2 1 Shi Ji Jing Ji Bao Dao·2025-05-23 14:57Core Viewpoint - The new management team at Yuexiu Property faces the challenge of revitalizing the commercial sector, which has been underperforming due to market downturns [1][6]. Management Changes - Yuexiu Property announced the appointment of Jiang Guoxiong as the new chairman for both Yuexiu Services and Yuexiu REIT, replacing Lin Deliang and Zhu Hu Song respectively [2][4]. - Jiang Guoxiong has a rapid career progression within Yuexiu, having held various leadership roles since November 2020, including positions in the Central and Southwest regions [2][3]. Performance Overview - Yuexiu REIT reported a total revenue of 2.032 billion yuan in 2024, a decrease of 2.7% year-on-year, primarily due to a decline in office property income [5]. - The office income for Yuexiu REIT was 1.15 billion yuan, accounting for 56.6% of total revenue, and saw a year-on-year decline of 4.5% [5]. - Yuexiu Services experienced a total revenue of 3.868 billion yuan, reflecting a 20% increase year-on-year, but net profit fell by 27.5% to 353 million yuan due to a significant goodwill impairment [5]. Future Challenges - The overall real estate market remains under pressure, and the commercial and property sectors have not yet shown signs of recovery, presenting a significant challenge for Jiang Guoxiong in leading Yuexiu's commercial segment out of its current low performance [6].