve this goal, in addition to conventional expansion, it can also be through acquisition, merger, integration and other ways.
However, the actual situation is that Poly Development not only did not "return to the top three" within the original deadline, but also failed to achieve the goal of 500 billion yuan in sales in 2019, delayed by one year, exceeding 500 billion yuan in 2020, and achieving a signed amount of 502.848 billion yuan in sales for the whole year, an increase of 8.88% year-on-year, and the sales gap of more than 700 billion yuan of Biwanheng is large.
In fact, at the shareholders' meeting in May 2019, Song Guangju changed his mind to extend the period of "returning to the top three", saying that it was a goal for the next 3 to 5 years.
In the first half of this year, in the case of a low base in the same period last year, Poly Development only achieved a growth rate of about 27%, and the cumulative amount of contracts was about 285.185 billion yuan. Kerry data shows that in the first half of the year, the average growth rate of the top 100 housing enterprises was 36.7%, and Poly Development still ranked fifth.
Liu Ping once said frankly that because of factors such as urban layout and cyclical strategy, there is indeed a gap between Poly development and "Biwanheng", but the company will continue to maintain its position in the first square and will not let this gap continue to increase.
Since the second half of last year, it is obvious that Poly Development has begun to exert its strength in the land market. In 2020, there were 146 expansion projects, with an expansion cost of 235.3 billion yuan, an increase of 51% year-on-year, and the land sales ratio reached 46.79%, compared with 33.7% in 2019.
In the first half of this year, in the context of the first round of centralized land supply in 22 cities, Poly Development has won 13 cities, with a total of 22 land acquisitions, with a land amount of about 47.2 billion yuan, ranking first in 5 cities, including Shanghai.
According to the data of the China Finger Institute, poly development in the first batch of centralized land supply in 22 cities in the amount of equity land acquisition of 39.6 billion yuan, ranking third among major housing enterprises, ranking after Sunac and Vanke.
In addition to scale, the lack of profit growth is also a major problem facing Poly Development. According to the financial report, Poly Development achieved a total operating income of 243.208 billion yuan in 2020, a slight increase of 3.06% year-on-year, a year-on-year decrease of about 18 percentage points; the net profit attributable to the mother increased by 3.54% year-on-year to 28.948 billion yuan, and a substantial increase of 47.90% to 27.959 billion yuan in the same period of 2019.
In the first half of this year, Poly Development had a situation of "increasing revenue without increasing profits", with total operating income increasing by 22.25% year-on-year to about 90.1 billion yuan, operating profit of about 18.89 billion yuan, an increase of 8.70% year-on-year, and net profit attributable to the mother of about 10.3 billion yuan, an increase of only 1.72% year-on-year.
Song Guangju's gains and losses
Song Guangju, born in 1960, is 61 years old, the same age as Li Binhai, the previous chairman of Poly Development, when he retired. In June 2010, Li Binhai, who had been at the helm of Poly Development for 18 years, resigned as chairman and director of Poly Development due to his age, and was succeeded by Song Guangju, who was formerly the general manager of Poly Development.
In 1992, Li Binhai, who had served as a staff officer, section chief and director of the Logistics Department of the Technical Bureau of the Guangzhou Military Region Headquarters, was ordered to establish the Real Estate Department of Poly South Group (that is, Guangzhou Poly Development). Song Guangju, who has served as a cadre of the Commission of Science, Technology and Industry for National Defense and the Guangzhou Military Region, joined Poly Development in 1993 and is one of the founding elders.
From soldiers to businessmen, Song Guangju once sighed that real estate is an industry involving a wide range of areas and strong integration needs, from project establishment to handover at least to deal with nearly 80 departments of the government, which requires both resilience and adaptability, and military personnel have their own unique advantages in coordinating operations, strategic planning, and decision-making capabilities, whether from the perspective of integration ability or decision-making boldness, military personnel are most suitable for developers.
Song Guangju has successively served as the director of Poly Development Office, assistant general manager, deputy general manager, executive deputy general manager and other positions. In 2006, Poly Development was listed on the Shanghai Stock Exchange, becoming the first batch of real estate companies to restart the IPO market after the reform of equity splitting, and Song Guangju, who was the general manager at the time, proudly said that this was the most proud thing in his career.
After the listing of Poly development, the national layout accelerated, and launched the "residential + commercial" two-wheel drive strategy, entering the stage of diversified layout. In 2009, Poly Development's first large-scale shopping mall, Foshan Poly Water City, opened.
In 2009, Poly Development achieved a signed amount of 43.382 billion yuan, a sharp increase of 141.38% year-on-year, second only to Vanke and Greentown, ranking among the top three listed real estate enterprises.
In 2010, Song Guangju, who took over as chairman of Poly Development, began to become the "helmsman" of the largest central enterprise developer, and she made a "military order" that year: in the next three to five years, a new Poly development will be recreated.
The goal of recreating Poly Development was achieved as scheduled in 2012, when the contract sales of Poly Development were 101.739 billion yuan, becoming the second real estate enterprise after Vanke to join the 100 billion club.
At the same time as the scale increased, Poly Development increased its investment in diversified business, and in 2018, it was renamed Poly Development, forming a "one main and two wings" business layout with real estate investment and development as the main body and comprehensive services and real estate finance as the wings.
Song Guangju, who has rarely appeared in public, appeared at the brand upgrade conference, and she said: "Poly development is always market-oriented and strategically led. If social contradictions change and the needs of a better life become more diverse, then we will definitely think about changes and control changes. If 'Poly Development' represents the future development logic and direction, then strategic upgrading and brand upgrading are necessary and inevitable. ”
However, poly's diversified results are not ideal. According to the data, in 2020, the real estate development income of Poly Development was 226.376 billion yuan, accounting for 93.08% of the total revenue; the two wings industry achieved market-oriented income of 15.432 billion yuan, accounting for 6.92% of the total revenue.
The main real estate business is still the main source of income for Poly Development, and other diversified businesses have not had much presence in the industry except for Poly Property, which was successfully listed at the end of 2019, especially in the pension industry that once gave high hopes.
Poly Development is one of the first batch of housing enterprises to enter the pension industry, and it is also the one that has invested the most resources. In 2008, Poly Development sent senior management to Japan to carry out pension business for its own family to "explore the way", and in 2012, it began to comprehensively lay out the pension industry, proposing a "trinity" pension model of home pension, community pension and institutional pension.
Poly Development proposed a plan in 2016, and spent 5 years to prepare 80-100 Hexihui in 50 cities; In terms of community home care, in the next three years, 300 Hexi healthy life halls will be built in 30 core cities, including 30 flagship stores and 270 experience stores. In the future, Poly expects to invest 5 billion to 6 billion yuan in fixed assets and working capital.
The progress of the pension industry developed by Poly is lower than expected, not only facing the problem of immature profit model, but also rarely disclosing the latest preparations in recent years.
Now that Song Guangju has retired and left, the transformation pressure of Poly Development will fall on the next manager.
![Shanghai Electric: Liu Ping served as the president of the company[fig]](data:image/gif;base64,R0lGODlhAQABAIAAAP///wAAACwAAAAAAQABAAACAkQBADs=)