"Hello, this is the office of the general manager of Times Real Estate. Pen × fun × Pavilion www. ｂｉｑｕｇｅ。 ｉｎｆｏ”

A comfortable female voice came from the earpiece, Liu Si knew that this should be the phone received by Lin Yushan's secretary, "Are you Mr. Lin in the company?" ”

"Sir, I'm very sorry, Mr. Lin's itinerary today shows that Mr. Lin will meet with the CEOs of Nongkou Real Estate Enterprise Corporation, Shanghai Zhongxiang Co., Ltd., Shanghai Siping Development Co., Ltd., Shanghai Jiading District Real Estate Co., Ltd. and other companies, I'm afraid I don't have time. Therefore, if there is anything sir, please let me know, and I will tell Mr. Lin. The secretary's voice was sweet, and he guessed that the lady might be a beautiful master.

"Oh, if Mr. Lin goes back to the company, you ask him to call me, by the way, this is the phone number." Since Lin Yushan was not in the company, he didn't say much, "Remember, my name is Liu Si." ”

"Understood, Mr. Liu." The secretary didn't know that it was the boss of Times Real Estate who was talking to her on the phone now, otherwise she would not have been so calm.

Why? Because since 3 days ago, Times Real Estate has gone from basically obscurity to becoming a powerful person in Shanghai and down to the people, which makes people talk about it after tea and lunch.

On June 17, 1997, the general manager of Times Real Estate visited Shanghai Baochen (Group) Co., Ltd. and spent a total of 250 million yuan to obtain 532,000 square meters of land reserves in Baoshan District from Shanghai Baochen (Group) Co., Ltd., with an average value of 467 yuan per square meter.

On June 18, Lin Yushan, general manager of Times Real Estate, visited Shanghai Lujiazui (Group) Co., Ltd. and obtained 134,300 square meters of land reserves from Shanghai Lujiazui (Group) Co., Ltd. with 800 million yuan, including 50,000 square meters in Lujiazui Financial Center, with an average of 760 US dollars per square meter. After that, he visited Shanghai Huadong Real Estate (Group) Co., Ltd. and obtained 40.8 million square meters of land in Huangpu District, Jing'an District, Xuhui District and Changning District for 5.2 billion yuan, including 5.12 million square meters in Huangpu District and 11.31 million square meters in Jing'an District, with an average land value of 1,300 yuan per square meter.

On June 19, at the invitation of more than 10 real estate companies with Shanghai Municipal Government background, including Shanghai Tonglian Real Estate Co., Ltd., Shanghai Pengxin Real Estate Development Co., Ltd., Shanghai Jing'an Real Estate (Group) Co., Ltd., Shanghai Golden Bund (Group) Development Co., Ltd., Shanghai New Huangpu Real Estate Co., Ltd., and Shanghai Shanghai Investment Real Estate Co., Ltd., Times Real Estate invested another 5 billion yuan to obtain 642.120,000 square meters of land reserve from more than 10 real estate companies. The price per square meter is as high as 778.67 yuan. Of course, the transaction price is settled by paying 50% in advance, and the remaining land transfer fee will be paid within 3 years.

In the past few days, Times Real Estate has made frequent moves, and nearly 7 billion yuan has been spent in just three days, which is not eye-catching. In fact, there is also the help of several second-generation princes, otherwise Lin Yushan would not have completed the land reserve of 7 million square meters so smoothly.

The reason why Lin Yushan first visited Shanghai Baochen (Group) Co., Ltd. was because the information obtained from several princelings showed that Shanghai Baochen (Group) Co., Ltd., a real estate company founded in August 1984, was currently in trouble. Of course, at present, basically every real estate developer in China is not having a good time, but Shanghai Baochen (Group) Co., Ltd. has a serious problem, if it is not a state-owned enterprise, he has gone bankrupt.

Later, Shanghai Lujiazui (Group) Co., Ltd. was completely used by several princelings to obtain these land reserves, and the 50,000 square meters of Lujiazui Financial Center took a lot of effort. Naturally, in order to win this land, Lin Yushan of Times Real Estate promised to build a building with a height of no less than 550 meters on this 50,000-square-meter land.

The reception on the 19th was completely unexpected by Lin Yushan, but it was a surprise to be able to obtain a land reserve of 642,120,000 square meters at a price of 778.67 yuan per square meter. According to the information obtained, Lin Yushan also knew that this was a win-win outcome, and for Times Real Estate, it may have taken advantage, but compared to these companies that sold land, it was not a advantage.

In the five years from 1990 to 1994, Shanghai real estate development enterprises (including foreign-invested real estate development enterprises in the early 90s) acquired about 92 million square meters of land. By 1994, the Shanghai Municipal Government had transferred a total of 9,907.34 million square meters of land to the public, of which 6,630,000 square meters were industrial land on non-development plots, and the industrial land was sold to non-real estate enterprises.

In 1995, the area of land to be developed by real estate enterprises in Shanghai was 6,521.7 million square meters ("1995 Land Development Table of Various Regions" on the website of the Ministry of Construction)!

How many real estate companies were there in Shanghai in the early 90s? How can these real estate companies have such a strong absorption of land? In 1992, there were 11,812 industrial enterprises, including 678 large and medium-sized enterprises (1990 data) in Shanghai's first wave of "real estate fever" began to emerge, followed by a large number of real estate companies, including various enterprises and institutions, real estate companies emerged, this year there were 849 real estate development enterprises in Shanghai, in 1993 an increase of 67.8%, to 1,425: 1,000 in the city (an increase of 424), 217 companies (an increase of 167) and 208 foreign-invested enterprises were established in Shanghai by units under the central government and other provinces and municipalities. Among the 1,425 real estate development companies are 195 companies set up specifically for the purpose of acquiring leased land. Among these 195 companies, only 25 are purely Chinese-owned, 52 are wholly foreign-owned, and 118 are Sino-foreign joint ventures. In addition, in order to cooperate with foreign investment in the construction of domestic commercial housing, 20 foreign-invested urban construction comprehensive development companies were established in 1993.

It can be seen that it is understandable how much idle land reserves are in the hands of real estate developers in Shanghai, and they use them to sell. The main thing is that they got so much land that they basically couldn't develop it. There are also restrictions in China, such as monetary tightening, welfare housing, and small mortgage scale, so the real estate market is really sluggish. Workers of state-owned enterprises, civil servants, and employees of large enterprises, the main consumers of real estate, have been saturated due to restrictions such as welfare housing and other restrictions, and the market has been saturated with more than 30 million square meters of commercial housing in the past few years.

A huge amount of land has accumulated in the real estate industry, mainly in the backlog of companies established specifically for the transfer of leased land, especially in the companies approved by the Shanghai Municipal People's Government and established in the Pudong New Area with the names of various development zones. The Shanghai Municipal People's Government approved the establishment of these development companies in order to allow these companies to acquire the land use rights granted by the government and then transfer the land use rights -- the government itself cannot buy and sell land, and the government, which wants to be in line with international standards, will set up "development companies" and let these development companies do business on behalf of the government. And the land should be transferred from the government to the hands of the "government company" through the "idling of land use rights".

The land transfer price of Times Real Estate has satisfied many real estate development companies. Because at this time, many real estate land was obtained through idling, and there is a data showing the cost of their land. The development company obtains the right to use the "idling of funds", but when the land generates transfer income, it needs to return the government's "idling capital investment" (at least theoretically), so how much is the government's "idling capital investment"? On the 61.59 million square meters of land transferred by key development companies, the "idling funds" injected by the government are 6.13 billion yuan (quoted from "Land Idling, Rolling Development", written by Ma Shuyan, former assistant director of the Pudong New Area Construction Bureau and former deputy director of the Pudong New Area Construction and Transportation Commission), which is the value that the government "gave" these expropriated lands in the early 90s, which are artificially given, but real, and this is what these companies should "transfer" from When the revenue is obtained, the real money must be returned to the government, that is, the price of the land use right transfer fee deferred by the government for these "government companies". This price is converted into an average unit price of 99.5 yuan per square meter and 6.6 billion yuan per mu.

From the "idling" of the land to the "transfer" of the land, the returns during this period are real and rich. Let's look at the development cost first: In 1991, the land development cost of the agricultural land requisitioned by Shanghai was 263.3 million yuan per mu, including the cost of relocation and labor resettlement (this cost accounted for 29.3%), which is equivalent to 394.5 yuan per square meter of land. In the early 90s of the last century, the cost of developing land plus the expenditure of land transfer (land acquisition cost) of the "development companies approved by the municipal government" in Pudong was an average of 497 yuan per square meter (calculation formula: 395 + 102 = 497).

In addition to the more than 100,000 square meters of land in the Lujiazui area, the rest of the land also requires Times Real Estate to invest hundreds of land development costs. In terms of profits, most real estate companies have obtained up to 8 times the rate of return by transferring land. With a yield of 8 times in 5 years, they all woke up with a smile, even if they operated the securities market, they did not have such a high return.

Times Real Estate's actions in recent days have poured a bowl of oil on the real estate market in Modu, and it has been lively in an instant. The development company approved by the municipal government obtains legal land use rights by way of "idling" transfer, so that it has a growing land capital, and can obtain a large number of mortgage loans and syndicated loans from Chinese and foreign financial institutions every year, and use these funds to invest in land development on a rolling basis, and then repay the loan with land transfer income.

It is precisely because the development company approved by the municipal government needs to repay the bank loan, so in the state of Times Real Estate, which is so stupid and has a lot of money, the major development companies are staring at Lin Yushan like red-eyed wolves. No, the real estate company that made an appointment with Lin Yushan can be queued for half a month.

In addition to the profit drive, the reason why major real estate companies are red is because of the upset of the real estate market in the past two years, the land is obtained from "idling", and the profits come from "transfer". "Idling" gives value to the land, and "transfer" allows the land to appreciate significantly. However, since 1996, the "transfer" has ceased to be a reality. And because many real estate companies develop real estate, the capital chain is indeed tight. When encountering a company like Times Real Estate, many development companies naturally can't let it go.