Source: focus Finance Focus
On the evening of April fourteenthCasinorouletteVanke issued an announcement to disclose the latest exchanges of investor relations activities. Board Chairman Yu Liang, President Zhu Jiusheng and Board Secretary Zhu Xu introduced the company's situation during the research on Guangfa Securities, Citigroup Securities and other institutions.
The announcement shows that Vanke responds to the company's current business situation, "Yantai Vanke was reported" and recent market public opinion. Vanke said that judging from the overall operating situation, it is true that it has encountered periodic operational difficulties and short-term liquidity pressure; a package of plans to stabilize operations and reduce liabilities have been formulated, which can properly resolve these phased pressures.
Talking about the situation of Yantai Vanke, Vanke said that the tax authorities inspected Yantai Vanke, and Vanke did not refuse to pay its accounts. at present, the tax authorities have not determined that Yantai Vanke has the subjective intention of evading taxes; there is no so-called private interest of Vanke management team in the cooperation project.
"encounter phased operational difficulties: a series of countermeasures have been drawn up"
Recently, Vanke is in deep trouble. Recently, on April 10, Vanke suffered a "double kill of stock and debt", with a share price of 7%.Casinoroulette.58 yuan hit a nine-year low, and many corporate bonds such as "200000 science 08" and "210000 science 04" fell. On the same day, Xiao Jin, general manager of Vanke Jinan Company, was taken away to attract market attention. Vanke's emergency response was for personal reasons. "
In the announcement disclosed on April 14, Vanke first introduced the overall situation of the company. "at present, we have indeed encountered phased operational difficulties and short-term liquidity pressure." But,CasinorouletteWe have formulated a package of plans to stabilize operations and reduce debt, which can properly resolve these phased pressures. "
Vanke gave three reasons: the company was the first to realize the need for transformation and development, put forward the business concept of "attaching equal importance to development and management services", and laid out a number of service businesses and formats based on its own main business and in line with national policy guidance. However, in the actual operation process, there is the problem of too big steps and too hasty actions.
"the transformation business exceeds our resource matching ability, takes up too much development business funds, and the scale is too large, which leads to the management ability not keeping up with us, and the business objectives have not been achieved as planned." Vanke said.
"our behavior has not resolutely got rid of the inertia of the industry, and there have been investment rash advances and mistakes in many cities, including some key cities and first-tier cities." Vanke also reflected that it failed to make more thorough adjustments to the "three high" model that is common in the industry, leading to a passive situation today.
Vanke also said that in the process of transition to the new model, the company's understanding of the trend changes in the financing model was not comprehensive and thorough at the beginning; the company has started the adjustment of the real estate financing model, but it still needs a process to shift from the total credit financing to the new financing model.
In response, Vanke said it had formulated a package of plans to stabilize operations and reduce liabilities. First of all, based on "self-help", based on their own ability and resources to resolve risks, all the business on hand, all re-open and review, sort out, and formulate targeted plans.
Second, Vanke will make full use of all kinds of existing financing tools and mobilize all frontline forces to make good use of a series of policy financing tools issued by the central government that are conducive to the industry to defuse risks.
Vanke also re-emphasized the goal set at the performance meeting at the end of March: our debt will be reduced by 100 billion yuan this year and next year, the debt risk will be substantially resolved, and all Vanke projects will be delivered on time and of high quality.
The previous results announcement issued by Vanke in March showed that Vanke achieved a total revenue of 4657 in 2023.Casinoroulette.400 billion yuan, down 7.6% from the same period last year, with a net profit of 12.16 billion yuan. By the end of 2023, Vanke has had positive operating cash flow for 15 consecutive years, and 99.81 billion yuan in hand money can cover interest-bearing liabilities due within one year.
Yu Liang said at the performance meeting that Vanke's management team is determined not to lie flat and will cross this stage, and the company will step up efforts to invigorate stock and real estate to ensure a thicker safety cushion.
Facing the future, Vanke will focus on the following aspects to promote the company to smoothly pass through the transformation of the model: first, to ensure the safety bottom line and achieve transaction rebate of not less than 30 billion yuan in 2024; second, to firmly reduce leverage, reduce interest-paying debt by more than 100 billion yuan in the next two years; third, firmly provide good products and services for the society to achieve sustainable endogenous development.
"Yantai Vanke does not have the situation of refusing to pay accounts."
For the "Yantai Vanke was reported" incident, Vanke pointed out that the real name of the company reported is mainly Li Jun Yantai Riying Group subsidiary companies. Yantai Vanke cooperates with its partner Li Jun (hereinafter referred to as "Yantai partner") in the development of real estate projects for nearly 10 years and cooperates with 7 projects.
Since 2021, due to the influence of the overall market environment, Yantai multi-project sales are not as expected, and the profit can not reach the initial feasibility research target. In order to ensure the construction and delivery of the project and the funds needed for normal operation, the funds of the project company can not be allocated according to the wishes of Yantai partners. At the same time, Yantai partner, as a share Dongfang, ignored the construction, delivery and normal operation needs of the project company, and put forward a huge claim of 1.6 billion yuan without reasonable basis.
Vanke said that although Yantai Vanke and Yantai partners have communicated for many times, they have been unable to reach an agreement. Yantai partners subsequently reported to the government, public security, tax bureau, CSRC, Shenzhen Stock Exchange and other institutions for many times, and repeatedly exposed in the media.
Vanke also disclosed the more detailed process of the incident. Specifically, the Yantai whistleblower reported the misappropriation of funds to the Yantai public security organ in 2023 and was accepted. After three months of investigation and collection of evidence, the Yantai public security organ decided not to file the case in November 2023.
The cooperation project involved by the whistleblower is clearly stipulated in the cooperation agreement: "other funds of the project company are immediately transferred to the fund management account of Vanke Enterprise Co., Ltd." the transfer of funds of Yantai Project Company involved in the report belongs to the overall management of project funds by Vanke in accordance with the agreement of the cooperation agreement. After three months of investigation and demonstration, the public security department made a notice of "not filing a case" in November 2023.
With regard to the inspection of Yantai Vanke by the tax authorities, Vanke said that there was no refusal to pay the accounts, and at present, the tax authorities did not determine that Yantai Vanke had the subjective intention to evade taxes; at the same time, the tax authorities and Yantai Vanke exchanged preliminary inspection opinions, and at present, the tax authorities did not determine that Yantai Vanke had the subjective intention of tax evasion.
Vanke also stressed that there is no so-called private interest of Vanke's management team in the cooperative project, and that Vanke does not transfer benefits to executives through the investment system.
Vanke pointed out that under the existing system, Vanke directors, supervisors and senior managers are not allowed to participate in the project follow-up program since 2014, let alone to derive any personal benefits from the cooperative project. Employees participate in the follow-up investment, and the follow-up investment plan clearly requires them to give their own funds to co-invest with the company.
Follow-up investment funds and company investment, partner investment risk sharing, income sharing, employees and investment rights and interests are minority shareholders, equal rights and obligations with other shareholders, there is no particularity. No matter Vanke wholly-owned project or cooperative project, it is consistent with the investment model, terms and requirements.
Vanke said that in the first few years of the follow-up program, the market was in good condition, the company and its partners received good returns, and employees benefited as well as investment funds.
However, in recent years, with the change of the market situation, the income level of the company and the partner has declined, and the employees and investors have also suffered the same operating results, and some of them have lost money, which reflects the original intention of the team and investors to share profits and risks.
In addition, in response to economic disputes with partners, Vanke said Yantai Vanke had filed a civil lawsuit in Yantai Court in February 2024, claiming legal rights in accordance with the law. The case has entered the stage of formal trial, and the court has ruled in accordance with the law to take litigation preservation of the assets of the partner.
The defamation of the company and the chairman of the board of directors by Yantai partners on the Internet in April 2024 was of a bad nature and influence. Vanke said it was filing a civil lawsuit in the court and a criminal report to the public security organs.
According to Vanke, with regard to the Tangshan Emerald Blue Mountain project reported by Yantai partners, Tangshan Vanke has reached an implementation settlement with the partners in 2022 according to the winning judgment, and the assets have been handed over in an orderly manner. The Lanshan project is under normal operation and construction and has been delivered with high quality.
In response to the rumor that "all senior executives at or above the vice president are under border control"
In addition, Vanke also responded to the fact that Xiao Jin, general manager of Vanke Jinan Company, was taken away.
Xiao Jin is a personal case and has nothing to do with the Yantai report. The group has arranged for the Beijing area and Jinan company to communicate with the Jinan political and Law Commission and the police investigating the case. The police said that Xiao Jin's case was his personal case and had nothing to do with the Yantai report. " Vanke emphasizes
Xiao Jin incident is a personal problem, which should be distinguished from the normal business behavior of Vanke Group and Jinan Vanke Group, and will, as always, support Vanke's business development in Jinan.
Recently, there are rumors that "after the head of Vanke Central China, Cai Ping, went to the United States and did not return, all Vanke Group Vice President and above are currently under border control."
Vanke pointed out, "Cai Ping, the former chief partner of Central China, was born in the United States, but now he has reached the stage of education and needs family company." He resigned in 2023 and obtained the consent of the company. Wang Runchuan, the lead partner of the former headquarters collaboration Center, offered to leave because he went to Hong Kong for further study. At present, people often live in Shenzhen. The management of the group carries out official trips abroad normally. Zhu Jiusheng, president of the group, just returned from his inspection project in Hong Kong today. Zhu Baoquan, Co-President of the Group, flew to Japan at noon today (April 14) for a business inspection. "