华侨城迎来华润“老将”

Core Viewpoint - The appointment of Wu Bingqi as the new General Manager of China Overseas Chinese Town Group marks a significant leadership change for the company, which has been facing financial challenges with three consecutive years of losses [4][6][9]. Management Changes - On September 5, the State-owned Assets Supervision and Administration Commission announced Wu Bingqi's appointment as the Deputy Secretary of the Party Committee and Director of China Overseas Chinese Town Group, while Zhang Zhenggao and Liu Fengxi were relieved of their positions [4][6]. - Wu Bingqi's resume has been updated on the company's official website, indicating a formal transition in management [6] Financial Performance - China Overseas Chinese Town has reported significant losses over the past three years, with losses of 10.905 billion yuan in 2022, 6.492 billion yuan in 2023, and an estimated 8.662 billion yuan in 2024, totaling over 26 billion yuan [10]. - In the first half of 2025, the company achieved a revenue of approximately 11.317 billion yuan, a year-on-year decrease of 50.82%, with a net loss of 2.868 billion yuan [11]. Debt Situation - As of June 30, 2025, the total debt of China Overseas Chinese Town reached 241.086 billion yuan, with current liabilities amounting to 149.103 billion yuan [12]. - The company's interest-bearing debt remained stable at 128.83 billion yuan, compared to 129.56 billion yuan at the end of 2024 [17]. Business Model Challenges - The company's traditional "cultural tourism + real estate" business model is facing challenges in the current market environment, with real estate revenue dropping by 73.51% in the first half of 2025 and gross margin declining to 5.49% [12]. - The strategic focus has shifted back to real estate, with a new development model emphasizing "one body, two wings, and three functions" [12][18]. Strategic Adjustments - China Overseas Chinese Town has begun to divest low-yield assets, including the sale of the Shanghai Bulgari Hotel and other stakes [13][14]. - The company has initiated strategic adjustments in debt management, land investment, and business models, with a focus on enhancing core competitiveness in tourism and optimizing resources in real estate [16][18]. Future Outlook - Wu Bingqi's leadership is expected to bring new strategies to address the ongoing losses and optimize the asset-liability structure, as well as to redefine the strategic collaboration between cultural tourism and real estate [18].