旭辉集团（A）：“爆雷”来袭

Cases A and B provide a detailed account of how CIFI Holdings (Group) Co., Ltd. (hereinafter “CIFI”), a leading real estate developer in China, responded to a severe liquidity crisis that began in September 2022. Together, the cases explore how resilient leadership and organizational resilience played a role in navigating the crisis, offering insights into how these capabilities can be developed and why they are critical for both crisis management and long-term business success. Case A covers the period from CIFI’s founding through to October 2022, when the liquidity crisis broke out. The case is structured in three parts: (1) CIFI’s “soft power,” including the founder and top management’s entrepreneurial background, leadership style, and the company’s Spirit of Expeditioners; (2) its “hard power,” such as strategic planning, organizational structure, talent, and financial resources accumulated over the past two decades; and (3) the liquidity crisis itself—its root causes and potential solutions. Students are asked to step into the shoes of Chairman Lin Zhong, using both CIFI’s soft and hard capabilities to determine the most viable response. The case helps students understand how resilient leadership can manifest in practice and why it matters. Case B picks up in November 2022, when CIFI publicly acknowledged its liquidity crisis, and spans through July 2023. It presents the company’s three-phase response strategy: Step 1, “Hunker Down,” which involved immediate stabilizing actions; Step 2, “Survive,” which focused on short-term crisis response; and Step 3, “Rise Again,” which emphasized long-term planning and recovery. The case allows students to examine how organizational resilience is built and sustained during and after a crisis. Together, Cases A and B outline CIFI’s crisis management journey. Through analysis and discussion, students will explore how resilient leadership and organizational resilience influence high-stakes decision-making—and how companies can strengthen these traits to weather future disruptions.