Chapter 1121 Real Estate Fund
Dragon begets dragon and phoenix, and mouse’s son can dig holes.
From then on, Xiao Li followed the path of his father, Lao Li.
All kinds of hoarding, buying low and selling high, the battle at Cyberport is the best proof, and he also won the title of Little Superboy.
Of course, this is because others are praising him.
He obtained a large amount of land without spending a penny. Instead of building a science and technology park, he went to his father's die-hard partner HSBC to get a loan of 100 billion Hong Kong dollars. She Tunxiang acquired Hong Kong Island Telecom.
All these loans have no mortgage procedures, which is equivalent to swiping a face card. Anyone who starts his own business without relying on his father is fooling people.
After the merger and reorganization of PCCW and Telecom, No. 8 Zai had a market capitalization of close to 600 billion at its peak. Now its market capitalization has evaporated by 90%. The investors who have been stuck are crying without tears, and he has not repaid his 100 billion loan. superior.
It's like making a big mistake, and in the end it was the old man who helped wipe the butt.
It is said that in order to raise funds to acquire Telecom, this guy sold the 20% stake in Penguin for US$12.6 million.
Of course, it was Xu Liang who got this part of the equity in this life.
At this time, Xu Liang also saw Li Zekai.
And the ladies around him.
Good guy!
No wonder it looks familiar. It turns out that in my previous life, I watched a popular drama starring them and Kataki-nii, and Komaeda even wore a police uniform...
To be honest, most of these Hong Kong celebrities have average figures.
Li Zekai came over quickly.
He is a big boss that even his own father respects.
I dare not offend him even if I have three courages.
"Mr. Xu, have you come to Xiangjiang?"
"Not long after we arrived, what are you..."
Xu Liang glanced at everyone.
"They are all my friends, come here to eat together."
Xu Liang nodded slightly, "Say hello to your father for me."
"Okay."< br>
After patting his shoulder, Xu Liang walked towards the second floor.
Xu Jiayin quickly followed.
After the two people’s backs completely disappeared.
"This person named Xu is too arrogant. He doesn't take us seriously at all."
Xie Tingting said angrily.
"If my net worth exceeds 50 billion US dollars and I am the second richest man in Forbes, I will be more arrogant than him." He Chaoyi's face was full of envy.
Li Zekai’s eyes flickered.
He didn't recognize the person next to Xu Liang, but judging from his temperament, he must be a business person.
The two of them came here, mostly to discuss business.
A business worthy of Golden Caesar's personal presence must be extraordinary.
The curiosity in my heart suddenly surged up.
I was determined to follow him to find out what was going on, but when I heard the voices of these friends around me, I sighed in my heart.
There are too many people.
Just like in the past, you are asking for trouble.
“Let’s go.”
——
After going upstairs and sitting down.
Ordered some breakfast dishes, and the two of them chatted while eating.
“Mr.
The few times I came to Xiangjiang, I was often annoyed by them.
As a result, in front of you, these guys are as good as grandchildren. "
Xu Liang smiled and said nothing.
Seeing that he was not interested in these, Xu Jiayin changed the subject.
"Mr. Xu, you are a smart man.
I don't dare to play tricks in front of you.
We invite you to come here this time, mainly to raise funds.
Now Hengtai has reached a critical period in its development, and we urgently need a large amount of funds to expand before going public.
If Hanwaken invests in us, there will be returns within one or two years. "
Xu Liang: "The real estate industry is the key investment area of Hanhua Venture Capital Fund. You can definitely go to them. ”
Xu Jiayin showed a hint of embarrassment on his face.
“I tried to find him, but was rejected.”
He didn’t dare to lie even though a phone call could confirm it.
“Oh, why?”
“They said Hengtai’s debt ratio is too high.”
Xu Liangliang was stunned.
Although the domestic real estate industry was planned by him and the key investment area of Hanhua's venture capital fund, he did not require any investment projects.
Which companies can be invested in and which companies cannot be invested in is a matter for the person in charge of each venture capital fund.
Obviously, Hengtai was rejected.
“How much capital do you want?” Xu Liang asked.
"Not much, 400 million US dollars is enough."
Xu Jiayin glanced at Xu Liang, feeling uneasy. This should be nothing to Hanhua.
Xu Liang: "In addition to Hanhua, have you contacted other institutions?"
"Contacted. Temasek, Merrill Lynch, Deutsche Bank, the two sides have had several rounds of talks, but they want There are too many.
I still want to find real strategic partners, not short-term speculative capital.”
Looking at Xu Liang's calm expression.
Xu Jiayin gritted his teeth, stretched out his thumb and index finger, and made a gesture.
“With a valuation of US$800 million, if you invest US$400 million, one-third of Hengtai’s shares will be yours.”
“Hengtai’s balance sheet, financial statements, and operating information Are you taking them all with you?”
“With you.”
Xu Jiayin quickly took out a stack of documents from his briefcase and handed them over.
"Mr. Xu, these are Hengtai's operating data and financial statements for last year."
Xu Liang took it and flipped through it briefly.
“I’ll take a look when I get back and call you within three days.”
“Okay, okay.”
Xu Jiayin quickly agreed.
Three days is not long, he can wait.
"By the way, Mr. Xu. This is the condition Temasek and the others have given to Hengtai. If you are interested, you can take it back and take a look at it together."
Xu Liang saw it and smiled. .
“Mr. Xu is a smart man.”
Come up with the conditions of the three investment institutions and show your sincerity.
You can indeed strive for excellent impression points and improve the success rate of negotiations.
Of course, Xu Jiayin has another meaning.
This is my bottom line.
If you go too far, I will choose someone else.
"Thank you, I'm just a laggard in front of you. I hope you can give me more support in the future."
Xu Liang smiled and looked at the waiter who came over.
“The food is here, let’s eat first.”
“That’s right, let’s eat.”
——
"Invest 400 million U.S. dollars, accounting for one-third of the shares, and the post-investment valuation is 1.2 billion U.S. dollars.
From the information provided by Hengtai, it can still be invested.
The debt ratio is too high It’s so high, it’s close to 86%.
Once there is a real estate correction, Hengtai is very likely to be insolvent.”
On the top floor of the Xiangjiang Hanhua International Center, Sun Zhenping was not happy. Stop looking at the documents in your hands.
"So you mean not to invest?"
"No, I think you can definitely give it a try.
Although there are policy controls in the mainland, the urbanization process is far from over, and the real estate industry The dividends can be enjoyed for at least ten years."
Sun Zhenping said.
Xu Liang did not answer. He held a tea cup and stood in front of the floor-to-ceiling window, looking at the spectacular and beautiful skyline of Central, Hong Kong Island. Then he thought about the small cage houses everywhere. This is the reality of Hong Kong Island. Social fold.
Xu Liang suddenly said: "The real estate in Xiangjiang in China should be the highest."
"The price per square foot in Central has exceeded 100,000 Hong Kong dollars, and in the New Territories it has also exceeded 20,000. Housing prices in core areas are on par with those in the New Territories,” said Sun Zhenping.
Xu Liang nodded slowly.
"In another ten years, housing prices in the mainland will probably be similar to today's Xiangjiang." Sun Zhenping opened his mouth, but in the end he remained silent.
Housing prices are closely related to the level of economic development.
He does not think that the mainland will be comparable to Xiangjiang in ten years. It will be similar in twenty or even thirty years.
Xu Liang did not continue the question and walked to the sofa to sit down.
“Have you read the terms and conditions issued to Hengtai by the three institutions?”
“After reading them, they are as shady as ever.”
After sitting down on the sofa next to Xu Liang, Sun Zhenping put down the documents and said.
“In addition to the preference shares issued requiring Hengtai to pay an annual dividend of 5%, it also involves gambling.
If Hengtai is listed before 2008, investors will pay the minimum based on the listing price. The rate of return is 30%; for every half-year delay in listing thereafter, the minimum rate of return will increase by 10%
If the above-mentioned minimum rate of return cannot be achieved, Hengtai's major shareholder Xu Jiayin needs to transfer a certain amount of Hengtai's equity to investors to ensure that investors receive a minimum return.
If we invest in Hengtai, there will be a minimum rate of return. The setting can be set lower, or the dividend requirement can be cancelled.
I think the reason why Xu Jiayin told us the conditions of Temasek and the other three companies was to hope that we could offer better conditions. ”
Xu Liang nodded slightly, investment institutions are not open to charity.
Through the terms they issued to Xu Jiayin, we can get a glimpse of the situation, even if it is a quasi-listed company, it has no say. If so, it will still be controlled by capital.
“Do you see the second point? "Xu Liang asked.
"After reading it, the three institutions promised to provide a structural guaranteed loan financing of US$500 million to support Hengtai's pre-IPO performance.
However, 1/3 of the loans need to be repaid immediately after listing, and the remaining loans must be repaid within 15 months after listing.
Interest or rate of return is also really bad.
19%, completely usury.
However, as long as Hengtai can be successfully listed and its market value increases several times from its current level, it will be a big profit for everyone. "
Xu Liang nodded: "Four hundred million plus five hundred million, that is nine hundred million US dollars, which is not a small amount for us.
But with so much money invested in Hengtai, do you think it’s worth it in terms of return rate? "
Sun Zhenping frowned and thought for a moment.
"Mr. Xu, Hanhua is not short of funds now, but it is short of projects.
Hengtai is not S-level, but B+ level is still enough.
And Hengtai is a real estate company with real asset support.
Even if there is a real estate correction and Hengtai goes bankrupt, his remaining assets will be enough for us to recover most of our investment.
In terms of risk, he is smaller than Internet companies. "
Paused.
"Mr. Xu, can you hand over Hengtai's project to the Xiangjiang office? "
"Why? ”
"I want to expand the business of the Xiangjiang office."
All major offices under Hanhua basically include three major businesses: venture capital, private equity, and hedging.
The major offices of Hanhua in Asia also include investment banking services.
But Hong Kong is too small. Because of the relationship between Hong Kong stocks, private equity and hedging are developing well, but it is difficult for venture capital to get any good projects.
Although Hengtai’s case is not top-notch, it is not bad.
But Xu Liang soon discovered that he had guessed wrong.
“I plan to establish a ‘real estate opportunity fund’ under the Xiangjiang Office.”
Xu Liang was stunned.
Hanhua once established a real estate fund, but it was later abolished.
Sun Zhenping felt a little uneasy.
There was nothing he could do.
In Xiangjiang, venture capital has basically no business.
Every good project has been snatched away by the Pengcheng office next door.
So, he could only change the track.
“You want to learn Blackstone?”
Blackstone is the world's largest independent alternative asset management institution and also provides FA financial advisory services.
Their alternative asset management businesses include corporate private equity funds, real estate opportunity funds, hedge fund funds of funds, senior debt funds, proprietary hedge funds and closed-end mutual funds, among others.
But their two core businesses are private equity and real estate. These two types of funds also have the largest fundraising scale.
Blackstone’s current asset management scale is close to US$100 billion.
Sun Zhenping nodded.
"The current economy of Xiangjiang is mainly based on the financial industry and real estate.
Both Yangtze River, New World and Henderson are all mainstream real estate developers in the mainland.
The Xiangjiang office can cooperate with them, Jointly develop real estate projects in the Mainland.”
Xu Liang’s reflections.
Hanhua was asked to give up his real estate fund before because he planned to run his own real estate company.
Now Hanhua is reforming its management system, from the previous headquarters responsibility system to the headquarters supervision and each subsidiary responsibility system.
Simply put.
Whether you eat meat or drink soup, it all depends on your own ability.
Sun Zhenping, or the entire Xiangjiang office, plans to eat meat, and he, the big boss, has no reason to stop them.
“You can do it if you want to, but be careful when choosing your project.”
"Yes, thank you Mr. Xu."
Sun Zhenping said happily.
The bottleneck of Xiangjiang office development has finally been lifted.
“Don’t get too happy too soon. One thing has two consequences. The Xiangjiang office can set up a real estate fund, and the offices in Beijing, Magic City and Pengcheng will definitely not be idle.
Competition is allowed, but you are not allowed to maliciously lower prices and give outsiders an advantage.”
"Don't worry, the mainland real estate market is big enough to accommodate the entire Hanhua."
Xu Liang nodded.
“By the way, since you plan to fund real estate, why do you need Hengtai?”
“The development cycle of a project of Xiangjiang Real Estate Company is too long, and we need the bold cooperation of Hengtai. Fang.”
“Be careful, don’t mess up”
"Don't worry, I will definitely be careful. In addition, in terms of fundraising, I want to raise the All-China Xia Coin Fund."
Xu Liang: "Why?"
"CIC was listed some time ago. It is rumored that some of the funds will be released to high-quality domestic investment institutions. I want to fight for it."
"China Investment?"
There was a flash of memory in Xu Liang's eyes.
As China’s first sovereign wealth fund.
CIC’s first investment was with Blackstone, purchasing approximately 10% of the shares for US$3 billion, with a four-year lock-in period, no board seats, and no voting rights.
Then came the subprime mortgage crisis.
In more than a year, this investment lost US$2.5 billion, and was criticized by netizens.
After waiting for seven years, CIC Intermediate replenished its position by hundreds of millions of dollars, diluting the cost of holding shares and barely unwinding.
During this period, several big bosses and founding shareholders of Blackstone cashed out billions of dollars and made a lot of money.
At the same time, Blackstone also broke out a series of scandals. For example, the US$3 billion invested by CIC and most of the funds raised from the IPO were used to purchase businesses from partners.
The company has shown traces of major shareholders and management using IPOs to convey and transfer interests.
This is the same as some time ago, when Hanhua used the newly raised S fund to purchase the equity of Hanhua, Hongyan's Kunlun Technology, and Manchester United.
It’s just that Hanhua has no public shareholders, and he has not invaded the interests of small shareholders.
Who put the thread together for this list?
The surname is Liang, a wealthy man from Hong Kong Island, and he is also married to a star athlete wife.
After Liang Caishen retired from public office and took over as chairman of Blackstone Greater China, the first thing he did was to promote China Investment Corporation to invest in Blackstone.
It only took 3 weeks to finalize the US$3 billion, which is definitely worthy of the salary and bonus offered to him by Blackstone.
With the protection of CIC, Blackstone entered the Chinese market smoothly, buying commercial office buildings in Magic City, building Shou & Guang Logistics Park, setting up the Mainland China Coin Fund, joining hands with New Hope to acquire the largest chicken farm in Australia, etc.
During the three years when the financial crisis was the most severe, Blackstone suffered losses everywhere. Only China Market Investment’s business was extremely strong, achieving nearly 100% performance returns.
Thinking of this, Xu Liang instantly felt that Sun Zhenping’s attention was great.
“Have you communicated with CIC?”
Seeing that the big boss was interested, Sun Zhenping asked quickly.
“Not yet.
However, rather than letting foreign capital make money away, it is better to let our own sovereign wealth funds make money.
Secondly, we can also deepen our relationship with the yamen.
Finally, we will also have a small part of the money earned by increasing the scale of asset management. "
Xu Liang glanced at Sun Zhenping with admiration and said, "Your suggestions are very good. If you have good ideas in the future, you can put forward more." ”
Sun Zhenping smiled and nodded.
(End of this chapter)