Source: New Fortune
The "post-80s" are becoming the backbone of the succession of the Guangdong real estate family, and the "post-90s" are about to complete the succession. Debuting around the age of 25, reaching the top in his 30s, and completing the succession before the age of 40 is the general rhythm of the "second generation of the earth". In Guangdong, where the family concept is traditional, there is no obvious phenomenon of "passing on the son and not the daughter" in the inheritance of the family business, and the daughter is even more valued by the father.
However, the new wealth statistics show that the succession results of the "second generation" of the Guangdong family are generally flat, and there are few bright performances. Several of the rich young marshals who chose to stand on their own doors also benefited from the care of their fathers to varying degrees. The performance of the succession of the "second generation of the earth" may once reflect the objective reality and challenge of "fighting the country and the mountains is easy, but it is difficult to defend the country" in the family inheritance.
Source: New Fortune (ID: newfortune)
Author: Du Dongdong
Real estate developers are an important group of entrepreneurs in the "92 faction". With the oriental wind, a group of entrepreneurs born in the 1950s and 1960s went to the sea to build buildings, and The chinese housing enterprise family mushroomed. More than 30 years have passed, the first generation of real estate tycoons who conquered the market have gradually aged, and more and more "second generations" have come to the front from behind the scenes to carry the banner of inheriting the family business.
Young marshals and celebrities have become a unique group active in the real estate circle in South China. The two data of the new wealth comprehensive Kerry real estate sales scale ranking and the family wealth scale of the new fortune 500 rich list screened the data of the second generation of 36 leading real estate developer families in Guangdong to peek at the development of this group.
According to the data, most of the leaders of leading real estate developers in Guangdong are from this province, accounting for more than 80%; only Xu Jiayin of Evergrande Group, Li Hua/Li Xiaoping brothers of Excellence Group, and Li Xianyi of Xinyi Group are from Zhoukou, Henan, Neijiang, Sichuan and Quanzhou, Fujian (Table 1).
Usually, people divide Guangdong into three major ethnic groups: Chaoshan, Guangfu and Hakka. Roughly speaking, the Chaoshan real estate family accounts for the largest proportion of seats, followed by the Cantonese family, and the Hakka family accounts for the smallest proportion. Among the Hakka people, only Zhu Mengyi was from Meizhou Fengshun, and Miao Shouliang and Wen Chunqing were from Meizhou Wuhua. Guangdong's leading housing enterprise family, including Country Garden (02007. HK), Kingkey Group, Agile Group (03383. HK), Midea Real Estate (03990. HK) and so on are all Cantonese, accounting for nearly half of the country.
01 "Post-80s" became the backbone
The cultivation and succession of the "second generation" of the family is a hot topic that private enterprises cannot bypass. It has been reported that as early as the age of thirteen or fourteen, Yang Guoqiang arranged for her to be the youngest participant to observe various company meetings and negotiations. Li Ka-shing's "Parenting Classic" has always been emulated by Guangdong real estate developers.
According to the data, the youngest successors in the current Guangdong "second generation" are Maoye Commercial (600828) and Maoye International (00848. HK) head Huang Maoru's son Huang Weizheng. On November 12, 2019, Maoye Commercial announced the appointment of Tony Huang as the president of the company, and this Tony Huang born in 1995 is Huang Weizheng.
It is not simple for a 24-year-old young marshal to run a business empire with a total market capitalization of more than 8 billion yuan. According to his resume, Huang Weizheng has previously held various positions in the family's Maoye International Holdings, Shenzhen Maoye Commercial Building, Maoye Digital Wisdom and Shanxi Maoye Land, which means that he may have been in his early 20s when he entered the family business.
For ordinary people, the 20s are just graduated from college and do not know the age of entering the workplace, but many of the "second generation" of the same age have occupied important positions in the family business, and even become the "overbearing president" of the quanqiang group. This is the career "starting line" that most of their peers cannot match.
Taking over in his early 20s is not unusual in Guangdong real estate circles. In March 2012, at the age of 23, Zhu Jurong was appointed to Hopson Chuangzhan (00754. HK), executive vice president, entered the core of management, and opened the succession road. In July 2013, Zhu Wasrong was promoted to Vice Chairman of Hopson, and in January 2020, he took over the position of Chairman of the Board of Directors. In Shenzhen, in 2015, Liu Gensen became the chairman of HeungKong Financial Holding Group, at the helm of the most core industrial sector of HeungKong Group, when he was only 25 years old.
In 2005, Yang Guoqiang, the founder of Country Garden, transferred 70% of his shares to yang Huiyan, the second daughter who had just stepped out of school, yang Huiyan, who was only 26 years old, thus becoming the richest man in China that year, shocking the chinese people. Coincidentally, in 2014, Ji Kaiting of Longguang Group also became the youngest female richest woman at the age of 25. Yang Huiyan and Ji Kaiting are also the first "second generation of the earth" to embark on the peak of wealth so far.
With the passage of time, the "second generation" of the post-80s who previously succeeded them have mostly become the backbone of the family business, and the "post-90s" will complete the door of succession. According to the statistics of new wealth, among the 36 largest real estate families in Guangdong, among the 41 "second generation of the land" who work in the family business and can be queried, there are 23 "post-80s", 11 "post-90s", and 7 "post-70s" and previous ones, accounting for 56.1%, 26.83% and 17.07% respectively (Table 1).
Among the 36 real estate families, 18 are the second-generation "number one" of the family businesses, completing the "succession" of the management level, accounting for 50%. For example, Country Garden Yang Huiyan, Hopson Chuangzhan Zhu Orange Rong, LVGEM China Real Estate Huang Jingshu have all become the chairman of the board of directors of the company, Hongrongyuan Lai Junlin, Cheung Kei Group Chen Xiaoxia, Hongfa Group Lai Yuekuan, Qiao Xin Group Zhou Zitao, Star River Group Huang Jianhui, Kaisa Group Guo Xiaoqun and so on have been appointed as (co-presidents).
Liu Gensen and Liu Yuyan of HeungKong Group, Guo Xiaoting of Kaisa Group, Li Yuan of Excellence Group, Chen Jiajun of Kingkey Group and other "second generations" are all in the core management of family businesses. In time, these "second generations" are expected to stand alone.
The "law of 27 years old" in psychology shows that 27 years old is often a watershed moment for young people's mental growth. The "second generation" generally debuts in their 20s, climbs to the top in their 30s, and completes their succession before the age of 40, which may mean that they are usually more precocious than their peers.
It is worth noting that a large number of "second generations" are in danger and are ordered to take over. According to the data, at least 11 of the 36 major families have the upper position of the "second generation of the land" affected by the emergency.
In August 2011, Zhu Shuhao, the founder of Mission Hills Group, died of a sudden illness, and the succession process of Zhu Dingjian, Zhu Dingyao and Zhu Jiaying accelerated. Around 2013, Guangzhou's "Cao Jianliao Case" affected many real estate enterprises in Guangzhou, and the family's "second generation" surfaced. Corruption cases such as "Jiang Zunyu and Li Huanan" in Shenzhen have led to many real estate developers, and the "second generation" of many housing enterprises has accelerated the process of sharing worries for their fathers. In 2016, Liang Jiarong, the head of Zhuhai Shirong Zhaoye, was quickly summoned to the management for suspected money laundering.
02 A famous woman who is valued by her father
Statistics show that there are 20 women in the 68 Cantonese "second generation", accounting for about 30%. In particular, among the 19 housing enterprises that have completed the management succession, 7 of them are held by the second generation of women in the position of chairman and president of the "number one", accounting for nearly 40% (Table 1), including Country Garden, Hopson Chuangzhan, Star River Group and other leading real estate enterprises.
Shenzhen-based Cheung Kei Group was listed on the 2018 Hurun China Rich List with a wealth of 31 billion yuan, which is a Hong Kong stock In South China City (01668. HK) important investors.
The head of the family, Chen Hongtian, was born in Foshan, Guangdong Province, and is the chairman of the Shenzhen Tongxin Club. In December 2015, during the "Baowan Dispute", Chen Hongtian attracted media attention for publicly intimidating Wang Shi. In 2016, Chen Hongtian purchased a mansion at 15 Gefu Mountain Road on the peak of Hong Kong for HK$2.1 billion, setting a record for the largest transaction in the Hong Kong residential market that year, which once again attracted attention.
Of the three sons of Chen Pengyu, Chen Kunyu and Chen Qiyu under Chen Hongtian's knee, Chen Pengyu married Huang Yanjun, the niece of Huang Guangmiao, chairman of Zhongzhou Holdings (000042).
Public reports show that in 2016, Chen Hongtian's eldest son Chen Pengyu and daughter Chen Xiaoxia were appointed vice presidents of Cheung Kei Group. Since then, Chen Xiaoxia has been promoted in the family business, and was promoted to executive vice president of the group in 2017 and president in 2020. In the succession "horse racing", Chen Xiaoxia surpassed Chen Pengyu and stood out, which shows that she is deeply valued by her father.
Greater China Real Estate Holdings (00021. HK) Huang Shizai once transferred most of his equity to "Qianjin" Huang Wenxian, rather than his son Huang David, who once held 54.83% of greater China Real Estate Holdings. Similarly, Zhu Mengyi also has two sons, Zhu Yihang and Zhu Weihang, but this has not affected Zhu Orange Rong's helm of the board of directors of Hopson. In Agile Holdings (00186. HK), Tan Bingzhao's daughter Tan Yuehua served as general manager and legal representative, and her son Tan Huichuan was a supervisor.
The real estate family with both sons and daughters has selected its daughter to take charge of Shuaiyin, reflecting that even under the cultural systems such as Guangzhou-Foshan and Chaoshan that have deep-rooted traditional concepts, commercial rationality is still maintained in the family inheritance, and there is no sexism situation of "passing on the children but not the daughters". Shrewd and capable, looked at by their fathers, Chen Xiaoxia, Huang Wenxi, Zhu Orange Rong, Huang Jingshu, Tan Yuehua and other Cantonese real estate celebrities have also subverted the traditional world's social prejudice against "rich women".
Not only is the daughter valued, but the daughter-in-law can also pick up the beams. Midea Property (03990.HK) under the He Xiangjian family of Midea Group HK) was established in 1995, according to the data, the market value of 22.5 billion Hong Kong dollars in the United States, the market value of the United States, by Ho Hang Kin's son Ho JianFeng's wife Lu Deyan as the controlling shareholder. The strongest "daughter-in-law" in China holds 81.27% of the shares through its three companies, becoming the sole controlling shareholder of Midea Real Estate.
The story of "Ship King" Bao Yugang passing on a large amount of family business to his son-in-law Wu Guangzheng was once a good story in Chinese business circles. There is also no shortage of son-in-law in Guangdong's "second generation". In the business world of Chaoshan businessman Huang Chulong, Li Xiaoming, the husband of his daughter Huang Chunling, was also entrusted with important responsibilities as the chairman of Huang's Galaxy Commercial, and the weight of Chenglong's son-in-law in his heart is self-evident. And from Tao Yu was appointed Aoyuan Health (03662. HK) Executive Director, China Aoyuan (03883. HK) chairman Guo Ziwen also has great trust in his 26-year-old son-in-law.
Daughters, daughters-in-law, and son-in-law are on the battlefield, women can stand up to half the sky, and the blood and affection of "blood thicker than water" in the business world jump on the paper. But earlier Longfor Group (00960. WU Yajun, chairman of HK), once stated that "(daughter) is not the continuation of my life, it is up to her to choose", and there is no shortage of real estate tycoons in Guangdong who have the concept of Wu Yajun's family inheritance.
KWG Taifu (01813. Kong Jianmin, chairman of the board of directors of HK), has publicly stated that "not allowing her daughter to take over is also not wanting her daughter to continue to work so hard." Kong Jianmin said that doing business in China actually has a great ability to bear, may encounter various difficulties, he has experienced it, "I don't want my daughter to work so hard." KWG Taifu is currently run by three brothers Kong Jianmin, Kong Jiantao and Kong Jiannan.
03 The lowest-key "second generation of the earth"
The low-key of the Guangdong rich is well known, and the families of Local Real Estate Developers Huang Shizai and Huang Maoru in Guangdong are almost invisible from the public eye. Guangdong's "second generation" generally follows the low-key style of his father's generation, such as Li Jiaying, daughter of Li Silian of R&F Real Estate, who does not work in the family business, rarely appears, and also works in the family business, and the legends of him (her) are circulated in the rivers and lakes, but there are few mysterious figures who have seen their real bodies.
The lowest-profile "second generation of land" in Guangdong real estate circle, or Yang Huiyan and Longguang Group (03380. JI Kaiting of HK), Lu Deyan of Midea Real Estate, and Peter Xu of Evergrande Group.
Yang Huiyan has been sitting on the throne of the "richest woman" in China for many years and has been concerned by the outside world, but she has not publicly accepted any media interviews so far, and rarely participates in public activities. According to reports, when Yang Huiyan was studying at a university in the United States, her dress was relatively simple, and her surrounding classmates did not know her identity as a "rich man". When Yang Huiyan was crowned China's "richest man", the media could not find a photo of her.
Yang Huiyan Middle School studied at Guangdong Shunde Country Garden School. Whenever the reporter went to interview, the teachers of the school were silent, and the teachers who taught Yang Huiyan did not disclose her past experience. On October 22, 2018, Yang Guoqiang, Yang Huiyan and Chen Chong donated 2.2 billion yuan to Tsinghua University in the name of the Guoqiang Public Welfare Foundation, breaking the record for the largest single donation in the history of Chinese universities, and Qiu Yong, president of Tsinghua University, presented Yang Huiyan and her husband Chen Chong with a donation commemorative plaque, which was a rare public appearance in recent years.
Similar to Country Garden, Longguang Group also holds 77.33% of the company's equity through the second generation of the family, Ji Kaiting. Ji Kaiting herself has never been heard in public, and her appearance is still unknown to the public. With no record of working for the company, the "Qianjin" who has been repeatedly pushed to the rich list is more mysterious than Yang Huiyan. Coincidentally, Lu Deyan, the actual controller of Midea Real Estate, does not participate in corporate management, but as a shareholder, it is quite a mysterious existence.
In recent years, Yang Guoqiang and Ji Haipeng have not been on the list of major rich people, but they have not retired. In terms of equity, the "second generation of the land" has completed the succession, and in terms of management, the fathers are still strategizing. In a sense, the "second generation" of Yang Huiyan and Ji Kaiting has been set as a symbolic symbol of family property or family wealth.
Compared with Yang Huiyan, Ji Kaiting and Lu Deyan, Evergrande's Peter Xu is more mysterious.
In recent years, Xu Jiayin has been quietly cultivating his son within the group. Xu Jiayin's eldest son, Xu Zhijian, was born in July 1984 and is currently the vice president of Evergrande Real Estate Group, with permanent residency in Canada. Xu Zhijian attended the opening ceremony of Evergrande Springs in 2012, and his photos were first exposed online, and there have been no public appearances since then. According to insiders, Xu Zhijian will appear in the company canteen from time to time to eat, giving people the feeling that there is "no shelf", and most employees do not know the true identity of his "prince". In 2014 and 2015, Xu Zhijian appeared twice in the list of the top ten shareholders of Evergrande Group Cooperative Company Quanzhu Shares (603030), and then disappeared.
Caijing magazine has disclosed that Xu Jiayin also has a second son named Peter Xu, who is strictly kept secret inside China Evergrande. According to reports, before the Spring Festival in 2016, an internal appointment document of China Evergrande was announced, appointing Peter Xu as the chairman of its Pearl River Delta company. The use of English names on official documents is quite rare in Evergrande Group. The employees learned by word of mouth that this was the "Second Young Master" of the Xu family. Since China Evergrande's internal posts about it have always used Peter Xu, Evergrande's internal employees rarely know its Chinese name (the Internet rumors that its Chinese name is "Xu Xihao"). There are rumors that Peter Xu is a Harvard "returnee."
The two sons under Xu Jiayin's knees are quite low-key, and Evergrande Group is known for its high-profile marketing, which is not without contrast.
04 Family image spokesperson
With the family succession on the agenda, the "second generation of the land" has entered the public eye one after another, and it has become inevitable that they will begin to appear due to the needs of commercial operations. Relatively speaking, the performance of Liu Gensen of HeungKong Group, Chen Jiarong of Kingkey Group, Lai Junlin of Hongrongyuan, Li Yuan of Excellence Group and other "second generations" is impressive.
HeungKong Group's current business is often emphasized as financial holding, and in the early 2000s, HeungKong Properties was a well-known brand in the real estate industry in South China. HeungKong Group still holds real estate business through HeungKong Holdings (600162). HeungKong Group not only occupies a place in the private financial market, but also has a quite popular position in the guangdong real estate circle.
As the image spokesperson of HeungKong Group, Liu Gensen shuttles through the business, political and social philanthropy circles, and has a good influence in the "second generation" of Shenzhen.
In August 2014, the Tongxin Club was established in Shenzhen, and Liu Gensen, who was only 24 years old at the time, was elected as the first chairman of the "Tongxin Youth Committee". The One Heart Club brings together Tencent Holdings (00700. HK) Ma Huateng, BYD (002594) Wang Chuanfu, SF Holdings (002352) Wang Wei, Baoneng Group Yao Zhenhua and other Heavyweight entrepreneurs in Shenzhen, with Ma Weihua, former president of China Merchants Bank, as consultants. According to the data, Tongxinhui has more than 150 Shenzhen and Hong Kong members, with more than 90 listed companies and nearly 3,000 affiliated companies, and the total assets of member enterprises exceed 4 trillion yuan. The members of the One Heart Youth Committee are made up of the children of the members of the One Heart Club.
In August 2015, at the anniversary celebration of the Tongxin Youth Committee, Liu Gensen and more than 50 members of the Tongxin Youth Committee led more than 5,000 young people in Shenzhen, Hong Kong, Macao and Taiwan to run a 5-kilometer fluorescent night run, which attracted attention. On October 15, 2020, Liu Gensen attended the celebration of the 40th anniversary of the establishment of the Shenzhen Special Economic Zone as a representative of Hong Kong and Macao youth.
Although HeungKong Group is headquartered in Guangzhou, Liu Gensen's main position is in Shenzhen. In 2015, at the age of 25, Liu Gensen attended the Shenzhen Municipal CPPCC meeting for the first time as a member of the CppcC National Committee, and the "post-90s" CPPCC member was quickly put in the spotlight by the media. On the eve of "May Fourth" in 2016, the WeChat public account of HeungKong Group solicited votes for Liu Gensen's candidacy for NetEase Real Estate's "Top Ten Outstanding Young Leaders of China's Real Estate".
Liu Gensen's mother, Zhai Meiqing, the head of the HeungKong Group, who served as a member of the 12th National Committee of the Chinese People's Political Consultative Conference, told reporters in 2015 that "during the national 'two sessions', he accompanied his mother Zhai Meiqing to Beijing to make proposals from his mother."
Some netizens broke the news that Liu Gensen has partnered with R&F Real Estate (02777. HK) Chairman Li Silian's daughter Li Jiaying was married.
Similar to Liu Gensen, Lai Junlin, the second generation of Hongrongyuan Group, is also active in various community organizations, and is also the vice chairman of the Youth Committee of the Tongxin Association and a member of the Shenzhen Municipal Committee of the Chinese People's Political Consultative Conference.
Born in 1989, Lai Junlin inherited his father's business and is currently the president of Hongrongyuan Group and the chairman of Yifang Real Estate, responsible for the family's real estate development business. Because of his outstanding style, Lai Junlin is known as "Zhao Youting in the real estate circle".
Like Wang Sicong, this "second generation" is also keen on e-sports. In July 2016, Lai Junlin founded the Black Pineapple E-sports Club, a team that reached the KPL of the Glory of Kings Professional League for the first time in 2017 and won a place in the final four.
As a real estate enterprise, Hongrongyuan Group is also active in the financial market. In 2016, Shenzhen Bailin Asset Management Co., Ltd. ("Bailin Asset"), a subsidiary of Lai Junlin's brother Lai, acquired a 20% stake in Shin Kong Life (now known as "Dingcheng Life"), along with HeungKong Financial Holding Group. In March 2017, Bai Lin Assets took a stake in Guangdong Huaxing Bank, ranking itself as the fourth largest shareholder and currently holds 9.88% of the shares. In December 2018, Lai Junlin appeared in the Hong Kong securities market and entered China Oil & Gas Holdings (00702. HK), together with Kingkey Group, became a major shareholder in the company.
The Lai family attaches great importance to social image. In 2016, Mr. and Mrs. Lai Haimin and Chen Siting donated funds to establish Siting College of the University of Chinese, Hong Kong, Shenzhen, which was one of the earlier donors of the school. Along with them, Deng Xueqin of Zhengzhong Group and Yang Xiangbo of Shibao Group donated Xueqin College and Xiangbo College, and Tu Huilong, chairman of Haiya Group, also donated tu huilong building and Tu huilong scholarship.
Chen Jiarong, the "second generation of the land" from the real estate family, frequently appears in the capital market. According to public information, Chen Jiarong, born in 1988, is the eldest son of Chen Hua, and is currently the vice president of Kingkey Group and the executive vice chairman of the Tongxin Youth Committee. After returning to China in 2012, Chen Jiarong worked in the investment banking department of Ping An Securities, mainly responsible for corporate listing, mergers and acquisitions, and bond issuance.
In the summer of 2015, Chen Jiarong joined forces with Liu Gensen to try his hand at Hong Kong stocks and buy KK Culture (00550.HK), the predecessor of First Media, after which Liu Gensen withdrew and Chen Jiarong served as the chairman of the board. According to reports, Chen Jiarong had invested in 9.7939 million shares of Ant Group, and the issue price of 68.8 yuan per share before the IPO was suspended was converted, and the market value of the shares he held reached 674 million yuan.
Born in 1966, Li Hua holds a 95% stake in Excellence Group, and he has always been quite low-key, and he has been highly concerned by the media in Liu Qiangdong's previous "Minnesota Incident".
Similar to Liu Qiangdong, Li Hua also married a wife who was 21 years younger than himself. It is reported that Li Hua and Tong Xiaoyan, a mainland actress born in 1987 and a member of the "Youth and Beauty Girl Group", have a daughter who is still young. Unlike Liu Qiangdong, Li Hua remained mysterious as always after marriage.
Li Hua's brother Li Xiaoping holds a 5% stake in Excellence Group and serves as vice chairman and president. Li Xiaoping's son, Li Yuan, is also The nephew of Li Hua, who was the secretary of the chairman of excellence group and later served as the head of financial control of excellence group. As the "second generation" of the Lee family of the Excellence Group, Li Yuan is also often active as a family image spokesperson in occasions such as the One Heart Club and charity activities.
Li Yuan once told the media that "in the 21 years since the establishment of Excellence Group, the cumulative charitable donation has exceeded 250 million yuan". In July 2017, Shenzhen released the "2016 Shenzhen Charity Donation List", and Excellence Group ranked 8th in the list of donated enterprises with a total donation of 19.938 million yuan. Li Yuan, as one of the 10 Shenzhen youth charity representatives, took the stage to issue a charity declaration.
The above-mentioned "second generation" of the land have a background of studying abroad, and have successively taken over the family business, and even crisscrossed the capital market. At the same time, they shuttle through various business forums, community organizations, CPPCC meetings and charity activities, interact with the media, speak on behalf of the family, and become the image spokesperson of the family business, these "second generations" refresh the outside world's cognition of the relatively traditional and low-key image of their parents.
In fact, Liang Weihao, the son of Liang Jiarong, the former "richest man" in Zhuhai and chairman of Shirong Zhaoye, was also once sharp.
According to Wind information, Liang Weihao, born in 1990, worked in Zhuhai New ZhaoFeng Technology Co., Ltd. from 2014 to 2016, and then served as a director and vice chairman of the company. According to his family, Liang Weihao wanted to stay abroad after graduating from university, but Liang Jiarong asked his son to return to China and arranged to enter the company with one hand, intending to cultivate.
After 2016, Liang Jiarong was investigated for suspected "money laundering cases", and some senior executives left, and Liang Weihao quickly entered the core decision-making level of Shirong Zhaoye and participated in major decisions of the company. Since the end of June 2018, Liang Jiarong stepped down as the president of the company, and Liang Weihao quickly stepped on the horse.
According to public reports, Leung wai Ho has participated in a number of charity events donated by Shi Rong Zhaoye. Behind this, there is also the meaning of image promotion for Shirong Zhaoye. In July 2019, Liang Weihao stepped down as president of Shirong Zhaoye, and his current movements are unknown.
05 The second generation of self-reliant portals
In fact, most of the rich families have huge industries, real estate is only one of the family's diversified businesses, the founders entrusted the responsibility of their sons and daughters. For example, in recent years, fuyuan group, which has been caught in the storm of "college entrance examination immigration", the head of The Miao Shouliang and his wife Li Jinzhao hold 90% and 10% of the shares of the group respectively, and the two have three sons and a daughter, the eldest son Miao Zhiwei is in charge of the Fuyuan Education Group, and Miao Zhifeng founded Fuyuan Technology (834315. OC）。 Fuyuan Real Estate, a subsidiary of Fuyuan Group, has introduced the "Fujian", Fusheng Group, as a shareholder, which holds 10% of its shares.
For another example, Xinyi Group Li Xianyi has a number of children, including the eldest son Li Shengpo and the second son Li Shenggen, who married the famous tennis player Yan Zi. Xinyi Group has Xinyi Glass (00868. HK), Xinyi Solar (00968. HK), Xinyi Energy (03868. HK), Xinyi Hong Kong (08328. HK) and other listed companies, the two sons are currently working in various companies under their branches.
New wealth statistics show that of the 68 "second generation", 51 took over the real estate business of their parents, accounting for 75%, and 17 no longer engaged in real estate business. These 25% of the second generation of real estate, such as the above-mentioned Fuyuan Group and Xinyi Group, are actually engaged in financial investment or other non-real estate business under the family business. Only Tensor, son of R&F Real Estate Tension, Agile Group (03383. HK) Chen Siming, son of Chen Zhuoxian, Zhu Yihang, the eldest son of Hopson's creation exhibition Zhu Mengyi, and a few others chose to stand on their own.
Born in 1982, Tensor, who studied in Canada, is currently the chairman of Field Real Estate, is the founder of Black Hole Investment, and is currently the founder of Brain Hole Technology (02203. HK), Pass Entertainment (01326. HK), Power Energy (01277. HK) and other shareholders of a number of listed companies. According to the New Fortune 500 Rich List released in May 2020, the tension/tensor reached a wealth of 15.37 billion yuan, and the wealth of tensor individuals may exceed 5 billion yuan.
In the process of tensor's entrepreneurship, there seems to be a shadow of the family everywhere. In 2003, Tensor founded a real estate supporting company, Hengliang Construction Group (now known as "Field Construction Group Co., Ltd.") and served as a shareholder and director. The company has maintained a strong operating performance to this day.
In 2006, Tensile set up field real estate, in the same year founded the elevator media Feisha Media, two years later Focus Media (02027) invested more than 10 million yuan to acquire Feisha Media. In 2007, Tensor founded Sniper.com and Popularization China, two companies involved in the two major industries of catering and real estate.
In March 2012, When Power Mining (now known as "Power Energy") was listed in Hong Kong, his father Zhang Li gave 70.8% of the equity to his 30-year-old son, and the young Tensor became the actual controller of the company. Power Energy currently has a total market capitalization of approximately HK$3 billion.
In 2014, Tensor founded Black Hole Investments. It is rumored that the funds invested by the black hole all come from Tensor himself. Black hole investment is mainly concentrated in real estate, Internet, artificial intelligence, new retail, cultural media and other fields, so far has invested more than 20 projects, incubated 3 projects, and become the LP of Zhen Fund.
However, Black Hole Investment also invested in the famous "Little Blue Bicycle", and Tensor should have lost a lot of money in this project.
In 2017, Tensor took over Tianma Film and Television (01326.HK) from Hong Kong film and television producer Wong Bai Ming. HK), which controls 58.71% of the company's shares. Since then, Tensor has renamed the company Tou Entertainment and signed artists such as Yang Yang, Song Qian, Wu Zun, and Li Yitong.
In 2020, Tensile's real estate submitted a prospectus to the Hong Kong Stock Exchange. According to the data disclosure, the sales amount of real estate that has been carried forward in the past three years is 3.6 billion yuan, 6.1 billion yuan and 8.1 billion yuan respectively. Previously, field real estate once hired Liu Senfeng, a star manager of real estate and former president of Country Garden Jiangsu Region, as the president of the company, which attracted much attention.
In addition, Tensile's wife, Long Qian (screen name "Peony Deer"), is an Internet celebrity who also owns her own online store. Long Qian's father, Long Shaobin, was a wealthy local merchant in Guizhou. At present, in addition to the development of real estate in Guangzhou, the largest market is in Guizhou.
Similar to Tensor, Chen Siming, the eldest son of Chen Zhuoxian, the third brother of Chen Zhuolin of Agile Group, also chose to stand on his own. In 2013, at the age of 24, Chen Siming founded Jingye Mingbang (02231. HK), the predecessor of Jingye Holdings.
In December 2019, with the aura of "the second generation of real estate", Jingye Mingbang was listed on the Hong Kong stock market, becoming the youngest and fastest listed real estate enterprise, and Chen Siming, who is only 30 years old, also became the chairman of the youngest listed real estate company. On the day of the IPO, Chen Siming's father Chen Zhuoxian, uncle Chen Zhuolin and other five brothers of the Chen family of Agile Group were all present to congratulate.
Wind data shows that from 2016 to 2018, the operating income of Jingye Mingbang was 641 million yuan, 838 million yuan and 1.329 billion yuan, with an average annual compound growth rate of 44%; the net profit in the same period was 0.85 billion yuan, 0.86 billion yuan and 386 million yuan, with a compound growth rate of 112.6%, which is a veritable "Guangdong mini real estate developer".
Jingye Mingbang, which was incorporated at the end of 2013, acquired the first residential property development project of Guangzhou Yinong Development, Jingye Lidu, the following year. When Jingye Lidu had just started construction, Chen Zhuoxian personally invited relatives and friends to help the project.
In Jingye Mingbang, there are also many executives from Agile Group, and at the scene of its major pushing activities, there are often employees of Agile Group participating in helping.
It is reported that Jingye Mingbang adopts a "follow-up strategy", as long as agile Group develops a project where it is successful, Jingye Mingbang will immediately develop similar projects nearby. Chen Siming said in his prospectus that the initial funds of Jingye Mingbang Entrepreneurship were "provided by family resources".
Among the "second generation of the land" who started a business, Zhu Yihang deserves to be mentioned, and he, like Wang Sicong and Lai Junlin, has created an "e-sports empire". At present, in addition to serving as the chairman of Guangdong Pearl River Investment Management Group Co., Ltd., Zhu Yihang also serves as the chairman of Super Competitive Interactive Entertainment Group and is the founder of the League of Legends EDG e-sports club. At present, the business segments of Chaojing Interactive Entertainment Group include five major sectors: e-sports education, e-sports ecology, animation, investment and real estate.
Public reports show that in 2013, Zhu Yihang founded the EDG e-sports club in Guangzhou. The following year, EDG won 8 championships in domestic League of Legends competitions. Public information says that the boss of this team is named "Edward Ju". As EDG made a name for itself with its repeated championships in the esports world, Edward Juju's true identity surfaced. According to industry insiders, EDG is very famous in the field of e-sports. In 2015, EDG beat South Korea's strong team SKT in the mid-season and gained a large number of fans; in 2017, it won the LPL Summer Championship trophy.
Zhu Yihang's e-sports expansion road seems to be accompanied by the shadow of Hopson's Chuangzhan Exhibition. In 2014, the EDG club poached two main players from the WE club at a high price, and Zhu Yihang paid the WE club with the rent of the office space in the newly developed Pearl River Creative Park as a transfer fee. In 2017, Chaojing Interactive Entertainment and Tencent E-sports reached a strategic cooperation to build no less than 10 pan-entertainment e-sports industrial parks across the country, and Zhu Yihang called his e-sports business "the super e-sports club that has reached the top of the world".
06 It is easy to start a business and difficult to keep a job
New Wealth examined some real estate families that had completed the management succession and had public data, and the results showed that after the succession of the "second generation of the land", the company generally performed flat (Table 2). Among the 9 listed real estate companies, 3 of the "second generation of the land" have had negative stock price growth so far, accounting for 1/3; there are 3 whose stock prices have risen but the average increase is small, accounting for 1/3; the remaining 3 "second generation of the land" have the ability to keep their jobs or need to be examined for a longer time.
According to public reports, in 2005, after Huang Wenxi returned to China after completing her studies in the United States, Huang Shizai trained her to start as a purchasing manager, familiar with the hotel operation process, and finally fully responsible for the Sheraton Greater China hotel project.
Wind data shows that as early as 2011, Huang Wenxi owned 30.5% of the shares of GreatEr China Real Estate Holdings, becoming the company's largest shareholder. This means that at that time, it has completed the equity succession. However, since 2011, the share price of Greater China Real Estate Holdings has fallen from HK$0.94 per share to HK$0.084 per share, and the company's total market value is only HK$330 million. In the nearly 10 years since the succession, the share price of the family business has fallen by more than 91%, becoming a fairy stock.
As early as August 25, 2014, Yide International (01396. Wang Zaixing, chairman of the board of hk, now known as "Guangdong Harbor Holdings"), was rumored to be in a "missing" state. After that, Wang Zaixing's eldest son, Wang Dewen, took over as the company's chief executive officer. However, since 2014, the stock price of Yide International has continued to be depressed, falling by 78% so far.
In 2005, Zheng Shijin, the head of the Imperial Court Group, retired, and Zheng Kanghao officially took over the business of his father. By 2015-2017, Zheng Kanghao ushered in the highlight moment of his life, during which in 2015, the stock price of Huangting International reached a maximum of 23.17 yuan / share. The 2016 annual report shows that the 000056 has made a significant profit for the first time in more than a decade. At the same time, Zheng Kanghao took control of the Tongxin Investment Fund.
Zheng Kanghao was asked to assist in the investigation in the "Li Huanan corruption case". Since 2018, the share price of Huangting International has fallen from 13.25 yuan / share to 3.03 yuan / share, a decline of more than 77.13%. In the 15 years since the succession, the market value of Huangting International has only increased by about 300%, with an average annual growth rate of 20%.
Since November 2010, Mr. Huang has been the Deputy General Manager of LVGEM China's Investment Management Department, responsible for corporate development and planning, and became the Executive Director and Chairman of LVGEM China in mid-2014. Since 2014, LVGEM China Land's share price has increased from about HK$1.2/share to the current HK$3.18/share, an increase of about 165%.
According to industrial and commercial information, Tan Yuehua was changed to the head of the company's finance in September 2015 and has now been registered as the company's legal representative. This may indicate that its path to succession began around 2015. Agile Holdings' stock price has fluctuated sharply in recent years, and after experiencing a sharp rise in 2016-2017, it has continued to fall. For example, taking the last 5 years as the inspection cycle, it has risen from HK$0.185/share to HK$0.61/share, an increase of about 230%.
The time for the aforementioned "second generation" to ascend to the throne is not short, which is enough to examine the ability to succeed and keep the profession. Overall, although the "second generation" has stabilized the overall situation of the family business, the performance is lackluster. Since ancient times, "it is easy to fight the country and the mountains are difficult to defend", which also reflects the objective difficulty and practical challenges of the inheritance of the real estate family.
Many "second generations" are still running family businesses under the guidance of their parents, and their true management capabilities require longer investigations. Country Garden has rapidly jumped to become the strongest real estate leader in the universe in the past 10 years, with a maximum increase of 15 times in the range stock price, because Yang Guoqiang still has great influence, this performance is not enough to evaluate Yang Huiyan's business ability. Since Huang Weizheng, president of Maoye Commercial, took office, the company's stock price has fluctuated sharply, and after the surge in the first half of 2020, the second half of the year has continued to fall sharply, and the one-year inspection time is obviously too short.
New Fortune noted that Kaisa Group's succession, Guo Xiaoqun, started in 2020 and has been promoted several times during the year, and is currently serving as the group's co-president. Referring to HK$3.15/share at the beginning of 2020, Kaisa Group's share price reached a maximum of HK$4.56/share, an increase of more than 44.76% during the year. In 2020, in the environment of firm "housing and not speculation", the real estate sector continued to be sluggish, and this share price increase was eye-catching. However, is this report card from Guo Xiaoqun's business ability, or is it an unexpected gift from the capital market?
Zhu Jurong entered the family business Hopson Chuangzhan earlier, and after 8 years of training, she took over as the chairman of the board of directors of Hopson Chuangzhan in January 2020, and completed the succession in an all-round way.
In the past 8 years, Hopson's share price has continued to fluctuate around HK$7 per share, and its performance has been unremarkable. In terms of fundamentals, Hopson's net profit increased from 1.379 billion yuan in 2015 to 8.497 billion yuan at the end of 2019, an increase of 6.16 times during the period, but the scale of operating income still fluctuated greatly in the same period.
However, since Zhu Jurong took office this year, Hopson's share price has risen by more than 200%, reaching a maximum of HK$21.95 per share during this period, which has impressed the market. On May 19, 2020, Hopson Ventures spent tens of billions of yuan to win two pieces of land in Beijing, and invested 18 billion yuan in only 10 days, which is equivalent to its operating income for the whole year of 2019. After officially taking the helm, Zhu Orange Rong made Hopson Chuangzhan show the domineering spirit of "the return of the king".
On November 2, 2020, Hopson's announcement showed that CEO Xi Ronggui resigned before his term of office expired. After 8 years of recuperating on the storage, is this announcement sending some kind of signal to the outside world?