March 9, 1987.

Monday.

Lin Zuhui came to the office of New Era Real Estate, picked up the newspaper on the desk and looked at it, and sure enough, his 'feat' was published overnight.

Even the "Daily Daily" was published, but the theme was 'charity', and the other newspapers were published, but the theme was 'Romance'.

After a few simple glances, he lost interest, he didn't care about these lace news at all, but felt that he was advertising himself, and he didn't even need to pay for advertising.

After a while, Chen Bin came to the office.

Lin Zuhui asked, "How is the project in Beijing going?" ”

Chen Bin knew that his boss attached great importance to the honor of 'state-owned land certificate number 0001', and wanted to become the first real estate developer in the mainland to export real estate.

"Baoli Technology is negotiating with the government, and I believe that it will be able to get a license this year! We have already stationed a backbone there, and once we get the permit, we can quickly enter the process of expropriation, land leveling, etc....."

Lin Zuhui listened to the report, and the blueprint of this project came to his mind.

Although he had not been to the capital for an inspection (a critical moment in Xiangjiang affairs), he also had a suggestion for the location - the Wenyu River, close to the airport.

Not only that, but with a wave of his hand, the entire project has an area of 260 square feet (about 235,000 square meters) and a total construction area of 1.2 million square feet. The image is equivalent to the Taikoo City and Huangpu Garden in Xiangjiang!

The whole project is planned to be about 400 villas and thousands of residential apartments. It sounds like a big project, but how can the land price and housing prices in the mainland be compared with Xiangjiang!

At present, the residences on the main island of Xiangjiang are generally more than 1,000 yuan per square foot, that is, more than 10,000 yuan per square meter.

The housing prices in Pengcheng and Beijing were about 1,600 yuan per square meter in the early 90s, a difference of more than 10 times at the same time. In her previous life, Gong Li received a salary of 1 million yuan from Yongsheng because of the filming of "Tang Bohu's Autumn Fragrance", so she bought the Lijing Garden Villa that happened to be on sale in 1992, with a unit price of 5,000 yuan per square meter.

"We can't rely on Baoli Technology, you also know how efficient they are, and we have to do more activities!"

"Well, I have told the senior staff stationed on duty to consult more policies and go to more activities!"

Lin Zuhui nodded, then remembered something, and said: "I'll introduce you later, I plan to invest in her business in the mainland to do operations, and I will let her participate in this project!" ”

"Good!"

Chen Bin didn't care what the boss said the person was like, he only knew that the boss wouldn't joke about the project.

Lin Zuhui planned to let Zou Kaixuan go to the mainland to set up a trading company, mainly to collect antiques for himself; At the same time, she cultivates her ability to operate on real estate and plans for the future.

If it is really a talent, with these two projects, she can walk into her sight, if it is a dou who can't be supported, Lin Zuhui can only let the richest man cultivate it!

......

This week, one of Lin Zuhui's important tasks is to solve the problem of '1 billion loans' for Chinese real estate. Of course, this is not difficult, the Royal Mansion and the Harcourt Mansion are both high-quality properties, and the cash flow of Chinese Estates itself is as high as 1.6 billion, which can be said to be a strong reputation of the company.

Lin Zuhui directly invited several syndicates of banks to the conference room of Chinese Real Estate to reach a portfolio loan agreement at one time.

In the conference room, Lin Zuhui deliberately shared his views on the future of office buildings in Xiangjiang to several bankers.

"Hong Kong's office space will be one of the most impressive growth investments in recent years, with vacancy rates falling year on year and rents rising..... The prospect of future rental income and appreciation of the properties themselves, which are located in prime locations, is very optimistic..... Let's take a look at the asset allocation of Chinese Real Estate, Xia Wei Building, Royal Mansion and Wang Kee Building, these three buildings can currently bring more than 200 million net rental income to the company every year...... The ACN Centre will be open next year, which is also the time when the market needs office space the most. These five buildings alone will bring about 400 million net profits to the company every year in the future...... Let's not forget, Chinese Estates also owns high-quality rental properties worth nearly 1.2 billion, and the annual rent is also very expensive...... Therefore, don't look at the liabilities of this round of Chinese Real Estate have reached 2.6 billion (after borrowing), but our asset value and debt ratio are very good. ”

After listening to this, several bankers applauded Lin Zuhui's speech, and everyone thought that they had actually made up their minds to agree to the loan before they came.

Their first condition for the Chinese home loan is Lin Zuhui himself, not the Chinese real estate.

A successful enterprise must have a successful leader, and Lin Zuhui is a perfect fit.

After reading the financial report of Chinese Real Estate, the bankers no longer have any doubts, with assets worth nearly 6.2 billion (after acquisition) and liabilities of 2.6 billion.

Importantly, its rental properties are very high-quality, with high rental collection rates, low management costs, and high rents, which can be described as truly high-quality assets.

The debt ratio of 40% is also completely reasonable.

What's more, Lin Zuhui is good at raising funds through rights issues in the stock market, so a group of bankers have subscribed for loan amounts, as if they were grabbing chips.

If other entrepreneurs know, they don't know what to think.

The God of Wealth in their hearts regards Lin Zuhui as the God of Wealth at this time.

As far as he knows, when Da Liu bought these two buildings in his previous life, he originally formulated a plan to raise 3 billion yuan through rights issues, which scared Wei Li to quickly sell his shares (Wei Li was the second shareholder and chairman of the board of directors of ACN at the time) and resigned as chairman. However, more than a month later, the stock market crash came, and the plan to raise funds through the rights issue was cancelled, but Liu Luanxiong did not back down, but used a high loan from the bank to still win the Royal Mansion and the Xia Wei Building.

And for the bankers, these two buildings are high-quality assets in their own right, and naturally they will not refuse. Unless there is a serious political crisis and the real estate plummets, the bankers will back down, and the impact of the '87 stock market crash on the real estate is not very large.

......

Gao Yi sat respectfully on the sofa, waiting for Lin Zuhui's explanation.

Lin Zuhui calculated the financial situation of Chinese Real Estate on paper, and prepared investment, this time with the bank loan, Chinese Real Estate actually has 2.6 billion funds, and the two buildings only need more than 2.3 billion (including tax), and there is still more than 200 million in cash.

This year, the dividend strategy of Chinese Estates is: to replace cash with bonus shares.

After calculating the disposable funds, Lin Zuhui took out his Hang Seng Index curve chart again.

He has always paid attention to the securities market and hand-drawn the Hang Seng Index as a curve chart for his own reference. Although he knows the general trend of the Hang Seng Index, he still wants to speculate on the possibility of every fine-tuning.

After drawing on the paper for a while, Lin Zuhui was surprised again to find that he might have speculated on another wave of trends:

It turned out that the Hang Seng Index briefly touched 2,950 points in the first week of March, and then quickly began to fall back, and as of Wednesday this week, it has fallen to 2,750 points.

Lin Zuhui's technical analysis is based on two factors:

First, there is still nearly half a year to go from the highest point of 3,900 points at the end of September, indicating that there should be a small pullback, so that the half year can be completed.

Second, there is still a month and a half to be the delivery time of the April futures contract, and there is a high probability that there will be a pullback from the highest point of 2950 points in early March to 2600 points. The reason is simple, investors are buying futures contracts, so short selling futures contracts is an opportunity.

Through this analysis, Lin Zuhui said to Gao Yi: "Once the Hang Seng Index falls below 2,750 points, Chinese Estates will buy the September futures index contract, with a maximum purchase amount of 200 million funds. Remember, only buy below 2750 points, buy the action point, I predict that there are opportunities until the end of April. ”

Gao Yi nodded hurriedly and said, "Okay! However, now the market futures index contract trading is active, there are 16,000 trading orders every day, and 200 million funds are not huge. ”

"Then minimize the impact! For example, if we calculate according to 2,750 points, we can buy 7,200 futures contracts with 200 million funds, and we cannot buy more than 1,000 futures contracts per day. Moreover, I think April is the time when the battle between bulls and bears is fierce, so April has the most opportunities. Don't be impatient! ”

Gao Yi is not from a professional securities background, Lin Zuhui has to tell him more!

He doesn't want to influence too much and thus affect his securities investment.

"Okay, I see!" Gao Yi said seriously.

Lin Zuhui nodded, and estimated in his heart that he may have earned another 350 million for Chinese real estate!

When another rights issue in September to raise 1 billion, Chinese Estates will be able to reduce its debt by 1 billion, and there will be sufficient cash flow and survive the stock market crash; After the stock market crash, it bought the entertainment building of its subsidiary, China Entertainment, and rebuilt it.

In this way, Chinese Estates may squeeze into the top ten real estate industries in Hong Kong, surpassing Amoy Land (Hang Lung's real estate company).

Lin Zuhui owns two top ten real estate companies at once, and his reputation is huge.

.......

.......

On Friday, the New Era Real Estate Department announced that it would buy a batch of land reserves at a price of 1.3 billion.

Suddenly, Hong Kong and Kowloon were shocked, and the stock prices of all listed companies in the new era real estate rose sharply.

In fact, Hongkong Land is not in a hurry to sell its land bank, because two buildings have already been sold, Hongkong Land has not only disrupted the deployment of the 'Five Tigers of Chinese Real Estate', but also alleviated the financial situation of Jardine Matheson.

However, New Era Real Estate gave too much, and directly quoted a premium of 20%, which touched the heart of Hongkong Land's management!

As for what Lin Zuhui thinks?

In fact, it is very simple, these land reserves are all high-quality land, which seems to be at a premium of 20%, but in fact, it is in September, or the land price level in the first half of next year (1988) (the land price of the 87 stock market fell by 15%, and soon rose again).

Anyway, it will be developed in the future, and Lin Zuhui doesn't care about the little difference!

Moreover, if New Era Real Estate wants to buy so many high-quality land at one time, it can only be auctioned through official land, so the premium may be more.

If you search the market a little bit, first of all, high-quality land is hard to find, and secondly, it is time-consuming and laborious, and when you find so much land, the price will also rise.

......

In the office of New Era Real Estate, Lin Zuhui stood in front of the window, looking at the prosperous scene of Queen's Road, and fell into a thought.

Since he got involved in the capital market in early September 1984, it only took 920 days for Lin Zuhui to realize the ambition he made when he was alone on an ordinary night three years ago: to directly own a consortium with a market value of more than 10 billion. At the beginning of the business, he thought that it would take until the early nineties to squeeze into the top ten chaebols and control listed companies with a market value of more than 10 billion. After 920 days in business, he unexpectedly fulfilled his dream three years ahead of schedule.

How many people can beat this achievement?

On this day, Lin Zuhui is 22 years old!

A man, an enterprising man, in the year of the weak crown, through his own hard work, plus some good luck (phew, shameless!). It is obviously the golden finger of 'crossing'), and it is indeed an exciting and proud thing to be able to magnify the wildest dream of the past thousands of times in reality (the biggest dream in the previous life was to be worth more than 10 million).

Lin Zuhui, who has always been cautious and low-key, has always inadvertently shown a little relaxation and smile on his serious and handsome face since 1987.

Affectionate ING!

"Dongdong"

There was a knock on the door, Lin Zuhui retracted his thoughts, he was still young and couldn't live on the merit book.

The more money, the better, just like the wife and children!

"Boss, it's meeting time!" The assistant said respectfully.

"Well, I'll be right there!" Lin Zuhui said majestically.

After a while, Lin Zuhui walked into the conference room, and nearly 20 high-level executives got up one after another, and after Lin Zuhui sat down, everyone sat down again.

This meeting is a group meeting, the parent and subsidiary of the new era real estate department have participated in today's meeting, as for the grandson company - China Entertainment, Furama Hotel, Grand Hotel, naturally not qualified to participate.

China Entertainment Company: Before the 87 stock market crash, it will sell its property (sold to ACN), invest in securities, and then pay off its debts; After the 87 stock market crash, the entertainment company was sold to Chinese Real Estate, and the company paid dividends. At this point, Central Entertainment will become a shell company, with a minimum value of more than 50 million according to the market price. It can be sold to ATV or DreamWorks for listing in the future.

Furama Hotel: Six months after the 87 stock market crash, it was privatized in conjunction with the Lin family and will be directly managed by Cathay Pacific City. (Note: The privatization was carried out at the highest price in the past 6 months, so it will be easy to succeed if it is 6 months after the stock market crash and then at a premium of 20%)

Grand Hotel: The war of words between the two sides continues, and Cathay Pacific City has not yet launched a new offensive.

The content of the meeting is very simple, each company reports its work, and then raises the problems encountered, and everyone discusses it together.

Finally, Lin concluded: "It seems that everyone thinks that the biggest problem is in Cathay Pacific City, and the problem is that the net profit is not enough to pay interest!" As for the debt of New Era Real Estate and Chinese Real Estate, although it is high, its own asset value is also high, so it is only more than 4%, and the profit prospect is huge, so there is no need to worry about interest and net profit. ”

The internal estimate of the asset value of real estate in the new era is 7.5 billion, the debt is 2.7 billion, and the debt ratio is less than 4 percent; The company's development real estate profit is expected to exceed 500 million this year, plus the net rental profit, which is stable at 600 million.

The assets of Chinese Real Estate are worth 6.2 billion yuan and the debt is 2.6 billion yuan, which is only a little more than 40%; At present, the company's net rental profit is conservative at 300 million yuan a year, which is enough to repay the interest (260 million yuan), and once the ACN Center (Twin Towers) is put into use, and the rent continues to rise, the situation will soon be reversed, and the company's net profit will be doubled.

And the senior executives all know that Chinese Real Estate/New Era Real Estate will definitely have to raise funds through rights issues and reduce debts, and the boss is just waiting for the opportunity.

Only Cathay Pacific City has a debt of 2 billion, and the current annual net profit is less than 100 million, which is far from enough for interest expenses.

Everyone nodded, although Cathay Pacific City is the major shareholder of the two listed companies, and the market value of the two listed companies controlled by it is higher than that of Cathay City itself. The market value of Cathay Pacific City is still only 800 million, while the market value of Furama Hotel is 1.1 billion, and the market value of Grand Hotel is 8 billion.

However, due to high debt, Cathay Pacific City is not favored by investors. If it weren't for the value of the shares of the two subsidiaries that were very 'valuable', I am afraid that Cathay Pacific City would have plummeted.

Lin Zuhui nodded and said: "You don't need to worry about Cathay Pacific City, as long as the bank doesn't collect debts, when we have our hands free, we can turn the situation around in an instant." ”

His thought in his heart is that as long as it persists until September, Cathay Pacific City itself has invested 900 million blue chips and made a profit of more than 350 million. In addition, Cathay Pacific City is backed by New Era Real Estate, which can raise funds through a large number of rights issues and reduce its debts.

Importantly, after the stock market crash, with the Lin Zuhui family as the backing, joint privatization is not a problem (avoid it as much as possible).

Since the boss said so, many high-level executives guessed in their hearts that the boss must have a clever trick, so they settled down.

Liang Zhenxun said: "At present, the short-term development of the three companies has been put in place, and then we must first stabilize and settle down to develop." ”

The company's money and short-term potential have been used up, and even the new era real estate cannot borrow on a large scale, so it can only be so.

Lin Zuhui nodded and said: "It's only temporary, development will not stop, but it also needs a good foundation." So, let's stabilize it in the first half of the year! As a senior executive, you must do your work well and carefully, develop properties, collect rents, and increase your potential as much as possible, and I will supervise you! ”

"Yes, boss!"

Cathay Pacific City and Chinese Real Estate are waiting for the return in September, while New Era Real Estate has not invested in the securities business and is concentrating on the development of real estate. But in the face of such a huge debt, Lin Zuhui naturally prepared in his heart, that is, at the end of September, the whole system raised 3 billion yuan through the rights issue, and he could survive the 87 stock market crash.

In his previous life, Li Chaoren originally planned to raise 10 billion yuan by rights issue before the stock market crash (all listed companies, plus the spin-off of HK Electric's subsidiary Jiahong Real Estate), but when the stock market crash came, the plan was about half completed.

Lin Zuhui clearly knows the time of the stock market crash, so it is still possible to raise 3 billion yuan through the rights issue of the new era real estate.

Of course, the parent company of New Era Real Estate can raise a maximum of 10~1.5 billion yuan through a rights issue, and Lin Zuhui himself can provide it through a stock pledge loan, and the rest is raised by the rights issue of Chinese Real Estate and Cathay Pacific City, so only the rights issue of New Era Real Estate is needed.

This is already a simple rights issue, in the previous life, Da Liu and Luo Xurui encountered large-scale acquisitions, and they all used Sun Company to raise funds through rights issues and make acquisitions. In this way, the funds can be magnified by 2 to the third power of 8 times - the parent company for the parent company, the parent company for the subsidiary, and the subsidiary for the grandson company.