In just three years, Jiang Daqiang changed Hongyang Real Estate from 20 billion to 80 billion. However, he chose to leave.

Jiang Daqiang was originally the president of Hongyang Group and the "top leader" in the senior management team. Prior to this, Sean, another president who worked with him for three years, also resigned.

Before and after the Spring Festival, two generals of Hongyang left their posts one after another, which caused obvious shock to the real estate industry in East China.

As the last real estate "dark horse" before the "three red lines", Hongyang's rapid expansion in the past three years relies on star professional managers.

At the beginning of 20 18, nine senior executives joined in, which made Hongyang an instant hit in the East China real estate circle, and its scale quadrupled in the following three years.

Unlike previous job-hopping, Jiang Daqiang and Sean did not choose a real estate company. Jiang became the president of Ping An Real Estate, focusing on asset management and real estate finance, and Zhang returned to the medical industry.

"Real estate has only one last cycle, which is the next three to five years. Hongyang should seize the last chance of the periodic window. " Three years ago, Jiang Daqiang once judged this. Now it seems that this is a prophecy.

Since August 2020, the introduction of major regulatory policies such as "three red lines" and centralized land auction has completely declared the end of the era of debt expansion of housing enterprises, and the "dark horse" of the industry is hard to come out, and the good days are gone forever.

1996, Zeng huansha founded Hongyang, but until 20 17, Hongyang, which was founded in 2 1 year, was only a small house enterprise that was unknown after leaving Nanjing. The project is located in the north of Yangtze River Bridge in Pukou District, Nanjing, and is known as the "King of Bridge North".

As a Fujian businessman, more than three years ago, Zeng Huansha began to want to expand his business territory and enter the Hongqiao circle of Fujian fellow villagers.

His first step is to start with "people".

They all held important positions in Xuhui, a real estate enterprise in Fujian on 2012/2017. During this period, Xuhui's sales increased from 9.6 billion to/kloc-0.04 billion, making it one of the most successful dark horse housing enterprises in the real estate circle. The three brothers Lin, who founded Xuhui, have become important real estate tycoons in East China.

Besides Jiang Daqiang and Sean, Bin Chen and Zou Gaowu in the new senior management team are also from Xuhui. The rest of the executives came from real estate enterprises that expanded rapidly at that time, such as Xincheng Holdings and Taihe.

Zeng Huansha's purpose is clear: to recreate a road similar to Xuhui and to recreate a 100 billion listed real estate enterprise at an extremely fast speed.

The new team quickly injected connections, resources and fame into Hongyang, and provided support for Hongyang's national expansion of "finding people, finding money and finding land".

Sean operated on Hongyang's organizational structure, and Jiang Daqiang reformed Hongyang from four aspects: grand strategy, grand mechanism, grand operation and grand information, and determined the strategic layout of "doing a thorough job in Jiangsu, deepening the Yangtze River Delta and laying out the metropolitan area".

In just one year, Hongyang's sales scale soared by 84%, and its ranking on Kerry list rose by more than 30 places. On July 20 18, Zeng Huansha took Hongyang to Hong Kong to ring the bell.

But in fact, in the fourth quarter of 20 18, the industry has entered a downward cycle, and the closing speed of the "real estate dark horse" window period is faster than expected.

By the third quarter of 20 19, the performance growth of Hongyang real estate sector was tired and could not meet expectations. The performance of "Golden September and Silver 10" in the Yangtze River Delta region where Hongyang has a heavy position is very dull, and the price war between housing enterprises is imminent at the end of the year.

"The boss's patience has reached its limit." At that time, an insider of Hongyang revealed.

In 2020, the epidemic black swan struck, and housing enterprises sold less houses for several months. Subsequently, the new regulations of "three red lines" financing supervision were introduced, which dealt a heavy blow to the rapidly expanding housing enterprises.

Hongyang failed to copy the legend of Xuhui. In 20 19, the contracted sales growth of Hongyang real estate decreased to 38%, and further decreased to 33% in 2020.

Three years later, at the end of 2020, Hongyang's goal of 100 billion yuan was not realized. Sean and Jiang Daqiang both chose to break up with Hongyang honorably.

They saw the situation clearly, switched tracks in time, and chose a more secure and long-term road.

Jiang Daqiang and Sean left, leaving Hongyang and Zeng Huansha, still exploring the way forward.

Scale is still an insurmountable obstacle. For more than 30 years, from 100 billion to100 billion, the scale dispute of the real estate industry has never stopped.

In 2020, the number of 100 billion housing enterprises has reached 43, and eat small fish, a big fish in the industry, has been staged continuously, and 100 billion has become the basic threshold for the survival and competition of housing enterprises.

Hongyang jumped from 20 billion to 86.5 billion in three years, not far from 1000 billion, but the longer-term development after that lacked support.

The growth of Hongyang's performance depends largely on the cooperation and development with the outside world, rather than its own natural growth. Hongyang Real Estate's full-caliber sales from 20 17 to 2020 are 25.7 billion yuan, 47.3 billion yuan, 65.2 billion yuan and 86.5 billion yuan respectively. However, according to Ke Rui, its equity sales in the past four years were only164 billion yuan, 28.8 billion yuan, 34.9 billion yuan and 40.7 billion yuan, and its equity share dropped from 64% to.

This led Hongyang to expand at the expense of profits in the past few years. In 20 18, Hongyang's sales increased by 84%, but the net profit returned to the mother was only14120,000 yuan, an increase of only16%; In 20 19, Hongyang's sales exceeded 60 billion yuan, but the net profit returned to the mother stopped, only14.68 million yuan; In the first half of 2020, there was even a retrogression, and the net profit returned to the mother was 677 million yuan, down 8.9% year-on-year.

The rights and interests of Hongyang minority shareholders rose from10.60 billion yuan in 20 17 to 5.95 billion yuan in mid-2020, accounting for nearly 30%. In the first half of 2020, the profit and loss of minority shareholders reached 399 million yuan, accounting for 3 1% of the net profit.

Hongyang, which missed the window period, failed to expand nationwide, and more than 70% of its layout was concentrated in the Yangtze River Delta. For Hongyang, which has stepped on the red line, the annual growth rate of interest-bearing liabilities cannot exceed 10%, and there is limited room for leverage.

Zeng Huansha began to seek a turning point. On June 365438+1October 3 1 day, Hongyang held a management meeting. This "last dark horse" will reduce the scale demand and strive for progress steadily. Zeng Huansha announced the "new three-year strategy", the core of which is only two words: profit.

More than three years ago, real estate developers went to Country Garden to learn from the scriptures and learned about high turnover. After the "three red lines", Longhu and Zhonghai became their secret targets.

Unlike digging Xuhui, Xincheng and Taihe three years ago, the people around Zeng Huansha mainly came from Longhu, Wanda and Zhonghai.

Hongyang Group is currently composed of three major sectors: real estate, commerce and service. Yuan Chun, former vice president of Longhu Group and former president of Hongkun Group, was in charge of real estate. Shen Jiaying, the former vice president of Wanda Commercial Management, is the president of the commercial group, and Yang Guang, the executive president of the service group, was hired from Longhu Real Estate.

In addition, Wang Shixiong, former vice president of Shanghai Branch of Agricultural Bank of China and former general manager of Huaxin International, is currently the executive president of Hongyang Group and the president of the Capital Group.

Zeng Huansha founded a group of professional managers with different genes, hoping that they will drive Hongyang into the next stage, that is, the stage of scale and profit balance.

Under Hongyang's current development model, it is a paradox to achieve scale expansion and profit margin improvement at the same time.

Because the "three red lines" and two centralized land supply policies have dealt the biggest blow to the development model of dark horse housing enterprises, which will trigger a series of chain reactions such as financing, land auction and transaction, Hongyang's expansion in Zhang Zhilu has been greatly restricted.