Pan Shiyi finally "unbinds" soho

Source | Bohufn

Author | Dongli

Pan Shiyi finally "ran away."

On September 7, SOHO China issued an announcement that Pan Shiyi resigned from the position of the company's chairman, and Pan Zhangxin resigned as the company's CEO position, which took effect on the same day.

However, Lao Pan's "running road" ran at most halfway.

Despite his retreat to focus on art and charity behind the scenes, Pan Shiyi and his wife are also the actual controller of SOHO China, holding a total of 63.39%of the equity.

Last year, the news that the Blackstone intended to acquire SOHO China was boiling. If the transaction was successful, the Pan Shiyi couple will successfully reduce the stock in their hands to 9%and cash more than 10 billion yuan. But the transaction was blowing twice, and Pan Shiyi had to stay in SOHO China.

Pan Shiyi, who has created Soho China and the helm for 27 years from Rural Gansu, now only wants to "buy away from your hand" as soon as possible. SOHO China, which leases more than 1 billion yuan each year, has no value for him and has become a "hot potato"?

Pan Shiyi is decided

Pan Shiyi was born in a poor family in rural Gansu in 1963. After graduating from university, he went to work in the Ministry of Petroleum and became a member of the system. This seems to now, it is still an excellent destination. But in 1987, Pan Shiyi resolutely abandoned the "iron rice bowl" and went to the sea to start a business.

At that time, Chinese real estate was entering a golden period of great development. Pan Shiyi and five other partners founded Wantong Company to earn the first bucket of gold in the real estate market in Hainan, becoming one of the famous "Wantong Six Gentlemen" in the history of Chinese real estate.

In 1995, Pan Shiyi "retreated the whole body" before the breakthrough of Hainan's real estate bubble. Zhang Xin, who was the third wife and the returnee elite, co -founded the Hongshi Industry -SOHO China. With ten years of Chinese real estate gold, SOHO China has grown into a towering tree. In 2007, it was listed on the Hong Kong Stock Exchange, setting the largest commercial real estate IPO in Asia at that time.

Immediately after that, the Chinese real estate market entered a bottleneck in 2008, Vanke's boss Wang Shi proposed the "inflection point theory", but Pan Shiyi was still holding the land silently. He said in an interview that "we will naturally focus on new economic growth points as businessmen", and will favor rich areas such as Shanxi and Inner Mongolia.

In fact, it is also the "coal boss" in Shanxi and other places that let Pan Shiyi sit on the rocket with a career. This year, Pan Shiyi won the "most profitable person who can make money in the real estate industry" with the sales of Sanlitun SOHO 6.9 billion yuan. As long as he opens his customer list, 50%of them are rich in Shanxi.

(Picture source network)

However, the good times did not last long. With the advent of the "strictest" coal mines in history, small and medium -sized coal mines were clearly cleared. In addition, energy entered the decline cycle. Subsequently, in 2014, SOHO China also began to sell domestic assets on a large scale after the cliff -like decline in the cliff -type. From "buying and buying" to "selling", it cumulatively cumulative nearly 30 billion yuan in 8 years.

In addition to large -scale cash cash, Pan Shiyi actually wanted to sell SOHO China. As early as 2020, Blackstone Group wanted to acquire SOHO China and intentionally made SOHO China privatize, but the transaction was forced to blow two times due to the pressure of public opinion and policy supervision. Nevertheless, Pan Shiyi was not idle. While looking for the opportunity to sell SOHO China, he discounted to selling its assets.

(Wangjing SOHO/Picture Source Network)

In March of this year, Pan Shiyi also tried to sell SOHO Chinese properties with a "70 % discount" price at a "70 % discount" price. Project.

In fact, the Pan Shiyi's family of six has immigrated to the United States except he himself. Presumably the mood of reuniting with his family is also very urgent. In addition, it is no wonder that Pan Shiyi will "run the road" from time to time from time to time. Rumors.

But "retreat, not completely retreat." Although the Pan Shiyi and his wife resigned both, they would continue to serve as the company's executive director, as well as the status of the remuneration committee, nomination committee and ESG committee. And although the company's equity structure has not changed, the company's equity structure has not changed. It is still the actual controller of the company and can be "remotely controlled".

Paradoxically, as soon as the news of the founder's abdication came out, SOHO China's stock price rose rapidly, once rose by more than 17%. At the close of the day, SOHO China closed at HK $ 1.51/share, an increase of 11.03%. In this regard, some people in the industry believe that the resignation of Pan Shiyi and his wife can largely reduce attention and help improve SOHO's operating environment.

After all, Pan Shiyi, who wants to "buy out of hand", has been using actual actions to "sing down" soho China.

Soho China "hot"?

The "charter" business is not easy to do. It was an unimaginable thing a few years ago, but it really happened in the background of the downward decline of the housing market.

As the largest office building in China, Pan Shiyi complained more than once to collect the rent of office buildings and does not make money: "Compared with foreign countries, due to credit, policies and other factors, the domestic office building market has been very low." The rental return rate is about 2%, and the capital interest rate of loans from banks is 4.4%. Not only does it not make money, but also posted it. However, in the past, SOHO China was very profitable. The reason was that it was two major transformations in the 27 years, creating what SOHO China looks like today.

The first transformation was in 2003. Pan Shiyi judged that residential real estate has become a fiercely competitive Red Sea, and commercial and office real estate is the vast blue ocean. project.

(Wangjing SOHO/Picture Source Network)

It was also after this transformation that SOHO China was successfully listed, and Pan Shiyi became "the most profitable person in the real estate industry."

The second transformation took place in 2012. At that time, there were reports that the rent of Beijing office building soared 55%in 2011. Pan Shiyi naturally did not want to miss the rapidly growing office rental market, and decided to change "sales" to "rent", transforming from "development-sales" to "development-holding", "Just rent it."

At that time, Pan Shiyi predicted that SOHO China would complete the transformation in 2015. At that time, the rental income will become the main source of profit. The rental return on office buildings can be at least 10%.

However, since the transformation of the "charter", SOHO's China's turnover has fallen sharply. In 2012, it was 15.3 billion yuan. By 2015, it fell to 1 billion yuan, over 14 times.

(SOHO China Financial Index/Picture Source Network)

Moreover, due to the early high -priced hype and chaos of SOHO, the overdraft market trust has been overdrawn, and the return return rate of SOHO is actually less than 3%for a long time.

Seeing that this road was unreasonable, Pan Shiyi quickly turned around the bow and rented "wholesale". This is why from 2014, Pan Shiyi and his wife are selling assets almost every year.

However, with the decline in the real estate market, since 2021, SOHO China's sales property income has been zero. SOHO China ’s half -annual report in 2022 shows that the total revenue in the first half of the year was 896 million yuan, all of which were rental revenue, an increase of 11%year -on -year; net profit attributable to the mother was 191 million yuan, a year -on -year decrease of 44%, and increasing increasing revenue.

The worse thing is that it is not enough to pay debt for a year. As of now, SOHO China has a total loan of 16.73 billion yuan, of which 1.613 billion yuan will expire within 1 year.

In addition, the epidemic has almost a devastating blow to the business model of self -sustaining property and rent collection. In recent years, the general vacancy rate of first -tier cities' Grade A office buildings has increased and rents have declined. SOHO China ’s“ main battlefield ”Beijing and Shanghai have been impacted by the epidemic in 2022, which directly led to the average lease rate of SOHO China’ s investment property in the first half of this year to fall to about 80%, and this number remained above 90%before.

In addition to the influence of external factors, SOHO's internal negative news continues. Since 2021, there have been scandals such as tax evasion, tax evasion, illegal additional power collection fees, and chief financial officers involved in "insider trading". The company's stock price has also been on the roller coaster.

Obviously, the Pan Shiyi and his wife retired behind the scenes and left a mess to the successors.

SOHO China inheritor

At the same time as Pan Shiyi and his wife "resign and return home", Xu Jin and Qian Ting were appointed as the company's executive director and joint CEO. Huang Jingsheng, an independent non -executive director, was appointed as the chairman of the board of directors, chairman of the nomination committee, and chairman of the ESG Committee.

From the perspective of resumes, the new appointed executives are "veterans" who have joined SOHO for many years in China for many years. According to the data, Xu Jin, who was 50 years old in February 2001, joined the real estate development experience for more than 20 years; Qian Ting was 45 years old and joined in October 2002. He has 20 years of experience in Chinese real estate sales and leasing.

It is worth noting that joint CEO is usually a temporary arrangement. The appointment of the previous two does not seem to directly replace the position of Zhang Xin's CEO. Pan Shiyi's resignation and Huang Jingsheng's "replenishment" also means that the chairman of the board of directors is still vacant.

However, at this time, SOHO China has transformed into a professional manager -led, which may bring more new opportunities for enterprises to innovate and develop.

SOHO China ’s self -owned business -run property is a heavy asset business model. At present, the low rent level of office buildings and the decline in the rental rate are indisputable facts. Wholesale and sales properties can only alleviate the urgent urgentity of eyebrows, and it is not a long -term score that supports revenue. Therefore, in the background of the real estate industry, the content and form of innovative dealers may become a new growth point.

In fact, SOHO China has followed the trend of shared office, and in 2015, it launched the shared office business SOHO 3Q.

(SOHO3Q/Picture Source Network)

As of the end of 2018, SOHO 3Q has expanded to other cities and third -party properties outside Beijing, Shanghai, and 31 centers in 7 cities in China, with a total of more than 30,000 stations. In the same year, SOHO 3Q also reported that it would be listed independently on the Hong Kong Stock Exchange.

However, with the failure of the first person in the shared office, WeWork failed in 2019, and the entire shared office industry was in doubt, and Pan Shiyi began to sell SOHO 3Q assets. However, the good days are still behind. After two years of stranding, WeWork finally landed on the New York Stock Exchange in 2021. And in 2020, the domestic shared office platform Youke Workshop took the lead in listing, becoming the world's first "joint office share", and let the shared office industry see a new dawn.

Especially in the post -epidemic era, with the sharp return of office needs and the rise of flexible office models, the shared office market quickly recovered. In 2021, the size of my country's shared office market reached 21.2 billion yuan, the growth rate exceeded 25%, which is the entire sharing economy segmentation. The fastest -growing department in the field.

At this time, if you attach importance to the shared office business of Soho 3Q and improve the refined operating capabilities, you may achieve the new growth pole in the SOHO China financial report.

As for the "selling" of Pan Shiyi's thoughts, it is difficult for the international market to go through and domestic real estate companies to tighten their trousers to live, and I am afraid that it is difficult to find the "pick -up man".

Written at the end: The waves of the times change, and the development of individuals and enterprises is all overwhelmed. The departure of the Pan Shiyi and his wife may be a tide's real estate industry with a strong footprint. Born in a poor background, he reached a billion wealth. Pan Shiyi, who wanted to bring "family assets" with his wife and children with his wife and children, from another perspective, it was not a "winner of life". It is just that in the circle of entrepreneurs, there will no longer be Pan Shiyi's name.

Reference source:

1. AI Finance News: Pan Shiyi hidden into dust and smoke

2. Chinese Shang Tao Lue: Pan Shiyi couple flashing people

3. Business figures: Pan Shiyi, a good calculation

4. WEMONEY Research Office: Pan Shiyi sold 30 billion in 8 years, the transformation of "charter" failed, and SOHO's Chinese performance big decline

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