Rebirth of the Official Business Route

Since the Asian financial crisis broke out in 1997, Hong Kong’s property market has been declining. The avalanche is not an exaggeration. The history of luxury housing and high-rise buildings that have slashed property prices is full of history. Hong Kong’s real estate industry has also suffered a severe setback. The most important thing is the new economic wave. In such an active day, the Hong Kong property market still shows no signs of recovery, and some media even blamed all this on the political issue of the return.

Hong Kong’s property market has suffered a severe setback, the Mainland’s economy is stable, and various policies have prompted the rapid rise of the Mainland’s real estate market. Hong Kong real estate companies that have suffered severe setbacks but have deep and undamaged foundations have turned to central cities in the Mainland to seek breakthroughs. Even Yongsheng Films and the United Kingdom Wang International, the wealthy people behind the Hong Kong entertainment industry, have all flocked to the mainland to invest in real estate. Only Charles Schwab's real estate has been leaking during the night. It suffered severe setbacks in the past two or three years. The investment in Jincheng Real Estate was attacked by Horizon. Kewang, Jingdian betrayal, today's market value exceeds 1.8 billion Hong Kong dollars, even less than one-tenth of its peak. Fastest update of novel chapters

Even if the market value of most real estates in Hong Kong has been cut, the value of commercial real estate under the name of Charles Schwab is more than 1.8 billion Hong Kong dollars. It is only on the eve of the Asian financial crisis that Schwab is expanding in Hong Kong and has suffered a lot. During the crisis, two office buildings were forcibly launched at a loss. A fifty-two-story skyscraper opened on Yongjia Avenue in Central was unfinished due to a lack of follow-up capital investment after the structure was capped. The huge financial cost of Wenxin Pavilion resulted in the huge financial cost of Schwab Real Estate. In the past two years, consecutive losses have occurred. "Fiction" novel chapters are updated fastest

As long as the building on Yongjia Avenue can be successfully completed, Schwab Real Estate may still have a chance to face the immediate crisis. After all, Hong Kong’s economy has not been hit hard. Even if property prices are set back, the sale of buildings is unfavorable. Rental buildings can still operate on a flat basis. Other projects can Achieve overall profitability. Even if it cannot return to the market value level of its heyday, it can be restored to the market value level of five Hong Kong dollars.

The Yongjia Avenue project requires an investment of HK$1.23 billion to complete the project. It’s just that the Hong Kong property market is sluggish now, and the goodwill of the major shareholders Ge Mingxin, Ge Yinjun and Ge Yinjun of Charles Schwab Real Estate is generally questioned in the financial community in Hong Kong. Are financial institutions willing to provide them with this huge sum of money? Of course, this does not rule out that someone behind Charles Schwab has set up obstacles.

Unexpectedly, Kumho finally made the move. It only used HK$600 million to obtain a 30% stake in Charles Schwab Real Estate pledged by Ge's father and son from HSBC. The equity was sold to Real Estate, and he also directly held 15% of Charles Schwab Real Estate.

The additional purchase of corporate bonds by HSBC to provide HK$1.2 billion in funds to Schwab is not for the follow-up project of the Yongjia Avenue project, but for the acquisition of part of the commercial real estate assets of Century Kumho Properties in Haizhou. This made Xie Jiannan very impressed. Surprised, but he knew in his heart that Kumho and HSBC would definitely have greater follow-up actions.

On March 12th, Xie Jiannan returned to Hong Kong from Malaysia to investigate the communication market. After Kumho took over, Schwab's first shareholder meeting has also been completed and formally submitted a rename application to the Hong Kong Stock Exchange to change the name of the listed company to Century Kumho Properties The Group (Hong Kong) Company has officially become a listed company controlled by Century Kumho Real Estate, while Kumho is more deeply hidden behind it. Sun Shangyi serves as the chairman of the board of directors of Century Kumho, and Shao Zhigang is the president of the group.

The matter was quite dramatic. Before the division of the Ge family, Sun Shangyi served as executive director and vice president of Jiaxin Real Estate. After the division of the Ge family, Sun Shangyi left Jiaxin Real Estate. Unexpectedly, Sun Shangyi would again represent Kumho as the board of directors. Chairman, I don't know what Ge Mingxin and Ge Yinjun feel in their hearts.

At this time, the capital operation behind the scenes surrounding Charles Schwab's equity transaction has gradually surfaced to the media for follow-up reports.

Kumho acquired 600 million Hong Kong dollars of equity in Schwab Real Estate from HSBC. It was financed by Hong Kong Guoyu Investment. Kumho merely pledged this part of the equity to Guoyu Investment.

Guoyu Investment is the main creditor of Charles Schwab Real Estate and once provided HK$2 billion in financing for Charles Schwab Real Estate’s Yongjia Avenue project. The trouble of Charles Schwab Real Estate also put Guoyu Investment’s 2 billion Hong Kong dollar debt into crisis. In addition, Guoyu Investment also holds 6% of Schwab Real Estate. The complete collapse of Schwab Real Estate is definitely not what Guoyu Investment wants to see. situation.

HSBC and Guoyu Investment have been looking for a strong successor for Charles Schwab Real Estate. Kumho not only took over Schwab Real Estate under the name of Century Kumho Real Estate, but also reorganized it to benefit the mainland real estate market. Acquired the Yongjia Avenue project as the new headquarters of Kumho Corporation in Hong Kong after the completion of the project. Only the huge amount of HK$3 billion required for the acquisition of the Yongjia project, Wen Guoyu Investment and HSBC Bank will provide financing of HK$2 billion and HK$1 billion respectively; Ge Guoyu Investment can recover the two loans previously lent from Charles Schwab Real Estate. Billion Hong Kong dollars.

Xie Jiannan read these financial news, but sighed slightly.

Kumho did not spend a penny from start to finish. Kumho Corporation was able to acquire a fifty-two-story skyscraper on Yongjia Avenue as the new headquarters building. Century Kumho Real Estate controls a Hong Kong listed company that holds 30% of the shares. Put part of the assets into the listed company, and the parent company changed hands to obtain another 1.2 billion Hong Kong dollars in working capital.

Hong Kong Guoyu Investment was Kumho’s partner when it was listed on the backdoor of Aida Electronics. The previous cooperation experience was quite pleasant. During the Asian financial crisis, it also reduced a lot of losses due to its close attention to Kumho’s operations. This time it brought Kumho in. , Mainly to solve the problem of their 2 billion Hong Kong dollar debt crisis on Charles Schwab.

After this capital operation, in fact, Guoyu Investment transferred the 2 billion Hong Kong dollar debt from Charles Schwab Real Estate to Kumho Corporation. The credit rating of Kumho Corporation’s corporate bonds showed that the credit rating of Kumho Corporation’s corporate bonds was much higher than that of Charles Schwab Real Estate on the verge of bankruptcy. Besides, after the completion of the Yongjia project, the quality of asset mortgage will be much higher than that of unfinished buildings, and the debt crisis will be resolved smoothly. In order to facilitate this, Guoyu Investment had to provide Kumho with 600 million Hong Kong dollars in financing to help it gain control of listed companies from HSBC.

As a long-established investment bank in Hong Kong, HSBC has also seen the development of the mainland real estate market in the past two years, but could not find suitable partners and media; on the other hand, HSBC’s equity investment in Schwab Real Estate has also suffered a severe setback. Find the right partner to help them solve their problems. The HSBC bankers only sold the 30% stake in the property pledged by Ge Mingxin and Ge Yinjun to the bank to Kumho at a price slightly higher than the market value. In addition, in the name of purchasing corporate bonds, Kumho Property, which became the owner of Schwab, provided HK$1.2 billion to purchase part of the commercial real estate assets of Century Kumho Properties in Haizhou, and improved the asset structure of listed companies. It also cooperated with Guoyu Investment. Provided 3 billion Hong Kong dollars to Kumho Corporation for the acquisition of the unfinished project on Yongjia Avenue under a listed company, helping the listed company to remove the heaviest burden in the past two years.

Schwab Properties changed its name to Century Kumho Properties Group. Once the subsequent reorganization was announced, the stock price rebounded strongly and re-entered the ranks of large companies with a market value of HK$5 billion.

The most painful thing in the whole process is probably Ge Mingxin, Ge Yinjun and his son.

The 30% equity of Schwab Real Estate was originally their property, but it was pledged to HSBC to repay the debt. After the time limit, it lost the right to dispose of it and sold it to HSBC at a low price to Kumho. The equity purchase funds just offset them The debts owed to HSBC (HSBC is not obligated to sell them a good price), after the transfer of the actual control of Schwab Real Estate, especially the signing of Kumho and HSBC, Guoyu Investment, and the signing of the signing of the Yongjia Avenue project by the listed company After the disposal agreement, the market value of that part of the stocks being traded has tripled in a short period of time, approaching 1.8 billion Hong Kong dollars.

It’s a pity that all this has nothing to do with Ge Mingxin, Ge Yinjun, father and son. You can imagine Ge Mingxin, Ge Yinjun, father and son gritted their teeth, but unfortunately, they are no longer the rulers of the game, but the mall is swallowed. It’s just an object.

Before nightfall, Xie Jiannan specifically asked the driver to drive him to Repulse Bay for a round. He looked at the deep house compound on the left side of Repulse Bay Avenue. The door of the house was deeply closed, and there were some weeds on the wall and no one cleared it. People, looking deserted and lonely, the most valuable asset in the hands of Ge's father and son is this Hong Kong property market, which was said to be worth 400 million Hong Kong dollars when the property market was the hottest. Some time before the Wenxinge update, I heard that Ge Mingxin, Ge Yinjun and his son intend to sell this mansion at a low price of 100 million Hong Kong dollars. Who can imagine that the Ge family, ranked fourth in Hong Kong's richest list at its peak, will complete it in just three or four years. Decline?

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

Sun Shangyi and Ge Mingjue are both members of the Ge family. Ge Mingde is also a branch of the Ge family. Since the core member companies of Kumho never publish financial information to the public, the outside world can only initially estimate that the total assets under the names of Sun Shangyi, Ge Mingjue and Ge Mingde exceed 4 billion. Hong Kong dollar.

Xie Jiannan is more familiar with the situation of Kumho. He knows that Sun Shangyi, Ge Mingjue and his wife and Ge Mingde are very important to Kumho's flying exhibition in recent years. In addition to personally, he also provided a lot of information for the previous exhibition of Kumho. Sun Shangyi Before the Asian financial crisis, Ge Mingjue and his wife sold Charles Schwab's stock to cash out a huge amount of more than one billion Hong Kong dollars. This capital was naturally injected into Kumho. Their rights and interests in Kumho will not be too low. It is necessary to know that Kumho’s cash income from the two Internet companies and Global Music Online is more than 1.6 billion U.S. dollars. Regardless of this additional unconventional income, Kumho’s experience in consumer electronics and home appliances in 1999 It is estimated that the total profit scale of fields such as real estate, real estate, paper industry, chain stores, etc. can reach 1.6 billion US dollars or even higher. Compared with the usual securitization calculation method, the market value of the entire Kumho is estimated to be around 30 billion US dollars. It is quite conservative.

Even if Sun Shangyi, Ge Mingjue, Ge Mingde and others only hold 10% of the equity in Kumho, their wealth is estimated to be about 3 billion US dollars, which will be past the peak of the Ge family.

Hong Kong’s financial media estimated that Sun and others’ wealth is only HK$4 billion, which is probably only based on the size of Kumho’s net assets. If Sun and others are willing to transfer their rights and interests in Kumho for HK$4 billion, the international investment bank probably I'm going to squeeze my head for this.

Ge Mingjue is the eldest daughter of the Ge family. Although Sun Shangyi is the son-in-law, she is in the Zhuge family. It can be said that the Ge family has been revitalized on them. Even if the other members of the Ge family are no longer rich and wealthy, they are at least not down; Only Ge Mingxin and Ge Yinjun were the only ones who really fell apart.

Xie Jiannan asked the driver to stop the car. He got out of the car, stood on the curb and lit a cigarette, looked at the deep blue water in the distance, and said that he was the owner of a business with an annual profit of 200 million and nearly 10,000 employees. It's just that this achievement is the same as Ying Chong Yingyue before Kumho. It is too naive and funny to recall the excitement and inexplicable arrogance when I first returned to China.

Xie Jiannan pinched out the smoke in the grass on the side of the road, turned into the car, and asked the driver to take him to the airport. When he went down the mountain, he saw Ge Yinjun driving a silver Ferrari passing by. A woman in red was sitting next to him. 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 did not want to recognize Ge Yinjun. Seeing that Ge Yinjun still did not forget the ostentation of his sons driving sports cars and playing celebrities. I don’t know how long he could hold on to this kind of life, waiting for the car to turn the silver sports car. Completely out of sight. Xie Jiannan also completely discarded Ge Yinjun's deceased in the corner of his memory.

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Xie Jiannan didn't want to get involved in the mobile phone business, and Mitsui & Co., behind him, interfered with the establishment of the mobile phone department. He strictly updated Wenxin Pavilion to prevent leaks. For this reason, he has done many things personally, and he is ready to notify China Electronics, when the preparatory work is almost done, so that the resistance can be minimized.

When all the work is ready, even if China Electronics and United will obstruct, Xie Jiandong will still be able to push the matter hard as the controlling shareholder.

After returning from Hong Kong, Xie Jiannan stayed in Jinshan for two days, and took the person in charge of the technical department to Jianye to discuss technical issues with the mobile phone chip ear department. Kewang set up a mobile phone department to purchase core components such as ess baseband chipsets from Kumho, which naturally also includes the necessary technical support.

In fact, Kumho can provide more. In addition to core components and necessary technical support, Kumho even provides complete machine solutions, but first requires Kewang to ensure that the products are fully delivered to overseas markets. For the time being in the domestic market, only Kewang** and Lianxin can obtain Kumho's complete machine technical support. This is also to ensure the smooth implementation of China Unicom and avoid ess baseband phones from disrupting the domestic market from other channels.

At this time, Xie Jiannan became more aware of Kumho’s strategic layout in the low-end market. No brand can cover all people. Consumer electronics products under Kumho’s own brand mainly target the mid-to-high-end consumer market, and may be able to take into account the mid- and low-end consumer market. The high-end market, but you must not sink into the middle and low-end markets and carry out comprehensive coverage, otherwise it will seriously damage the value of the brand. Kumho can only indirectly implement the mid-to-low-end mobile phone market. Kewang Hi-Tech, Lianxin, Xinyuan, Kewang, and other companies in the future will become the channel for Kumho’s sword to target the terminal market and become planned by Kumho. A link in the entire industrial chain.

Sometimes my guess is confirmed, and my heart doesn’t feel particularly good. I ate with thanks and Xie Zijia at night, moved some emotions, drank two more glasses of wine, and asked our thanks: "Back then, when we were fighting for Haitai, he We didn't fight with us, we treated him as weak and deceived. Now, if we look at it, we really feel pitiful and ridiculous..."

The gratitude is also sad. If it weren't for the knowledge that King Ke will soon become a buyer of Kumho, he would hesitate to eat with Xie Jiannan in the evening. Who can imagine that the person puts such a great pressure on himself in the subconscious? He clinked glasses with Xie Jiannan for a drink, and said, "If I bite my teeth, I would have survived..."

"They are really two poor and ridiculous men." Xie Zijia still said unsparingly. "You are really naive, but they are not merciful to the Ge family at all. You can bite your teeth and try?"

Xie Jiannan gave a bitter smile. If it hadn’t been for the rift, it’s more likely that he was hugged and sank into the abyss together. His uncle passed away. Ge Mingxin and Ge Yinjun had no abilities anymore, and the grievances on both sides faded. The eldest sister should also play a big role.

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

"I always admire my second uncle for his decisiveness and determination. How can I resent him? Or my second uncle sees thoroughly..." Xie Jiannan shook his head slightly, "Haitai Electric has any development plans?"

"..." She shook her head with a bitter smile, and said, "The layout of Shengxin Electric has been completed. Although Haitai can survive in the East China Sea and Jiangnan, Shengxin's road to outreach is completely blocked... If Kumho is behind What little tricks, there are still complaints, who are you going to complain with now? I can't see where Haitai's future path is, I can't wait to throw this stall away and do something else." Xie Jiannan smiled, Haitai this In the past few years, under the management of Gratitude, the profit level has been quite good, but for Gratitude, a breakthrough in career is more important.

Shengxin Electric began to carry out industrial layout in the main central cities of the country in 1997. The number of flagship stores is more than the total number of Haitai’s stores. Mobile marketing network to county cities.

The competition between Haitai and Shengxin in the same industry was too small. In 1997 and 1998, it missed the opportunity to expand outward. The industrial layout of Shengxin has been completed, and Haitai lost the opportunity to expand outward. When Shengxin further strengthened its industrial layout At that time, Haitai would feel the pressure of survival.

"What is there to sigh?" Xie Zijia said, "Overseas home appliance chain giants have a taste of the domestic market. It is better to sell Haitai to them and see who can grab the food in the same bowl with Kumho. Who."

"Speaking lightly." Thanks to reach out and knock on Zijia's head. He did consider selling Haitai Electric before the pressure to survive. Wen is only in such an industry structure, except for Shengxin Electric. , Ge probably only those overseas home appliance chain giants are potential buyers, but they are 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 said sharply, "Since you want to throw away Haitai's stall and sell it at a high price, it is only natural that Shengxin will sell Haitai to Shengxin if the price is high. It's not impossible, why are you so scrupulous?"

Thank you for what else you want to say. Xie Jiannan’s cell phone rang on the table. He looked at Xie Jiannan and glanced at the number, then muted the phone and left the phone flashing. If there are doubts, I can't help but not ask.

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

"That woman!" Xie Zijia looked disdainful.

"Their risky move in Haisu Technology is going to be done for them..." A sigh of gratitude, the Internet wave has continued to surge until now, and the share price of Haisu Technology is compared to last year. The average level before the reorganization in May has skyrocketed 28 times ~www.readwn.com~ The market value has exceeded 16 billion. This is a result that no one had expected before. If it is operated properly, it will be almost six or seven in the end. Billions of funds came out.

Who knows, 30% of the shares of Global Music Online bought Kumho for a sky-high price of US$900 million, and the receiver was Microsoft, the leader of global technology companies.

"It's still too risky." Xie Jiannan shook his head. "Kumho's capital operation around Schwab Real Estate is the right way. It can be said that it has an immediate effect. Kumho's acquisition of that part of the equity for 600 million Hong Kong dollars has increased in value within a few days. The 1.8 billion Hong Kong dollars did not spend a penny for this, and it returned 1.2 billion Hong Kong dollars to domestic real estate developers. Even if an external debt of 3.6 billion Hong Kong dollars is added to the total debt for this purpose, it is still a price. Value for money."

"Kumho's total debt is almost 3 billion U.S. dollars, right?" asked thanks.

"Almost there, even if it doesn't, it's not far off," Xie Jiannan said. "Others may say that Kumho is not afraid to bite if there are too many lice. You and I know that it is Kumho's intimidating financing ability that supports it. Rapid expansion in many fields. I estimate that the investment scale of Kumho Corporation in the past two years will be as high as four or five billion US dollars. Expansion...Even if Horizon can pull out a huge amount of funds from Haisu Technology, it will leave Kumho far behind."