风暴眼丨因猥亵罪被判5年，富豪王振华归来？躲过暴雷潮，躲不过资产“大跳水”

编者按：7月3日是常州首富王振华的刑满释放日。但他似乎隐身了。关于他出狱的消息，一直未有官方回应。在这个节点上，新城控股的掌舵者是否更迭成了最大的悬疑。多位和新城控股接触的人士表示，王振华重新走向台前，对公司不是个好的选择。

凤凰网《风暴眼》出品

作者丨绿蜡 广坤

爆料投诉邮箱：all_cj@ifeng.com

2019年7月3日，新城控股前董事长王振华因涉嫌猥亵儿童被上海市公安局刑事拘留，后被判处有期徒刑5年。算下来，如果没有提前假释，2024年7月3日，正是其刑满释放日。董事长“出狱”时间节点，让沉寂的新城控股再次备受关注。

业内流传的一则消息是，王振华已经提前出狱。但是，凤凰网《风暴眼》询问多位新城控股内部人士，并未获得确切信息。

王振华入狱，其子王晓松临危受命，成为新城控股的董事长。5年后出狱，新城控股或再迎来新的人事变化。

子承父职后的新城控股，是否要恢复原来的人事任命，身负道德污点和刑事处罚的创始人该以什么样的身份重回公司？

在地产行业周期震荡的节骨眼上，丑闻缠身的新城控股处境复杂，王晓松挂帅的使命艰巨。5年时间里，新城控股市值也已经大幅缩水，从2019年7月3日的963亿元，跌到2024年7月5日的212亿元，蒸发了751亿元。

在7月6日新城控股披露的财务报告里，2024年上半年新城控股累计合同销售金额约235.54亿元，同比下降44.45%，累计合同销售面积约326.22万平方米，同比下降36.86%。最新的6月，新城控股的合同销售金额和销售面积大幅下滑的趋势仍在延续。

在王晓松的管理下，新城控股发展速度放慢，规模收缩。不过让外界惊讶的是，至少这家公司还没有步房企爆雷的后尘，还保持着公开市场的零违约。在今年5月28日的股东大会上，王晓松也公开表示，“新城公开市场爆雷不太可能发生”。

戏剧的是，创始人的“丑闻”，无意中契合了周期运转的齿轮，去杠杆的慢节奏，也被解读为“因祸得福”，避免划入了地产公司的殒落命运。

01常州首富家族的父子局

在王晓松接班的这5年，新城控股发生了不小的变化。

常华在新城控股呆了4年，正好经历王晓松接班前后两年。他对父子风格以及公司战略发展有更全局的视角。常华告诉凤凰网《风暴眼》，抛开案件来看，作为企业管理者，王振华有其战略能力，新城控股很早就确定了“住宅+商业”双轮驱动的策略。

图左为王振华，图右为王晓松

王振华是常州武进县湖塘镇湾里王野鸡村人，在猥亵案曝光之前，一直以慈善家形象示人，其还曾获全国五一劳动奖章、江苏省劳动模范以及中华慈善突出贡献人物等荣誉。从江苏常州发家，创办新城控股，十年时间将销售总额从105亿提高到2748亿，从全国第35名上升到第8名。

到了王晓松阶段，新城控股的步伐明显变缓。

一位新城控股离职人员告诉凤凰网《风暴眼》，这几年新城控股变化很大，裁员、降薪很严重，高管也走了很多。不过，这也是行业都面临的问题。新城控股相对于其他房企还算稳健，因为近些年没有做大规模地疯狂扩张。

最明显的例证是，王晓松在2019年掌舵后，就宣布暂停拿地，2021年在区域上将商业+住宅两大事业部合并，缩减机构设置，2022年再进行总部架构和高管的调整，意在聚能提效，直到2024年，暂停拿地的策略还没发生大变化。

一系列动作下来，新城控股规模缩减。2023年新城控股的销售规模已经从2019年的2748亿跌到了760亿。根据中指研究院发布的榜单，新城控股2024年上半年在房地产企业销售业绩排行榜中，排在第20位，相比2018年时的第8名已经大幅下滑。

不过与此同时，新城控股的资产负债率则稍微有所缓和。王振华时期新城控股资产负债率一路攀升，从2015年的79.54%到2018年的84.57%，再到2019年Q1的85.5%。到王晓松时期，2021年末总负债4372亿元，2022年末为3684亿元，下降近700亿元，资产负债率也由81.82%降至80.46%，比2019年阶段有所缓和。

在今年5月28日召开的新城控股股东大会上，王晓松称，公司未开发的土地大概4000万平方米，公司销售会持续下降，会根据公司的基本盘吾悦广场的情况，寻找开发业务的机会，也会考虑做些轻资产的项目，未来公司的营业收入一定是往下减的。

在王振华入狱的5年中，新城控股不论是销售额、股价还是财富都呈现大幅缩水的状态。新城系三家上市公司的股价一路下跌，王振华的身价也从2019年的240亿元下滑至72亿元。

《2024胡润全球富豪榜》显示，今年身价达72亿元的王振华家族，财富缩水超六成，排名下滑将近1900名。

除了战略上的不同，王振华父子的管理风格也迥异。常华告诉凤凰网《风暴眼》，“老王总管理上抓大放小，开会时一般都先听大家说完他再说，也不会打断别人发言，除非发言者实在啰嗦且不在要点上；小王总则比较谨慎稳重一些，有些地方也会抓得比较细，开大会会点名让下面参会的管理人员背诵公司企业文化’六提倡六反对’的内容。”

02王振华会走到台前吗？

王振华出狱之后，业内更为关注的是，其是否会重新接掌新城控股。

虽然新城控股集团目前的董事长、法定代表人为王晓松。但是，凤凰网《风暴眼》了解到，王振华仍然是新城控股的实控人。

一位常年深耕地产及金融领域的律师对凤凰网《风暴眼》指出，根据《公司法》规定，因贪污、贿赂、侵占财产、挪用财产或者破坏社会主义市场经济秩序，被判处刑罚，或者因犯罪被剥夺政治权利，执行期满未逾五年，被宣告缓刑的，自缓刑考验期满之日起未逾二年，不得担任公司的董事、监事、高级管理人员的。但是，王振华是猥亵罪，不在这一范围之内。

至于王振华是否会走到台前领导实际工作，上述律师的看法是可能性比较小，因为猥亵罪是商业影响比较大的罪名。他认为，王振华越走到台前，实际上对新城的负面影响会越大。

方凯是曾经帮助新城控股募资的业内人士，对新城控股的外在影响有切身体会。他向凤凰网《风暴眼》透露，虽然王振华事件对于公司经营的影响是小的。但是，因为房企融资更看重信用，这种事情会影响公司信用。有一次外资投资人最后不投新城控股的原因，就是因为王振华事件有道德风险。

“按照美国的案例，此种事件的影响不止是法律上的，而是道德或商业上的风险。机构也会评判，要不要与这样的公司或者有这样实控人或者前董事长的公司做生意。越是大的机构，除了法律风控，对于道德风控、商业风险也很看重，”方凯表示。

在方凯看来，他并不认为新城控股会让前董事长回来，因为新城控股内部新的管理层已经形成，王振华儿子的班底已经接掌新城控股，从公司稳定性来说，可能性不大。

“名义上有可能会给王振华一个虚职，给王晓松战略层面一些建议。另外，新城控股这两年的方向还是瘦身，不做新的项目，与王振华曾经激进扩张时期的风格也有差异。”方凯称。

另一位在房地产行业深耕多年的业内人士则向凤凰网《风暴眼》预测，王振华应该不会重新做董事长，但可能会从背后实控新城控股。

03归来，江湖已变

不论王振华是否走向台前，其面对的江湖已经发生改变。

5年前，地产行业前景一片大好，房企们“跑马圈地”，地产大佬们意气风发，一路高歌猛进。融创收购泛海项目重磅登场，阳光城接手协信控股，世茂房地产收购福晟等成为那一年地产大戏的经典案例。房企们在捕食者与鲸吞者中演变出新的地产格局。

当时，新城控股推崇的也是碧桂园模式，项目多位于三四线城市，主推高周转的模式，这推高了负债。2019年3月末，新城控股负债超过3000亿元，资产负债率约85%。

彼时，因为王振华猥亵事件，新城控股仅4个交易日就蒸发了200亿元，新城控股不得不走上收缩之路。2019年7月王晓松临危受命，新城控股密集上演了一系列拯救动作，切割与王振华的关系、裁员优化、暂停巨款拿地、避免股价爆仓等。

“王振华事件可以说让新城控股因祸得福，5年前地产公司都在扩张玩高周转，老王也难免会加入，他的风格之前就是激进扩张。” 一位常年关注新城控股的业内人士告诉凤凰网《风暴眼》，新城控股看似错过了楼市最后的狂欢，但这也让新城控股躲过了一劫。

而当年巨头恒大、碧桂园、融创早已爆雷，深陷债务泥淖。在行业整体低迷、房企盈利亏损加剧的情况下，新城控股不仅是行业里为数不多的没有暴雷的房企之一，还是极少数保持正向盈利的房企之一。

上述人士继续指出，王振华归来所面临最大的问题是，地产大环境已经改变，行业减薪裁员可能还要持续几年。

在他看来，民企都存在这一问题，楼市没好转，行业没什么利润，抗不住资金成本。之前拿地多的房企都会面临资金压力，房企日子只会越来越难过，只能等下一轮房价回暖，而这至少要等3年以上。

更为重要的是，新城控股也面临像其他房企一样需要大幅缩减规模和负债、轻装上阵的困境。

“新城控股负债也不少，如果楼市不能回暖，压力会越来越大，靠收租可能也还不起债务。因为好卖的住宅都卖得差不多了。如果有息负债太多，没有足够利润来覆盖，资产会被越吃越少。这也是王振华归来之后需要面对的问题。”上述人士称。

过去一年，新城控股也在大幅压降有息负债。2023年年报显示，新城控股期末融资余额为571亿元，同比压降142亿元。据多家媒体公开报道，2024年新城控股需偿还境内外公开债51亿元。

此外，现年62岁的王振华也面临“廉颇老矣”的境况，即便重新执掌新城，也面临重重困难。就像黄光裕出狱之后，即便进行了大刀阔斧的组织变革，也难以阻挡传统家电连锁没落之势。

面对地产这一夕阳行业，英雄迟暮，行业巨变，王振华或许也只能在怅然中“忆往昔峥嵘岁月稠”。

Storm Eye | sentenced to 5 years for indecent assault, wealthy Wang Zhenhua returns? Overcoming Thunderstorm Tide, Unable to avoid Asset "Big Dive"

Editor's note: July 3rd is the release day of Changzhou's richest man, Wang Zhenhua. But he seems to be invisible. There has been no official response regarding the news of his release from prison. At this node, whether the helm of New City Holdings has changed has become the biggest mystery. Several people in contact with New City Holdings have expressed that Wang Zhenhua's return to the forefront is not a good choice for the company.

Produced by Phoenix Network's Storm Eye

Author | Green Wax Guangkun

Complaint email for explosive materials: all_cj@ifeng.com

On July 3, 2019, Wang Zhenhua, former chairman of New City Holdings, was criminally detained by the Shanghai Public security Bureau on suspicion of molesting children and later sentenced to 5 years in prison. By calculation, if there is no early parole, July 3, 2024 will be his release date after serving his sentence. The timing of the chairman's release from prison has once again drawn attention to the dormant New City Holdings.

A rumor circulating in the industry is that Wang Zhenhua has been released from prison early. However, Phoenix Net's "Storm Eye" inquired with multiple insiders of New City Holdings and did not obtain exact information.

Wang Zhenhua was imprisoned, and his son Wang Xiaosong was appointed as the chairman of New City Holdings in the face of danger. After being released from prison in 5 years, New City Holdings may face new personnel changes again.

After inheriting the father's position, should New City Holdings restore its original personnel appointment? What kind of identity should the founder, who has suffered moral stains and criminal penalties, return to the company?

At the critical juncture of the cyclical fluctuations in the real estate industry, New City Holdings, plagued by scandals, is in a complex situation, and Wang Xiaosong's mission as the leader is arduous. In the past five years, the market value of New City Holdings has also significantly shrunk, from 96.3 billion yuan on July 3, 2019 to 21.2 billion yuan on July 5, 2024, evaporating 75.1 billion yuan.

In the financial report disclosed by New City Holdings on July 6th, the cumulative contract sales amount of New City Holdings in the first half of 2024 was about 23.554 billion yuan, a year-on-year decrease of 44.45%, and the cumulative contract sales area was about 3.2622 million square meters, a year-on-year decrease of 36.86%. In the latest June, the trend of significant decline in contract sales amount and sales area of New City Holdings continues.

Under the management of Wang Xiaosong, the development speed of New City Holdings has slowed down and its scale has shrunk. However, to the surprise of the outside world, at least this company has not followed the footsteps of the real estate industry's explosion, and still maintains zero default in the open market. At the shareholder meeting on May 28th this year, Wang Xiaosong also publicly stated that "it is unlikely that a new city's open market explosion will occur.".

Dramatically, the founder's "scandal" unintentionally coincides with the gears of cyclical operation, and the slow pace of deleveraging is also interpreted as "benefiting from misfortune", avoiding being included in the fate of the real estate company's downfall.

01 Father Son Bureau of Changzhou's richest family

In the five years since Wang Xiaosong took over, New City Holdings has undergone significant changes.

Changhua stayed at Xincheng Holdings for 4 years, experiencing two years before and after Wang Xiaosong took over. He has a more comprehensive perspective on the father son style and the company's strategic development. Chang Hua told Fenghuang.com's "Storm Eye" that, aside from the case, as a corporate manager, Wang Zhenhua has strategic capabilities. New City Holdings has long established a dual wheel drive strategy of "residential+commercial".

The left image shows Wang Zhenhua, and the right image shows Wang Xiaosong

The left image shows Wang Zhenhua, and the right image shows Wang Xiaosong

Wang Zhenhua is a native of Wanli Wang Yeji Village, Hutang Town, Wujin County, Changzhou. Before the indecency case was exposed, he has always shown himself as a philanthropist. He has also won the National May Day Labor Medal, model worker of Jiangsu Province, and outstanding contributor to Chinese charity. Starting from Changzhou, Jiangsu, he founded Xincheng Holdings and increased the total sales from 10.5 billion to 274.8 billion in ten years, rising from 35th place nationwide to 8th place.

At the stage of Wang Xiaosong, the pace of New City Holdings has noticeably slowed down.

A former employee of New City Holdings told Fenghuang.com's "Storm Eye" that New City Holdings has undergone significant changes in recent years, with severe layoffs and salary cuts, and many executives leaving. However, this is also a problem that the industry is facing. New City Holdings is relatively stable compared to other real estate companies, as it has not engaged in large-scale crazy expansion in recent years.

The most obvious example is that after Wang Xiaosong took the helm in 2019, he announced the suspension of land acquisition. In 2021, he merged the commercial and residential business units in the region, reduced institutional settings, and adjusted the headquarters structure and executives in 2022, aiming to gather energy and improve efficiency. Until 2024, the strategy of suspending land acquisition had not undergone significant changes.

After a series of actions, the scale of New City Holdings has been reduced. In 2023, the sales scale of New City Holdings has dropped from 274.8 billion in 2019 to 76 billion. according to the list released by Zhongzhi Research Institute, New City Holdings ranked 20th in the sales performance ranking of real estate enterprises in the first half of 2024, a significant decline from 8th place in 2018.

However, at the same time, the asset liability ratio of New City Holdings has slightly eased. During the reign of Wang Zhenhua, the asset liability ratio of New City Holdings continued to rise, from 79.54% in 2015 to 84.57% in 2018, and then to 85.5% in Q1 2019. During the period of Wang Xiaosong, the total liabilities at the end of 2021 were 437.2 billion yuan, compared to 368.4 billion yuan at the end of 2022, a decrease of nearly 70 billion yuan. The asset liability ratio also decreased from 81.82% to 80.46%, which was slightly eased compared to the 2019 stage.

At the shareholders' meeting of New City Holdings held on May 28th this year, Wang Xiaosong stated that the company's undeveloped land is approximately 40 million square meters, and sales will continue to decline. Based on the company's basic development of Wuyue Plaza, opportunities for business development will be sought, and light asset projects will also be considered. The company's operating revenue will definitely decrease in the future.

During Wang Zhenhua's five-year imprisonment, New City Holdings experienced a significant decline in sales, stock price, and wealth. The stock prices of the three listed companies in the New City series have been continuously declining, and Wang Zhenhua's net worth has also dropped from 24 billion yuan in 2019 to 7.2 billion yuan.

According to the 2024 Hurun global Rich List, the Wang Zhenhua family, with a net worth of 7.2 billion yuan this year, has seen their wealth shrink by over 60% and their ranking has dropped by nearly 1900 places.

In addition to strategic differences, the management styles of Wang Zhenhua and his son are also vastly different. Chang Hua told Fenghuang.com's "Storm Eye", "Mr. Wang focuses on managing the big and neglects the small. During meetings, he usually listens to everyone finish speaking before interrupting others, unless the speaker is really verbose and not on the main points. Mr. Wang is generally more cautious and cautious, and in some areas, he will also pay attention to the details. At the meeting, he will call on the management personnel below to recite the content of the company's corporate culture" six advocates and six opponents "."

Will Wang Zhenhua walk to the front of the stage?

After Wang Zhenhua's release from prison, the industry is more concerned about whether he will take over New City Holdings again.

Although the current chairman and legal representative of New City Holdings Group is Wang Xiaosong. However, Fenghuang.com's "Storm Eye" learned that Wang Zhenhua is still the actual controller of New City Holdings.

A lawyer who has been deeply involved in the real estate and financial fields for many years pointed out to Fenghuang.com's "Storm Eye" that according to the "Company Law", those who are sentenced to punishment for corruption, bribery, embezzlement of property, misappropriation of property, or disruption of the socialist market economy order, or have been deprived of political rights due to crimes, and have been suspended for less than five years after the completion of the probation period, shall not serve as directors, supervisors, or senior management personnel of the company for less than two years from the date of the probation period. However, Wang Zhenhua is guilty of indecency and is not within this scope.

As for whether Wang Zhenhua will step onto the stage to lead the actual work, the lawyer's view is that the possibility is relatively small, because the crime of indecency is a crime with a significant commercial impact. He believes that the more Wang Zhenhua approaches the stage, the greater the negative impact it will have on the new city.

Fang Kai is an industry insider who once helped New City Holdings raise funds and has a firsthand experience of the external impact of New City Holdings. He revealed to Phoenix Network's "Storm Eye" that although the impact of the Wang Zhenhua incident on the company's operations is small. However, because real estate financing places more emphasis on credit, this kind of thing can affect the company's credit. The reason why foreign investors ultimately did not invest in New City Holdings was because the Wang Zhenhua incident posed a moral hazard.

"According to the case of the United States, the impact of such events is not only legal, but also moral or commercial risks. Institutions will also evaluate whether to do business with such companies or companies with such actual controllers or former chairmen. The larger the institution, in addition to legal risk control, it also values moral and commercial risks," Fang Kai said.

In Fang Kai's view, he does not believe that New City Holdings will bring back the former chairman, because a new management team has been formed within New City Holdings, and Wang Zhenhua's son's team has taken over New City Holdings. From the perspective of company stability, the possibility is unlikely.

"In name, it is possible to give Wang Zhenhua a false job and give Wang Xiaosong some strategic advice. In addition, New City Holdings' direction in the past two years is still to slim down and not engage in new projects, which is different from Wang Zhenhua's style during his aggressive expansion period." Fang Kai said.

Another industry insider who has been deeply involved in the real estate industry for many years predicted to Fenghuang.com's "Storm Eye" that Wang Zhenhua may not become the chairman again, but may actually control New City Holdings from behind.

Returning from 03, the world has changed

Regardless of whether Wang Zhenhua steps forward or not, the world he faces has changed.

Five years ago, the real estate industry had a bright future, with real estate companies rushing to seize opportunities and real estate tycoons full of enthusiasm, making rapid progress. Rongchuang's acquisition of the Oceanwide project made a significant debut, with Sunshine City taking over Xiehe Holdings and Shimao Real Estate's acquisition of Fusheng becoming classic cases of the real estate drama of that year. Real estate companies have evolved a new real estate landscape amidst predators and predators.

At that time, New City Holdings also advocated the Country Garden model, with projects mostly located in third - and fourth tier cities, mainly promoting a high turnover model, which increased liabilities. At the end of March 2019, New City Holdings had liabilities exceeding 300 billion yuan, with an asset liability ratio of approximately 85%.

At that time, due to the Wang Zhenhua molestation incident, New City Holdings evaporated 20 billion yuan in just four trading days, and New City Holdings had to embark on a path of contraction. In July 2019, Wang Xiaosong was appointed in a crisis, and New City Holdings staged a series of rescue actions, including cutting off its relationship with Wang Zhenhua, optimizing layoffs, suspending large-scale land acquisition, and avoiding stock price explosions.

"The Wang Zhenhua incident can be said to have brought good fortune to New City Holdings. Five years ago, real estate companies were expanding and playing with high turnover, and Old Wang was inevitably joining in. His style was aggressive expansion before." An industry insider who has been following New City Holdings for years told Phoenix News' Storm Eye '. New City Holdings seems to have missed the final carnival of the real estate market, but this has also allowed New City Holdings to avoid a disaster.

And back then, giants such as Evergrande, Country Garden, and Rongchuang had already exploded and were deeply mired in debt. In the overall downturn of the industry and the intensification of profits and losses for real estate companies, New City Holdings is not only one of the few real estate companies in the industry that did not experience any explosive growth, but also one of the few real estate companies that maintain positive profits.

The above-mentioned individuals continue to point out that the biggest problem facing Wang Zhenhua's return is that the real estate environment has changed, and industry salary cuts and layoffs may continue for several more years.

In his view, private enterprises all have this problem, the real estate market has not improved, the industry has little profit, and cannot resist the cost of capital. Real estate companies that previously acquired a lot of land will face financial pressure, and their lives will only become increasingly difficult. They can only wait for the next round of housing prices to recover, which will take at least three years.

More importantly, New City Holdings is also facing the dilemma of significantly reducing its scale and liabilities, like other real estate companies, and entering the market with light equipment.

"New City Holdings also has a lot of debt, and if the real estate market cannot recover, the pressure will increase. Relying on rent collection may not be enough to pay off the debt. Because the best-selling residential properties have been sold almost. If there are too many interest bearing debts and not enough profits to cover them, assets will be eaten less and less. This is also the problem that Wang Zhenhua needs to face after returning," said the person mentioned above.

Over the past year, New City Holdings has also significantly reduced its interest bearing liabilities. According to the 2023 annual report, the year-end financing balance of New City Holdings was 57.1 billion yuan, a year-on-year decrease of 14.2 billion yuan. According to multiple media reports, New City Holdings needs to repay 5.1 billion yuan of domestic and foreign public bonds in 2024.

In addition, 62 year old Wang Zhenhua is also facing the situation of being "relatively old", and even if he takes over the new city again, he will face numerous difficulties. Just like after Huang Guangyu's release from prison, even with drastic organizational changes, it is difficult to stop the decline of traditional home appliance chains.

Faced with the sunset industry of real estate, where heroes are fading away and the industry is undergoing tremendous changes, Wang Zhenhua may only be able to "reminisce about the ups and downs of the past" in a sense of melancholy.

句子成分分析：(划分说明)  提示：框中标识可点击

[More importantly], New City Holdings is [also] facing the dilemma (ofsignificantly reducing its scale and liabilities, <like other real estatecompanies>), and entering the market [with light equipment].

句子语法结构详解：

* facing 为谓语，采用现在进行时。
* significantly reducing 为动名词，作介词宾语。
* entering 为谓语，采用现在进行时。
* its 为物主代词。is 为助动词。the 为定冠词。

句子相关词汇解释：

Phrase:

Vocabulary:

句子成分分析：(划分说明)  提示：框中标识可点击

[According to multiple media reports], New City Holdings needs to repay 5.1 billion yuan (of domestic and foreign public bonds) [in 2024].

句子语法结构详解：

(media 为 medium 的复数形式。)

* needs 为谓语，采用一般现在时。动词采用第三人称单数形式。
* to repay 为不定式，作宾语。

句子相关词汇解释：

Phrase:

Vocabulary:

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