The original share capital of Kaiyuan Company is less than one billion, after many reductions over the years, excluding the shares held by retail investors, all the shares that really belong to Kaiyuan Company are added together, only a little more than 200 million, on the other hand, Changda Group, the volume of any of its branches, is much larger than this, so Guan Yuntian only considers injecting a small part of the company's assets into it.

Lao Zhu was slightly disappointed and said, "Mr. Guan, don't you plan to inject more high-quality assets?"

"Mr. Zhu, Changda Group is huge, it can be said that all assets are excellent assets, and we choose a part of the listed company to be injected into the restructured, which is enough to meet any requirements of the regulatory authorities. "Guan Yuntian said.

"Then I believe it, but what part of the assets do you plan to use as resources to reorganize Kaiyuan Company?"

"We intend to inject the service industry of Changda Group into it, specifically, the part that participates in the restructuring is the pension service industry of Changda Group. Guan Yuntian said bluntly.

"Pension service industry----? that is to say, Changda Group's high-end manufacturing industry does not participate in the reorganization, Guan Zong, is the pension service industry reliable? Lao Zhu looked very depressed.

"Making judgments on the future of an industry, seeing opinions, the society has developed so fast that we haven't come back to our senses, those industries that we used to be optimistic about, have long disappeared without a trace, but those industries that were previously looked down upon by people are now popular, and there are countless examples of this. It is precisely because with the acceleration of the aging process of society, on the basis of a large number of surveys, we believe that this industry will become a sunrise industry, so Changda Group would rather withdraw from the hot real estate development industry, but also in this industry layout. "Guan Yuntian said.

"I don't know much about the pension industry, maybe your analysis and judgment is very reasonable, but what I want to know is, as an industry, what is the profit model or profit means of pension services?" Lao Zhu said his worries.

"Since I talked about this topic, I will take a moment to talk to my friends at Kaiyuan about the ins and outs of Changda Group's pension project. Guan Yuntian withdrew from real estate development at the beginning, and talked about the proposal of pension projects, project research and final decision-making.

The guests listened a little intrigued, and Lao Hou, the general manager of Kaiyuan Company, interjected and asked: "Mr. Guan, you have decided to withdraw from the hot real estate development industry, don't you make money from the development of commercial housing?"

"On the contrary, we are still doing better than our peers in the real estate development industry, from counties and cities to provincial capitals, in just a few years, Changda Real Estate Company has not only gained a firm foothold, but also achieved the top five among many developers in the provincial real estate development market. "Guan Yuntian said.

"How much courage do you have to withdraw from such a good industry?" Lao Zhu felt incredible about this move of Changda Group.

"Outsiders see the glamour of the real estate development industry, that is only a superficial phenomenon, the real estate development industry is indeed more profitable, but the risks it faces are not inferior to the traditional manufacturing industry. ”

"Oh, an industry that is closely related to people's livelihood, where is there such a big risk

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The guests didn't understand.

"The market risk is not terrible, here refers to the policy risk, it is simply impossible to prevent, we have done a little more than ten years in the real estate development industry, and the national regulation and control alone has caught up twice, as well as large and small land supply and financial policy adjustments, which also have a great impact on enterprises. Outsiders don't feel anything, as a real estate developer, if you face national regulation, it is the winter of the industry, to be honest, if the strength of the enterprise is not good, some companies will not be able to survive. "Guan Yuntian said.

"The real estate development market, which is hot on the surface, turns out to be such a serious crisis, and it is also wise for you to choose to retreat in the face of difficulties. ”

"It's okay to say that it's okay to retreat in the face of difficulties, but we have other considerations. In fact, continue to stick to the real estate development industry, the days are still hot, but we believe that housing is a durable consumer goods after all, and the market will be saturated sooner or later when the urban commercial housing is saturated, and through analysis, we believe that in the near future, the market will be saturated, rather than waiting for that time to passively exit, it is better to turn as soon as possible. With such an idea, it is necessary to consider the next way out, and in contact with the outside world, some people suggest that we pay attention to the pension business. ”

"However, compared with real estate development, the profitability of the pension industry is not at the same level at all, how can such an industry attract your attention?"

"If you only consider profitability, the pension industry is indeed a little worse, but this industry also has its unique advantages, which are incomparable to other industries. First of all, this is a livelihood project, will be generally supported by local governments; second, with the intensification of the aging trend of society, the pension market will be bigger and bigger; third, the pension industry belongs to the service industry, and the service industry will get unprecedented development opportunities under the encouragement of national policies. Based on a comprehensive analysis, we believe that this is an industry worth paying attention to. "Guan Yuntian said.

"Mr. Guan, although your analysis is very reasonable, but to inject the pension business into the listed company, the aforementioned means of profit have not been solved, shareholders are most concerned about the profitability of the enterprise, if this matter can not be properly resolved, I am afraid that the restructuring effect will not be too good!" Mr. Huang, who is in charge of finance of Kaiyuan Company, said worriedly.

"Even if our friends and shareholders don't care about profitability, we will attach great importance to it, although Changda Group is not profit-seeking, but it never makes a loss-making business. In fact, when making the feasibility report, we did a full investigation on the profitability and profitability of the project, and we concluded that the pension project can not only be profitable, but also the profit is very stable, although the profit margin will not be too high. Guan Yuntian explained.

"Oh, that's a bit unexpected! May I ask Mr. Guan, can you tell us about the profit method of this project here?"

"Not only to reveal, but also to explain it clearly to your friends, otherwise everyone will be suspicious. As I once said to the board members of Changda Group, if we want to do a pension project, we must win by scale, and seek benefits with scale, which is the main way to make profits from the project, and in addition, we must do our best to strive for the support of various policies. ”

"Of course, policy support should be tried to strive for benefits by scale, which is also a profit model, but I don't know how large the pension project Changda Group wants to do?"

"In the provincial capital

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The first phase of the project of 25,000 beds has been completed and put into operation, and our ultimate goal is to make Changda Group's pension business a chain in the province and the whole country. ”

"Mr. Guan, what percentage of the profit margin you estimate for this 100,000-bed elderly care institution in the provincial capital?"

"Because the project enjoys tax exemptions, we estimate that its profit margin is about 5 percent, plus various subsidies and support, the average profit is 7 to 8 percent, which is similar to many traditional manufacturing industries, but it is not very low. ”

Lao Zhu looked at Lao Huang, the financial director on his left, and Lao Hou, the general manager of Kaiyuan Company on his right, and then said: "Seven or eight percent of the net profit, if it can really be maintained at this level stably, it is okay." ”

"This is our conservative estimate, Changda Group's pension project in the provincial capital is now only in operation of the first phase of the project, if all 100,000 beds are put into operation, its operating costs will be reduced, and profits will be further increased at that time. "Guan Yuntian said.

"Mr. Guan, how much money has been invested in the pension project in the provincial capital, what is the budget of the entire project, and when is it expected to be completed?"

"The investment in the first phase of the project is close to one billion, and the total budget of the entire project is more than four billion, and it is expected to be completed in three to four years. ”

"Forgive me, Changda Group injected the pension project into the listed company, does it want to raise funds for the follow-up project of the pension project through financing in the stock market?"

Guan Yuntian understands Lao Zhu's thoughts, in fact, even if it is to finance the follow-up project, it is understandable, thinking that after Lao Zhu's Kaiyuan company was listed, the funds raised from the stock market could not be used, so they had to deposit it in the bank, which was really sad.

However, the purpose of Changda Group's backdoor listing is really not for the financing of the provincial pension project, Guan Yuntian explained: "We withdrew from the normal operation of the real estate development market, and the resources released are for the construction of the provincial pension institutions, so even if the follow-up project of the pension project, the funds are very sufficient, and there is no need to raise funds from the stock market." If you have to link the restructuring and listing with financing, perhaps in the future, you will need to raise funds through the stock market to become a provincial or national chain. ”

Guan Yuntian's calmness made the guests feel relieved, as long as both parties treat each other with sincerity, the road to cooperation will naturally be smoother.

Because both parties understand each other and work towards a common goal, the rest of the topic becomes much easier. At four o'clock in the afternoon of the same day, when the topic was about to end, Guan Yuntian said: "Changda Group and Kaiyuan Company have reached a cooperation intention, this is a win-win result, we should celebrate this, Mr. Zhu, I have not had enough fun drinking two days ago, I will accompany you friends tonight, and have two drinks."

Lao Zhu smiled bitterly, "It is certainly a happy thing to reach a cooperation intention, but we don't dare to relax at all! Let's talk about it later." ”

Seeing Lao Zhu's bitter appearance, Guan Yuntian was a little inexplicable, "What's wrong with Mr. Zhu? Wasn't it okay just now, do you still have any doubts that haven't been expressed?"

"Ouch, reaching a cooperation intention is only a small step, and the next thing to do is to be responsible for the asset evaluation, which is a big problem for us. ”

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