The golden era of China's real estate sector once shone brightly, where a group of entrepreneurs forged their way through challenges, creating numerous wealth legends with courage and determination. Names like Wang Shi, Song Weiping, Wu Yajun, and Yang Guoqiang were not only the helmsmen of their companies but also the most emblematic figures of that period, witnessing the entire journey of China's property market from its infancy to its peak. However, all booms eventually subside. As the real estate industry entered a period of deep adjustment, the old model of high turnover and high leverage has completely faded. A market downturn has swept through, with debt pressures, sales challenges, and difficult transitions becoming the norm for most developers. As the sector faces unprecedented difficulties, a drama of "succession and perseverance" is quietly unfolding in the real estate circle, with the wave of generational change reshaping the industry landscape. Amidst the tides of the times, the shift from old to new is inevitable. "Veterans bowing out, new generations taking over" has become the most compelling scene in real estate. As former industry leaders gracefully step down, a group of young managers are stepping up in critical times, shouldering the responsibility of leading their companies out of困境 with fresh ideas and abundant energy. Chen Xuping and Cheng Guangyu are among the most prominent representatives. First, consider Chen Xuping, the new leader of Longfor Properties, who took over the reins in his early 40s at the most crucial moment for the company. In 2022, Longfor's founder Wu Yajun—a legendary entrepreneur who once studied under Wang Shi, built Longfor into an industry benchmark, and twice topped the list of China's richest women—stepped down due to age and health reasons. Chen Xuping succeeded her as chairman of the board from his role as CEO, becoming the new navigator for Longfor's development. Faced with immense pressure from the industry's downturn, he did not retreat. Instead, he consistently focused on the core goals of "stabilizing operations, promoting cash collection, and reducing inventory," leading Longfor steadily through its transformation. The company not only prepaid its domestic bonds and medium-term notes ahead of schedule, stabilizing its credit foundation, but also prepared for 2026 with cooperative projects worth hundreds of billions in salable resources, concentrating on core first- and second-tier cities. Through solid measures, Chen has helped Longfor stand firm during the adjustment period and return to a path of healthy development. Alongside Chen Xuping is Cheng Guangyu, the new president of Country Garden. As the first doctoral graduate recruited by Country Garden, the 45-year-old started as an assistant to the founder at age 27. After 18 years of deep cultivation, he gradually grew into a core manager of the group, witnessing firsthand the industry's ups and downs as well as Country Garden's own起伏. From general manager of the marketing center to CEO of the real estate group, and now to assuming the presidency, Cheng has delivered outstanding results at every position—leading the Guangdong-Fujian region to achieve dual growth in sales and profit, overseeing the steady progress of the group's real estate development business. Today, he shoulders the重任 of guiding Country Garden through debt restructuring and back on track, becoming a recognized benchmark for professional managers in the industry. While the new generation strives to break through, we also witness the graceful exit of veteran entrepreneurs. They once dominated the golden age of real estate and now, during the industry's adjustment period, choose to step down gracefully and ensure a smooth transition, paving the way for the long-term development of their companies. Wang Shi, founder of China Vanke Co.,Ltd., promoted the shareholding reform of Vanke in 1988, leading it to become China's first real estate company with revenue exceeding a hundred billion. He formally stepped down as chairman of the board in 2017, passing the baton to Yu Liang. Although he no longer participates in corporate governance after retirement, when Vanke faced liquidity pressure, he主动 gave up tens of millions in retirement benefits to stand with the company through difficulties, demonstrating great responsibility. Song Weiping, founder of Greentown, built the company's reputation for quality with the初心 of "building good houses," ultimately choosing to retire after achieving success, entrusting his life's work to a new generation of managers. Others like Zhang Yadong, Duan Xiannian, Ling Ke, and Yang Guoqiang of Country Garden—once heavyweight figures in the real estate circle—have successively卸下 their burdens, either retiring after accomplishments or directly handing over and retiring, using grace and豁达 to draw a perfect conclusion to their real estate careers. However, amidst this tide of "generational change," there is one exception—Zhang Yuliang, chairman and president of Greenland Holdings. While other veteran entrepreneurs纷纷 choose to bow out, this seasoned player with decades in the real estate industry opts to stand firm against the trend, shouldering the重任 of leading Greenland out of crisis and towards rebirth, writing a different legend of perseverance during the industry's阵痛期. In 2025, Greenland faced significant losses, with net profit attributable to shareholders declining by 26.213 billion yuan, a year-on-year扩大 of 68.55%. The dual pressures of debt and operational challenges loomed large, but Zhang Yuliang did not retreat. Instead, he led Greenland in launching a "second创业," implementing multiple measures to advance transformation and突围. He focused on revitalizing existing assets, promoting precise strategies in the real estate business. In 2025, the company achieved a 6.5% year-on-year increase in sales金额, becoming one of the few leading enterprises in the industry to achieve positive growth. Simultaneously, he optimized the infrastructure business, strengthening collection and回款. In the first three quarters of 2025, the infrastructure business累计 recovered 84.9 billion yuan in payments, providing solid support for the company's cash flow. In terms of debt resolution and cost reduction, Zhang Yuliang精准发力. In 2025, Greenland implemented an overseas debt restructuring plan, resolving 16.045 billion yuan in overdue interest-bearing debt. At the same time, through measures such as merging business divisions and optimizing staffing, management costs were压缩. In the first quarter of 2026, sales, management, and financial expenses all decreased year-on-year. More notably, in the first quarter of 2026, Greenland achieved a V-shaped reversal, with net profit attributable to shareholders reaching 200 million yuan, a year-on-year increase of 183%, successfully turning losses into profits. Both sales金额 and回款金额 in the real estate business achieved double-digit year-on-year growth, while new business sectors also developed rapidly. Green Link International Bank's net profit increased by 158% year-on-year, and energy and automotive distribution businesses steadily advanced, truly achieving a turnaround against the odds. Some exit gracefully, some step up in critical times, and some stand firm against the trend. The deep adjustment in the real estate industry is not only a reshaping of the landscape but also a传承 of spirit—the courage and responsibility of veteran entrepreneurs, the innovation and vitality of new-generation managers, and the perseverance and resilience of seasoned players like Zhang Yuliang, all collectively supporting China's real estate sector through the寒冬 and towards renewal. There may not be permanent industry booms, but there is always perseverance and突围. Whether it is the veterans retiring after success, the new generation stepping up in critical times, or Zhang Yuliang breaking through against the trend, they are all writing the next chapter of the real estate industry in their own ways. In the future, with the deep integration of old and new forces, it is believed that China's real estate sector will eventually bid farewell to野蛮生长 and usher in a more stable, higher-quality era of development.
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