Wu Xiangdong's team will join Shenzhen Pengrui Huaxia Happiness South Headquarters business ownership is to be determined

Economic Observer Network reporter Chen Bo Economic Observation Network learned from multiple sources that Wu Xiangdong, co-chairman, CEO and president of Huaxia Happiness, will join Shenzhen local developer Pengrui Group. "However, whether he will directly serve as the president of Pengrui Group, or cooperate with Xu Hang, chairman of the board of directors of Pengrui Group in another form, including the specific entry time, is still unknown." A person close to the matter said.

Along with Wu Xiangdong, he was transferred to the Pengrui Group, and there were about 100 people who jumped with him from China Resources Land to the old headquarters of Huaxia Happiness South. A person close to Huaxia Happiness told the Economic Observer Network that the former China Resources Land team had previously planned to set up a new platform to continue to follow Wu Xiangdong's "conquest".

A series of changes in the southern headquarters are closely related to the debt overdue storm that has occurred in Huaxia Happiness since the beginning of this year. In the past two months since the first public disclosure of debt defaults on February 1, the amount of principal and interest on Huaxia Happiness's debts that have not been repaid as scheduled has been increasing. As of March 31, Huaxia Happiness's principal and interest totaled 37.210 billion yuan overdue, involving bank loans, trust loans, etc.

Although the external caliber of Huaxia Happiness has always said that "Wu Xiangdong is recommended by the major shareholder Huaxia Holdings, has nothing to do with Ping An Group, and does not represent Ping An Group", but in the past two years, the focus of the Southern Headquarters has been focusing on expanding the collaborative cooperation business with Ping An Group, and in April last year, Wu Xiangdong served as an advisory member of the Investment Management Committee of Ping An Group.

Once Wu Xiangdong's team leaves, the business ownership and future development of Huaxia Happiness South Headquarters will become the next suspense. The Economic Observer Network asked Pengrui to verify this news, and as of press time, Pengrui has not responded.

The Economic Observation Network has not been able to contact Wu Xiangdong himself for the time being, and Huaxia Happiness said that the specific situation is not understood, but the possibility of Wu Xiangdong leaving is not ruled out.

Divert to Pengrui

The above-mentioned insiders close to the matter revealed that Wu Xiangdong and Xu Hang's initial contact was mainly to promote the project of Huaxia Happiness Southern Headquarters, but after in-depth conversations between the two sides, Wu Xiangdong chose to join.

The Southern Headquarters, headed by Wu Xiangdong, has served as a pioneer in China's happiness since its establishment. Different from the business expanded by Huaxia Happiness North Headquarters, The Southern Headquarters will focus on the development of comprehensive projects integrating business and housing in the core areas of first- and second-tier cities.

A person in charge of The Shenzhen Regional Investment, a listed real estate company, said that some of the plots originally circled by Ping An Group were later assigned to the Southern Headquarters of Huaxia Happiness. However, the projects in the Guangdong-Hong Kong-Macao Greater Bay Area are basically urban renewal and are not so quick to produce.

At present, the projects landed by the southern headquarters are mainly concentrated in Wuhan, Nanjing, Harbin, Guilin and other places. In Wuhan alone, from September 2019 to July 2020, the total amount of land acquired by the southern headquarters reached 13.575 billion yuan. "Huaxia Happiness is still counting on several projects in Wuhan to pay back, and the location of these projects is relatively core." The above-mentioned people close to China's happiness said.

In fact, whether it is compared with China Resources Land or Huaxia Happiness, Pengrui Group is far inferior to the two "old owners" that Wu Xiangdong has helmed, from its size to popularity. "Wu Xiangdong and Xu Hang are both Tsinghua alumni and have been having a very good relationship for more than a decade, and both sides take what they need." The above-mentioned insiders close to the matter told the Economic Observer Network.

An intriguing detail is that on April 8, Xu Hang and Wu Xiangdong appeared together at the scene of the signing of the agreement between the Shenzhen Pengrui Charity Foundation and the Shanghai World Top Scientists Development Foundation (hereinafter referred to as the "Shanghai Dingke Development Foundation"), and Xu Hang and the Pengrui Charity Foundation jointly donated 1 billion yuan to the Shanghai Dingke Development Foundation, which was the first donation received by the foundation.

The initiator of the Shanghai Dingke Development Foundation is the World Association of Top Scientists. As early as December 2019, the World's Top Scientists (Shanghai) Science Group Co., Ltd. was registered in Shanghai Lingang New Area, and Wu Xiangdong served as a director.

Huaxia Happiness (Shenzhen) Operation Management Co., Ltd. holds 20% of the shares and is the third largest shareholder.

Xu Hang's commercial map

Xu Hang, who received a bachelor's degree in computer science and a master's degree in biomedical engineering from Tsinghua University, still retains the title of visiting professor at Tsinghua University. But one of the more widely known labels on him is the co-founder and chairman of Mindray Medical, China's largest medical device company.

Xu Hang was one of the technical leaders of Shenzhen Anke High Technology Co., Ltd. of "China Medical Device Whampoa Military Academy" in his early 1990s, he and the then leader Li Xiting "started another stove" and co-founded Mindray Medical; in 2007, after Mindray Medical landed on the New York Stock Exchange, Xu Hang cut into real estate from the medical industry, and Shenzhen Pengrui Real Estate Development Co., Ltd. (hereinafter referred to as "Pengrui Real Estate") came into being; since 2010, Xu Hang has gradually withdrawn from the daily affairs management of Mindray Medical. He resigned as co-CEO two years later.

In the past ten years, Xu Hang's figure has appeared more in various activities of Pengrui Real Estate under The Pengrui Group, and Shenzhen's top luxury house, Shenzhen Bay No. 1, is the most well-known star project of the real estate company so far.

Although he has always been low-key and belongs to the "halfway home" in the real estate field, Xu Hang has a high status in the Shenzhen corporate circle, he is the executive vice chairman of the Shenzhen Tongxin Club (hereinafter referred to as the "Tongxin Club"), and also holds 5.8824% of the equity of Shenzhen Tongxin Investment Fund Co., Ltd. (hereinafter referred to as "Tongxin Fund").

Founded in 2012 by Zhang Siping, former member of the Standing Committee of the Shenzhen Municipal Party Committee and vice mayor, the Tongxin Club has recruited Shenzhen's top richest people and many heavyweight government and enterprise figures, which can be called the most cattle circle of friends in Shenzhen.

The executive vice chairmen listed with Xu Hang include Ma Huateng of Tencent Holdings, Wang Wei of SF Holdings, and Wang Chuanfu of BYD. As a subsidiary product of The One Heart Club, the 42 shareholders of the One Heart Fund are also the backbone members of the One Heart Club.

Xu Hang, who is very close to these members of the Concentric Club, is naturally very rich. As of mid-2020, Xu Hang still holds more than 27% of mindray Medical's shares through its shareholdings, Magic Limited, Shenzhen Ruilong Consulting Service Partnership (Limited Partnership) and Shenzhen Ruifu Management Consulting Partnership (Limited Partnership).

In the "2020 New Fortune 500 Rich List" released in May last year, Xu Hang ranked 26th with a wealth of 64.21 billion yuan, up 8 places from 2019. When Xu Hang began to build a small kingdom of real estate, he always declared that "he never cared about cost, only quality" was concerned. From 2008 to 2018, he spent 10 years focusing on the Shenzhen Bay No. 1 project. The planning scheme of the building has undergone 38 times of bulldozing and restarting, and the design cost alone is 350 million yuan.

If Mindray Medical is the cornerstone of Xu Hang's first bucket of gold, then the prosperity of the Shenzhen real estate market has brought Shenzhen Bay No. 1 to many years of hot sales, which has allowed Xu Hang to taste the "sweetness" of the real estate industry.

As early as the opening of the market in 2013, the lowest price of Shenzhen Bay No. 1 exceeded 60,000 yuan / square meter, and the highest reached 170,000 yuan / square meter, breaking through the ceiling of high-rise residential prices in Shenzhen at that time.

Since 2018, Xu Hang, who once publicly stated that "Pengrui will not develop systematically in the real estate field", began to accelerate the "horse racing". He began to use more external professional managers, recruited Li Wei, former executive vice president of Yuzhou Real Estate, as executive director and president of Pengrui Group, and established Pengrui Urban Renewal Investment (Shenzhen) Co., Ltd., planning to expand the land area of new projects of about 3-6 million square meters within three years.

In those two years, Pengrui frequently "landed" in Shenzhen, Guangzhou, Zhuhai, Dongguan, Foshan, Zhongshan and Qingyuan through cooperation, urban renewal, public bidding, auction and listing.

"Replicating the success of Shenzhen Bay No. 1 to other areas" is Xu Hang's expectation for this round of real estate attack. In his speech at the 2020 Carnival Celebration, he mentioned that 2019 is the accelerated year for Pengrui Group to enter the "regional deep ploughing and national development". As of January 2020, Perennial has nearly 20 projects in the Guangdong-Hong Kong-Macao Greater Bay Area, and more buildings similar to Shenzhen Bay No. 1 will be erected in the Greater Bay Area in the future.

2020 is the year of Pengrui's inspection, Zhuhai Pengrui Jinyue Bay, Zhuhai Bay Center, Shunde Pengrui Haoyue Bay, Dongguan Pengrui Tianyue Plaza and other new projects have been launched, Pengrui external caliber has mentioned, "how to inherit or even surpass the product standards and design concepts of Shenzhen Bay No. 1, how to introduce a more international life into various cities, is the primary problem that Pengrui thinks." ”

An industry insider familiar with Pengrui told the Economic Observer Network that it is no problem to copy the product positioning of Shenzhen Bay No. 1 in a first-tier city with strong economic development, but if it is a neighboring city such as Zhuhai, Foshan and Dongguan, the luxury house route of Shenzhen Bay No. 1 is difficult to pass.

"Even if it's a good plot, it doesn't necessarily sell well." The above-mentioned insiders close to the matter revealed that Xu Hang as a whole was very dissatisfied with the development of Pengrui Group's real estate business in the past two years, so this time he hit it off with Wu Xiangdong.

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