boyutpedia Chapter 1337 [This Old Fox Is Steady Enough]
Chapter 1337 [This Old Fox Is Steady Enough]
Chapter 1337 [This Old Fox Is Steady Enough]
Tian Jiayi couldn't help but look at Fang Hong and said jokingly, "In this case, Qunxing is also equivalent to entering the real estate industry. What did someone swear to do in the beginning? Not to play the real estate game, now you are slapping yourself in the face."
Hearing this, Fang Hong said self-deprecatingly: "Other big names have been slapped in the face by the flags they set, so let's be like the crowd for once."
What is certain is that Qunxing Capital will not be criticized by the public for holding real estate on a large scale in this way. Instead, it will be widely praised and win wide acclaim, because the real estate held by Qunxing is not for sale, but to provide free housing benefits to its employees.
At the same time, these properties are all assets under the name of Qunxing, and they are all high-quality assets. They can be pledged to bring in cash flow at any time when needed, which means they can leverage funds. The invested money can be taken out and used again, and only some interest costs need to be paid. It can be said that both fame and fortune can be gained.
Fang Hong obviously would not do business at a loss. Sometimes, it seems like he has made a loss, but in fact he has made a small profit or even a big profit.
After a while, Fang Hong changed the subject and asked, "By the way, how is Huayang Group's debt reduction going?"
In the past two years, with the advancement of shantytown renovation and the real estate market booming again, Huayang Group has taken the initiative to reduce leverage and shrink at this time, changing its previous model of high leverage, high debt and high turnover.
In the past two years, the company has changed from buying buy buy to selling sell sell. Instead of expanding, it has been shrinking and adjusting its asset structure.
As a leading giant in the real estate industry, Huayang Group's incompatible move also caused quite a stir in the industry. It was also quite difficult to find someone to take over. No one dared to take it over at the beginning. People thought that a leading giant like Huayang Group might have smelled some different signals, and thus had great concerns.
However, in the past two years when housing prices have been skyrocketing, many people have bought properties in the face of huge profits.
Tian Jiayi recalled for a moment and replied: "Huayang Group's annual report came out last month. I have also read it. The company's liquidation plan is progressing smoothly. As of December 2017, 12, Huayang Real Estate's debt level has dropped to 31%, and it is expected to drop to around 47.9% this year."
Such a debt ratio can basically ensure that Huayang Group has achieved a safe landing. A cold winter in the real estate market in a few years is inevitable, and it is inevitable that those real estate companies with serious "three highs" will go bankrupt one after another. Huayang Group listened to Fang Hong's words and seized the best and only time window.
A few years later, with the arrival of the cold winter in the real estate market, it was a crisis for others, but an opportunity for Huayang Group. In an environment where a large box office company was lying flat and defaulting on various debts, Huayang Real Estate was able to operate with ease.
Fang Hong nodded with satisfaction: "Not bad, I listened to the advice and had a full meal."
Although Huayang Group operates independently and is not influenced by Qunxing Capital in terms of procedures, it really listens to Fang Hong and does whatever he says. It is obvious that it is clinging to others.
After a while, Tian Jiayi brought Fang Hong an unexpected news: "Speaking of Huayang Group, there is another matter today. Hua Yu talked to me about something at the company. Huayang Family intends to sell half of its shares in Qunxing Capital. I want to hear your opinion."
Fang Hong looked at the beautiful assistant in surprise: "Oh?"
Huayang Group initially held 5% of the shares of Qunxing Capital, and Hua Yu personally held 1%. By August 2009, Huayang Group valued Qunxing Capital at 8 billion yuan. After raising 3500 billion yuan in financing, it acquired another 100% of the shares, increasing its shareholding ratio to 2.85%.
In January 2010, Huayang Group provided Qunxing with a final financing of 1 billion yuan, raising its valuation to 115 billion yuan and increasing its stake by another 5000%.
At that time, Huayang Group held 10% of the shares of Qunxing Capital and it remains so to this day. Hua Yu's personal shareholding was diluted to 0.97%.
Fang Hong does not hold shares in Qunxing Capital in his personal name, but a trust fund controlled by him holds them indirectly. During the development of Qunxing Capital, Guo Jia's team was introduced, and the equity structure has also undergone corresponding changes.
Several Guo Jia team institutions now hold a total of 40% of the shares of Qunxing Capital, but the trust institution controlled by Fang Hong is still the largest shareholder of Qunxing with a 39% stake.
At this time, Tian Jiayi looked at Fang Hong and asked, "What do you mean?"
Fang Hong said slowly: "Then let's sell it. Hua Yu's 0.97% doesn't need to be touched. Huayang Group will sell half, which is about 5%. Let the five major Guo Jia team organizations take over 1% each. If they don't sell it, I think Hua Yongming will have a hard time sleeping soundly."
Obviously there is no other reason, because the size of Qunxing Capital is too huge now, especially the stock market boom has brought about the expansion of nominal value, making its asset scale exceed the astronomical figure of 37.5 trillion.
Huayang Group holds a 10% stake, which is 3.75 trillion yuan.
However, Hua Yongming has become increasingly uneasy over the years, especially in the last two years. He is both happy and worried about it. The biggest reason for his worry is precisely the rapid expansion of the size of his assets.
Hua Yongming was very clear that he had taken advantage of a huge advantage. He had won all these years almost without any effort. In fact, he had not made much contribution. It was all thanks to his early connections.
With the rapid expansion of assets, Hua Yongming found it increasingly difficult and even hot. He was very afraid that the Huayang Family would be starved to death if he took too much advantage and made too little actual contribution, which was sometimes not a blessing but a disaster.
What makes Hua Yongming most uneasy is that he is very clear that his family's history of making a fortune has some stains. Although due to the environment at that time, many people rose to prominence that way, and it seems nothing now, Hua Yongming is very afraid that one day in the future this matter will be used to bring him up.
The benefits he took were indeed too much compared to his contributions. In addition, his family's history of making a fortune was not as clean and pure as Fang Hong's, and his abilities and contributions were even more incomparable. Hua Yongming really felt that taking so much was too much to handle, and as the scale of his assets grew, he felt it was getting hotter and hotter.
That's why he wanted to sell half of his shares. He just wanted to have peace of mind and sleep soundly. Even if someone would bring up past events one day in the future, there would be someone to protect him and ensure his safety.
Fang Hong smiled and said, "This old fox is quite steady."
Tian Jiayi frowned slightly and thought: "It's just that 5% of the shares are worth about 1.9 trillion yuan at the current nominal value, and Guo Jia's organization can't afford to take over so much money."
Fang Hong glanced at the beautiful assistant: "What is he thinking? If Hua Yongming is really offered 1.9 trillion, would he dare to accept it? His mentality now is that he wants to give it away for free, just to have a good night's sleep in the future. Although he is getting older, his mind is still clear, he can take it and let it go, which is not simple."
Having taken in such huge vested interests, being willing to voluntarily give up more than half of them is a decision that not everyone has the courage to make.
Fang Hong paused, thought for a while, and then added: "Since you asked for my opinion, I'll give it to you. Squeeze out the part of the valuation bubble, and give a big discount. The price is 7500 billion in cash to Huayang Group. Each company will pay 1500 billion for 1% of the equity. Each company will pay 300 billion per year, and the total delivery will be completed within five years."
Fang Hong smiled faintly and said, "Huayang Group only invested more than 300 billion yuan in total back then. In exchange for the rise of Huayang Real Estate today, he has obtained 7500 billion yuan in cash assets and still holds 5% of Qunxing's shares. He has not lost anything."
……
(End of this chapter)