“老将”郭世清辞任，华润置地从华润啤酒找来CFO

Core Viewpoint - The recent resignation of CFO Guo Shiqing from China Resources Land highlights ongoing executive turnover within the company, coinciding with its strategic shift towards asset management and commercial REITs [2][3][8] Executive Changes - Guo Shiqing, a long-time veteran of China Resources Land, resigned from multiple roles including CFO and board secretary due to other arrangements [2] - Zhao Wei, previously with China Resources Beer, has been appointed as the new CFO and board secretary, bringing over 20 years of financial management experience [3][4] - Recent executive changes also include the resignation of President Wu Bingqi, who will take on a new role at China State Construction Engineering Corporation [5][6] - Xu Rong, who joined as vice president in January 2023, was promoted to president in December 2023, indicating a focus on urban renewal initiatives [7] Strategic Transformation - China Resources Land is undergoing a transformation towards a large asset management business, aiming to establish a leading commercial REIT platform [8] - In the first half of 2023, the company reported a total revenue of 94.92 billion yuan, a year-on-year increase of 19.9%, and a net profit attributable to shareholders of 11.88 billion yuan, up 16.2% [8] - The development and sales business generated revenue of 74.36 billion yuan, reflecting a 25.8% increase, while core net profit decreased by 23.8% to 3.98 billion yuan [8] - The company’s operational real estate business achieved revenue of 12.11 billion yuan, a 5.5% increase, while light asset management revenue grew by 1.1% to 6 billion yuan [8][9] Commercial Operations - Shopping centers are a significant part of the operational real estate business, with revenue of 10.42 billion yuan, a 9.9% increase, and a retail sales growth of 20.2% [9][11] - As of June 30, 2023, China Resources Land has established multiple shopping centers in 27 cities, with plans to expand to 114 shopping centers by the end of 2028 [11] - The company is actively pursuing the normalization of its commercial REIT offerings, with a target scale of 30 billion to 50 billion yuan over the next 3-5 years [11]