Li Xianyun came here this time mainly to talk to Li Cheng about the development of the new city.

Seazen Group has developed well in the past year or so, but there are also many problems.

Traditional industries are now being hit, and in terms of real estate, Li Xianyun really doesn't have much to help except money and civil construction.

The problem of real estate is not only the problem of tight locks, but also a series of factors such as the lack of housing prices, the decline in the willingness to buy houses, and the withering of business in shopping malls.

If the house is easy to sell, half of the money can be returned by pre-sale, even if the silver root is locked, at least it will not explode so much - it can be said that unfavorable sales and tight silver lock are the core problems of real estate companies.

One represents the return of funds and income, and the other represents the flow and support of funds!

This also leads to huge sales pressure in both commercial real estate and commercial housing.

Seazen Group dares to make a big deal, to put it bluntly, because the purchase price is low - but no matter how cheap the purchase price is, it must be sold after all to be useful.

During this time, Xincheng ate faster than vomited, and the hoarding of massive assets was causing huge pressure. Jiang Lu took a part, but it was only slightly relieved - the key is still to be taken.

That's where the contradiction lies.

There are so many real estate companies that have exploded, and there are indeed a lot of cheap ones to occupy, but the lack of digestion capacity will be supported by cheapness if it is not good.

Today, Xincheng has a self-volume of about 170 billion yuan and a debt of 700 billion yuan. This part of the volume mainly comes from unfinished building projects and some acquired properties, including the commercial building of Shengda in the capital at that time.

Among them, 250 billion debts come from Yisheng Media, 50 billion debts come from Miao Hui and other four funds, and 400 billion debts come from banks.

At the same time, Seazen itself is also a creditor.

Its main creditor's rights are Hengtai Shengda, Lanyuan Fuli Sijia, and then some other real estate companies.

Seazen's debts to these companies are mainly reflected in the acquisition of commercial bills plus part of the borrowings.

Among them, Hengtai invested 100 billion yuan to acquire commercial bills, the other party's accepted debts were 160 billion, and the pledged assets were 200 billion.

Shengda Fuli Blue Yuan basically buys commercial bills at an 85% discount, plus some cash.

Among them, Shengda has 800 debts and 1,600 pledges.

Fuli has a debt of 700 and a pledge of 1,000.

Blue Yuan has a debt of 800 and a pledge of 1,060.

The actual expenditure was 211 billion yuan, and the pledged assets were 460 billion yuan.

Then there are other real estate companies that have borrowed and pledged in a similar form, with an actual capital contribution of 170 billion, pledged assets of 250 billion, obtained some assets of 50 billion, and expected recoverable funds of 130 billion.

At present, the total debt is 480 billion yuan, the total debt is 700 billion yuan, the self-volume is 170 billion yuan, the total assets pledged are 910 billion yuan, the working capital is 70 billion yuan, and there are about 50 billion yuan of funds invested in development and construction.

But in fact, because Xincheng Group has taken a large amount of land and is developing, the actual investment in development funds is about 110 billion, some of which are the income from industrial sales last year, and there are also liabilities to subordinate companies, with a debt of about 40 billion.

In other words, the total internal and external debts of Xincheng Group are actually about 740 billion, but fortunately, most of the debt interest is not borne by them.

Such a high debt ratio is supported by Yisheng Media.

Li Xianyun means that he should stabilize it first, and then continue after disposing of some assets.

Fuli's side can now be done, and soon it will be an asset transfer of 125 billion yuan, plus Xincheng Group itself still has about 120 billion assets to be disposed of.

The assets of 250 billion yuan, sold under normal circumstances, can be sold for about 300 billion yuan. If it is all sold, then the bank debt will be settled.

But Li Cheng said that Jiang Zheng was simple, but his thoughts were different.

His view is that we are basically 50% of the price of the industry now, and there is no inflated floating profit, so there is no need to worry. The so-called hard selling of real estate is ultimately a matter of price. But no matter how much the current situation falls, it has not reached the point of halving. If you don't eat at this time, the opportunity will be even more rare later.

Of course, there are no solutions.

For example, selling houses at a large price reduction now is equivalent to shorting the housing market, and while recovering the funds themselves, it will also bring more pressure to other real estate companies, and then continue to eat at a lower price.

But this practice is too damaging and has a huge impact on the entire country's economy.

Li Xianyun naturally couldn't agree - when the company is bigger, the first consideration is not the market, but the will of the country!

At present, the national policy still hopes to stabilize real estate prices and try to sell them at market prices.

The market price is profitable, but the sales volume is slow, after all, the market is shrinking, and the return of funds is even slower.

The two sides have also discussed for a long time, but the fact is that in addition to letting the sales staff intensify their shouting and various advocacy, there is only the road of self-digestion.

But how can self-digestion lose 250 billion?

Jiang Zheng's side has already helped Xincheng digest 30 billion yuan and eat more than 40,000 acres of land, otherwise Xincheng would not even have 100 billion yuan of working capital.

Now remove Fuli, there are more than 700 billion assets outside, if you eat them all and can't sell them, the burden will be even heavier - to put it bluntly, Lan Yuan Shengda They don't want to sell cheaply, Li Xianyun is also worried that once all assets are stationed, in the case of unfavorable sales, the interest burden will really be his own.

There is also internal consumption, and it is also a lot of money for people to eat horses every day.

That is to say, Xincheng Group must dispose of at least 200 billion assets this year, otherwise when 700 billion assets enter, the huge interest burden will be a loss of tens of billions of yuan a year.

Of course, with such a large amount of assets, it will not explode, but unless you engage in rogue means, there will definitely be bad consequences.

Whether it's dumping at a low price, losing money, or a rogue delaying debt – banks don't just collect interest, but collect all of them when they mature. Therefore, if you can't recover it at maturity, it is a thunderstorm in a sense, but you have enough assets to be slightly better, but it will cause huge losses in reputation.

Anyway, for Li Xianyun, he doesn't want these situations - no matter how low-key Li Xianyun has been over the years, the name of the god of management is out, and any one will smash his name.

Last year, Xincheng was all about acquisition, construction, and engineering, and it only started selling at the end of the year.

As a result, only 30 billion assets have been sold in the past few months, which has been hit in cash flow, and the assets that have been sold for 30 billion yuan are not counted in the 250 billion assets.

So this year's sales pressure is particularly heavy.

Although it is not sold in one city, it can be carried out simultaneously, but if it is really so easy to sell, Shengda Lanyuan They don't need to explode.

To put it bluntly, in the past, real estate earned money from rising land prices, but now real estate is really making money from the project, and in the case of insufficient efficiency, its profits will be consumed by a huge financial burden - not to mention that there are a bunch of pits who are forced to eat and take cards, which will increase costs.

Although the ghost construction team is powerful, it is only a limited increase in speed, and the efficiency may be five percent according to the percentage, and the impact is limited after all in such a large capital plate.

In short, sales is now the bottleneck that restricts Seazen Group, and it is also the ultimate bottleneck for all enterprises.

For real estate companies, in the face of this situation, it is usually to borrow new debts to repay old debts, and continue to sell the rest slowly.

But Li Xianyun knows that debt is a snowball, after all, there will definitely be more companies in the future that will not pay off, and then more assets will enter, and more self-borne debts.

In particular, the trend of real estate prices is falling, and it is not good to drag it down.

If you don't do it well, all the debts will be borne by yourself, and Xincheng Group will hold trillions of assets empty, and it will be a pit if you can't deal with it in time. Of course, because there are 250 billion debts of Yisheng Media, what actually needs to be considered is the bank's 400 billion, which is why Li Cheng is full of confidence - even if I dispose of the assets in my hand, I can pay back most of them.

But for Li Xianyun, it has entered the unacceptable category - cattle people have an appetite, and a small profit is a loss.

Sale!

This problem must be solved!

After thinking about it, Li Xianyun felt that he had to ask Xingsheng Cinema for help in this matter.

He called Hua Fengbin directly, "Lao Hua, have you ever thought about buying real estate?" ”

"Buying real estate?" Hua Fengbin was stunned, "Didn't I buy it?" ”

When Hua Fengbin became a shareholder of Genting, he bought a batch of real estate from Li Xianyun.

"Buy some more, you know that Xincheng has taken a lot of land, but it also owes a lot of money." Li Xianyun and Hua Fengbin also had something to say: "I hope to return some funds as soon as possible." ”

Hua Fengbin understood what he meant, and was a little hesitant, "The money from last year's IPO, the acquisition of Jinhai and Shengda, was almost spent." ”

"Can you continue to issue more? I don't need you to take more, some of these commercial buildings have cooperated with Xingsheng Cinema. The land fee is so expensive, it is directly taken for self-digestion, saving land rent and increasing profits. ”

Investment becomes profitable, the old routine, but it is true that for large enterprises, land as a stable income, in the case of lack of energy and weak growth, is a good choice.

Hua Fengbin thought about it and felt that it was not impossible to buy, the key was the price, and asked, "What price?" ”

"Don't take advantage of you, standard market price."

"It's better to be more preferential, and I also have an explanation with the shareholders."

"No problem, nine folds, how's it?"

"You're not going to give me an inflated valuation, are you?" Hua Fengbin also understands.

Sure enough, Li Xianyun smiled and said, "My own family, if you have something to say, you will be vain." ”

Exercise!

Then don't you still sell me at a low price?

But if you have something to say, it's good to be able to encounter a deal that doesn't hurt these days.

Li Xianyun raised the valuation a little, and then gave a nine-percent discount, which is easy to say in the market, and it is convenient to inflate.

Hua Fengbin said, "You lift some more, according to the eight discounts, the total price is five billion." ”

"Yes, but don't be so stingy, 10 billion."

"! The Star Sound Cinema didn't use so many of you. ”

"Bring a few more, there are other theaters." Li Xianyun smiled and said, "The cinema market is saturated, and it is better to control the old store than to open a new store, and if you can't control the cinema line, then control the real estate." ”

Hua Fengbin heard it, huh? Seems to be such a reason?

Ask, "What else do you have behind you?" ”

Li Xianyun said with a smile, "You have received this 10 billion, and I will let Li Cheng continue to do it when I turn around, focusing on the theater chain." ”

When communicating with Han Xinyu before, Li Xianyun had already figured it out, instead of waiting for you to pack it for me after the thunderstorm, it is better to make some concessions now and collect the part in advance to facilitate digestion.

Otherwise, if you are hungry for ten days, eat nine catties, overeat, and lie down for half a day if you don't die violently.

Hua Fengbin said: "Success!" But you're going to have to give me a 10% discount later. Don't think I don't know you, you take it at half price, you can give me some profits. ”

"No problem. I owe it to you. ”

"No, just take it as a matter of Genting, Lao Tzu will return your favor." Hua Fengbin laughed and put down the phone.

。. ue

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