By WANG Yuhan
China Merchants Property’s (CMP) president XU Yongjun has resigned from the company on turning 60 and will be replaced by GM JIANG Tiefeng, the company said on Monday. ZHU Wenkai, currently in charge of business in Hainan Province, will become the new GM of the real-estate arm of state-owned conglomerate China Merchant Group.
Xu joined CMP in 2015 from China Merchant’s logistics firm where he spent 15 years, working from a marketing supervisor to general manager. Xu became the president of CMP in 2019.
During Xu's reign, CMP restructured from five regions into nine. In 2021, the real estate market went into decline and CMP began to shrink its acquisition areas. In the context of industry-wide pressure in the last two years, CMP, as a state-owned enterprise, maintained a strong investment intensity in Shanghai and Beijing.
In 2022, CMP's revenue stood at 183 billion yuan, up 14 percent, making a 4.3 billion yuan profit from sales of 12 million square meters.
In the first half of 2023, CMP's income was only around 50 billion yuan, a year-on-year decrease of about 10 percent, but with a profit of 2.2 billion yuan, the company has little to complain about
In terms of land acquisition, in the first half of this year, CMP acquired a total of 25 land parcels, with about 2.4 square kilometers in first-tier cities.
In the four years Xu and Jiang worked together, China Merchants Property’s annual sales volume grew from 200 billion yuan to 300 billion yuan, now the burden has fallen on Jiang to carry the company forward into a time of uncertainties.
