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ERC换TRC:Property crash sends founders heading to exits

admin2022-12-027

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BEIJING: For two years, bad news has kept piling on for Chinese property developers.

The nation’s worsening credit crisis has led to defaults, failure to deliver homes on time and an unrelenting market sell-off. Now a new phenomenon has emerged: Builders’ founders are leaving.

Longfor Group Holdings Ltd’s Wu Yajun resigned last Friday as executive director and chair, shortly after Soho China Ltd’s Pan Shiyi quit in September.

While Wu cited health reasons, the timing has startled analysts.

“It’s very likely that we will see more mainland property founders leaving important roles in their firms,” said Kakei Lam, fund investment officer at Metaverse Securities in Hong Kong.

“The golden age of Chinese property is gone, and they probably don’t see too much they can do to help.”

The surprise move sent Longfor’s stock and bonds tumbling on Monday, even as Wu’s family spent HK$28.6mil (RM17mil) snapping up shares to shore up market confidence and the company partially repaid a syndicated loan early.

The resignation is only adding to concerns that the developer – which has the highest credit rating among private peers in China –won’t be able to rely on its relatively strong position to stave off the ongoing national crisis.

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While the trend is only starting in the property sector, China’s tech industry has seen several high-profile founders resign following a crackdown that began with Ant Group Co’s torpedoed initial public offering, costing the firms billions of dollars in market value.

Entrepreneurs are quitting because they’re worried about Xi Jinping’s drive to regulate wealth accumulation, said Alicia Garcia Herrero, chief Asia Pacific economist at Natixis SA.

In the case of Soho China, the stock has tumbled to a record low since Pan left the company to focus on philanthropic pursuits.

Once China’s richest woman, Wu has lost two-thirds of her wealth this year and has dropped out of the Bloomberg Billionaires Index, which tracks the world’s 500 richest people. As of Monday’s close, she was worth US$4.5bil (RM21.3bil).

While Wu’s resignation sent shock waves through the market, the 58-year-old said she’d been preparing her succession for three years, inspired by He Xiangjian, the billionaire founder of appliance maker Midea Group Co who handed the reins to a group of professional managers a decade ago.

In a call over the weekend, Wu told investors she’s been suffering from diabetes and thyroid disease for years and initially planned to announce her departure after Longfor’s most recent earnings report in August, state media reported.

She decided to postpone waiting for a better time and mentioned the company bought some plots of land in September.

Chen Xuping, Longfor’s chief executive officer since March, succeeded Wu as chair and two other new directors were appointed to the board last Friday.

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