On the plane, Yang Chenglin thought about it again and again, but finally did not warn Bao Feiyang about the problem of Xinpu Steel, and he should be stable in his work and not blindly radical.

Since Yan Lao deliberately transferred Bao Feiyang to Pujiang, and seemed to be very satisfied with Bao Feiyang's work, he didn't need to do anything more. What's more, Elder Yan also met with Bao Feiyang, and those who should be confessed should also be explained. What's more, Bao Feiyang still has the relationship of the Zhao family behind him.

Of course, Yang Chenglin still talked to Bao Feiyang about the importance of employee placement and the way of work, and in the conversation, he found that Bao Feiyang did not consider this aspect of the work, on the contrary, it was quite fully considered, and it was considered very comprehensively, the ideas were very wide, there were many novel ideas, and the specific work was considered more carefully, which made him impressed.

In addition, on the issue of investment in Xinpu Steel, Bao Feiyang was also ingenious, he proposed to put the equity of Tianjiang Iron and Steel Park into Xinpu Steel, and then use this equity to take out a loan, and then invest in the joint venture project of ThyssenKrupp and POSCO after getting the loan, and then use the equity loan to invest in the construction of Xinpu Steel.

Yang Chenglin raised his eyebrows when he heard this, Bao Feiyang was like a white wolf with empty gloves doing this: "In this case, the asset-liability ratio of Xinpu Iron and Steel will be too high! Although the above promised us a loan of 2 billion yuan, but if you do this, the bank may not be able to pass the loan review for such an asset structure as Xinpu Steel." ”

"Actually, there is another plan......"

Bao Feiyang said: "That is, the government set up the Tianjiang Iron and Steel Park Company, and then the government guarantees, with the rights and interests of the Tianjiang Park Company as collateral, and the park company came forward to provide a loan, plus the government's capital injection, as the initial capital of Xinpu Steel." In this way, the liabilities will be transferred to the park company, and Xinpu Steel itself has no debts, and can get the 2 billion yuan loan promised by the state......"

This pattern was very common in the future, and after a decade, local government debt has become a systemic risk. Although on the surface, local governments have almost no debt, local governments often form asset companies, and the common practice is to put land into asset companies and then finance them, and the government's debts are passed on to the asset companies. Basically, there are so-called urban investment and state investment in every place, as well as a large number of park companies, which are all financing and liability platforms for the government to carry out capital operations.

In fact, in this era, there is already a similar model, and Pujiang, as a pioneer of reform and opening up, has long adopted similar government financing platform companies.

However, Bao Feiyang does not like this model, which is effectively the government taking on debt and risk.

Bao Feiyang said: "Xinpu Steel wants to develop into a leading large-scale steel group, and owning the rights and interests of the entire Tianjiang Park is conducive to their participation in joint venture projects such as ThyssenKrupp and POSCO, and it is also conducive to them to expand the scale of capital and continue to expand their production scale and improve the product structure based on Tianjiang Iron and Steel Park, so I still prefer to put the rights and interests of the park into the Xinpu Iron and Steel Group......

Yang Chenglin pondered for a while and said: "Your consideration is also reasonable, but the placement of the rights and interests of the park is not in a hurry, it is okay to build Pudong Iron and Steel first, and then at the appropriate time, the rights and interests of the park can be placed......

Bao Feiyang couldn't help pouting, this is the usual mode of operation of state-owned enterprises, the government does everything, originally the park company is the owner of Xinpu Steel, the government in a word, can merge the park company into Xinpu Steel, so that Xinpu Steel in turn becomes the owner of the park.

Of course, this ownership is turned over and turned upside down, and in the end it is state-owned capital, but the whole process always feels very unreasonable, and it does not act in accordance with the laws of the market at all.

However, Yang Chenglin said that the situation is also very objective, if Xinpu Steel has too much debt, it is indeed not conducive to follow-up financing. Although some private capital and foreign capital can be introduced, the state-owned entity of Xinpu Iron and Steel cannot be changed, that is to say, in order to maintain absolute control, the state-owned capital must reach more than 50 percent.

The two methods are the same as using the equity mortgage loan in the park and lending in the name of the park company, and Xinpu Steel itself does not form debts, but in the name of Xinpu Steel, Xinpu Steel itself will form debts.

Bao Feiyang could only agree to the city's plan and adopt the model of a park company for capital operation.

This trip to the capital has been a huge gain for both Pujiang City and Bao Feiyang himself. However, getting the support of the state and passing the review of the project is only the beginning, and there is a lot of work to be done in the future.

ThyssenKrupp, POSCO and Abed have all sent people to visit Pujiang and set up offices in Pujiang to start the preparatory work for the joint venture project.

There is a lot of work to be done in hundreds of millions of dollars investment projects, and it will take a while just to prepare.

Among them, the seamless steel pipe project of Abede is progressing the fastest, and the joint partners of this project are Denmark's Abede and Tucker Oil, which has become an emerging oil giant with a large number of interests in oil fields in the United States, Mexico and Venezuela, and has entered the Chinese market, and the development prospects are very promising. In addition to oil extraction, Tucker Oil's most impressive thing is its exploration of oil extraction technology, which is more advanced and more flexible than traditional oil giants. And one of the most important things they do to maintain their technological advantage is in the field of oil exploration and extraction equipment, and Tucker Petroleum Equipment's products are even more profitable than their oil extraction business.

The total investment of the project is 600 million US dollars, of which Tucker Oil and Abede invested 200 million US dollars, Tangsheng Heavy Industries invested 100 million US dollars, and the newly established Tianjiang Iron and Steel Park Investment and Development Co., Ltd. held the remaining 100 million US dollars with part of the cash and land and other resources of the park, accounting for 16.7% of the total share capital of the seamless steel pipe project.

Abed and Tucker Petroleum Equipment Company have a lot of business contacts and cooperation, so the progress of their cooperation project is very fast, the preliminary work is basically the responsibility of Tucker Petroleum Huaguo Company, with the preparatory work they have done, although Abed is the first time to invest in China, but the work is carried out smoothly.

In addition, POSCO was not slow to act, and after the outbreak of the Asian financial crisis, many Korean companies had a hard time in '98. Like Dazhou Heavy Industries, affected by the financial crisis, many shipowners in Southeast Asia defaulted, South Korean shipbuilding giant Dazhou Heavy Industries has suffered huge losses, Tang Sheng Heavy Industries took the opportunity to take Haizhou Dazhou Tang Sheng Shipbuilding Industry Company, although the company is still hanging the name of Dazhou, but in fact, it has little to do with Dazhou Heavy Industries, and has become a joint venture between Tang Sheng Heavy Industries and Haizhou Shipbuilding, Dazhou Heavy Industries has less than 10% of the shares left in it, and there is no right to speakIt won't be long before they will ask Dazhou Heavy Industries to buy their shares in the company without any conditions.

Not only that, Tangsheng Heavy Industries also acquired a subsidiary of Dazhou Heavy Industries, which accounts for almost one-third of the shipbuilding volume of Dazhou Heavy Industries, with an annual shipbuilding capacity of more than one million tons, so Tangsheng Heavy Industries' shipbuilding capacity has actually surpassed that of China Shipbuilding Corporation.

Tangsheng Heavy Industries also acquired a portion of Pohang Steel's shares and became a shareholder of Pohang Steel, which strengthened the ties between the two companies, although it did not hold a large stake. Tangsheng Heavy Industries also took the opportunity to acquire some of Posco's businesses and established a cooperative relationship. This time, POSCO Steel's stainless steel project in Pujiang is also led by Tangsheng Heavy Industries, and POSCO is also seeking a way out in the case of South Korea's domestic economic downturn, and the two can be said to be a perfect fit.

In the Pujiang stainless steel project, the total investment is 500 million US dollars, and the Koreans want to control the shares, but after the communication of Tangsheng Heavy Industries, POSCO finally invested 250 million US dollars and held 50% of the shares of the project, Tangsheng Heavy Industries invested 150 million US dollars and held 30% of the shares, and Tianjiang Iron and Steel Park Company invested 20% of the shares with some cash and land and other resources......

As the majority shareholder, POSCO Steel also led the preparatory work in the early stage, and POSCO Steel directly sent a capable team from South Korea to Pujiang for inspection and project preparation.

Tangsheng Heavy Industries did not participate in the investment of ThyssenKrupp's galvanized sheet project, but Fangta Mining invested 100 million US dollars and held 12.5% of the project, and the German Dazhong Automobile also invested 100 million US dollars and held 12.5% of the shares, in addition to Pujiang Dazhong Automobile invested 100 million US dollars, ThyssenKrupp invested 400 million US dollars plus 1 yuan, owning 50% of the project plus 1 share, and Tianjiang Iron and Steel Park Company also held 12.5% of the equity.

Tianjiang Iron and Steel Park Investment and Development Co., Ltd. has just been established, with the development rights and land use rights of Tianjiang Iron and Steel Base, and the Pujiang State-owned Assets Supervision and Administration Commission and the Huixun District Government each have 50% of the rights and interests, and in exchange, Huixun District will obtain the land resources left after the relocation of the old Pugang Iron and Steel Plant. In addition, Pujiang City, Huixun District will be in accordance with the principle of reciprocity, the park investment and development Co., Ltd. investment, Pujiang City level finance will allocate 1 billion, which means that Huixun District will also invest 1 billion yuan in the park company, Huixun District district finance naturally does not have so much money, but Bao Feiyang in the district set up Huixun District Urban Development Investment Company, the land resources of the old Pugang plant into the urban investment company, and then the urban investment company raised 1 billion yuan, into the park company.

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