Core Viewpoint - The recent resignation of He Jianbo, the chairman of Wukuang Real Estate, coincides with the company's announcement of privatization and delisting plans, indicating significant changes in leadership amid ongoing financial struggles [2][4]. Company Overview - Wukuang Real Estate announced the resignation of He Jianbo due to personnel rotation and succession planning by China Minmetals Corporation, with no disagreements reported with the board [2]. - Dai Pengyu, the current executive director and managing director, has been appointed as the acting chairman until a new chairman is officially appointed [2]. Financial Performance - Under He Jianbo's leadership, Wukuang Real Estate experienced rapid expansion, achieving sales of 19.36 billion yuan in 2020, a 124% increase year-on-year, and further increasing to 26 billion yuan in 2021 [3]. - However, the company faced a significant decline in sales, with projections of only 7.02 billion yuan in 2024, alongside a 21.8% year-on-year revenue drop to 9.883 billion HKD and a net loss of 3.748 billion HKD in the past year [3][4]. Privatization Plans - On October 23, Wukuang Real Estate announced plans for privatization and to apply for the cancellation of its listing on the Hong Kong Stock Exchange, with a proposed share cancellation price of 1 HKD per share [4]. - The potential for future integration with another real estate brand under China Minmetals, "China Metallurgical Group," is being considered, although details remain to be observed [4]. Industry Context - He Jianbo has previously emphasized the need for real estate companies to adapt to a changing market, focusing on inventory reduction and addressing supply-demand imbalances [4]. - He advocates for a transformation in business models, suggesting that companies should not only focus on construction and sales but also develop their own industrial systems to navigate the ongoing industry adjustments [4].

Core Viewpoint - The article discusses the recent leadership changes at China Minmetals Property (五矿地产) following its announcement of privatization and delisting plans, highlighting the company's financial struggles and potential future restructuring with another subsidiary [2][5][6]. Group 1: Leadership Changes - On November 13, China Minmetals Property announced the resignation of He Jianbo as executive director and chairman due to personnel rotation within China Minmetals Group [2]. - Dai Pengyu, the current executive director and managing director, has been appointed as the acting chairman until a new chairman is officially appointed [3]. - He Jianbo has been with China Minmetals Group since 1992 and served as chairman since 2019, during which the company experienced significant sales growth before facing a downturn [3][4]. Group 2: Financial Performance - In 2024, China Minmetals Property reported a revenue of HKD 9.883 billion, a year-on-year decrease of 21.8%, with a net loss of HKD 3.748 billion [4]. - The company's sales peaked at HKD 26 billion in 2021 but have since declined to HKD 7.02 billion in 2024 [4]. - In the first half of the current year, the company generated HKD 1.976 billion in revenue, with a net loss of HKD 580 million [4]. Group 3: Privatization Plans - On October 23, China Minmetals Property announced plans for privatization and to apply for delisting from the Hong Kong Stock Exchange, with a proposed share cancellation price of HKD 1 per share [5]. - If the privatization is successful, there may be a potential restructuring with another property brand under China Minmetals, "China Metallurgical Group" [6]. Group 4: Industry Insights - He Jianbo has previously emphasized the need for real estate companies to adapt to a changing market, focusing on inventory reduction and addressing supply-demand imbalances [6]. - He advocates for a shift in business models for real estate firms, suggesting they should build their own industrial systems rather than just focusing on construction and sales [6].