Guidian Real Estate Network Except for Vanke's fixed media exchange meetings and marathons every year, the increasingly busier Yu Liang rarely attends public events.
htmlOn November 12, at the Shenzhen base camp, Yu Liang appeared as the Vanke Property platform, and the same person also accompanied by Vanke Property Group CEO Zhu Baoquan . At theevent, Vanke Property announced the joint establishment of a new company with Ding Asylum Bank - Wanwu Ding Asylum Bank Asylum Service Co., Ltd., to integrate commercial property and facility management services in Greater China.
This is a further trend of cooperation between the two parties after Vanke Property announced its initial public offering pricing in July last year, purchasing 4.9% of the shares of Ded Asphalt Bank and becoming its fourth largest strategic shareholder.
Dade Asphalt said that the new company is composed of asset packages injected by shareholders of both parties, focusing on the fields of commercial property and facility management, and its main businesses include commercial property and asset management and comprehensive facility management.
The management of the new company also comes from both teams. Among them, the CEO is Ye Shiyuan, former director of the Asset Service Department of Ded & Betel Greater China, and the Chief Financial Officer is Mo Fan, former managing partner of Vanke Property Government Enterprise Commercial Service Department.
In addition, the new company is held by the board of directors, and the board of directors is sent by both parties. In terms of equity ratio, Vanke is larger.
Although Yu Liang rarely attended the event, he did not speak at the scene, but Zhu Baoquan responded to the media.
Zhu Baoquan described the cooperation between the two parties as a heavyweight and milestone integration in the field of commercial property asset services in Greater China, and believed that a new aircraft carrier would be born. "The cooperation between the two parties is not only a business integration, but also an alliance of advantageous resources. It doesn't matter how big this company is today. After the genes of both parties are injected, a new aircraft carrier will be born in China."
Obviously, for Vanke Property, which has been established for 29 years and has been focusing on residential management, the cooperation with Ded Asphalt Bank means making up for its commercial and office business defects.
. What the outside world is more concerned about is that when the property company has become a hot spot for listing, when will this property company with the largest annual revenue scale in the industry start listing?
Zhu Baoquan's answer is still very secretive in this regard, "Of course it depends on Mr. Yu."
Commercial and Office defects
In fact, Vanke Property is not without a target for listing. At the end of last year, Yu Liang proposed, "Vanke Property will not go public until it reaches the level of 100 billion."
This is an ambition to be the leader of property stocks, but can Vanke Property’s strength be worthy of Yu Liang’s ambition? The shortcomings of
in commercial formats obviously gave Vanke Property a negative answer.
In terms of management scale and revenue performance, Vanke Property, founded in 1990, has always been the "leader" of the industry.
data shows that Vanke Property's operating income in 2018 reached 9.8 billion yuan, a year-on-year increase of 33%; in the first half of 2019, Vanke Property's service revenue reached 5.283 billion yuan, a year-on-year increase of 27.1%, far ahead of all listed property companies.
However, relying too much on Vanke Group and a single business structure, Vanke Property also seems a bit more knowledgeable.
As of the end of December 2018, Vanke Property has deployed in 83 large and medium-sized cities in China, with a total of 2,844 contract projects, including 2,209 residential projects and 635 commercial and enterprise projects, with a contract area exceeding 530 million square meters.
A senior property industry insider told Guandian Real Estate New Media, "Vanke used to only do its own business, and it did not start to be fully marketed until 2015, so it is inevitable to encounter some problems."
The above-mentioned person gave an example that Vanke Property only did Vanke projects, and the quality of this type of property is relatively good, but the properties in society vary greatly. Therefore, Vanke's business also encountered some difficulties and problems after entering the market. If you come out of the greenhouse, you will definitely have to face the storm. How to survive the storm is also something they need to think about in the future.
At the same time, in order to cultivate new economic growth points besides residential business, in October 2018, Vanke Property integrated the management resources and professional capabilities of commercial property, launched the "All Things Commercial Enterprise" sub-brand, and proposed the "Residential Commercial Enterprise, two wings fly together" strategy.
However, due to the different business logic of office and residential management, it is not easy for Vanke, which lacks commercial genes, to provide good asset management services for commercial and office projects.
Zhu Baoquan said no secretly about this, "Even if the business of all things is developing well, the outside world's brand awareness of Vanke Property is still in residential areas. I am personally more familiar with residential areas, so I cooperate with others in commercial areas."
At the same time, when doing office property management, Vanke Property has not involved leasing, bulk transactions and other businesses due to the lack of supporting asset services.
"So when we serve this type of customer, they often ask us if we can provide leasing and bulk transactions. This process is quite embarrassing." Zhu Baoquan said.
To this end, Vanke Property chose to cooperate with Ded Asphalt Bank, which has relevant product lines and talent teams.
data shows that the new company Wanwu De Bell & Walk Asset Service Co., Ltd.'s commercial property management and facility management projects in Greater China cover more than 80 cities, manages more than 1,000 property projects and more than 20,000 employees.
Regarding the composition of the new company's asset package, Zhu Baoquan responded on the spot, "The asset package is the customers that both parties originally served, mainly corporate offices and office buildings." He also emphasized that the two parties are based on this joint venture and will no longer expand their business.
As for the scale of the new company's asset package, Zhu Baoquan did not directly answer, "This is put in it bit by bit. I hope that the ratio of Vanke property business and residential business can be 1:1 in the future, and a horse racing mechanism will be formed."
listing chips
Although Yu Liang once emphasized that Vanke Property should keep a distance from the capital market, looking back at the development of Vanke Property in the past few years, starting from the full marketization, it has always been its goal to pursue since it started to expand.
On the other hand, after Vanke proposed to "stabilize the basic market and prune the branches and leaves", it did not prune the property business, which also shows that property is still an important basic market for Vanke.
According to Guandian Real Estate New Media, in 2015, Vanke Property began to move towards marketization and took over 377 residential projects not developed by Vanke that year, with a contract management area of 210 million square meters.
From 2016 to 2018, Vanke Property acquired 16, 7 and 3 local property companies respectively, expanding its management area and increasing revenue while also increasing management costs.
. With the decrease in the scale of acquisition, Vanke Property's revenue growth has gradually shrunk in the past two years.
data shows that in the first half of 2019, Vanke Property Services revenue was 5.283 billion yuan, a year-on-year increase of 27.1%, a significant decline from 2016-2018.
Therefore, cooperating with Derby Asphalt Bank to carry out business business has also become an important channel for Vanke Property to expand its scale under management.
According to Zhu Baoquan, "the current cooperation between the two parties is still mainly in Greater China. Internationalization is more of a connection. For example, foreign companies want to enter China, or Chinese companies want to go overseas, we can introduce them."
As for the company that can promote Vanke Property to become a company with a market value of 100 billion yuan, Zhu Baoquan did not respond positively, " Poly property seems to be going public soon, see the performance of Poly ." Although the establishment of a new company has brought a lot of benefits to Vanke Property, the cooperation between the two parties has also experienced some ups and downs.
On the one hand, due to the Chinese and foreign capital identities of both parties, especially Vanke is a mixed-ownership enterprise, the establishment of a new company is not easy.
According to Zhu Baoquan, the so-called "the book and the car and the track" was finally reached after 18 months of negotiations. "We are in the contract system, and they are in the remuneration system. It is difficult for both parties to calculate the price of the contract, and the development requirements are also different."
In addition, a senior management of a property company told Guandian Real Estate New Media, "The foreign investment model determines that Ding Asphalt Bank will not give all its business to Vanke, and domestic commercial and office enterprises are becoming more and more mature, and foreign investment has already regressed in China. I personally think this is of little significance to the promotion of Vanke Property's listing."
In addition, in terms of revenue structure, the proportion of value-added services and absolute value revenue is relatively small, which also reflects that Vanke Property is still a traditional property company.
To meet Yu Liang's requirements, Vanke Property still needs to face more market challenges and running-in.
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