旭辉集团（B）：选择“蹲下来”

In the VUCA (volatility, uncertainty, complexity, and ambiguity) era defined by ever-present risks and increasing uncertainty, reshaping society to withstand major shocks has become a key global issue. Similarly, building the resilience to adapt and recover quickly has become essential for driving company growth. Cases A & B describe in detail how CIFI Holdings (Group) Co., Ltd. (hereinafter “CIFI”), a leading real estate developer in China, solved its liquidity crisis that erupted in September 2022. These two cases focus on resilient leadership and organizational resilience, providing insights into how to enhance resilient leadership and build organizational resilience while also highlighting the importance of these qualities for company development and crisis management. The time span of Case A covers the period from the establishment of CIFI to the outbreak of its liquidity crisis in October 2022. The case consists of three parts: 1) CIFI’s soft power, including the founder and top management’s entrepreneurial ventures and management styles, as well as the corporate culture of expedition; 2) CIFI’s hard power, including its strategic planning capabilities, organizational structure, talent pool, capital, and other resources or capabilities built up over the past two decades; 3) CIFI’s liquidity crisis or, more specifically, the causes of the crisis and potential solutions. Students are required to put themselves in the shoes of Lin Zhong and consider both the soft and hard power of CIFI when determining the best solution. Through case analysis, students will understand the manifestations and benefits of resilient leadership and organizational resilience. The time frame of Case B spans from November 2022, when CIFI publicly acknowledged its liquidity crisis, to July 2023. The case introduces CIFI’s three-step approach to crisis management: Step 1: “Hunker down”. This represented CIFI’s initial response; Step 2: “Live on”. This was an emergency measure to deal with the crisis itself; Step 3: “Stand up”. This involved planning and preparing for the later stages and aftermath of the crisis. Through case discussion, students will develop a better understanding of organizational resilience-building. In summary, Cases A and B outline CIFI’s responses to the liquidity crisis. By analyzing these cases, students will understand how resilient leadership and organizational resilience come into play during critical decision-making moments, and how to make improvements in these two areas.