slotsgallerynodepositbonuscodes| Vanke responds to everything (full text)

Special topic: Yu Liang's appearanceSlotsgallerynodepositbonuscodesIn response to public opinion rumors such as Vanke's recent operation, being reported and being controlled by the border.

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Record sheet of investor relations activities of Vanke Enterprise Co., Ltd.

Participating units and personnel:

Guangfa Securities: Guozhen

Citigroup Securities: Chen Junwei

Haitong Securities (rights protection): tu Lilei (Jin Kirin analyst)

China Merchants Securities: Zhao Ke (Jin Kirin analyst)

UBS Securities: gong Ruyue

China International Capital Corporation: Zhang Fangyan

Morgan Stanley: Jiang Minghao

Citic Securities (Rights Protection): Wang Tianyu

Time of the meeting: Sunday, April 14, 2024, 16 p.m.

Venue: conference room, 6th floor, Vanke Enterprise Co., Ltd.

Names of receptionists of listed companies:

Chairman of the board: Yu Liang

President: Zhu Jiusheng

Secretary to the board of directors: Zhu Xu

I. introduction of the overall situation

First of all, thank you very much for coming to participate in this exchange of the company. Recently, there is a lot of news about the company in public opinion, and investors are also very concerned about the situation of the company. We would also like to take this opportunity to communicate with you on some hot issues. First of all, from the overall business situation, the current Vanke has indeed encountered phased operational difficulties, liquidity short-term pressure. However, we have formulated a package of plans to stabilize operations and reduce debt, which can properly resolve these periodic pressures. We will first of all be based on "self-rescue", based on our own ability and resources to defuse risks, reopen and review all existing businesses, sort them out, and formulate targeted plans. Therefore, the package I mentioned is not a plan, but a series of programmes. The second is to make full use of all kinds of existing financing tools, and we have actively mobilized various frontline forces to make good use of a series of policy financing tools issued by the central government that are conducive to the industry to defuse risks. During this period, we have received understanding, support, guidance and help from financial institutions, and we are grateful. The ultimate goal of these large-scale plans is what I said at the performance conference. We are confident that our debt will be reduced by 100 billion yuan this year and next year, and the debt risk will be substantially resolved. Here I also solemnly promise that all projects of Vanke Group will be delivered on time and of high quality.

What is the reason for the current challenge? After serious discussion and profound reflection by the group's management team, we believe that although there are reasons for changes in the external market, it is more likely that the enterprise itself still maintains the inertia of expansion and fails to adjust in time when major changes have taken place in the macro and industry conditions. To sum up, there are mainly three problems: first, although we are the first to realize the need for transformation and development in the industry, and put forward the business concept of "equal emphasis on development, management and services". And in the layout of a number of business based on their own main business, in line with the national policy-oriented business and business format, but in the actual operation process is too big, too hasty. The transformation business exceeds our resource matching ability, takes up too much development business funds, the scale is too large, and the management ability fails to keep up, and the business objectives fail to achieve as planned.

Second, although the company realized earlier in the industry that high-speed growth would eventually come to an end, our behavior failed to resolutely get rid of the industry inertia, and investment rashness and mistakes occurred in many cities, including some key cities and first-tier cities. After the central government clearly put forward the goals and requirements for the high-quality development of the industry, it failed to make a more thorough adjustment to the "three high" model commonly existing in the industry, resulting in a passive situation today.

Third, after the central government clearly made the strategic judgment of the fundamental change in the relationship between supply and demand of the industry, and issued a series of important policies and measures for the transformation of the new development model of the industry, our understanding of the trend change of the financing mode was not comprehensive and thorough at the beginning. The group has started the adjustment of the real estate financing model, but it still needs a process from the total credit financing to the new financing model. We also note that there are some doubts about the moral hazard of management in the recent negative public opinion. There is no management seeking self-interest. Today, it seems that some of the past models and practices have not adapted to the new stage of development of the industry, we will conduct a comprehensive review and comb, and formulate corresponding strategies. If we find a violation, we will actively rectify it; if we find a violation of the law, the group will not tolerate it. We have also made a detailed report with Shenzhen SASAC and major stock owners on the above relevant situation. Shenzhen SASAC and Shenzhen Metro support Vanke as always, during the period of market adjustment, the company is fortunate to have the full support and trust of Shenzhen state-owned assets and major shareholders, for which we are deeply grateful, will cherish trust and redouble our efforts.

Second, explain the recent market concern about public opinion.

Recently, there are several public opinions that have attracted more attention, and I would like to explain them one by one here. One is about the real name report of Yantai. The company whose real name is reported this time is mainly a subsidiary of Yantai Riying Group whose actual controller is Li Jun. Yantai Vanke cooperates with its partner Li Jun (hereinafter referred to as "Yantai partner") in the development of real estate projects for nearly 10 years and cooperates with 7 projects. Since 2021, due to the influence of the overall market environment, many items of sales in Yantai are lower than expected, and the profit can not reach the initial feasibility target. In order to ensure the construction and delivery of the project and the funds needed for normal operation, the funds of the project company can not be allocated according to the wishes of Yantai partners. At the same time, Yantai partner, as a share Oriental, ignored the needs of the construction and delivery of the project company and the normal operation, and put forward a huge claim of 1.6 billion yuan without reasonable basis. Although Yantai Vanke and Yantai partners have communicated for many times, there is no way to reach an agreement. Yantai partners subsequently reported to the government, public security, tax bureau, CSRC, Shenzhen Stock Exchange and other institutions for many times, and repeatedly exposed in the media.

With regard to the contents reported by Yantai partners, there are a few things to report to the big family:

(1) the Yantai whistleblower reported the misappropriation of funds to the Yantai public security organ in 2023 and was accepted. After three months of investigation and collection of evidence, the Yantai public security organ made a decision in November 2023 not to file the case for the cooperation projects involved in the cooperation agreement: "other funds of the project company are immediately transferred to the fund management account of Vanke Enterprise Co., Ltd." The transfer of funds from Yantai Project Company involved in the report belongs to the overall management of project funds by Vanke in accordance with the agreement of the cooperation agreement. After three months of investigation and demonstration, the public security department made a notice of "not filing a case" in November 2023.

(2) the tax authorities inspected Yantai Vanke, and Vanke did not refuse to pay its accounts. at present, the tax authorities did not identify Yantai Vanke as a subjective intentional tax evasion report to the tax authorities in 2023. Starting from September 2023, Yantai Taxation Bureau inspected 11 projects of Yantai Vanke with full process and full tax categories. The communication between tax and enterprises is smooth, Yantai Vanke does not refuse to pay its accounts, and Vanke Group has transferred 7 staff members from Beijing area to cooperate with the inspection, all account books have been handed over to the Inspection Bureau, and relevant auxiliary materials have been provided one after another according to the needs of the inspection. The tax authorities exchanged preliminary inspection opinions with Yantai Vanke. At present, the tax authorities have not determined that Yantai Vanke has the subjective intention of tax evasion. Yantai Vanke will adhere to the principle of seeking truth from facts, actively cooperate, and believe that governments at all levels and tax authorities will make inspection conclusions objectively and impartially in accordance with the law.

(3) there is no so-called private interest of Vanke management team in the cooperative project. Vanke does not transfer benefits to senior executives through the investment system. Vanke began to implement the project follow-up program in 2014. according to the existing system, Vanke directors, supervisors and senior managers are not allowed to participate in the project, let alone to derive any personal benefits from the cooperative project. Employees participate in the follow-up investment, and the follow-up investment plan clearly requires them to give their own funds to co-invest with the company. Follow-up investment funds and company investment, partner investment risk sharing, income sharing, employees and investment rights and interests are minority shareholders, equal rights and interests with other shareholders, bear the same shareholders, there is no particularity. No matter Vanke wholly-owned project or joint project, it is consistent with the investment model, terms and requirements. The follow-up investment system embodies the principle of income sharing and risk sharing. In the first few years of Vanke's implementation of the investment plan, the market was in good condition, the company and its partners got good returns, and employees got the same benefits as investment funds. However, with the change of the market situation in recent years, the income level of the company and the partner has declined, and the employees and investors have also suffered the same operating results, and some of them have lost money, which reflects the original intention of the team and investors to share profits and risks. (4) the company has taken legal measures against economic disputes with its partners. Yantai Vanke Company filed a civil lawsuit in Yantai Court in February 2024, claiming legal rights in accordance with the law. The case has entered the stage of formal trial, and the court has ruled in accordance with the law to take litigation preservation of the assets of the partner. The defamation of the company and the chairman of the board of directors by Yantai partners on the Internet in April 2024 is of a bad nature and influence. Vanke Group is filing a civil lawsuit to the court and a criminal report to the public security organ.

With regard to the Tangshan Emerald Blue Mountain project reported by Yantai partners, Tangshan Vanke has reached an implementation settlement with the partner in 2022 according to the winning judgment, the assets have been delivered in an orderly manner, and the Lanshan project has been operated and built normally and delivered with high quality. Vanke Group and Yantai Vanke will adhere to the principle of seeking truth from facts and believe that the judiciary will draw a conclusion objectively and impartially. If illegal operations are found in the course of operation, Vanke Group will resolutely and thoroughly rectify under the guidance and requirements of government departments. If the behavior of an individual or subordinate company violates the law, Vanke Group will not tolerate it and accept the judicial decision and handling.

Second, Xiao Jin, general manager of Jinan Vanke, was taken away by the public security organs. What is the specific situation? Xiao Jin is a personal case and has nothing to do with the report in Yantai. The group has arranged for the Beijing area and Jinan company to communicate with the Jinan political and legal Commission and the police investigating the case. The police said that Xiao Jin's case was a personal case and had nothing to do with the report in Yantai. The Jinan Municipal Commission of political Science and Law said: the Xiao Jin incident is a personal problem, which should be distinguished from the normal business behavior of Vanke Group and Jinan Vanke Group; will, as always, support the development of Vanke's business in Jinan and help the implementation of the strategy of "strengthening the provincial capital"; in ensuring delivery, if political and legal system services are needed, arrange for special personnel to coordinate and dock.

Third, what happened to the leaders Cai Ping and Wang Runchuan who did not return abroad mentioned by public opinion? It is rumored that after Cai Ping, the head of Central China, went to the United States and did not return, all Vanke group vice presidents and above are currently under border control. The reality is that Cai Ping, the former chief partner of Central China, was born in the United States, but now she has reached the stage of education and needs to be accompanied by a family. He resigned in 2023 and obtained the consent of the company. Wang Runchuan, the lead partner of the former headquarters collaboration Center, offered to leave because he went to Xianggang for further study. At present, people often live in Shenzhen. The management of the group carries out official trips abroad normally. Zhu Jiusheng, president of the group, just returned from his inspection project in Hong Kong today. Zhu Baoquan, co-chief executive of the group, flew to Japan at noon today (April 14) for a business inspection.

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