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Since the outbreak of the Asian financial crisis in 97 years, Hong Kong's property market has been declining, and it is not an exaggeration to say that it is an avalanche, and the property prices have been cut in half, and the real estate industry in Hong Kong has also suffered a heavy setback. Pen @ fun @ pavilion wWw. ｂｉｑUｇE。 ｉｎｆｏ

Hong Kong's property market has suffered a heavy setback, the mainland's economy is stable, and various policies have prompted the rapid rise of the mainland real estate market, even if the setback is heavy, but the Hong Kong real estate companies with deep roots and vitality have turned to the central cities of the mainland to seek a breakthrough, and even Yongsheng Pictures, King International, the Hong Kong entertainment industry behind the scenes, have rushed to the mainland to invest in real estate, only Jiaxin real estate leakage happened to rain overnight, and suffered a heavy setback in the past two or three years, and the investment in Jincheng real estate was attacked by Horizon, and was betrayed by King Ke and Jingdian, Today's market capitalization has exceeded HK$1.8 billion, which is less than one-tenth of its peak.

Even though the market value of most of Hong Kong's real estate has been cut in half, Charles Schwab Properties' commercial real estate value is more than 1.8 billion Hong Kong dollars, but on the eve of the outbreak of the Asian financial crisis, Charles Schwab Properties is expanding aggressively in Hong Kong, and has suffered a lot of setbacks.

As long as the building on Yongjia Avenue can be successfully completed, Charles Schwab Real Estate may still have a chance to face the current crisis, after all, Hong Kong's economy has not been hit so badly, even if the property price is frustrated and the sale of the building is unfavorable, the rental building can still operate at a flat level, and other projects can achieve overall profitability. Even if it cannot recover to the market capitalization level of its heyday, it can recover to the market capitalization level of HK$5 or 6 billion to say the least.

The Yongjia Avenue project still needs to invest 1.3 billion Hong Kong dollars to complete, but now that the Hong Kong property market is sluggish, and the goodwill of the major shareholders of Jiaxin Real Estate and Ge Yinjun and his son is widely questioned in the Hong Kong financial community, which financial institution is willing to provide them with this huge amount of money? Of course, this does not rule out that there are people behind the scenes who have set up obstacles for Schwab Real Estate.

Unexpectedly, in the end, Kumho made a move, and only used 600 million Hong Kong dollars to obtain 30% of the equity of Schwab Real Estate pledged by Ge's father and son from HSBC, Xie Jiannan knew that HSBC was also the major shareholder of Schwab Real Estate, even if the equity pledged by Ge's father and son was sold to Century Kumho Real Estate, he still directly held 15% of Jiaxin Real Estate.

HSBC's additional purchase of corporate bonds to provide 1.2 billion Hong Kong dollars to Charles Schwab Properties is not for the follow-up project of the Yongjia Avenue project, but for the acquisition of some commercial real estate assets of Century Kumho Real Estate in Haizhou, which surprised Xie Jiannan, but he knew in his heart that Kumho and HSBC would definitely have greater follow-up actions.

On March 12, Xie Jiannan returned to Hong Kong after inspecting the communication market in Malaysia, and the first general meeting of shareholders of Charles Schwab Real Estate was also held after Kumho became the owner, and officially submitted an application for name change to the Hong Kong Stock Exchange to change the name of the listed company to Century Kumho Real Estate Group (Hong Kong) Company, officially becoming a listed company controlled by Century Kumho Real Estate, and Kumho is deeper hidden behind, Sun Shangyi served as the chairman of the board of directors of Century Kumho, and Shao Zhigang served as the president of the group.

Things are quite dramatic, before the Ge family split, Sun Shangyi served as executive director, vice president and other senior positions of Jiaxin Real Estate, after the Ge family split, Sun Shangyi left Jiaxin Real Estate, I didn't expect this circle to turn back, Sun Shangyi represented Kumho as the chairman of the board of directors, but I don't know what Ge Mingxin, Ge Yinjun father and son feel.

At this time, the behind-the-scenes capital operation around the equity transaction of Charles Schwab Real Estate has gradually surfaced for media follow-up reports.

Kumho's HK$600 million acquisition of Charles Schwab Properties' equity interest from HSBC was financed by Hong Kong's Guoyu Investment, which Kumho simply pledged to Guoyu Investment.

Guoyu Investments is a major creditor of Charles Schwab Properties, having provided HK$2 billion in financing for Charles Schwab Properties' Yongjia Avenue project. In addition, Guoyu Investment also holds a 6% stake in Charles Schwab Real Estate, and the complete collapse of Jiaxin Real Estate is definitely not a situation that Guoyu Investment wants to see.

Kumho not only acquired Charles Schwab Properties in the name of Century Kumho Properties and reorganized it to facilitate its foray into the mainland real estate market, but also acquired the Yongjia Avenue project in the name of Kumho Corporation, which will serve as Kumho Corporation's new headquarters in Hong Kong after completion. However, the huge amount of HK$3 billion required for the acquisition of the Yongjia project will be provided by Guoyu Investment and HSBC respectively with HK$2 billion and HK$1 billion in financing; Guoyu Investment can recover the HK$2 billion it had previously lent from Charles Schwab Properties.

Xie Jiannan read these financial news, and just sighed slightly.

Kumho was able to acquire a 52-story skyscraper on Yongjia Avenue as its new headquarters, Century Kumho Properties controlled a 30% stake in a Hong Kong-listed company, and some of its assets were placed in the listed company, and the parent company changed hands to obtain HK$1.2 billion in liquidity.

Hong Kong Guoyu Investment was a partner of Kumho when it was listed on the backdoor of Aida Electronics, and the previous cooperation experience was quite pleasant, and during the Asian financial crisis, it also reduced many losses due to the operation of keeping an eye on Kumho, and this time Kumho was brought in, mainly to solve their HK$2 billion debt crisis of Charles Schwab Real Estate.

After this capital operation, in fact, Guoyu Investment transferred HK$2 billion of creditor's rights from the name of Charles Schwab Real Estate to the name of Kumho Commercial, and the credit rating of Kumho Commercial's corporate bonds is much higher than that of Schwab Real Estate, which is on the verge of bankruptcy, and the quality of asset mortgage after the completion of the Yongjia project is much higher than that of unfinished buildings, and the debt crisis has been successfully resolved. In order to facilitate this, Guoyu Investment had to provide Kumho with an additional HK$600 million in financing to help it gain control of the listed company from HSBC.

As a veteran investment bank in Hong Kong, HSBC has also seen the development of the mainland real estate market in the past two years, but it cannot find a suitable partner and medium. On the other hand, HSBC's equity investment in Charles Schwab Properties has also suffered a heavy setback, and it needs to find a suitable partner to help them solve the problem. Only then did HSBC sell the 30% stake in Charles Schwab Properties, which was pledged to the bank by Ge Mingxin and Ge Yinjun to Kumho, at a price slightly higher than the market value. In addition, in the name of purchasing corporate bonds, it also provided Jiaxin Real Estate with HK$1.2 billion to acquire some of the commercial real estate assets of Century Kumho Real Estate in Haizhou after Kumho became the owner, so as to improve the asset structure of the listed company, and also jointly provided Kumho Commercial with Guoyu Investment with a loan of HK$3 billion to acquire the unfinished project of Yongjia Avenue under the listed company, helping the listed company to relieve the heaviest burden in the past two years.

Charles Schwab Real Estate changed its name to Century Kumho Real Estate Group, and as soon as the subsequent restructuring plan was announced, the stock price rebounded strongly, and it re-entered the ranks of large companies with a market value of more than HK$5 billion.

The most painful thing in the whole process is probably Ge Mingxin and Ge Yinjun's father and son.

30% of the equity of Charles Schwab Real Estate was originally the property in their name, but it was pledged to HSBC to pay off the debt, and after the time limit, they lost the right of disposal, and then sold it to Kumho to HSBC at a low price, and the equity acquisition funds just offset the debt they owed to HSBC (HSBC did not have the obligation to sell it for them at a good price), after the transfer of the actual control of Charles Schwab Properties, especially after Kumho Commercial signed a disposal agreement with HSBC and Guoyu Investment and a listed company on the Yongjia Avenue project, The market value of those traded stocks surged threefold in a short period of time, approaching HK$1.8 billion.

It's a pity that all this has nothing to do with Ge Mingxin, Ge Yinjun's father and son, you can imagine Ge Mingxin, Ge Yinjun's father and son gritting their teeth, but unfortunately, they are no longer the makers of the rules of the game, they are just the objects of the mall being devoured.

Before nightfall, Xie Jiannan deliberately asked the driver to drive him to Repulse Bay for a turn, looking at the deep house compound on the left side of Repulse Bay Avenue, the door of the house is closed, and there are some weeds growing on the wall and no one has cleaned it up, and it is impossible to see if there is anyone in the yard. Who would have imagined that the Ge family, which ranked fourth on the Hong Kong rich list at its peak, would completely decline in just three or four years?

It can't be said that the Ge family has declined.

Sun Shangyi, Ge Mingjue and his wife are all members of the Ge family, and Ge Mingde is also a side branch of the Ge family, because the core member companies of Kumho never disclose financial information to the public, the outside world can only preliminarily estimate that the total assets under the names of Sun Shangyi, Ge Mingjue and Ge Mingjue exceed HK$4 billion.

Xie Jiannan was more familiar with Kumho's situation, and he knew that Sun Shangyi, Ge Mingjue, and Ge Mingde and others had been very important to Kumho's rapid development in recent years, and in addition to personally charging into battle, they also provided a large amount of capital for Kumho's early development -- Sun Shangyi, Ge Mingjue and his wife sold off Charles Schwab Real Estate shares before the outbreak of the Asian financial crisis, and cashed out a huge amount of more than one billion Hong Kong dollars, and this money was naturally injected into Kumho -- their interests in Kumho Commercial would not be too low. You must know that Kumho received more than $1.6 billion in cash income from the two Internet companies Quantum Online and Global Music Online, and aside from this additional unconventional income, Kumho's total profit in the fields of consumer electronics, home appliances, real estate, paper, and chain stores in '99 is estimated to reach $1.6 billion or even higher.

Even if Sun Shangyi, Ge Mingjue and Ge Mingjue, Ge Mingde and others only have a 10% interest in Kumho, then the wealth under their names is estimated to be about 3 billion US dollars, which is more than the level of the Ge family at its peak.

Hong Kong's financial media estimated that Sun and others had a wealth of only HK$4 billion, probably only based on the size of Kumho's net assets, and if Sun and others were willing to transfer their interests in Kumho for HK$4 billion, international investment banks would probably be overwhelmed.

Ge Mingjue is the eldest daughter of the Ge family, and although Sun Shangyi is a son-in-law, he is a member of the Ge family, but it can be said that the Ge family is prosperous in them, and the other members of the Ge family who are separated are at least not down, even if they are no longer rich; The only ones who are really downcast are Ge Mingxin and Ge Yinjun's father and son.

Xie Jiannan asked the driver to stop the car, he got out of the car, stood on the curb and lit a cigarette, looking at the dark blue water in the distance, saying that he is still the owner of a business with an annual profit of more than 200 million yuan and nearly 10,000 employees.

Xie Jiannan snuffed out the cigarette butt in the grass on the side of the road, turned around and got into the car, and asked the driver to take him to the airport. When going down the mountain, I saw Ge Yinjun driving a silver Ferrari sports car by staggering, and there was a woman in red sitting next to him, and the impression at a glance was also quite gorgeous, Xie Jiannan vaguely remembered that this face was seen on the screen, maybe it was some little star in Hong Kong.

Xie Jiannan didn't recognize Ge Yinjun, seeing that Ge Yinjun still didn't forget the pomp and circumstance of the wealthy children driving sports cars and playing stars at this time, I don't know how long he can last this kind of life, and when the car turns and completely throws the silver sports car out of sight, Xie Jiannan will also completely lose Ge Yinjun, the old man, into the corner of memory.

Xie Jiannan's determination not to get involved in the mobile phone business interfered with Huaxia Electronics, NEC or Mitsui & Co., which was behind NEC, and he strictly prevented leakage of rumors about the establishment of the mobile phone department. To this end, he has done many things personally, and is ready to inform Huaxia Electronics and NEC when the preparatory work is almost in progress, so that the resistance can be minimized. When everything is ready, even if Huaxia Electronics and NEC join forces to obstruct it, Xie Jiandong can still push things forward as a controlling shareholder.

After Xie Jiannan returned from Hong Kong, he stayed in Jinshan for two days, and then took the person in charge of the technical department to Jianye to discuss technical issues with the mobile phone chip research and development department of Oak Park. Kewang set up a mobile phone department to purchase core components such as ESS baseband chipsets from Kumho, which naturally included the necessary technical support.

In fact, Kumho can provide more, in addition to the core components and necessary technical support, Kumho even provides complete solutions, but first of all, Kewang is required to ensure that its products are completely delivered to overseas markets, and the domestic mobile phone market is temporarily only Kewang Hi-Tech and Unicredit can obtain Kumho's complete machine technical solution support, which is also to ensure the smooth implementation of the grey disk agreement with Unicom, to avoid ESS base frequency mobile phones from other channels to disrupt the layout of the domestic market.

At this time, Xie Jiannan was more aware of Kumho's strategic layout in low-end mobile phones, no one brand can cover all the people, and the consumer electronics products under Kumho's own brand mainly point to the mid-to-high-end consumer market, which may take into account the low-end market, but it must not be in the low-end market, and carry out comprehensive coverage, otherwise it will seriously damage the value of the brand. Kumho's ambitions for the low-end mobile phone market can only be implemented indirectly, and Kewang Hi-Tech, Unicredit, Xinyuan, Kewang, and other companies will become Kumho's channel for the terminal market in the future, and become a link in the entire industrial chain planned by Kumho.

Sometimes speculation is confirmed, the heart will not be particularly comfortable, dinner with Xie Yi and Xie Zijia at night, moved some emotions, drank two more glasses of wine, and asked for thanks: "Back then, when we wanted to fight for Haitai, he didn't fight with us, we were weak and easy to bully, now look at it, I really feel pitiful and ridiculous......

Xie Yi also felt sad, if he hadn't learned that Kewang was about to become Kumho's buyer, he would have hesitated to have dinner with Xie Jiannan at night, who could have imagined that person had so much pressure on himself subconsciously? He clinked glasses with Xie Jiannan and said, "If I had gritted my teeth, I would have survived......"

"What two poor and ridiculous men," Xie Zijia said with his usual ruthlessness, "You guys are really naïve, people don't show any mercy to the Ge family, you grit your teeth and try it?" ”

Xie Jiannan smiled bitterly, if it wasn't for the breakup, it was more likely that he would have sunk into the abyss together, his uncle died, Ge Mingxin, Ge Yinjun's father and son also completely declined, and there was no longer the ability to toss, the grievances on both sides faded, and the eldest sister should have played a great role.

"You don't hate my dad, do you?" Thank you asked.

"I have always admired the second uncle's decisiveness, how can I resent him? Or can the second uncle see it thoroughly," Xie Jiannan shook his head slightly, "What is the development plan of Haitai Electric?" ”

"......" Xie Yi shook his head with a wry smile and said, "The layout of Shengxin Electric has been completed, although Haitai can still survive in the East China Sea and Jiangnan, but the road to outward development is completely blocked by Shengxin...... If Kumho does something behind his back, and there is still something to complain about, who will he complain to now? I can't see where Haitai's future path is, and I can't wait to get rid of this mess and do something else. ”

Xie Jiannan smiled, Haitai has been quite profitable under Xie Yi's management in recent years, but it is more important for Xie Yi to make a breakthrough in his career.

Shengxin Electric began to carry out industrial layout in major central cities in the country in 97 years, the number of flagship stores are more than the total number of stores in Haitai, and in 98 years began to expand the layout of mobile phone direct stores, forming a mobile phone marketing network covering the whole country and penetrating into the county cities.

Haitai and Shengxin industry competition, the pattern is too small, ninety-seven, ninety-eight years and missed the opportunity to expand outward, Shengxin industrial layout has been completed, Haitai lost the opportunity to expand outward, when Shengxin further strengthens the industrial layout, Haitai will feel the pressure of survival.

"What is there to sigh about?" Xie Zijia said, "Overseas home appliance chain giants are eyeing the domestic market, so it is better to sell Haitai to them and see who can grab food in the same pot as Kumho." ”

"It's easy to say." Xie Yi stretched out his hand and knocked on Zijia's brain, he did consider selling Haitai Electric Appliances when there was no pressure to survive, but under such an industry pattern, in addition to Shengxin Electric, probably only those overseas home appliance chain giants are potential buyers, but I am afraid that selling Haitai to overseas companies will anger Kumho.

"Don't you just want to steal chickens and be afraid of eating rice?" Xie Zijia hit the nail on the head and said, "Since you want to throw away Haitai's stall and sell it at a high price, it is only right, if Shengxin bids high, it is not impossible to sell Haitai to Shengxin, where do you have so many scruples?" ”

Xie Yi wanted to say something, Xie Jiannan's mobile phone on the table rang, he looked at Xie Jiannan and glanced at the number, then silenced the phone, and let the phone flicker there, after all, the relationship has not recovered to before the break, even if he has doubts in his heart, he can't help but ask.

Xie Jiannan took the initiative to explain: "Classic Lin Xue, she may know that I have arrived in Jianye......

"That woman!" Xie Zijia looked disdainful.

"Their trick on Haisu Technology is about to be ...... for them" Xie sighed lightly, the Internet wave has continued to surge until now has not stopped, Haisu Technology's stock price has skyrocketed 28 times compared with the average level before the restructuring in May last year, and the market value has exceeded 16 billion, which is the result that no one expected before, if it is operated properly, it will eventually be able to set out 6 or 7 billion funds.

Who knows, 30% of the shares of Global Music Online will be bought for Kumho for a sky-high price of $900 million, and the takeover is still Microsoft, the leader of the global technology company.

"It's still too risky," Xie Jiannan shook his head, "Kumho's capital operation around Schwab Real Estate this time is the right way - the benefits can be said to be immediate, Kumho's acquisition of that part of the equity for 600 million Hong Kong dollars increased to nearly 1.8 billion Hong Kong dollars in a few days, without spending a penny for this, and also obtained 1.2 billion Hong Kong dollars of funds for domestic real estate development, even if another 3.6 billion Hong Kong dollars of foreign debt is added to the total debt, it is worth it." ”

"Kumho's total debt is about $3 billion, right?" Thank you asked.

"Almost, even if not, it's not far off," Xie Jiannan said, "others may say that Kumho is a lice that are not afraid to bite, you and I both know that it is Kumho's daunting financing ability to support its rapid expansion in many fields, I estimate that Kumho Commercial's investment scale in the past two years will be as high as four or five billion US dollars, not including the expansion of AIDA, Shengxin, Xiangxuehai, Xinguang, and Century Kumho in their respective industrial fields...... Even if Horizon can take out a huge amount of money from Haisu Technology, it will leave Kumho far behind. ”