"However, for the simplest first point, does the central government have the courage to do it?" Liu Si looked up at the middle-aged man and said with a smile.

"Quitting completely, I'm afraid not! There are still a large number of state-owned textile enterprises that can be self-financed! ”

"So what is a large portion of that? Is there 30%? Liu Si shook his head and laughed at this naïve idea, "The textile industry market is very large, and my country, as a populous country, has a great demand for the textile industry, but can the state-owned textile factory run a state-owned factory?" Let me give you the simplest example, the current international advanced textile enterprises compare, the use of advanced equipment and facilities, its labor productivity of more than 150,000 per person, while the domestic textile enterprises their labor productivity is only 17,500 per person. If we look at the staffing of textile enterprises that use automated advanced production equipment in the world, the idle rate of domestic textile enterprises is as high as more than 85%. Even if it is not based on the world-class textile enterprises, those domestic textile enterprises are not 30% of the domestic textile facilities and equipment. You say, what are such state-owned textile enterprises keeping for? Is it likely to be profitable? ”

"Liu Shao, you go on! I can't make a decision on your suggestion, and I can't give a reply, but I'll report it. ”

"Needless to say. In the aftermath of economic crises in countries around the world, there are only a few ways to do so. Europe and the United States take government investment as the main means to stimulate the economy, Asian countries use export-oriented development of foreign trade economy to stimulate the economy, and of course, there is another point that the real estate economy promotes economic development. Liu Si took a sip of water, "I think the economists of the Chinese Academy of Social Sciences should have put it forward, but the central government has not yet made a decision." If China wants to develop, it is nothing more than housing reform, exchange rate reform, and tax reform. ”

The middle-aged man frowned, feeling very anxious, "To develop the real estate economy, how to prevent the situation in Hainan from happening again in 93?" ”

"Not everything is a little bit of experimentation. To tell the truth, the reason why there were so many bubbles in Hainan real estate in 93 years was because of the special zone. Choosing a place to reform the housing system is a mistake in the first place. Liu Si scoffed at the choice of Hainan experiment for the 92 housing reform, "Just like sitting on the stock market, it is often easy to operate the small-cap stocks of the small and medium-sized board gem, rather than the large-cap stocks of the main board market." Why? This is the volume relationship. If the country is comprehensively reformed, from the perspective of domestic capital, no matter how to speculate on pre-sale properties, the phenomenon of real estate bubble in Hainan will not appear in the national real estate. How much capital does China have now? It is simply impossible to speculate on domestic housing prices like Hainan in the short term. ”

"Of course, if you want to reform the house, the central government still needs to issue special requirements for the four major state-owned banks for loans, and there can be no situation like Hainan. What's worse is that many real estate projects still owe a lot of money for the project, and some have even mortgaged it many times. Liu Si took the opportunity to put forward his own requirements, "In this way, Times Real Estate wants to win at least 300 million square meters of land reserves in the country, as long as the central government supports Times Real Estate, if the government wants to regulate housing prices in the future, the government requires that the reduced housing prices not be lower than the development cost of Times Real Estate, and Times Real Estate will unconditionally cooperate with the government to regulate housing prices." ”

"Liu Shao's request I will write a report and hand it over to Shangfeng, and it will take a few days to approve it." The middle-aged man sat down and replied one by one, "However, it won't take too long!" ”

"In this way, Times Real Estate won 300 million square meters of land reserves, and I paid 10 billion US dollars of foreign exchange to the central government at one time. At the same time, as for the bad situation after the real estate bubble in Hainan, my Xingyu Holdings can take over. Including the Hainan Development Bank, which is currently in the run, Xingyu Holdings can take over. Not only Hainan, but also a large backlog of vacant commercial housing after the rapid development of the real estate industry since 1992, whether it is Guangdong, Fujian, Shanghai, Jiangsu, these coastal provinces, or Beijing, Shandong and other northern cities. ”

It is surprising that Liu Si is so bold, you must know that 10 billion US dollars is more than 820 billion yuan, "Well, Liu Shao's words will be reported to the above word for word." ”

In 1992, there was a construction upsurge across the country, the real estate industry heated up sharply, and the number of real estate development companies soared from more than 3,000 at the beginning of the year to more than 12,400 in a year. The government has also paid enough attention to the real estate industry, and in June 1992, the first national real estate work conference since the founding of the People's Republic of China was held in Beijing; In September of the same year, the National Real Estate Development Experience Exchange Conference was held in Zhuhai; In October, a real estate work conference was held. This series of meetings has promoted the rapid development of China's real estate industry. The high return profits of the real estate industry have prompted many departments, enterprises and institutions and even individuals to invest in the real estate development market. In 1992, the national investment in real estate development was 73.2 billion yuan, an increase of 117 percent over 1991, and the proportion of the total investment in fixed assets increased from 6.34 percent in 1991 to 9.64 percent. The total area of commercial buildings under construction was 190 million square meters, an increase of 57.7% over 1991, and the area of newly started commercial buildings was 110 million square meters, an increase of 40.4% over 1991; In 1992, foreign investment in real estate development amounted to $710 million, an increase of 228 percent over 1991 and accounted for 3.78 percent of the country's actual utilization of foreign capital. Foreign investment in the real estate industry has made the real estate development boom even more vigorous. In the first half of 1993, the "real estate fever" continued to heat up, the real estate industry continued to maintain a momentum of rapid growth, and more than 6,000 new real estate development companies were added, bringing the total number to more than 20,000. At that time, the real estate boom was mainly hot in the south and hot in the coast, and about 50% of the real estate development companies in the country were owned by five provinces and cities in Guangdong, Hainan, Fujian, Shanghai and Jiangsu; The real estate sector in some cities in the north and inland also heated up rapidly in early 1993, led by the south-eastern coast.

The real estate boom itself is not a problem, but because it is developing too fast and investing too much, it has caused many problems in the real estate market. It is manifested in: (1) it has attracted a large amount of capital and cannot guarantee the investment in key national construction projects; (2) Multiple land grants, competing to reduce prices to attract investment, and serious loss of state-owned land assets; (3) Funds are borrowed, cannot be recovered in the short term, and the national currency is issued excessively, which brings about the rapid release of inflationary pressure; (4) The demand for means of production has increased, resulting in the rapid rise in the price of cement, steel and other raw materials; (5) The high standardization of real estate development and construction has brought people unattainable housing prices; (6) The investment structure is unbalanced, high-end hotels and garden villas are developing too fast, and ordinary residences are rarely interested. And so on, exposing the disadvantages of China's real estate market out of control to the country and society.

The high inflation in the country from the late '93 to the '94 forced the state to take measures to tighten the monetary policy and withdraw funds. At the same time, in view of the deformed and overheated development of the real estate industry, on June 24, 1993, the central government issued Document No. 6. The document clearly stipulates that the Ministry of Construction will take the lead in organizing land, industry and commerce, taxation and other departments to conduct a comprehensive inspection of various real estate development and operation institutions. The key contents of the inspection include: (1) revoke the business license of the company with false registered capital and no development capacity; (2) Banks and land management departments shall not set up real estate companies, and those that have already been established shall be decoupled within a time limit; (3) Resolutely stop the behavior of speculating in real estate for profiteering; (4) If the development funds invested within one year after the purchase of the land are less than 25% of the land purchase fee, the land shall be recovered; (5) If more than 20% of the total amount of uncompleted development investment (excluding land purchase money) is not transferred.

As a result of these measures, the growth rate of real estate development investment has slowed down. In the second half of 1993, compared with the same period of the previous year, the growth rate of real estate development investment fell by 14.9%; However, from the perspective of the whole year, the total investment in real estate development in the country is still relatively large, an increase of 164.9% over 1992.

After a "cooling" in the second half of 1993, the rapid growth of high investment in real estate in 1994 was curbed. As a result, in 1995, there was a problem of "vacant commercial housing", that is, it was difficult to digest.

Since 1996, China's real estate industry has been facing two major problems: first, it needs to digest and absorb a large backlog of vacant commercial housing after the rapid development of the real estate industry since 1992; Second, it is necessary to solve the problem of insufficient effective demand in the market. The increase in vacancy of commercial housing and the difficulty in selling have made it difficult for developers, not only for developers, but also for banks and local governments. The bank is worried that the loan will not be recovered, and the principal and interest will not be collected. For local governments, there is no local government that does not want the real estate market in their cities and regions to be active, because real estate has become an important source of local finance and urban construction; In addition to occupying land and capital, the recession of real estate also affects the attractiveness of investment and the image and performance of local governments. Therefore, it is necessary to seek rescue measures to solve the problem of weak sales in the real estate market.

In August 1995, the Hainan Provincial Government decided to establish the Hainan Development Bank to solve the financial difficulties of many trust and investment companies in the province due to their large investment in real estate. But in just two years and 10 months, there was a run on the Hainan Development Bank. On June 21, 1998, the People's Bank of China (PBOC) had to announce the closure of the Overseas Commercial Bank, which was also the first provincial-level commercial bank to be closed due to the payment crisis in New China.

Beginning in 1999, it took seven full years for Hainan Province to dispose of the backlog of real estate.

From the perspective of the future, in fact, the development of Hainan is still good, especially for the concept of winter vacation houses sold in the three eastern provinces, Sanya and Haikou are vigorously developing. This is also the reason why Liu Si is willing to take over those unfinished buildings in Hainan. As for the mess in Guangdong, Fujian, Shanghai, Jiangsu, Beijing, Shandong and other provinces, Liu Si is also happy to take over.

For this era, the location of unfinished buildings in Guangdong, Fujian, Shanghai, Jiangsu, Beijing, and Shandong is only relatively good, but for Liu Si, the location of these plots is very good. Most of them are located in the center of the city.