By the end of June, not only Guo Ting served as the general manager, but the new field restructuring plan with bus research and development and production as the core business was approved by the provincial government; under the promotion of many efforts, the province also agreed to Shen Huai's plan of "new establishment and re-merger", and the provincial state-owned Dongjiang Real Estate Group was established at the fastest speed, and Zhou Weimin served as the secretary of the party group and chairman of the board of directors to receive and reorganize the provincial state-owned real estate development business and related assets, so as to achieve the purpose of clearing debts and growing and developing.

In addition to Huabin Real Estate and Huayun Construction, two provincial state-owned enterprises mainly engaged in residential development, 19 projects under construction of fund-raising housing, commercial housing, commercial housing and office buildings belonging to other provincial enterprises have been placed under the Dongjiang Real Estate umbrella.

After the establishment of Dongjiang Real Estate, in addition to the integration of assets and resources, the projects under construction need to continue to be constructed, the Provincial Textile Group will close down the printing and dyeing factory in Beitang District, and Dongjiang Real Estate will take over the old factory, which is responsible for preparing for the reconstruction of the old city of Huaxi Street and the construction of the second phase of Huaxi Market with Beitang District.

Huabin Real Estate and Huayun Construction are provincial state-owned enterprises with real estate development and construction as their core business, and have unique and advantageous conditions for the development of real estate development and construction business in the province.

It's just that the management of these two enterprises has been chaotic for many years, and they have also hung up a bunch of joint ventures and cooperative enterprises to absorb profits, counting all hidden debts, and not losing all their underwear, which is already the result of the state-owned enterprise working committee strengthening auditing in recent years, and the top leaders of these two enterprises have been brought to justice one after another in the past two years.

These two companies have no advantageous resources to inject into the newly established Dongjiang Real Estate, and the 19 real estate projects under construction by other provincial enterprises are spun off out of the idea of taking the opportunity to get rid of the burden.

In the end, in addition to more than 500,000 square meters of projects under construction and 2 billion yuan in debt, the core and most headache resource for Dongjiang Real Estate Group is the mixed staff of nearly 2,000 people.

It has never been easy to regain power, and restructuring and reorganization naturally have to wipe your ass first.

Even if the projects under construction are completed and successfully sold, they will not be able to fill the deficit caused by the debt of 2 billion yuan, and the net book assets of Dongjiang Real Estate will be negative from the time of its establishment.

However, fortunately, China Construction Bank is the mainstay, and the four major commercial banks, the Industrial Credit Bank, and the Xucheng City Commercial Bank all have strong confidence in the future growth of Dongjiang Real Estate, which has nearly seventy percent of the land replacement and development rights of old factories of provincial enterprises, and are willing to provide a total of 2 billion credit for the relocation of provincial enterprises led by Dongjiang Real Estate, land replacement, project continuation, real estate development and other businesses, which also shows that the provincial financial system has not supported the provincial state-owned enterprises in recent years.

Shen Huai and Zhou Weimin also bet on the construction of the second phase of the Huaxi Market project.

After the printing and dyeing factory of the Provincial Textile Group was shut down, the land was allocated to Dongjiang Real Estate for use free of charge, but the printing and dyeing factory covers an area of only 130 acres.

In the second phase of Huaxi, in addition to four professional wholesale markets with a total area of 300,000 square meters, commercial facilities including a logistics and transportation base, a tourist shopping plaza, a catering and leisure street and three commercial office buildings will be built, with a total area of 600 acres.

Coupled with the renovation of the old city and the improvement of the environment in the surrounding areas by Huaxi Street, Beitang District, in addition to the closure of the printing and dyeing factory and the need for resettlement of nearly 1,000 employees, there are also nearly 700 households that need to be demolished.

In order to demolish and vacate the land as soon as possible, Shen Huai and Zhou Weimin decided to take out 700 residential units from the projects under construction in Beitang District to resettle the residents who need to be demolished due to the renovation of the old city and the construction of Huaxi Market and commercial facilities, which is also conducive to quickly digesting the residential projects under construction that Dongjiang Real Estate has taken over from enterprises in other provinces.

In addition to the second phase of Huaxi Market, digesting nearly 20 projects under construction taken over from other provincial enterprises is also the top priority for Dongjiang Real Estate at the beginning of its establishment, and it is also the top priority to quickly digest the nearly 2 billion debts borne by other provincial enterprises and reduce its own financial pressure.

The vast majority of these projects are residential communities and commercial office buildings developed and constructed by provincial enterprises using their high-quality land resources in urban areas to generate income and increase profits or solve the problem of improving the housing of cadres.

These projects are small and scattered in scale, lack of reasonable planning and design, and the construction team is also uneven.

Residential projects are also easy to digest, so many cadres and workers of provincial enterprises have an urgent need to improve their housing; most of the office buildings and commercial buildings that have been thrown off as a burden and placed in Dongjiang real estate are those office buildings and commercial buildings that have been blindly launched by provincial enterprises, have been developed halfway through and lack the financial resources to continue construction, cannot be digested in the short term, and have a tendency to be unfinished, which tests the digestion ability of the newly established Dongjiang real estate.

Shen Huai will not put everything on Zhou Weimin.

In the past two decades, Hong Kong's industrial sector has been sluggish, while trade, services and real estate have flourished, and a considerable number of Hong Kong investors have little interest in developing industries compared to Chinese counterparts in other parts of Southeast Asia, but have a unique interest in the real estate sector.

Although many projects will look for partners to jointly develop and build Pengyue Modern City, the construction period of Pengyue Modern City is long, and it may take three to five years or even longer for the central business district to mature, and some Hong Kong investors who have good relations with Hongji and Evergreen Group are more interested in small and medium-sized commercial real estate in urban areas where the community is Chengguo, which is also more in line with their speculative tendencies.

Shen Huai had a little energy, so he pulled Song Hongjun to serve as a salesman and investment representative for Dongjiang Real Estate. By the end of September, Shen Huai had successively transferred shares and project joint ventures for Dongjiang Real Estate to introduce 600 million yuan in the continuation and renovation funds of four office buildings, and at the same time transferred two buildings as a whole to introduce two three-star hotel projects in Xucheng, Dongjiang Real Estate also returned 300 million yuan of funds.

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Dongshi Group took over the consolidation of the passenger car department in Yuanye, and the integration of department personnel and production lines, as well as the internal technical transformation and upgrading, continued until the end of July

Although the "reheating" and rebuilding of these 4,000 cars was relatively simple, the Dongshi Group still delayed the launch of the first car model to the market until the end of July.

Dongshi Group was quite well prepared before, using the previous pickup sales channels and the car sales channels before the integration of Yuanye, and built more than 20 4S stores with dealers around the country before August, and there were as many as 60 cooperative sales stores.

However, due to the full planning of advertising, the price of joint venture cars of similar models, and the financial support strategy of cooperation with banks such as Yexin, Dongshi Group was popular in the market when it launched its first sedan.

By the end of September, a total of 8,000 cars had been sold in Dongshi's first car, far exceeding Yuanye's car sales performance in the previous year, and also exceeding the expectations of outsiders for Dongshi Group.

By the end of September, the pickup trucks in which Dongshi Group has traditionally been dominant sold more than 15,000 units, doubling from last year.

In addition to the continuous sharp increase in the automobile market this year, it is also due to the injection of 1.2 billion yuan of funds and cooperation resources such as Yexin Bank, which has given Liu Jizhou and Dongshi's team a better space to play.

However, this is only a preliminary success for Dongshi Group, and the integrated Dongshi Group's production line only has an annual production capacity of 50,000 cars, 20,000 pickup trucks, and 20,000 micro-buses, which cannot meet next year's market demand. Generally speaking, the ratio of production capacity to actual production and sales volume in the automobile industry should be controlled at about 2:1, which means that the current production line capacity of Dongshi Group needs to be further expanded, and new models, engine technologies and production lines must be introduced......

The first thing that is lacking in the introduction of technology and the expansion of production is capital.

Neither the province, nor the Panyuan Township Government, nor the Liu Jizhou family, have the ability to inject any more funds into Dongshi Group, and in addition to bank loans and the introduction of new partners, the best channel is to issue convertible bonds again through Dongjiang Jinghua.

In the first public offering of convertible bonds, Dongjiang Refining Chemical was in a downturn, except for enterprises in Xucheng City, there were no investors who were optimistic about the equity investment in Dongshi Group, so the agreed conversion price of the first batch of convertible bonds was less than 2 yuan per share.

As the first car of Dongshi Group is selling well, Dongjiang Jinghua, which holds 40% of the equity of Dongshi Group, is naturally optimistic about securities investors and shareholders, and the stock price has surged to 4 yuan.

In addition, the funds obtained by Dongjiang Jinghua's issuance of convertible bonds will no longer expand its shareholding in Dongshi Group at a low price converted into net assets, but will only be lent to Dongshi Group as ordinary corporate bonds for capacity expansion.

This has no further stimulus and greater value-added effect on the share price of TK Refined Chemical, which naturally weakens investors' interest in the subscription of convertible bonds to the greatest extent.

The interval between the two convertible bond issuances is so short, the enterprises participating in the convertible bond issuance for the first time, even if they have more than enough, are not enough, including Pucheng Group, are only willing to subscribe symbolically.

The creditors who subscribed for the convertible bonds for the first time and the shareholders of Dongjiang Refining had the right of first subscription, but after the creditors of the Provincial State Investment Corporation and Pucheng gave up the priority of subscription, Meigang initially estimated that they could subscribe for 800 million convertible bonds of Dongjiang Refined Chemical this time.

Although the transfer price is twice as high as the first time, it also ensures that no one will be able to compete with Meigang for a controlling stake in Dongjiang Refining in the future.

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After Guo Ting became the owner, the sales of the passenger car business mainly deal with passenger transport companies around the country, and there is no mature team honed by Dongshi Automobile Factory for ten years to promote all aspects of the work immediately into a benign state, a lot of work needs to be reshaped, and naturally there is no way to show an explosive increase, and the improvement of bit by bit is difficult for the outside world to notice in a short period of time.

However, the hot sale of the first car of Dongshi Group has shrouded the restructuring and reorganization of Yuanye, and no one will question the slow growth of Xinyuanye without interest - besides, Guo Ting became the owner of Xinyuanye, three months later than Liu Jizhou took over the integration of Yuanye's car department, and everyone has become more patient here.

In the whole summer and early autumn, Shen Huai focused on promoting the establishment of an electrical group with power stations and transmission and distribution equipment manufacturing as its core business.

Due to the rapid development of the power industry in Huaihai Province, the future growth is expected, whether it is the power group, the instrument or the electromechanical company, in the related facilities manufacturing business is profitable.

It is easy to restructure without burdens, but trying to get these departments to give up their core business that can be profitable is more painful, more difficult, and more difficult than cutting meat.

From the moment the idea of forming an electric group was thrown out, the province was in an uproar.

The final plan is to establish Huaihai Electric Group Co., Ltd. with the Provincial Instrument and Electricity Group, Electromechanical Corporation and Electric Power Group as the main sponsors, and inject 3 billion yuan into the business and assets related to power equipment manufacturing, totaling 60% of the shares, and Dongjiang Electric Power and Huaineng Group will inject a total of 2 billion yuan and hold 40% of the shares, and also accept the relevant business and debts divested by the provincial enterprises such as the Provincial First Machinery Corporation.

At Shen Huai's insistence, Hu Hongwei, deputy secretary of the party group and deputy general manager of the Electromechanical Corporation, was able to serve as the chairman and general manager of Huaihai Electric.

Shen Huai supports Hu Hongwei to take charge of Huaihai Electric, not only because he is an alumnus of his sister-in-law Song Wenhui, but also because of the great development of Huaihai Bay power industry in recent years. While the relationship with Meigang and Huaineng has remained harmonious, the Electromechanical Corporation has developed under the leadership of Hu Hongwei, and this time the business, assets and personnel injected into Huaihai Electric are the largest.

The final establishment of Huaihai Electric, although it has a net asset of 5 billion, has 16 branches and large and medium-sized manufacturing plants, and also covers most of the products of the power station and transmission and distribution equipment industry, and the provincial power meter research institute also has a strong scientific research strength, and the scale and competitiveness alone are far from being able to keep up with the first-class power equipment manufacturers at home and abroad.

After the establishment of Huaihai Electric, Shen Huai directly participated in the work of promoting the construction of a power equipment industrial park in the west of Qinjiang District International Industrial Park, with Huaihai Electric as the main body, and Qinjiang District. Before Huaihai Electric was formally established, Shen Huai began to look for overseas power equipment manufacturers to carry out extensive joint ventures and cooperation in technology introduction and production expansion.

Whether it is an overseas power equipment manufacturer that Huaineng and Dongjiang Power have previously contacted and had business dealings with, or an overseas power equipment manufacturer who is optimistic about the huge power equipment market demand in Huaihai Province and surrounding areas behind Huaidian Power Transmission to the East, and is optimistic about the development of Huaineng and Dongjiang Power, they all have positive intentions to work closely with the newly established Huaihai Electric, which has clearer core business development, more intensive technology, capital and human resources, and more advantages.

In early October, at the same time as the foundation stone of the power equipment industrial park was laid, Huaihai Electric broke ground for the construction of four large-scale power equipment and cable joint ventures in the industrial park, adding 300 million US dollars to Huaihai Province and Xucheng City.