Chapter 3 〇2. Yu Liang version of Vanke

On the road from the second decade to the third, Vanke has undergone many amazing changes.During this change, the chairman and founder Wang Shi experienced his promotion from "excellent" to "excellent", from a mountaineer to a social welfare activist.The successor, Yu Liang, has completed the process of proving his excellent Vanke genes, and is creating another Vanke. Yu Liang is 42 years old this year (2007). He joined Vanke at the age of 27 and succeeded Wang Shi as the general manager at the age of 35. It has been exactly 7 years since then.Every time he walks from the office of his Shenzhen headquarters to the reception room, he always passes through a door. This door, which is slightly hidden on the way he must pass, will be closed most of the time.And the owner of the door is Wang Shi who personally interviewed him and introduced him to Vanke.Yu Liang once said that the most fortunate thing in his personal life is that he found the right direction and entered the right Vanke.Today, Wang Shi, as the chairman, does not often appear in that door, but as the founder of Vanke, as one of the most famous men in China, no matter what he means to Yu Liang or the Vanke people behind Yu Liang, he is very important. It seems unnecessary to say.The "idealism" and "natural way" he bestowed on Vanke are still being cultivated in Vanke seven years after Yu Liang took over.However, after all, there are 7 years, and in the hands of a new team leader with a different personality and background, Vanke is bound to undergo changes. What are these changes?Who is the person driving these changes?

March 20, 2007, the day after Vanke released its annual report.At 10 a.m., Vanke Headquarters Building, Meilin Road, Shenzhen.Sunlight diffuses into this small reception room through the glass windows on the east side. Yu Liang sits in the room with his back against Vanke's honor wall, his face is calm and clear, and a bright yellow tie reveals the host's relaxed and happy mood at the moment .In the coming afternoon, the Vanke investor meeting will be held in the same building. At that time, a large group of enthusiastic or aggressive investors will appear in the large conference hall, and then an investor will send him a message. Questions like this: Excuse me, how long can Vanke's stock continue to rise?Everyone laughed.The growth rate announced in the annual report is 52%. In 2006, the sales easily exceeded 20 billion. When the storm of real estate regulation pushed many of its peers to a dead end, Vanke made rapid progress quietly under the storm.Therefore, no skilled question-answering skills are required, and Yu Liang can be quite calm in the face of such enthusiastic questions from members of the Vanke family.

Compared with Wang Shi, Yu Liang seems to lack personality traits on the surface, but there is one thing, anyone can immediately make a judgment as long as they talk to him for a few minutes. This person is smart and decisive.Just like now, when he is sitting across from you for an interview, you will always have a similar feeling: no matter in Vanke or anywhere else, he is by no means a second-class student.On the contrary, you can "vaguely feel" that this person has a high IQ, never gets carried away, and looks very sincere, but you never know what hole card he has.Compared with Vanke's current position in the industry, Yu Liang has not shown an overly obvious posture on any occasion. You clearly know that he is tasting the taste of a winner, but it is difficult to grasp the "appropriate handle" to verify it.You thought you were perfectly satisfied that you had found the answers you wanted by asking him questions, but at the same time you knew all too well that he was always in control.This kind of situation is completely different from the feeling when you sit opposite Wang Shi. You may naturally feel that Chairman Wang Shi is very strong, but the reality is that once he speaks to you, you will immediately find that this man is actually quite kind and upright. straightforward.

It is said that one day, Niu Gensheng of Mengniu met Wang Shi and asked, "Old Wang, how did you train your successors?" up.So Wang Shi replied: "I don't train successors." In fact, since Wang Shi officially gave up the position of general manager to Yu Liang in 2001, judging from the schedule, it seems that he does not have much time for mountain climbing and many social activities. "Cultivate successors" during the gap, but more importantly, he did not set himself a similar "will"-what's the matter of interfering in the general manager's office meeting? From the moment Lao Wang made up his mind, he had I tried my best to "quit".Therefore, from the first day when Wang Shi "leaved" from the position of general manager of Vanke, Yu Liang found enough "independent space". It is no longer necessary to listen to the old Wang who "only sees his own strengths and the weaknesses of others" (Vanke employees' language) slapping the table and "roaring" at any time like before.

From taking over in 2001 to 2004, it can be said that the probationary period of General Manager Yu Liang has completely ended.Because, it was from that year that the industry and the media heard the voices of Wang Shi and Yu Liang at the same time.At least from the point of view of the real estate industry, Wang Shi is no longer Vanke's only spokesperson and sole center.It was also from that year, with the release of the so-called "100 Billion Plan" and the huge attention it attracted, Yu Liang began to inject new genes into Vanke. New personality factors such as mergers and acquisitions and financial innovations outlined Yu Liang's personality. Bright version of the division between Vanke and Wang Shi in the era of sole control.In 2007, Vanke successfully crossed the 20 billion threshold, and Yu Liang was elected as the vice president of the China Real Estate Industry Association, officially becoming a key member of the real estate bigwig club.These, perhaps, can be seen as a sign that Yu Liang ended his cautious successor career ahead of schedule and officially entered the core of power in the real estate industry.

"Practice subtraction", "steady", "do not do projects with a profit margin of more than 25%", these three Vanke laws in Wang Shi's era seem to have become silent in Yu Liang's era.Vanke began to become fast and fierce. Under the premise of "focus" (residential real estate), doing addition has become the new law of Yu Liang's version of Vanke. The new target of 100 billion yuan, the annual growth rate of more than 60% depends on mergers and acquisitions, and the rapid expansion of product lines. All these new measures can be regarded as the new label of Yu Liang’s version of Vanke.As Yu Liang said, "One generation has its own strengths and weaknesses." Changes are inevitable. The key is whether you seize the opportunity and go the right way.In this regard, Yu Liang has Wang Shi's self-confidence.

In 2003, Yu Liang, who had been the new general manager of Vanke for only two years, encountered a new and exciting challenge. At that time, the dark horse Sunco suddenly called out the goal of "10 billion", which shocked the industry for a while.In the real estate industry, which has always been considered a small industry, no company has ever thought of 10 billion.Even Vanke, which regards itself as an industry benchmark and leader, had sales of only 6.3 billion yuan in 2003.Chairman Wang Shi's first reaction when he heard Sun Hongbin (Chairman of Sunco)'s "wild talk" was: "You can't surpass Vanke!"

Land auctions and listings have given real estate companies the possibility of national expansion.Opportunities lie in front of all real estate enterprises.For Yu Liang, who has entered the third year of taking over as the general manager, there is enough time to work step by step and think about what functions he should take on. He needs to stamp himself a stamp of "the end of the probationary period" as soon as possible. .If Wang Shi's Vanke is "subtraction", "stable", "profit rate above 25%", "idealism", "glory and dream", he Yu Liang should not give his own Vanke some new ideas. style and label?

100 billion yuan!This is the first label Yu Liang put on "Yu Liang's Vanke". In the spring of 2004, Vanke was holding a 10-year development planning imagination meeting in Yinhai Villa, Shenzhen.The topic discussed in this retreat meeting of about 50 people attended by all front-line CEOs and middle-level departmental business managers of Vanke is very simple: what Vanke will do in ten years and what it will achieve.A young vice president proposed: Vanke will achieve a scale of 100 billion yuan in ten years.Wang Shi jumped up: "Young people should calm down! Don't be confused by Sunco."

However, it is this astronomical figure that seems to be a response to competitors, and it is indeed written into Vanke's ten-year development plan. For the comment on the "goal" of 100 billion, Yu Liang used a series of numbers to make Wang Shi sit back on the chair: According to Vanke's 30% compound growth rate (since 2004, Vanke has maintained a compound growth rate of more than 30% , the compound growth rate in the past 5 years is about 36%, taking into account the fluctuation factors and taking it down to 30%), the result of the growth after 10 years is 100 billion yuan.Yu Liang said, "This is not the goal, but the result."Wang Shi accepted.And later said on many occasions that it may not take as long as 10 years for Vanke to reach 100 billion!

In 2003, Sun Hongbin, a real estate hacker, shocked everyone when he announced that Sunco's sales would reach 10 billion.Vanke threw out the "100 billion plan" in the new year, and it is naturally easy to be regarded as aggressive and exaggerated by the challenger.Today, Sunco has changed hands.Vanke announced in March last year that its development strategy will change from "cautious and aggressive" in 2005 to "rapid expansion". This is an era in which enterprises call the wind and rain today, but disappear tomorrow.Although it has always been a leader in the industry, during the round of real estate upsurge that began in 1998, Vanke was not particularly aggressive and ostentatious. Chance".But now, Yu Liang chose to make efforts under the heavy pressure of macro-control, and after that, Vanke easily reached the 10 billion and 20 billion levels.Yu Liang once said, "The real estate industry in China is the industry that is least respected, most extensive, and most in need of self-examination."It has always been a law that "extensive industries cannot breed large and successful companies", but now, who can say that this law cannot be broken by Vanke?Who can say that a growth rate of more than 50% is not a miracle for an industry that has been on the fence for more than 4 years in the policy winter? Before this ten-year plan, Vanke has never had such a long-term plan.Wang Shi said that when he was managing the company, he didn't know what will happen next year, and he will talk about next year after finishing this year.Later, three-year plans and five-year plans came into being. Wang Shi's longest plan was only five years.But now it seems that this plan is a successful "low-fall layout" for Vanke, and it is undoubtedly an important label for "change" for Yu Liang.However, so far, there are only a handful of companies with hundreds of billions of dollars in China. If a real estate company, especially a Chinese real estate company, wants to leap to 100 billion yuan, what is its trump card? "Perhaps Vanke should be grateful for the macro-control. Otherwise, where would the opportunity for mergers and acquisitions come from? We have always wanted to buy it. The market is so good, who is willing to sell it?" Yu Liang said. Yu Liang, who started to acquire companies for Vanke 10 years ago, now has a once-in-a-lifetime opportunity. He will not miss it and quickly write "mergers and acquisitions" into the gene sequence of Vanke. According to international practice, enterprises with an annual turnover of less than US$500 million are classified as small enterprises, and those with an annual turnover of more than US$5 billion are considered large enterprises.Wang Shi once pointed out that Vanke is in the transition stage from a medium-sized enterprise to a large-scale enterprise.This transition cannot be supported by previous endogenous growth, so it is inevitable for Vanke to put extension growth such as mergers and acquisitions on the agenda. "If the scale is not 10 times larger than the other party, don't talk about mergers and acquisitions lightly." This statement comes from Wang Shi.But Yu Liang obviously didn't see it that way.Two years ago, Yu Liang said in an interview with "Chinese Entrepreneur": "As long as the conditions are right, we will not let go of any cooperation. Strategic cooperation will be an important means for Vanke's development in the next ten years." Therefore, if It is said that Vanke in Wang Shi's era has always emphasized leadership, while Yu Liang's version of Vanke clearly shows its determination to "be bigger". At that time, the ink on the cooperation agreement between Vanke and Narada Real Estate was still wet. In March 2007, when Yu Liang was interviewed by reporters again at the Vanke headquarters, the largest acquisition in the history of China's real estate had just been fully completed.Vanke spent 4.017 billion yuan to complete the acquisition of Nandu Real Estate, the largest real estate company in Zhejiang, in three stages, and finally obtained a land project reserve with a construction area of ​​2.19 million square meters and the long-awaited Jiangsu and Zhejiang markets. This acquisition started when Wang Shi said in the Midtown Alliance in 2002 that "we can work together to do things". In 2005, Nandu Chairman Zhou Qingzhi resumed the topic, and the final implementation fell on Yu Liang.During this period, although there was a working group code-named "Tangerine" to cooperate, Yu Liang flew to Shanghai every week for this purpose. When encountering important matters, he would ask the chairman to come forward in person. It's not hard to imagine the internal resistance to this effort in a company where mergers and acquisitions are rare. "It's better to spend so much money to buy the land by yourself." Yu Liang said that this was the most objection he heard at the time. This kind of objection is not difficult to understand. The front-line managers naturally prefer to operate independently, and it is always troublesome to have a partner thing.Fortunately, there are very few differences at the management level, while Wang Shi and Yu Liang's attitudes are very consistent. However, people are not as good as heaven. Five days after the first round of acquisition of Nandu in March 2005, the "National Eight Articles" came unexpectedly.Under macro-control, Shanghai, Hangzhou and other areas that were originally scorching hot suddenly became cold. "Vanke made the wrong acquisition at the wrong time and at the wrong price." Many fund managers scolded Yu Liang. "There was this kind of thinking internally, including the top management, and there was a lot of pressure at the time." Considering the long-term downturn in the Shanghai market, it is difficult for outsiders to know the pain that Yu Liang, who claims to be able to sleep well and eat well at any time, is suffering in secret.Although, the purchase price of 75% to 80% of the market value designed by him, and the payment method of multiple installments have resolved the market pressure to a certain extent. "Whether it's a mistake or not, you can't look at it from a moment to moment, but from the perspective of the future." Yu Liang persuaded his colleagues in this way, and soon, the top management reached a consensus. "Inside Vanke, we don't discuss things once they are settled." Was it Wang Shi who stood by Yu Liang's side at the critical moment?Very likely. "Even when the situation looked worst, the chairman never complained to me." Yu Liang said. The acquisition of Nandu achieved results in that year. In 2005, the original Narada project contributed more than 1.1 billion yuan in sales to Vanke.The Yangtze River Delta region accounted for 32% of the main business income, surpassing the Pearl River Delta (27%), the headquarters of Vanke. "Sales is only one aspect. The most important thing is that the acquisition of Nandu has improved Vanke's urban regional layout." A real estate analyst commented. If the acquisition of Nandu is a strong move taken by Yu Liang in the practice of Vanke’s merger and acquisition, in March 2006, he acquired 60% of the shares of Beijing Chaokai (Chaoyang District Real Estate Development Company) at a price of only 390 million yuan. , and let its peers instantly see Vanke's "shocking change". A real estate developer in Shanghai told "Chinese Entrepreneur", "I dreamed of asking Yu Liang how to talk about the next dynasty. I am so envious." For more than ten years, Vanke under Wang Shi has adhered to "principles" Not only are there only a handful of land acquired, but they are all scattered in areas farther than the urban-rural fringe.Today, through Chaokai, Vanke has not only obtained 500,000 square meters of project land, but also has a superior location.More importantly, Vanke has finally opened up the two veins of Ren and Du. After establishing a firm foothold in the Yangtze River Delta, it has built the foundation of the Bohai Rim region and made the layout structure of the three key development areas more perfect and reasonable. Nandu and Chaokai are just the signature works of Yu Liang's mergers and acquisitions, and there are countless specific and subtle ones. In 2006, in addition to the second-phase acquisition of Narada, Vanke acquired 13 real estate companies, and more than 62% of the new projects were obtained through cooperation, refreshing the record high of 48.3% in 2005.As of March 2007, after acquiring the equity of Fuchun Cable Company (including the land project) for 1.005 billion yuan, Vanke has spent nearly 7 billion yuan through mergers and acquisitions and obtained nearly 7 million square meters of land projects. In March 2006, Vanke officially expressed to the outside world through its annual report that Vanke's development strategy would change from "cautious and aggressive" to "rapid expansion".Through mergers and acquisitions, acquisition or transfer of equity and projects, land reserves are obtained at prices below the market, and management methods are exported.In this process, it can be said that Vanke has smoothly completed the transformation from the traditional self-connotative development mode to the external growth mode.And Yu Liang logically put a second label on the new version of Vanke. "In the past, Vanke's strategy was very clear, but now I don't understand it." A real estate consultant told reporters. From trying to diversify to resolutely doing subtraction, the direction of Vanke led by Wang Shi is simple and clear: it is positioned at residential, mid-range residential, and mid-range residential suitable for urban white-collar workers.However, in 2006, Vanke's product line began to become more complicated. "Take the doorknob as an example. The round one is not suitable, because the old people have little strength and can't hold it. The traditional turning handle is also not good, and it will easily catch the cuffs of the elderly. If you add a bend to the traditional turning handle , it can be avoided.” In the Vanke Life Museum under construction in the Vanke headquarters building, Yu Liang introduced their research results on the lifestyle of the elderly to reporters with great interest.Before the reporter expressed doubts, Yu Liang said first: "Yes, Vanke will launch apartment products for the elderly soon." In fact, Vanke's products are no longer categorized by high, medium and low end, but are divided into eight categories for different customer segments.Taking senior housing as an example, two-generation housing is completely different from pure senior housing. This is the first time Vanke has expanded its product line in the past ten years.Vanke, who has been doing subtraction, has started adding? "Do 'addition'?" New terms always lift Wang Shi's spirits. When a reporter visited him in a coffee shop in the lobby of a hotel in Beijing at the end of 2006, he had just returned from a ski resort, with a hint of post-exercise Tired, he thought for a while and said carefully, "It's okay to describe it like this." Vanke's actions can easily be seen from the product strategy of Pardi, the largest real estate developer in the United States that focuses on residential products.A very important concept of Pardi is "customer-centric locking". "Through mergers and acquisitions, the product line can be quickly enriched to provide services for the needs of the same customer in different periods." Both Yu Liang and Wang Shi mentioned the above statement when they were interviewed by this magazine at different times and places, which at least shows that, It is the common idea of ​​the two people to make additions in deepening the housing industry and enriching the housing product line.According to this design, Vanke will no longer be limited to mid-range residential products in the future, but will classify products based on customer needs and comprehensively roll out the entire product line. "Vanke's product divergence has advantages and disadvantages. The advantage is that it can seize a good round of development opportunities and disperse risks. However, Vanke's previous standardization work was prepared for the same type of products. Now that its product line has expanded, its system It will take time to verify whether it can keep up with the new model.” Hua Gaolaisi Gong Yankui analyzed this way, “Vanke’s development was conservative in the past few years, and many opportunities were wasted. Now the market risk is high. It may also be the last time to speed up development.” The world's housing industry is a strange circle. The industry that produces the largest expenditure in most people's life has never produced great companies or huge business empires.But in 2006, history was rewritten, and the top four housing companies in the United States jointly entered the world's top 500 companies.One of these includes the Pardi House.Perhaps, it is the promotion of the new benchmark that gives Vanke the motivation and hope to accelerate the development of the housing industry.Unlike the previous two "Yu Liang labels", it is hard to say whether it is Yu Liang or Wang Shi who insists more on the full productization of the housing industry. Since the announcement of the 100 billion target in 2004, there have been constant inquiries from inside and outside the industry about Vanke's intentions and capabilities.From 10 billion to 20 billion, Vanke has climbed the ladder very smoothly, but from 20 billion to 100 billion, will it be as simple as Yu Liang's compound growth rate to convince Wang Shi?The problems that Yu Liang is about to solve right now are money, people, and changes in production models. "You can't understand the true meaning of 'CITIC Capital·Vanke China Real Estate Development Fund'!" In December 2005, Vanke and CITIC Capital established a development fund.When the reporter dialed the phone number of a fund manager with a heavy warehouse in Vanke, the other party’s excitement forced the reporter to stay away from the microphone for a while: “GE is here, GE Real Estate is here, do you understand what this means?” The first investment of CITIC Capital·Vanke China Real Estate Development Fund was US$20 million from GE Real Estate. GE Real Estate directly owns a real estate investment portfolio of up to US$35 billion worldwide, and real estate assets owned by joint ventures and securitized bonds are as high as US$50 billion. GE Real Estate President and CEO Michael Pralle has publicly stated that in the next 3 to 5 years, GE will invest approximately US$500 million in China's real estate market, and the scale of capital invested in China's real estate through leveraged investment can reach US$1.5 billion.Therefore, GE's choice of Vanke may be interpreted as the recognition of Vanke by international mainstream capital. This alone is enough to make institutional investors with sensitive senses excited. Yu Liang's ability to use overseas financing channels has long been recognized by the industry. In July 2004, Vanke cooperated with Germany's Hypo Real Estate Bank International (hereinafter referred to as "HI") to raise USD 35 million for the upcoming Vanke Zhongshan project.The terms of the cooperation stipulated: "After the project is paid back, Vanke will redeem the equity at the interbank lending rate plus a few points of interest." This is regarded as China's first "overseas loan in disguise": obtaining overseas financing in the form of equity has opened up The door cleverly avoids the relevant regulatory requirements.Out of sensitivity to policy, Yu Liang called the cooperation with HI "a typical international financing" in an interview at that time, and there was nothing special about it.However, in the domestic financial field, especially in the field of real estate financing, Vanke, which has always been calm, has indeed begun to try to eat crabs. Do you feel that Vanke has changed its taste at this time?Yes.In Wang Shi's era, Vanke was committed to "slow work and meticulous work", perfecting governance structure, doing subtraction, and establishing a corporate culture that respects employees and customers; in Yu Liang's era, it began to wave the banner of capital, and "multiplication speed" was on the line. To realize the transformation from a scale of tens of billions to a scale of hundreds of billions, Vanke must rely on the power of capital.Unfortunately, the excitement of the above-mentioned fund managers seems to have come too soon.Yu Liang said frankly that so far, due to policy reasons, Vanke's overseas financing attempts have all been stranded or prematurely aborted. Vanke and HI have cooperated on 6 projects successively, entering cities such as Tianjin and Chengdu in addition to Guangdong headquarters.Subsequently, it cooperated with Singapore RZP to develop projects in Chengdu, Shenyang, Wuxi and other cities.After the capital curtain was lifted, Vanke's overseas financing momentum was full, and the industry was waiting for Vanke's "light boat has passed ten thousand mountains".It's a pity that the light boat was firmly tied to the shore by a policy. In July 2006, the Ministry of Construction and other six ministries and commissions jointly issued Document No. 171. This document, known as the "Restriction on Foreign Investment in the Property Market", not only blocked the frantic influx of foreign capital into China, but also gave domestic companies actively cooperating with foreign capital. The developers were caught off guard. In fact, before the No. 171 Document was promulgated, the supervision of foreign investment was already very strict.Yu Liang told the reporter helplessly: "GE's 20 million US dollars has already arrived in the account, but it is still lying in the account and cannot be exchanged into RMB." "So, how can it be said that Vanke is the beneficiary of macro-control? Our losses are also quite heavy." Yu Liang added. The problem of blocked overseas financing channels has never discouraged Yu Liang, who is smiling all day long: "You should practice your skills, and you will be able to use them one day." "Real estate is finance." In 2003, Liu Xiaoguang, President of Beijing Capital Group, said in an interview with "Chinese Entrepreneur". In 2007, Yu Liang once again defined real estate as a "quasi-financial industry" in an interview. The real estate industry has quite recognized the financial attributes of real estate.The modest and prudent Yu Liang dared to proudly declare: Vanke has always been the developer who has tried the most financing methods in the real estate industry, which is based on a deep understanding of the financial attributes of real estate. In addition to various advanced attempts at overseas financing, Vanke has also exhausted its domestic financing methods. The financing function of the securities market has been used to the extreme by Vanke. At the end of 1991, the total share capital of Vanke A was 77.9655 million shares. After a series of financing methods such as allotment, bonus shares, transfers, B-share IPO, exercise of warrants, issuance of convertible bonds, and additional issuance, the share capital of Vanke A was expanded to 4,369.8988 million shares by the end of 2006. , the share capital has expanded by about 56 times, and the speed and multiple of share capital expansion rank first among all real estate listed companies; Vanke has raised 9 times including IPO, financing 9.333 billion yuan, Shen Zhenye and Zhonghua Enterprise, which were listed at about the same time as Vanke , Lujiazui, etc., the average number of financing is only half of that of Vanke.In other capital markets, Vanke A has jointly developed projects such as Guangzhou Nanhu, Beijing Xishan, and Wuxi City of Charm through trusts and real estate development funds.Haitong Securities commented on Vanke's analysis report: Vanke's financing methods are extensive and comprehensive, ranking first in the domestic real estate industry. "Some people think that Vanke's overseas financing, two-time debt conversion, and additional issuance are all very good steps. In fact, how do I know that this node can be stepped on? It's just that we have made all preparations. International financing depends on It’s just the transparency of the company, we usually do a good job of transparency, and we can do it right away when we need money.” Yu Liang said. "Opportunities always come to those who are prepared. After several years of macro-control tightening money and land roots, the capital-intensive characteristics of the real estate industry have emerged. Vanke happened at this time. It is bigger than others, and there is no financial problem.” Wang Deyong, vice president of CITIC Securities Co., Ltd. and senior analyst in the real estate industry, commented on Vanke. One of Wang Shi's most important contributions to Vanke is to change a shareholder for Vanke.From "Shenzhen Special Development" to "China Resources", Vanke, which has changed shareholders, has gained a new round of growth momentum.However, China Resources is only a 100-billion-level company, and it may not be able to support a subsidiary to achieve a 100-billion-level scale. Should Vanke carry out the next round of shareholder selection? Yu Liang revealed to the reporter: "Many PEs have approached Vanke and talked about overseas listing." There is no plan to go public overseas, so Yu Liang is unmoved by PE. The question of where the money will come from seems to be still unresolved, but with Yu Liang's familiarity with capital and Vanke's skills as a good boy, perhaps, money will not be a real problem. A long time ago, Vanke asked Gallup to conduct surveys every year, directly linking customer satisfaction and loyalty with employee bonuses.But at that time, Vanke's attention to customers was only in the form.In essence, Vanke is still a productist, believing that "with good products, there will naturally be customers, a good market and high profits".Yu Liang believes that Jiang Ruxiang, a management consulting expert hired by Vanke, made the greatest contribution to Vanke when he made the ten-year development plan in 2004, which was to change the above-mentioned viewpoint in his mind. "This point, Yu Liang is convinced. "For Vanke to achieve quality growth, the first criterion is the continuous improvement of customer loyalty. Existing customers choose Vanke for their second home purchase. Only when old customers bring new customers can we have a growing market and sales." Yu Liang said. When developing the equity incentive plan in 2006, Vanke specially rewarded one department—the customer relationship department, and all the managers of the customer relationship department got stocks.Yu Liang's meaning is obvious: everyone in Vanke must be clear: customer-oriented is not just empty talk.Because in the next step, after extending the product line, it is particularly important to focus on the work of customers. However, the risks have also increased.Although the customer-centric goal has been deeply rooted in Vanke's hearts, with the rapid increase of Vanke's external cooperation, the negative impact that various outsourcing links may have on customers will also haunt Yu Liang and Vanke, like the Nanjing incident last year , Shenzhen community bus incident.Therefore, what Yu Liang is facing is not only within Vanke, but when Vanke's development relies more and more on mergers and acquisitions and partners, it is also his inability to "educate" partners' ideas, method training and management output. Problems not addressed. However, the problem came again.Will the admiration of customer value break Vanke's respect for employee value in the past?In fact, Yu Liang, who previously focused on sales and finance, soon discovered that one of the most important tasks he has to do is to directly touch the most difficult part of an enterprise to change and improve: human resources and management. architecture. At the end of each year, Yu Liang would go to various branches to find employees for discussions. Before the Spring Festival in 2006, Yu Liang’s main topic to the design department was this: Vanke will no longer need good designers, we need people who can manage designers. "Any advantage may become a disadvantage." Since 2000, Vanke began to provide professional training for talents, but now, Yu Liang has gradually put forward a new view on talent management. The more refined it is, until today we find it difficult to break the professional gap, and we have to talk about horizontal development and integration again.” "In the past, what Vanke needed were industry elites. Now we need to integrate resources. Technical problems are not a problem. Rich management experience and experience are the most needed. The demand for talents has shifted from industry elites to social elites. Social elites cannot rely on themselves. If it is cultivated, it must be dug in from the outside." Yu Liang said. Vanke Weekly, which still has a large readership until now, has always been a very important department of Vanke because of its understanding and grasp of Vanke's corporate culture.There were two weekly editor-in-chiefs, both of whom were appointed general managers of first-tier cities after resigning.However, in the third term, the promotion from deputy general manager to general manager has become quite difficult.Yu Liang said to the deputy general manager: "To be the general manager is to balance and sacrifice yourself. Do you think you are ready?" The degree of specialization and the understanding of Vanke's corporate culture seemed very important before These conditions are no longer a factor for holding an important position in Vanke. Yu Liang, who used to be in charge of finances, claimed that he had never made a budget. "The budget is a waste of time between superiors and subordinates. Performance is the most reliable way of assessment." Vanke does not make plans now, only operational guidance plans.All projects of each company are divided into four categories according to ABCD, and category D projects are of serious concern.Yu Liang will attend every monthly meeting and go through more than 100 projects in person.Whoever has more D-type projects will sit at the back.Is such a simple and direct method effective for these high-level people?Yu Liang said: "Very effective. Because everyone wants face." In order to strengthen the flow and ensure the vitality of the whole, Vanke timely strengthened the bottom elimination system in the case of the company's scale gradually expanding.Last year, the elimination rate increased from 5% to 8%. One of the news of Vanke in 2006 was the equity incentive for the management.Not long ago, the general manager of ZTE asked Yu Liang for advice: "How did your equity incentive plan pass the strict China Securities Regulatory Commission?" Yu Liang's answer was simple: "We can do whatever the China Securities Regulatory Commission wants. The key is not to take It is to get this mechanism.” In April 2006, Vanke’s equity incentive plan was approved by the China Securities Regulatory Commission, and dozens of senior executives of Vanke became the first executives of a listed company to wear “golden handcuffs” in Chinese history.Vanke, which has always advocated the professional manager system, has finally begun to mass-produce multi-millionaires. Equity incentives may have come too late for Vanke.But there is no doubt that the incentives for talents have solved the last obstacle to the accelerated development of Vanke.Compared with the rich remuneration offered by other real estate companies, Vanke has assumed the role of the "Whampoa Military Academy of real estate" for many years, cultivating talents for brother companies.To some extent, this is related to Wang Shi's heroism and humanism. The annual salary of 3.2 million in 2005 will not make Wang Shi feel that he is not enough to recognize his contribution. With his personality, he will not allow Vanke to "do crooked ways" like some listed company peers, and change its face to reward equity.Until the policy allows, Vanke will act immediately.However, he finally admitted, "Incentives are very effective for the lower levels." Seeing that the management was elated when they got the stock, Wang Shi said with a smile, "It turns out that not everyone is as enlightened as I am." In 2000, Vanke headquarters was an investment management company, in charge of retail, real estate and other businesses.After Vanke focused on real estate, it established a real estate engineering management department, research and development department, and marketing department on the basis of the headquarters, and directly controlled subsidiaries distributed in 10 cities.Until 2004, Vanke had entered more than 20 cities, and it has always been a highly centralized and flat management of the headquarters. Taking the Headquarters Demonstration Committee as an example to decide whether to bid for a project, the success rate of the demonstration is 20%.That is to say, in 2004, Vanke took 60 projects, and at least 300 projects had been verified.Wang Shi found out: "Isn't this demonstration committee just discussing projects every day except for holidays? Isn't it just going through the motions? How can it be serious? There is a problem with the management system, and a regional headquarters must be established." 2004年开始矩阵管理的万科，在2006年3月宣布打造全新的组织架构，由现有“集团总部-市级公司”的二级架构调整为“战略总部-专业区域-执行一线”为主线的三级组织架构（觉得面熟？是的，这正是顺驰最先推出的权力下放架构）。而2006年才成立三个专业区域，今年又要重新划分，定位为管理区域，承担管理职能。采购权力也在同时下放，按照采购目录工作，集团采购、地域采购和联合采购各自进行。“对于万科的管理层来说，每年我们管理的公司规模都是从来没有经历过的。或许再过几年想法又会改变，这是必须在实践过程中修改的。”郁亮说。 2006年的最后几天，有媒体以《万科2006：工业化生产元年》为题，记录下“工业化”这个对万科来说堪称里程碑的特殊事件。正如文章所说，苦心打造6年后，“万科的工业化生产试验终于告别了实验室和散落于全国各地单项实验的阶段”，就在2006年年底，万科推出了集合其工业化生产资源的第一个市场化项目，而对这个“具有历史意义”的试验，万科选择了上海的一个在建项目——“新里程”。 是的，新里程！工业化不仅是万科走向1000亿过程中探索出的一个新商业模式，同时也是郁亮版万科迈向未来的新把手。 万科对住宅工业化的研发最早可以回溯到1999年成立建筑研究中心，到今年年底，东莞研究基地的四个专业研究室也即将开启，之后，万科在建筑研发上的投入将迅速提升到10%。去年3月，万科聘请原丰田高管伏见文明进入万科管理团队，执掌万科技术总监一职，这似乎可以看做王石在2003年即提出的“像造汽车一样造房子”由概念步入实质的标志。而一直低调行事的伏见文明在今年3月20日陪同郁亮出现在投资者见面会上，更传递出万科向住宅工业化迅速推进的信号。 今年以来，随着“万科生活馆”的修建和启用，郁亮经常会用他特有的那种看上去十分悠然的步调和感觉，向来访者介绍一组组模拟出的万科工业化的未来片段。不过，在最初，当“分管”“不确定事项”的万科董事长王石怀着强烈的兴趣发现并积极推销“工业化”的时候，据说，郁亮并不情愿。 一位接近万科的业内资深顾问透露，并不是在每件事情上，王石与郁亮都如外界看到的那么心意相通、处处合拍，“两个人直到2005、2006年仍常有争执。争执的焦点恰好是一个董事长和一个总经理的矛盾，也就是长期利益和短期利益的矛盾”。在真正实现规模化生产之前，工业化住宅因为成本高必然造成高价格。此外，工业化的投入即使从长期来看都是巨大且回报缓慢的，因此王石要得到郁亮的认同当然并不容易。 顾问的说法很容易理解。但王石最终成功说服了郁亮，就像郁亮因千亿计划而说服他一样。 “这是万科商业模型的转移”，王石说，“产业化不仅仅是扩大规模的方式。产业化对误差要求严格，直接的结果就是产品质量的提高。等到产业化成熟了，施工和能耗都会降低，施工周期会缩短一半以上。成本降低的速度会非常惊人。”当我们见到郁亮时，发现这些说辞也基本上成了他自己的表达。也许，他逐渐意识到，工业化其实是王石亲自交到他手上的一把利器——突破规模发展瓶颈的利器。郁亮说，虽然“最近这几年，客户并不会因为工业化住宅成本高而给我们溢价，但工业化住宅将大量减少后续维修和服务费用，从而提升利润，提升效率。工业化或许在三年内都在财务报表上体现为费用，但它将是万科未来的竞争力。有很多人担心万科会在大规模发展的时候摊薄管理资源，生产手段会跟不上，工业化会解决这些问题。”