ROISERV's path to independence remains overshadowed by its real estate origins.

On the evening of September 18, ROISERV issued an announcement declaring the retirement of Chairman Geng Jianfu, while nominating real estate executive Wu Qiuyun as his successor. This seemingly routine personnel change has stirred waves within the industry.

The announcement cited Geng Jianfu's "retirement plan" as the reason for resignation, though his original term was set to run until November 2026, making his departure 15 months early a subject of speculation. "Senior management from the parent company taking positions aims to streamline business operations and integrate resources for improved efficiency," an insider from ROISERV told reporters on September 22. However, a former executive who left ROISERV was more direct: "Real estate is taking full control, and we expect comprehensive personnel changes ahead."

Behind this lies the deep involvement of parent company Rongsheng Development in the property management sector, as well as ROISERV's prolonged dependence on parent company support and slow progress toward independence. Two debt-to-asset swap agreements totaling 1.6 billion yuan, 93.4% of managed area still sourced from Rongsheng Development, and the strengthening of real estate backgrounds in the management team all point to the entangled relationship between the property management company and real estate operations.

Is Geng Jianfu's departure truly a normal retirement, or the beginning of strengthened real estate control? Can ROISERV's path to independence truly be realized under the leadership of a new chairman with real estate background?

**Retirement Speculation and Real Estate Takeover**

Geng Jianfu's departure appears to be routine age-related retirement on the surface, but contains underlying complexities. According to the announcement, he was appointed as executive director in November 2023 for a three-year term that should have ended in November 2026. His departure 15 months early, with only "retirement plan" as justification, is considered insufficiently convincing by industry observers.

The former ROISERV executive stated directly: "Geng Jianfu's resignation due to age and retirement, along with the real estate leader taking over as property management chairman, follows normal script." However, the deeper context involves parent company Rongsheng Development strengthening management control over the property management sector.

Successor Wu Qiuyun's background confirms this trend. The 44-year-old is a typical real estate professional: previously worked in marketing at Shunchi, Evergrande, Sino-Ocean, and Wanda, joined Rongsheng Development in 2014, serving as deputy marketing general manager of Jinan company and general manager of Shijiazhuang company, before being promoted to president of Rongsheng Development in 2023. His career has had virtually no connection to property management services, and this "parachute appointment" is viewed by the industry as further infiltration of property management companies by real estate operations.

Similar cases have become frequent in recent years: Onewo brought in Wanke executive Zhu Xu, KWG Living appointed KWG Holdings executive president Liu Lihao, and Landsea Green Life was succeeded by Liu Shouwei from Landsea Holdings background. Real estate professionals entering property management companies has become an industry norm.

The two interviewees present significant divergence regarding the reasons behind this personnel change, reflecting deep contradictions ROISERV faces in strategic positioning and development paths. The ROISERV insider tends to downplay the substantial impact of parent company intervention, emphasizing this as normal internal personnel allocation and business coordination within the group, aimed at achieving resource integration and operational efficiency improvement through cross-management appointments while firmly maintaining the independent operational status of the listed platform.

However, the former ROISERV executive directly points to the essence of control transfer behind this move, believing it marks the beginning of comprehensive real estate takeover, with large-scale organizational adjustments and personnel changes expected to follow.

He further revealed that "ROISERV's previous successful listing and phased development was largely due to the introduction of external professional management teams, while continuous loss of core talent and weakened internal governance capabilities in recent years have led the company to face severe professionalization crisis and insufficient development momentum."

These two completely different narratives reflect not only the tension between external corporate statements and internal realities, but also profoundly reveal the challenges and difficulties property management companies encounter in breaking free from real estate dependence and building truly independent market competitiveness.

Geng Jianfu's departure may only be the prelude to this power restructuring. He once led ROISERV's listing and weathered performance difficulties, but now, real estate involvement has become inevitable.

**Related Dependencies and Independence Dilemma**

Related party transactions between ROISERV and Rongsheng Development remain shackles the company cannot escape. In 2024, 93.4% of ROISERV's managed area came from Rongsheng Development. While this decreased from 97.7% in 2021, third-party expansion ratios still hover in single digits. In 2020, the company boldly declared "managed area to reach 200-300 million square meters within five years," but as of June 2025, actual scale reached only 90.6 million square meters, less than half the target.

More severe is the accounts receivable issue. In early 2024, ROISERV signed its first debt-to-asset swap agreement with Rongsheng Development, using 568 million yuan worth of parking spaces and properties to offset receivables. However, due to some assets being frozen, only 288 million yuan was actually cleared. In June this year, both parties signed a second agreement with debt offset scale reaching 1.076 billion yuan, totaling 1.6 billion yuan across both transactions.

While these operations alleviate bad debt pressure, they bring new risks: inventory scale surge. In 2024, ROISERV's inventory exploded 520% year-over-year to 339 million yuan, and will increase by another 1.07 billion yuan after the second debt offset. Meanwhile, parking space rental and sales revenue declined 10.15% year-over-year, with bleak asset realization prospects.

Notably, ROISERV's business structure adjustments also expose dependency issues. In 2024, ROISERV merged "non-owner value-added services" (real estate related business) with "community value-added services" into "peripheral services," attempting to downplay real estate contributions. However, within this business line, property developer value-added service revenue plummeted 45.02% year-over-year, showing continued impact of real estate industry downturn on property management.

Wu Qiuyun's appointment is hoped to resolve numerous legacy issues. The ROISERV insider stated: "Wu Qiuyun's addition allows real estate legacy issues to be coordinated and handled more smoothly. These issues refer to related accounts receivable, quality complaints during delivery guarantee processes, and breach of contract responsibilities." However, the former executive poured cold water: "Which real estate-dispatched executive has managed well before? Property management requires relevant expertise and background."

Undeniably, ROISERV's path to independence remains trapped in the shadow of real estate operations.