htmlOn October 31, the real estate stock sector generally fell, and Longfor Real Estate share price once fell by more than 40%, setting the largest single-day decline in history. closed, and the decline narrowed to 23.78%.
After the market trading last Friday (October 28), Longfor Group issued a board announcement. The announcement shows that the company's founder, , Wu Yajun, , resigned as executive director and chairman of the board of directors of Longfor Group due to age and health reasons. The one who took over quickly was Chen Xuping, who is 40 years old. He just took over as CEO of Longhu on February 28 this year.
In response to the fluctuations in stock prices, Longfor announced on October 31 that, "After making all relevant inquiries about the company under reasonable circumstances, the board of directors hereby confirms that the group's business operations are stable and its financial situation is healthy and safe."
Longfor also stated that has repayed HK$5.1 billion in part of the syndicated loans due in 2023 on October 31.
"Chinese richest woman" resigned
"post-80s" took over as
On the evening of the 28th of
0, Longfor Group announced that Wu Yajun, the founder of , resigned as executive director and chairman of the board of directors of Longfor Group due to age and physical reasons, and was transferred to the company's strategic development consultant ; Chen Xuping, the company's executive director and CEO, was appointed as chairman of the board of directors on October 28, 2022; Shen Ying was appointed as the company's executive director; Xia Yunpeng was appointed as the company's non-executive director.
Although she deliberately kept a low profile, Wu Yajun is still a focus of Chinese real estate field. There are many legendary stories about her online, from a technician to a reporter, and from a building material seller to a real estate developer, from a corner of Chongqing to today, making Longfor one of the top ten developers in the country.
On November 19, 2009, Longfor was successfully listed, Wu Yajun once became the richest female in China, and Longfor once became one of the most valuable real estate companies in China.
Wu Yajun's own working style is quite hard-working. She said in an earlier interview: " My only hobby is to work ." An executive of that year confirmed indirectly: "Mr. Wu is better than others, and he is famous for his strong energy in the company. We usually add to the company in the company. Working until the second half of the night, when I went to QQ, I found that Mr. Wu was still online. "
In September 2021, Wu Yajun even angrily scolded because his employees posted that Longfor was "a big family that made me feel such a warmth": "Longfor's culture opposes turning the company into a 'home'! Because no matter whether it is right or wrong, no good or bad, no good or bad! Only talk about tolerance and only warmth."
Regarding her resignation, the public statement is "personal age and physical reasons." At the partnership meeting some time ago, Wu Yajun admitted that he had some physical problems recently, and is not suitable for continuing to work, and has not adjusted well in the past few months.
It is understood that Chen Xuping, who took over Wu Yajun, is also an old employee of Longfor. According to information, Chen Xuping is 40 years old. He graduated from Tsinghua University in 2008 with a master's degree. He joined Longfor in the same year and served as engineering manager, project manager, general manager of regional companies and general manager of the group's real estate channel. In August 2021, Chen Xuping was appointed as the company's executive director and member of the company's investment committee, and later served as the company's CEO on March 1, 2022.
"In 20 years, the operating income outside the real estate industry will reach 100 billion"
On the evening of October 30, Longhu Group held an investor meeting. Wu Yajun, founder of Longfor Group, appeared as a new identity. The new chairman Chen Xuping and CFO Zhao Yi attended the meeting together and responded to investors' questions.
Wu Yajun said that in the past three years, he has been arranging people who can succeed him, and it was not until this year that he officially announced ."I was going to hand it over to him around the interim performance this year, but in early August, Longfor was shorted and his sales did not return to the positive. Since the third quarter, Longfor's sales have begun to return to the positive, and all debts due within the year have been paid off, and those that expire next year are also planning and preparing in advance. I think resignation is a better time."
At the investor meeting, Wu Yajun again mentioned the personal physical reasons for resigning . Due to the years of diabetes and thyroid , she is already a little overwhelmed with energy. "I had heart problems some time ago, and the cause has not been found." At the Longfor Partner Conference two days ago, Wu Yajun also mentioned his physical condition. Because she had just had eye surgery and was wearing sunglasses that day, "there will be continued surgical treatment in the future."
At the meeting, she also expressed her consistent views on the company and the capital market. In her opinion, a company is like a cup, and the capital market is a shadow cast on the wall through the light. It is normal for the capital market to fluctuate. More importantly, whether the company itself is good and whether it is doing the right thing .
In addition, Wu Yajun predicted at the meeting that Longfor's profit will increase steadily this year, at least to the right, while operating income will increase by 15%-20%.
It is reported that since this year, Longfor's expansion in first-tier cities has increased significantly. Its announcement stated: "From September to October 2022, 110 new projects were obtained in high-level cities such as Beijing, Shanghai, Hefei, and Chengdu, with a land acquisition amount of approximately RMB 10.8 billion."
In the third quarter of this year, Longhu's full-caliber sales were 59.8 billion yuan, and increased by 0.8% year-on-year. has turned into a regular . At the same time, Longhu's operating income was about 17.18 billion yuan from January to September, and 9 new shopping malls have been opened this year.
A widely circulated and has not denied by Longfor official is that Wu Yajun’s internal goal for real estate development is that by 2024, the real estate equity sales will reach 560 billion yuan; by 2029, the real estate equity sales will reach 900 billion yuan.
And on October 30, Chen Xuping made a promise at the first investor exchange meeting after taking over: "In the next five years, Longfor's goal is to create the profit proportion of these four operating channels, including commerce, rental housing, space services, and smart creation of the profits can generate. More than half, the revenue accounts for 30% of the entire group . By that time, it should be said that Longfor has completed de-real estate development. 20 years later, our operating income goal outside of is to achieve 100 billion
Edit丨Zhang Lan Comprehensive daily economic news, China Fund News, Cailianshe, Hongxing Capital Bureau
pictures丨Longfor official account screenshot, Oriental Wealth screenshot, boss hookup video screenshot, Visual China
