“While domestic real estate is obvious, it may not be broken. Now it is necessary to be cautious about whether there will be any monetary policy stimulus in the near future.†On January 30, Wang Shi’s theme at London Business School (LBS) was “Asia 2025: Under In an interview with the Forum on Sustainable Sustainability in Asia for 10 Years, Vanke will allocate 15% to 20% of foreign investment to balance domestic market risks. In addition to the construction-related fields, Wang Shi said that Vanke is also paying attention to the robot industry. He believes that with the advent of an aging society, robots will enter the community service much faster than everyone thinks. The domestic real estate market bubble may not be broken. It is a monetary stimulus policy to be careful. Reporter: You have been abroad for the past few years. From your perspective, how do you view the weakening of the domestic real estate market in 2014? Wang Shi: Although I am now a visiting scholar, I have been concerned about the company's affairs, not only care, but also consider how to deal with it. It should be from two points. First of all, China is now facing a transformation, a very huge transformation, and a real transformation. Whether you are willing or not, active or passive, starting in 2015. The economic growth rate in 2014 is the slowest in these years. In fact, this is only the beginning. If the country does not adjust, there will be problems, and the company will have problems if it does not adjust. For entrepreneurs, if they do not adjust, they will face great challenges and confusion. To put it simply, there is only one planet in our country. The current consumption pattern cannot be tolerated. China should adapt from passive to active. The Sino-US joint statement at the APEC meeting will target China’s carbon emissions peak in 2030. It is a big challenge. In the past, international NGOs generally expect that China's peak will be until 2050, and the most optimistic will be until 2040, so this Sino-US joint communique is ahead of 2030, and this challenge is too great. The second point is from the real estate market, it is very simple, and it is obviously a bubble. However, it is not necessary if the bubble will break. Because China's economy is still growing, it has just slowed down, and now it is still in the process of urbanization. If this is handled well, there is still a chance. If there is any other stimulus policy today, such as the recent monetary stimulus policy, it is more worried. Deflation you have to stimulate him into inflation. In the current international trend, they are all deflationary, and they all send money. In this case, we must be careful. From the trend, don't be too pessimistic, but you must face the future with caution. Now it is just the beginning. To change from the cover to the cover For Vanke, there are two transformations, one is from production to technology, from product to service. So why do we choose to invest overseas, the purpose is very clear, first of all, the service industry in mature market accounts for a large proportion, the Chinese market is more covered, and the mature real estate market should be covered, the services provided by the two are completely different. Therefore, we choose the North American market and the European market. The European market is mainly the United Kingdom. Our purpose is to learn more, learn how to do mature markets, and how to establish this system, financing system, service system, and environmental protection. The UK is very challenging to propose that the new building in 2016 is not a reduction in carbon emission reduction, it is a new building to achieve carbon balance, which is too unimaginable to me. You said that it is feasible to build two landmark buildings. Vanke's landmark building is not only carbon balanced, we also achieved negative carbon emissions. We use a large proportion of new energy, like solar energy. The electricity can not be used, we can also export in the past, of course, the amount is limited, but this is a sign, you said that all new buildings must reach this, it is too challenging. But isn't this just what China wants to learn? This is why Vanke and the UK's most well-known BRE Enterprise Research Institute for Green Building and Environmental Protection have established long-term strategic partnerships to promote China's carbon reduction rhythm. Gradually shift 15% to 20% of business to foreign countries to balance risk Reporter: Many overseas investment of housing companies have the consideration of hedging the domestic market, but how do you assess the risks of overseas markets? Wang Shi: This is from the purpose of our overseas market. First of all, we have a very important purpose to learn, and we will not take a high risk for high returns. Now, like Spain and Greece, there are a lot of very cheap assets. If I choose to go to the bottom, the risk is definitely very big, but the rebound may be twice as much as three times. So this is mainly a strategy choice; the second is to balance risks. The biggest problem now is actually in the second and third tier cities in China. Now that resources are concentrated in big cities, the problems in the second, third and third tier cities are very big. So our strategy is more concentrated in the southeast coastal cities, so the risk is relatively small. The other is to allocate 15% to 20% to invest abroad to balance domestic risks, of course, this process takes time. In addition, Vanke mainly focuses on mature markets abroad. Mature markets are unlikely to make big money, but the relative risks are not great. We choose mature markets and choose mature partners. Such projects may not make big money, but there is no big risk. The third purpose is our customers. Our customers are expected to be 60 million to 80 million, of which 10 million to buy Vanke houses, 50 to 70 million are Vanke to provide property services, we have to build a An international network to serve our customers. Reporter: In the process of overseas investment, you may have to face higher labor costs, including policy and legal differences. How do you solve these problems? Wang Shi: We have cooperated with foreign industries for 27 years. We have two experiences in cooperation with foreign companies, especially with American companies, the emphasis on the law, the investment in lawyers' fees before signing contracts, and the investment in time and energy. , is what you imagined. For example, we and Franklin, a US company, are a coin-casting company headquartered in Philadelphia. We talked about the cooperation agreement for one year. The final contract has a book, including what to do when our cooperation ends. I couldn't accept it at the time. If we are still not married, you will let me sign the divorce clause and feel that he does not trust me. If we haven't cooperated, we will tell you various restrictions. We are very resistant. They asked us to hire lawyers from American law firms to communicate with their lawyers. This is how it fits in. It is to talk about the law, to talk about the legal provisions, and to follow the things we negotiate. Instead of talking about it, what will be solved in the future. This is the experience of dealing with American companies. The second cooperation between us and large foreign companies, such as GICRE in Singapore, we have cooperated for 15 years, the project has invested more than 3 billion, and the joint venture company is 50 to 50, but the entire operation team is Vanke, the operation of the whole project. As long as it does not exceed one billion yuan, the board of directors does not need to open, Vanke to make decisions and operations, the board of directors for record, this model has been very successful for so many years. Therefore, foreign companies pay attention to legal texts. Second, as long as the cooperation trusts each other, it is a trust relationship. But you are like a Chinese joint venture company, you send the chairman to send me the general manager, what do you send me to do, you supervise what I supervise, and restrict each other from mutual trust. Therefore, the principle of cooperation between Vanke and foreign companies, first, the legal contract must be clearly signed. Second, the most important thing is not to choose a project, but to choose a partner. Once you have chosen a partner, give him complete trust. So although we have not invested in foreign countries for a long time, our projects in the United States have been very successful, because with these two principles, everything has become very simple. We have not yet implemented a real project in London, and we are still looking for an ideal partner. Reporter: In 2014, some large-scale acquisitions of domestic enterprises in overseas mainly focused on commercial real estate, office buildings, etc., is there any preference for Vanke's overseas layout? Wang Shi: Our main business abroad is residential real estate. There will also be some commercial real estate, but it is mainly residential. Robots enter community services faster than you think Reporter: Vanke's overseas investment In addition to the real estate industry, are there any opportunities in other fields? Wang Shi: Vanke is a diversified company. We are coming from diversification, so at least during my time as chairman, we are not interested in investing in real estate-independent areas. However, we may invest in related industries, such as sewage treatment, such as waste incineration, which is definitely related to real estate and urban supply. The layout of Li Ka-shing is similar to that of Guo Guangchang in China, but Guo Guangchang and I are fighting against Taiwan. One representative is specialized and one is diversified. Of course, every project he invests in is also specialized, but he is more of an investor's strategy. And we are a team of industrialists, there is a strategic difference, so we only invest in the construction-related industries. But only one exception is the robot. Because the robot will invest in the service of the community much faster than usual. China has entered an aging society, and young people are reluctant to do these services. Again, the cost of manpower is very, very high. Therefore, more robots will replace some of the artificial places in the aging society. Jobs like gates, cleaning, and community services for the elderly will be more robots. Reporter: 2014 is the battle of Jun Wan. In the past 20 years, you have been on the road of Vanke. There are not many challenges in this way. How do you face such a huge crisis and pressure? Wang Shi: I never thought about giving up. In fact, like the Jun Wan dispute you said, the pressure is not as big as the outside world. Because he is a time-effect thing, that is, for the past three days, the past has passed, and it is impossible to resist the past. The outside world seems to have lasted for a month. After three days, the outcome has been decided, but the outside world still does not know. Then in these three days, when Junan did it, it was superficial. He wanted to reorganize and control Vanke, so he had to eat Vanke stock. Then everyone’s reaction to doing more is definitely to buy, because the phenomenon he gave is to do Bulls, but in fact his goal is to be short. So what I have to do in these three days is to fully tell the information to the market and let everyone know that he is shorting. In addition, in fact, this short is illegal, I found his little nephew. So on the one hand I posted information in the market, on the other hand I held his little nephew. A month later, the director of the marketing department of the CSRC at that time called Wang Ziping, who went to Shenzhen to find me, and took the approval of the documentary chairman Liu Hongru to strictly check the approval. He said that the chairman’s approval should be strictly investigated, but the stock market at the moment is yours. I also know that it is drowning. Then he asked for my opinion, I said, be good with people. Therefore, the dispute of Jun Wan at that time actually did not affect me as much as the outside world seemed. Although it matters, the key is three days. What Junan didn't expect at the time was that I applied for a three-day suspension of the stock market. Three days later, it was the weekend, giving the market a chance to fully digest it. For four days, until the stock opened on Monday, as long as the stock did not get up on Monday, he It’s over. So the key point was whether I could stop the game continuously. As long as I can do it, I will win. There were a lot of stories at the time, the most crucial Saturday morning suspension, until we found evidence, the evidence was handed over to the Securities and Futures Commission, the SFC approved.
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