Extraordinary Genius

"Parangi, according to our previous agreement, Land Rover is your Tata car, and a factory in North America is also yours. You should pick it first, and pay according to the contract amount, and bear the corresponding debt." Feng Yu is very generous. Said.

Palange is actually a little unhappy. He still wants Wowo, but the acquisition is all hosted by the Wind and Rain Holdings Group, and the Chinese **** investment company is paid out, giving them a Land Rover. Very good, not to mention the factories in North America, let them pick them first.

Fortunately, he also knows that the same use is not to talk about it, but to suspend, the same as when to become more lonely, and then negotiate, return to Tata Motors can still get one or two good car brands .

"Then we need this." Palange grabbed a document, the largest of the three factories, but not the best, but the Tata car now wants to expand.

"Yes, then the leopard will return to us, and will return it to the Bingcheng Machinery Manufacturing Group. Xu Zong, the share capital of the magic capital, you want it, then do you want to have Chang An Fu Te's equity? And Wo Wowo, Are you sure you want it all?"

"The equity of the joint venture company, we all want it, Wowowo is sure that it is all, but you can let a factory give you. North America said that we have a factory, we want this."

Mr. Xu also arbitrarily said his own conditions, or said that he was studying the conditions well, and of course he discussed it with Feng Yu in advance.

"Okay, then we will set up an asset management company according to the agreement, and then reorganize these assets, and the non-performing assets will be divested, and we will bear the proportion."

Ralph means that the liabilities of the non-performing assets are directly bought out. That is, the debt is paid off at one time, and the remaining workers are directly given compensation to buy out the contract, and then some companies can directly cancel the contract.

Tata Motors believes that direct buyouts are not cost-effective. Although they will pay some interest on these debts each year, they can alleviate the current financial pressure so that they don't have to invest so much money at once.

In terms of state capital, it doesn't matter. They have money now, and they can afford to buy out, but they don't have some money. It is also good to take the money saved and make money.

But they also understand that the current economic situation is good, but the impact of the subprime mortgage crisis has already emerged. Many small real estate finance companies are not going bankrupt, so the economic situation is likely to turn sharply. They have no confidence at this time. Can guarantee investment to make money.

Generally, such large capital investment will select some long-term stable investment, such as blue chip stocks, such as high-quality long-term bonds, such as quality funds.

As for investing in the futures market, such a risky investment is generally not made by state-owned assets. The only thing they have done is to invest in gold. They don’t dare to use more than twice the leverage. They are afraid of being careless and losing a lot of money. No one can afford this responsibility.

Although gold has been rising for several years, it is not the time when there is no decline. The level of state capital is generally high. In general, it is still more profitable and less profitable, but it is not without loss.

They now have another idea, that is, like the moving company, buying the fund bonds issued by Taihua Consulting has a good return and is very secure.

However, some people objected that Taihua Consulting's bonds have a revenue range, which is to ensure that you have the lowest amount of income, but the highest is so much. Even if this project earns more, it will not be distributed to you.

This gives people a feeling that they are likely to lose, making many people very unhappy. To say that direct trusteeship to Taihua Consulting, they have concerns, one is not too reassured, another Taihua consulting fee commission is too high, Taihua Consulting is actually registered in Xiangjiang, the commission negotiation system.

In other words, they are not subject to the mainland's commission limit, they can be set very high, or they can be set very low. Domestically, they can all be in one interval, and they cannot exceed this interval, nor can they be lower than this interval.

Feng Yu knew that the mainland had these restrictions, so he had already prepared. Anyway, Xiangjiang is also China's, who can say what is not?

Several ways to deal with bad assets have advantages, but also have shortcomings, to see how to choose their own development.

Feng Yu told Ralph that in fact, they bought out these bad assets at once. They really couldn’t do it. There was no money in Taihua Holdings. The funds were all transferred to the financial market by Feng Yu. Many of the money was on the books. But can't move.

So they decided to take another approach, which is to securitize bad assets. What do you mean by packing these bad assets and issuing securities for sale? Then with this money, you can buy out bad assets.

Or there is another way, such as Morgan Stanley and other big banks, who are also masters of these non-performing assets, can sell these non-performing assets directly to them.

Non-performing asset securitization, this is still in the state of groping in China, but it is only in some pilots to try, domestic operations, it is very troublesome, but fortunately they will be processed abroad.

Palange’s team quickly calculated the funds they should pay. He went to the group company to discuss the money.

At this time, Xu’s mysterious secret whispered: “Feng, these bad assets, our state assets are ready to buy.”

Feng Yu is very surprised to see Xu Zong, the domestic non-performing asset securitization is still in its infancy, what are they going to do?

Bad assets are handled well, and it is indeed possible to make money, but if it is not handled well, not only will it cost money, but it may also create a huge burden.

Mr. Xu saw Feng Yu’s confused expression and explained: “Feng, when you continued to inject capital into the Bingcheng Machinery Manufacturing Group, you had an agreement with the head. If necessary, you can accept the equity of Ice City’s Axe. Increase it according to a certain percentage?"

Feng Yu raised his eyebrows: "You are planning to convert debts?"

Debt-to-equity swaps are the conversion of debt into shares. This kind of treatment began as early as the end of the 1980s, and it was very popular in the reform of state-owned enterprises around 1998.

At the beginning, Feng Yu diluted the equity of Bingcheng Axe, and the shareholding of Fuguangzheng was diluted a lot. Later, according to the contract, Fu Guangzheng added an investment and pulled the shareholding ratio back to 16%.

Although the ice city political axe has also added some investment, the shareholding ratio has been pulled back, but it is far less than the original. It is not as good as the proportion of Fuguangzheng’s equity.

The ice city political axe can't get the money, but the upper one can, after a simple operation, restore the equity ratio in the name of the ice city political axe, and then repay the debt to a certain state capital.

"Feng total, Zhang Buchang said that this was what you promised at the beginning." Xu said weakly.

Hey, this little money, do I need to repent? No matter how, the Taihua Holding Group is still the controlling party.

"No problem, look back and talk to Zong Qingxian."

... (to be continued.)