Chapter 760 Sunco
This price is undoubtedly much higher than the historical price of 1.25 billion for Sunco acquired by Road King Group.
But the Sunco in early 2005 is fundamentally different from the Sunco in 2006.
During this period, Sunchi’s Phoenix City project in Suzhou, which covers an area of more than 1 square kilometers, had two pieces of land taken back by the superiors because it failed to pay the land payment in time.
In Shi's home village, two projects were transferred out as a whole.
Jinling Company and Huadong Company were sold one after another.
Layoffs, land sales, repossession by superiors, plus debt overlay, etc., caused Sunco's asset value to fall a lot in 2005.
A very simple example.
In early 2005, JP Morgan negotiated with Sunchi and proposed a gambling agreement.
Morgan purchased 20% of Sunco's equity for 750 million Chinese dollars, but if Sunco's net profit in 2006 is lower than a certain value, Morgan will get 40% of Sunco's equity.
However, Sun Hongbin was not stupid and did not sign.
Plot areas are generally large and suitable for the construction of large-scale mid- to low-end residential properties.
This speed is even crazier than Fuhua Real Estate.
But Hanhua holds 79% of the shares of Fuhua. If money is invested, the shares will definitely change.
Net profit was 736 million Chinese coins.
These 'raw lands' are not favored by local developers who focus on short-term benefits. The competition is not too fierce, and they have great potential for appreciation in the future.
But we can also see the value of Sunco.
Moreover, Sunchi’s arrears in land fees and bank loan balances are as high as 4.6 billion Chinese dollars.
It sounds like a lot, but in 2004, Sunchi spent 8 billion to acquire 12.78 million square meters of land reserves, and the amount in the Yangtze River Delta alone exceeded 4 million.
Hanhua’s shareholding in Fuhua Real Estate will drop to 73.36%.
"Thank you, Mr. Xu."
"What a pity."
In fact, Fuhua Real Estate's main investment direction is also in the new center of the city.
The entire Fuhua Real Estate’s main business income in 2004 was 3.75 billion Chinese dollars.
Xu Liang took it and turned it over.
"Sun Hongbin is indeed a powerful person." Xu Liang said.
Xu Liang nodded.
Sun Hongbin is a powerful person. He was tricked by Comprador Liu, and he can start all over again.
“Yes.”
Total assets are 89.3 billion Chinese dollars and total liabilities are 35.692 billion Chinese dollars.
Although Xu Liang does not object to increasing shares, as a listed company, too concentrated equity is not a good thing.
Xu Liang thought briefly, "Let's do this. Fuhua will do a directional financing, and the 5 billion Huaxia coins will come out of Hongyan."
However, due to the above-mentioned policy of restricting real estate, the market value has increased from 70 billion to 70 billion. The Hong Kong dollar has dropped from its peak to 64.7 billion now.
The local government is eager to sell, and will be very active in providing support including three links and one equality.
When large real estate companies across the country were focusing their attention on core urban areas, he asked Sunco to focus on acquiring land on the edge of the city and in the planned new center.
Xu Liang is not competing for differentiation, but he knows very well that in the future, new urban areas with convenient transportation, convenient living, good greening and sanitation will have real estate development potential that exceeds that of crowded and dirty old cities.
The pressure is too much. ”
Through this financing, Hongyan will hold 7.2% of Fuhua’s equity.
After successively stepping on so many pitfalls including Boss Jia and Boss Wang, Sunac can be To be the top 4 in the real estate industry in the country, it is really impossible to say that
Of course, as the big boss behind Fuhua, Hanhua must be rich.
"Now that we've agreed, let's sign the contract."
With Fuhua's current ability, it is really impossible to take out 5 billion Huaxia coins in cash at once.
Sha Zhigang quickly took out a document and handed it over.
Xu Liang put down the information.
If we want to keep the land in Sunchi's hands, plus the acquisition price of 3.5 billion, we must come up with at least 5 billion Chinese dollars in cash.
There are basically no remaining problems from demolition, which is conducive to rapid start and delivery.
The debt ratio is 38.3%.
“Do you have Sunco’s latest balance sheet?”
Sha Zhigang nodded, “Mr. Xu, Sun Hongbin wants an all-cash transaction, Fuhua can’t get it at the moment.
Sunco is worthy of challenging Vanke. After seven years of extreme capital operation, Sunco created sales of 9.2 billion Huaxia Yuan in 2004, but its profits are lower than those in the same industry. Much lower, only 1.47 billion Huaxia coins.
The current market situation is not good, and corporate debt is not easy to obtain.
If you take a loan, the interest rate will not be low.
It's a pity that this guy is a "replaceable" hero.
Xu Liang didn’t have the confidence to take it for his own use.
“How are you going to integrate Sunco?”
Sha Zhigang was obviously well prepared for this problem.
“Shunchi’s assets are mainly divided into three parts.
First, real estate agency.
Second, residential real estate development.
No. Three, property.
In terms of real estate agencies, Sunchi has 800 branches across the country, especially its base camp in Tianjin, with 300 branches. It is the leader in the real estate agency industry in Tianjin.
My idea is that Fuhua will take over the Sunchi agency business and use it as a basis to develop our own real estate agency market. "
Xu Liang nodded.
Many people buy houses through intermediaries, so a well-developed real estate intermediary company has a huge bonus on real estate sales. "Residential In terms of real estate, Sunchi has a total of 35 projects, among which Suzhou Phoenix City and Jinmen Sun City are the largest.
Phoenix City has a total development land area of 90 hectares and a construction area of 1.56 million square meters.
Sun City has a total development land area of 1,500 acres and a construction area of 2.15 million square meters.
These two projects are the diamonds in Sunco’s crown. We plan to complete the development of these two super projects in eight to ten years. "
After Xu Liang nodded, "If you include Sunchi, there are 117 real estate development projects under Fuhua, right? ”
“Yes. 117, with a total development area of 35.29 million square meters, ranking first in the country. ”
Looking at Sha Zhigang's proud expression, Xu Liang smiled and said: "It is indeed an achievement worth being proud of, but we are different from Sunco. We do not engage in extreme capital operations.
Also, Fuhua's The quality of our real estate projects comes first. I don’t want our customers to criticize us in the future.”
“Understood.”
“In terms of real estate, Sunchi has a total of 49 projects. , with a total management area of 7.48 million square meters. Although Fuhua also provides property services, Sunchi’s projects are too efficient and of average quality.
The Jinmen Sun City project has wall cracks and has been reported. Secretly changing decoration materials, etc.
If we took over, the repair costs would be very high. "Sha Zhigang said.
After thinking for a moment, Xu Liang said, "Let's take it over first and see. If you can't make money, quit. "
"Okay. "
"Also, the real estate market this year is not very good, and many real estate companies have experienced operational difficulties, so those that need to be merged and acquired must be resolute in mergers and acquisitions.
We should take advantage of the market downturn to reserve a large amount of land.
Fuhua's land bank this year will exceed 50 million square meters. "Xu Liangdao.
Sha Zhigang was shocked, "Mr. Xu, is it too much? I'm afraid it will be difficult for the company to come up with so much cash, and banks will not give us preferential loans. "
"Don't worry about this, I will take care of the funding. ”
Xu Liang now wants to convert a large amount of U.S. dollar assets in his hands into Huaxia currency assets. Compared with other industries, the real estate industry is the most suitable industry with large investments, simple investment methods and broad prospects. .
Sha Zhigang, relieved, couldn't help but ask: "Mr. Xu, do you think this domestic real estate downturn will pass soon? ”
"China's urbanization rate is now less than 40%, so despite the strong determination from above to regulate real estate, it will not last long."
Xu Liang knows the problems of China's real estate industry better than anyone else. future.
After 19 years, when supply exceeds demand, China's real estate industry will truly enter a trough.
In view of the big boss’s brilliant investment resume, Sha Zhigang trusted his judgment.
“Okay, that’s all I have to say, you go back to work.”
After seeing Sha Zhigang off, Xu Liang looked at the time.
After putting on his coat, he left the company.
Walking through the streets and alleys, we soon arrived at Heqiao Lijing Community.
After knocking on the door of Room 902 in Building 3, Liu Qianxi appeared in front of her wearing a white long-sleeved thin sweater, loose purple floral trousers, long hair shawl, bright eyes and white teeth, and a smile like a flower.
Seeing him, the little girl had a surprised smile on her face.
"Brother Xu."
With one step, he rushed forward.
Xu Liang hugged her delicate body, smelled the fragrance of her bun, felt the softness on her chest, and a small flame suddenly burned in his heart.
I walked in with the girl in my arms, closed the door, held up her beautiful face, lowered her head, and the red dragon opened its teeth and kissed her fiercely.
Liu Qianqian responded fiercely, as if she wanted to rub her body into her lover's arms.
"Sissi?"
The crisp voice, like thunder, suddenly woke up Liu Qianqian who was intoxicated in her lover's tenderness.
Hurryly pushed Xu Liang away and pulled down the rolled sweater to cover his graceful body.
Xu Liang asked in surprise: "Do you have any guests here?"
Before Liu Qianqian could reply, a man wearing a loose red thin sweater, a ponytail, and black tight-fitting trousers appeared. The beautiful girl walked over from the living room.
Seeing the two of them, a trace of surprise appeared on their innocent and pretty faces.
"You...?"
Liu Qianqian said quickly: "Let me introduce, this is Xu Liang. ...This is my good friend Shu Chang."
Xu Liang suddenly realized that he remembered that Liu Qianqian had mentioned to him before that he had a good best friend named Shu Chang.
He is no stranger to this person either.
After all, characters such as Heavenly Child Mother and Sha Niu are very classic.
“Hello.”
Xu Liang smiled and extended his right hand towards the other party.
After reacting, Shu Chang subconsciously held Xu Liang's right hand.
“Are you Sissi’s boyfriend?”
Judging from Liu Qianqian's state, it was clear that the two had been intimate before, so it was not difficult to guess Xu Liang's identity.
"Yes."
After letting go of his hand, Shu Chang suddenly rushed towards Liu Qianqian, attacking her armpits with the 'Nine Yin White Bone Claws'.
"Okay, Liu Qianqian. If you don't tell me that you have a boyfriend, you are no longer a good best friend!"
"Hehe, haha, who told you not to ask."
With that said, Liu Qianqian quickly counterattacked.
For a time, the whole room was filled with laughter like silver bells.
Two beautiful beauties were playing around in a unique style. Xu Liang stood aside with a smile and did not disturb them.
(End of this chapter)