Chapter 678 Four Seasons Fund

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Although the houses that Guo Shouyun plans to build are all small apartments and single apartments under 100 square meters, in the core urban areas of the new first-tier cities, the price of these houses will basically be between 100~2 million yuan after ten years. Not to mention Beijing, Shanghai, Guangzhou, Shenzhen and Hong Kong.

Ten million of these small units will have more asset value ten years later than Amazon's market value at its peak. Thinking of this, even Guo Shouyun is now a world-class billionaire, with a lot of excellent assets. I can't help but feel the blood surging in my heart.

Say nothing. In the future, the core goal of Global Real Estate is to achieve it in the shortest possible time, with 10 million small units in Beijing, Shanghai, Guangzhou, Shenzhen, Hong Kong, and at least 10 second-tier economic cities.

"Boss, you gave all the funds to Universal, I'm afraid Lao Xing will make trouble. Red Star Motors is also waiting for your funds to acquire Rover and revitalize assets. You borrow US$4 billion from Standard Chartered Bank with the equity of GCA Holdings, and the annual interest is 2 billion Huaxia dollars. In the past, 4 billion US dollars was gradually injected into the accounts of Global Real Estate and Global Fund, and the buffer time in the middle can also be used to obtain income in the capital market with surplus funds through Mangzhong Fund, and repay loan interest by the way. Now, I am afraid that all this money will be used to support Universal and start Tuniu's project in Yunnan Province. That is to say, the interest of the 2 billion Huaxia coins in the next three years will have to be figured out by yourself. ”

Guo Shouyun nodded, "Lao Zhang, I haven't asked." How much money has Hanhua Trust made now with the money it put in Mangzhong?"

Since the Spring Festival of the previous year, after getting a loan of 4 billion US dollars from Standard Chartered Bank, 1 billion yuan has been set aside to Global Real Estate to take advantage of the downturn in Hong Kong's real estate market to buy a large amount of assets. The remaining three billion were put into the Mango Fund, mainly long futures on gold and oil. There is not much leverage, just five times. Later, with the continuous development of Global Real Estate and Global Fund. A portion of the funds were cashed out and handed over to the two companies. There is also a part of the cash to repay the interest on the loan. So far, there is still $1.8 billion of this fund lying in the account of the Mangzhong Fund.

In the past year and a half, gold has grown from $340 per ounce to $400 now, an increase of 17.45 percent, and oil has grown from $28 per barrel to $40 today, an increase of 42.85 percent.

"From last year to now, this money has paid off a total of $1.45 billion. After deducting 40% of the agreement share and 2% of the management fee, GCA Trust can get $841 million!"

Guo Shouyun nodded, this was a lot more than the information he had read last time. Moreover, there is no capital gains tax and dividend tax in Hong Kong, and only buyers and sellers need to pay 0.1% stamp duty on transactions. The $841 million could be at his disposal.

"With this $841 million, we can temporarily cope with Tuniu and Red Star Auto! It's just that the funds to repay the principal and interest of Standard Chartered Bank at the end of the year still need to find another way. Guo Shouyun said in his heart.

The $4 billion loan is a five-year loan with 6.4 percent interest under his agreement with Standard Chartered Bank. In the first year, 800 million in principal and $256 million in interest need to be repaid.

Guo Shouyun used the assets of Jianlibao, a subsidiary of Hanhua Trust, to issue an ABS bond worth US$800 million to repay the principal, and the interest was the remaining US$3 billion after deducting the US$1 billion handed over to Global Real Estate.

At the end of this year, an additional $800 million in principal and $200 million in interest will need to be repaid.

"Boss, there's something I'd like to discuss with you. Zhang Lei hesitated for a moment and said.

"What's the matter?"

"I want to change the share of the Mangzhong Fund to 37 points, we are 30%, and the customers are 70%. ”

Guo Shouyun frowned slightly, "Why?"

"Now the funds under management of the Mango Fund have reached $17.9 billion, but in the last six months, it has increased by less than $2.3 billion. And many customers report that our share is too high, but the yield has not exceeded 25% in the past year. Many private equity funds with a similar rate of return to ours only have a share ratio of only 30%, or even 20%!"

The reason why the Mangzhong Fund will set up a dividend ratio of 46 shares, which is far beyond that of the same industry, is completely based on Guo Shouyun's previous knowledge.

The Argentine debt crisis, 9/11, the war in Afghanistan, and the war in Iraq were all crises that caused volatility in financial markets within a year. By repeatedly taking advantage of these opportunities, Guo Shouyun gained tens of billions of dollars from the capital market, laying the foundation for his fortune. And those investors who have made excess profits through his hands also accept his dividend ratio that far exceeds that of his peers.

But with these opportunities a thing of the past, it will take three years for the subprime mortgage crisis to make such huge profits. As for the remaining money-making opportunities between the Iraq war and the subprime mortgage crisis, the so-called black swan event, he really can't remember.

Even if he wants to invest himself, it is the Internet, gold and oil for the long term. Or the 'oil forward agreements' that Ruby Mall, Pacific Energy and Unocal are all investing in.

But if you only invest in these, it will make the high share of the mango fund lose its support. Whether it is the Internet, gold, or oil, it is difficult for the annual yield to exceed 35%. Not to mention that Guo Shouyun has taken advantage of black swan events to nearly double the average annual return almost every year.

In contrast, compared with the medallion fund with an average annual return of nearly 40%, Bolong Asset Investment Management Co., Ltd., which has an average annual return of 32%, and the element capital company with an average annual return of about 22%, are much less attractive.

Because the management fee is only 2%, and the share is only 20%, which is less than half of the mango seed.

"Lao Zhang, private equity funds just don't advance or retreat. If we take the initiative to reduce the share ratio, I am afraid that it will be difficult for the Mangzhong Fund to have large-scale growth. Even if it is not handled well, there will be a recession. ”

Zhang Lei nodded, the foundation of private equity funds is high risk and high return. If Mangzhong takes the initiative to reduce the share ratio, it is easy to cause the outside world, and the rate of return cannot be guaranteed, so it can only attract the impression of customers by reducing the share ratio.

Once this impression is formed, those customers who are already investing in Mangzhong will worry about the safety of their funds and choose to take them out for a period of time after the funds are unblocked, and then decide whether to continue investing.

During this period of time, if there are competitors of the Mangzhong Fund, they will make up some rumors that are unfavorable to the Mangzhong. So no matter whether these rumors are true or not, it may not be easy for the Mangzhong Fund to restore its current scale.

"Boss, maybe you can...?"

Seeing the expectation in his eyes, Guo Shouyun shook his head, "It's so easy to get double the excess returns." At present, the Haiyan River is not said to be clear in the world, but it is also generally calm. Aside from the long-term stock market and futures, I can't find any good opportunities. ”

Although he had already guessed that this would be the result, when Guo Shouyun said it, Zhang Lei couldn't help but feel disappointed.

According to the past practice, if Guo Shouyun really found a good investment opportunity, he would have started to prepare a long time ago, and he would not have been silent until now.

"If we don't get the excess returns that far exceed Tongji, I'm afraid that the scale of the Mangzhong Fund will decline a little bit, which is equivalent to chronic suicide. Zhang Lei said.

"The sharing and management fees of the Mango Fund really cannot be changed. But you can set up a separate private fund. The 2% management fee and 20% revenue share that are currently popular internationally are adopted. Through time, the money from Mangzhong was slowly transferred to this new fund. ”

"But how do we explain to our clients the purpose of this fund?"

"You just said that this is our newly established private equity fund, which focuses on investing in the stock market and futures for a long time, and the risk coefficient is lower than that of the Mangzhong Fund, so the handling fee and share are only half of the other party. ”

Zhang Lei thought for a moment and nodded, "You can give this fund a name." ”

Guo Shouyun did not refuse.

The investment direction is Internet companies in China and the United States, red chips of mainland state-owned companies in the Hong Kong stock market, and long-term gold and oil. In terms of management, you choose a fund manager who is calm and sophisticated. ”

"Don't let Yu Fei supervise it?"

Guo Shouyun waved his hand, "That guy likes to play risk. Long-term investing is not for him. ”

"Got it!"

"By the way, you can sign this document!"

I took it and took a look, especially when I noticed the 'executive director of Hanhua Trust', there was a touch of understanding on my face.

"In the future, all companies headquartered in Huaxia, including the current Hanhua Holdings, Jianlibao, PayPal, Tencent, NetEase, Red Star Automobile, Universal Group, Tuniu Group, and Oriental Group, will be placed under this trust for management. I am the executive manager, you are the executive director, and the whole board of directors will be composed of 7~9 people in the future. ”

There is no doubt that this is Guo Shouyun preparing for the future inheritance of the Guo family. Zhang Lei, who had already been to the Guo Manor in the magic capital and had seen the Ji family sisters, was not surprised by this. The cooperation between family trust and family fund is also an effective means of inheritance of wealth of large families in the world.

Especially in the United States, where the inheritance tax exceeds 50%, the founders of family businesses will leave a small number of shares to their descendants, and then put most of the equity into their own family funds, and then pass on the income generated by these shares to their descendants through family trusts.

In order to avoid the situation of not having more than three generations of wealth, the management of a family fund is usually composed of three family members, three professional managers, and three social elites, and is responsible for the management of the family business.

Because a foundation has legal personality under modern commercial law, there is no need to pay a high inheritance tax when transferring shares to a foundation.

In addition, in order to avoid paying taxes, avoid hatred of the rich in society, and increase their own influence, many families will set up their family funds as family charitable funds.

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