Although Tianjing has tried land auctions, the number of launches is not large, and the mainstream of 95% of the market share is still the agreement transfer model. Pen & Fun & Pavilion www.biquge.info Jiangnan Real Estate got a few pieces of land from the auction, but the local real estate companies in Tianjing were not very interested in it and did not enter the fight. Other powerful developers in other places also have no time to go north, and are busy expanding and digesting locally. At that time, the land auction did not attract much attention, and Jiangnan Real Estate took the land at a low price. In the past two years, with the consolidation of the relationship with the Tianjing municipal government, Jiangnan Real Estate has instead acquired a lot of land plots through agreement transfers, and the reserve of residential land hoarded in Tianjing has exceeded 1.5 million square meters.

From a certain point of view, Jiangnan Real Estate can also be regarded as a beneficiary of the old system to a certain extent, but for the sake of greater development prospects in the future, Qin Ran supports breaking this old cage and returning to a new world.

All this with the arrival of the "101 limit", earth-shaking changes have taken place, the country has established a unified rigid land transfer market, and all operational land will be subject to the bidding, auction and listing model.

China's politics looks at Tianjing, the economy looks at Hudong, and the land bidding, auction and listing system is a new agrarian revolutionary policy, and its debut in Tianjing City is a touchstone.

Against this backdrop, the first large-scale auction of state-owned land use rights in Tianjing City, the capital, in 2003 was dubbed "the first auction of the century" by the media.

At 9:30 a.m. on January 20, 2003, the auction hall on the second floor of Tianjing International Hotel was overcrowded, nearly 200 reporters at home and abroad had occupied the most favorable terrain position, and nearly 20 land officials represented by the Minister of Land and Resources and the mayor of Tianjing City sat on the sidelines to watch the battle, and 18 large and small developers, including Jiangnan Real Estate, Wanjian Real Estate, and Baoli Real Estate, paid a deposit of 20 million yuan to participate in the auction. At the beginning, the number of real estate companies that came to participate in the land transfer Q&A meeting exceeded 50, and in the end, 18 companies were willing to pay a deposit to participate in the meeting.

There is only one piece of land sold in this auction, and the land project located in Daxing Satellite City, on the outskirts of Tianjing, is a suburban plot located in the suburbs in the hearts of the old Tianjing, which is far outside the Fifth Ring Road. The plot covers an area of 566,300 square meters, with a planned construction area of 583,200 square meters, and the average price of the surrounding house price is about 4,000 yuan.

At the end of 2000, when Jiangnan Real Estate first entered Tianjing, the average price of the first-hand housing market in the Fifth Ring Road was about 3,600 yuan, and now it has risen to about 4,900 yuan in January 2003.

Tianjing City took this piece of land located on the outskirts of a remote city, first, the target is inconspicuous and located outside the Fifth Ring Road. Second, the volume is balanced and the average price is not high, so it is more suitable to test the market.

"In the past, it was mainly Tianjing developers who developed Tianjing's land, and when we developers from other places wanted to come in, we often couldn't find anyone who could make a decision for several months. Now, through the auction, we have the opportunity to enter the Tianjing market and a fair platform to compete with our peers. ”

A representative of a foreign developer who participated in the auction said the above words in an interview with reporters, which represented the voice of all foreign developers present.

At 9:48, the auctioneer opened the sealed bag and learned that the reserve price set by the government for this auction was 536 million yuan, and announced that the auction was an incremental auction, with an increase of at least 1 million yuan each time.

With a hammer sound, the auction officially began, Hongtian Real Estate from Tianjing first raised its cards, and then the bidders took turns to raise their cards, and the amount rose all the way to the level of several million, especially Baoli Real Estate was the most active.

The representative of Jiangnan Real Estate was Li Desheng, who was leisurely watching his peers raise their hands to offer, now it was just appetizer time, and the real predators were too lazy to do it.

At 10:03, Wanjian Group quoted a high price of 860 million, and the auction site was suddenly much quieter.

"Now the floor price has come to 1,475 yuan, plus the construction cost of 1,800 yuan, which is 3,275 yuan. If a square meter sells for 4,000 yuan, then the developer will have a 20% profit. ”

Seeing that the situation on the scene cooled down, the auctioneer made a prediction of the current bidding amount.

870 million.

Baoli Real Estate began to continue to participate in the war, and in addition, Hongtian Real Estate, the head of the land, also joined the battle group.

In the fierce competition between the three of them, tens of millions of dollars soared, and the bidding price soon broke through the 1.1 billion yuan mark.

At this time, the floor price has come to 3,686 yuan, and at the current price of 4,000 yuan, the developer's profit margin is only less than 8%, and it is already in a meager profit posture.

At this time, everyone's increase in size has also dropped from 10 million to 1 million, and the price is shouted in units of 2 million.

At 1.2 billion, Wanjian Real Estate chose to withdraw, which is already the maximum they can afford. Only Baoli Real Estate and Hongtian Real Estate were left competing at the scene, and the reporters at the scene also ran to their desks, and the flashing lights did not stop for a moment.

1.28 billion!

The time came to 10:18, the floor price finally reached the current selling price of 4,000 yuan, Baoli Real Estate finally shocked the opponent this time, and Hongtian Real Estate seemed to have given up to continue to follow up.

"1.28 billion for the first time, 1.28 billion for the second ......"

The auctioneer was already counting down, and the reporters at the scene thought that Baoli Real Estate had the last laugh.

1.288 billion!

Li Desheng began to shout on behalf of Jiangnan Real Estate, and the tiger that had been sleeping next to him showed its fierce fangs.

"Wow-"

Cheng Yanjin, who was killed halfway, made the reporters present excited again as if they had captured a new prey, and they all aimed their cameras at Li Desheng and flashed wildly.

Since the fourth quarter of last year, Jiangnan Group has been silent a lot, rarely moved, everyone thought that its Jiangnan Real Estate was invited this time, maybe it was the Tianjing Municipal Government deliberately called to support the scene, but I didn't expect to join the final battle.

1.289 billion.

The representatives of Baoli Real Estate are gritting their teeth and insisting that they have increased the size with the smallest unit.

1.3 billion.

Li Desheng continued to increase the quotation.

It's Jiangnan Real Estate again, Baoli Real Estate already feels that the other party is an old grudge and a new hate, they finally didn't raise their cards again, watching the countdown end of the hammer sounded, and a large group of reporters surrounded Li Desheng to ask for an interview.

"Our company has always advocated looking at problems from the perspective of development, and Tianjing City is our strategic town, so it is of great significance to us to increase our land reserve in Tianjing."

Taking out the pre-prepared rhetoric, Li Desheng responded to the reporters' questions.

"For Wanjian, we have prepared for more than 100 days to position the product in a variety of ways, and carried out fine cost accounting, 1.2 billion is the limit we can bear, and this amount is the result of losing money if you are not careful. So, for the results of 1.3 billion, we can only say good luck to them. ”

In an interview with reporters, the representative of Wanjian Real Estate said this helplessly, and they really couldn't understand why Jiangnan Land Production capacity won the land at such a high price.

"1.2 billion is the highest price in the reasonable range that industry insiders think, some people say that Jiangnan Real Estate has lost 100 million, but I don't think so. I think we made 200 million yuan, because the amount we originally prepared for this land was 1.5 billion yuan. ”

True or false, Li Desheng answered the most concerned questions before finally throwing off the reporter.

In this auction, the government officials of Tianjing City were the happiest, originally set a reserve price of 536 million, but the highest auction was expected to reach 1.1 billion, but they did not expect it to reach 1.3 billion. In the future, all this money will go into the pockets of the city government's finances.

Why did you set a contraction strategy and participate in this "first shot of the century" again?

Qin Ran's reason is mainly to cooperate with the IPO of Jiangnan Real Estate that will be launched in March, and win the first place in the "first auction of the century", which will virtually do enough advertising for Jiangnan Real Estate. Although it is in the silent period before the listing, it can still play a side ball to increase the attention of Jiangnan Real Estate, let those reporters help promote the news of the IPO, and increase the public subscription amount.

In addition, the Tianjing Municipal Government promised to return 100 million yuan to Jiangnan Real Estate in the name of infrastructure construction, and the remaining 1.2 billion yuan will be paid in installments within 3 years, which will not put much pressure on the company's funds. Secondly, although it is located outside the 5th Ring Road of Tianjing, the 566,300 square meters of land will make Jiangnan Real Estate's land bank in Tianjing more than 2 million square meters, which is very helpful for the prospectus. After the land auction and listing, Tianjing housing prices will definitely usher in a new wave of rising tide, and now the cost of 4030 yuan of floor price will definitely make money in the future.

On February 18, 2003, just two days after the Lunar Lantern Festival, the Hong Kong Stock Exchange approved the IPO application of Jiangnan Real Estate, which is expected to raise between 9 billion and 12 billion yuan, which is the largest IPO project of the Hong Kong Stock Exchange in the past two years.

Originally, Qin Ran planned to take out 40% of the shares to raise about 18 billion yuan, but after Sun Jingui's persuasion, the company had a lot of room for development, and suggested that he reduce the number of shares issued and hold as many shares as possible. As a result, the new shares in the IPO accounted for only 25% of the total shares, and the financing amount also dropped to about 11 billion.

Starting on February 27, Jiangnan Real Estate started the pace of IPO and started a global roadshow to conduct international placement for institutional investors.

According to the prospectus documents of Jiangnan Real Estate, the company plans to issue 500 million new shares, with a price of 18.8 yuan to 24.5 yuan per share, and the amount of funds raised is 9.4 billion yuan to 12.25 billion yuan. If the 15% over-allotment option is exercised, the amount of funds raised will increase to a maximum of $14.08 billion. About 60% of the net proceeds will be used to finance 21 projects in 14 cities in the Mainland; About 30% of the net proceeds will be used for the purchase of land in the Mainland, and about 10% of the net proceeds will be used for working capital and other general corporate purposes.

Based on this estimate, the market value of Jiangnan Real Estate after listing will be between HK$37.6 billion and HK$49 billion (excluding over-allotment).

Institutional investors such as the three major real estate giants in Hong Kong, led by the richest Chinese man, the Li family, Bank of China, the Blackstone Fund of the United States, JP Morgan Fund, the Government of Singapore Investment Fund, the Abu Dhabi Investment Authority of the United Arab Emirates, the Norwegian National Family Fund, and the Canadian Retired Teachers Fund have actively subscribed to Jiangnan Real Estate, and the amount they promised to subscribe greatly exceeded the pre-quota of 350 million shares by as much as 8 times.

The five-day subscription by institutional investors ended, and on March 4, the IPO listing price was officially determined to be 22.6 yuan, and the remaining 150 million shares were opened to the general public for subscription. Hong Kong citizens have a high valuation of real estate companies, the richest Chinese is to make a fortune in real estate, according to the prospectus Jiangnan Real Estate is already the largest residential developer in the mainland.

In 2002, the turnover of Jiangnan Real Estate Company was 8.25 billion yuan, and the net profit was 1.96 billion yuan, an increase of 24.5% and 32.2% respectively. The existing land reserve area is more than 12 million square meters, of which 2.1 million square meters are in Tianjing City and 1.86 million square meters in Hudong City, which is enough for the company's development capacity in the next five years. So far, Jiangnan Real Estate has entered 14 first- and second-tier large and medium-sized cities in the mainland, with 29 projects under construction, and the construction area has reached 2.87 million square meters.

The 150 million shares of public shares attracted 362,000 subscriptions in Hong Kong, and the frozen amount was as high as 161.3 billion yuan, more than 47 times the subscription amount.

On March 10, 2003, with the opening gong in Qin Ran's hand ringing through the Hong Kong Stock Exchange, Jiangnan Real Estate was officially listed on H-shares with the stock code of 03310, marking the successful conclusion of Jiangnan Real Estate's IPO. Jiangnan Real Estate exercised the over-allotment option, selling a total of 28.75% of the shares, raising up to HK$14.08 billion.

With this listing, the shareholding structure of Jiangnan Real Estate was further disclosed to the public.

The majority shareholder of Jiangnan Real Estate is Jiangnan Investment Co., Ltd., which holds 51.67% of the shares, which in turn is 100% controlled by Qin's Land Co., Ltd., an offshore company located in the Cayman Islands. Qin's Land Co., Ltd. is a 100% holding company belonging to Qin Fusheng, a natural person.

Qin Fusheng holds 7.93% of the shares, making him the largest individual shareholder. The Company's management and Employee Stock Ownership Committee hold 5% of the shares and are eligible to occupy positions on the Board of Directors.

The remaining 35.4% are other shareholders, including strategic investors represented by SoftBank Group and institutional and public investors who have previously entered the IPO offering.

Based on the issue price, Qin Ran's personal net worth reached 29.188 billion Hong Kong dollars, truly becoming a veritable billionaire.

A group of executives, including Zhou Zhidong, Guo Huiming, Chen Hao, Li Desheng, etc., laughed so hard that their mouths couldn't close their mouths, and the shares they bought at the beginning more than tripled in a blink of an eye, which was simply a profit.

Wang Yaxuan was invited to the Hong Kong Stock Exchange to participate in the gong ceremony, but she was an audience member and did not stand by Qin Ran's side. As a strategic investor, the Wang family occupies 0.85% of the listed shares in Jiangnan Real Estate, and she attended as a shareholder representative. Seeing Qin Ran pointing out the gongs and drums, Wang Yaxuan stood aside with satisfaction and silently cheered for him, and was also proud of her wisdom and understanding of people. Who would have thought that the boy who broke into Jiangzhou No. 1 Middle School by virtue of the overlord interview opportunity would secretly make such a huge real estate company and become a billionaire in the Chinese circle at the age of 21.

Of course, at this time, Qin Fusheng's external age is already 33 years old, and the prospectus must disclose the marital status of the major shareholder, which shows that he is unmarried.

In order to coincide with the appearance of the IPO, Qin Ran deliberately grew a beard, and at the same time continued to wear black-framed glasses, showing an appearance that matched his 33-year-old grade.

After beating the gong, Qin Ran quickly found Wang Yaxuan's location in the crowd below, and quietly waved his hand at her, signaling that he saw her, and hinted that he would accompany her when he was free.

Unfortunately, his wish was just wishful thinking, and soon a large number of reporters surrounded him and asked for an interview.

As soon as the market opened, the share price of Jiangnan Real Estate began to rise steadily, and by the end of the day, it had risen by 8.4%, showing that the public and institutional investors are obviously optimistic about the future of Jiangnan Real Estate. (To be continued.) )