My 1999

Like father, like son, like daughter; like son, like mouse.

From then on, Xiao Li followed the path of his father, Lao Li.

He hoarded and sold at a low price, and the Cyberport campaign was the best proof of this. He was also given the title of Little Superman.

Of course, this was because others praised him.

He got a lot of land without spending a penny. Instead of building a science park, he went to his father's iron partner HSBC to get a loan of HK$100 billion, and swallowed up Hong Kong Island Telecom.

All these loans had no mortgage procedures, which was equivalent to swiping a face card. What they said about starting a business independently and not relying on their father was just a lie.

After the merger and reorganization of Yingke and Telecom, No. 8 Zai had a market value of nearly 600 billion at its peak, but now its market value has evaporated by 90%. The shareholders who were trapped were crying and he couldn't even pay back his own loan of 100 billion.

It was equivalent to making a big mess, and in the end it was the old man who helped to clean up the mess.

It is said that in order to raise enough funds to acquire Telecom, this guy sold his 20% stake in Penguin for US$12.6 million.

Of course, it was Xu Liang who got this part of the equity in this life.

At this time, Xu Liang also saw Li Zekai.

And the socialites around him.

Wow!

No wonder they looked familiar. It turned out that I had seen them in a popular drama with Edison Chen in my previous life. Komaeda was wearing a police uniform...

To be honest, most of these Hong Kong socialites have average figures.

Li Zekai hurried over.

He is a big man that even his father respects.

He would not dare to offend him even if he had three guts.

"Mr. Xu, are you in Hong Kong?"

"I just came here not long ago. What are you doing..."

Xu Liang glanced at everyone.

"They are all my friends. They came here for dinner together."

Xu Liang nodded slightly, "Give my regards to your father."

"Okay."

After patting his shoulder, Xu Liang walked to the second floor.

Xu Jiayin hurriedly followed.

After the two people's backs completely disappeared.

"This Xu guy is too arrogant. He doesn't take us seriously at all."

Tiffany Hsieh said angrily.

"If my net worth exceeds 50 billion US dollars and I am the second richest man on Forbes, I am more arrogant than him." Josie Ho's face was full of envy.

Li Zekai's eyes flickered.

He didn't know the man next to Xu Liang, but judging from his temperament, he must be a businessman.

The two of them came here to discuss business.

The business that is worth Jin Caesar's personal appearance must be extraordinary.

The curiosity in my heart surged up in an instant.

I wanted to follow him to hear what was going on, but when I heard the voices of these friends around me, I sighed in my heart.

There were too many people.

It would be boring to follow them.

"Let's go."

--

After sitting down upstairs.

They ordered some breakfast meals and chatted while eating.

"Mr. Xu, you are still very proud.

These Hong Kong rich kids have their eyes on their heads and look down on people.

I have been bullied by them many times when I came to Hong Kong.

In front of you, these guys are as obedient as grandchildren."

Xu Liang smiled and said nothing.

Seeing that he was not interested in these things, Xu Jiayin changed the subject.

"Mr. Xu, you are a smart man.

I dare not play any tricks in front of you.

This time, I invited you to come mainly to raise funds.

Now Hengtai has reached a critical period of development. We urgently need a large amount of funds to expand our scale before listing.

If Hanhua is willing to invest in us, there will be a return within one or two years."

Xu Liang: "The real estate industry is the key investment area of ​​Hanhua Venture Capital Fund. You can go to them."

Xu Jiayin showed a trace of embarrassment on his face.

"I went to them, but was rejected."

He did not dare to lie about something that could be confirmed by a phone call.

"Oh, why?"

"They said Hengtai's debt ratio is too high."

Xu Liang understood.

Although he planned the domestic real estate industry and it was the key investment area of ​​Hanhua's venture capital fund, he did not require any investment projects.

Which companies can be invested and which cannot be invested is the business of the heads of each venture capital fund.

Obviously, Hengtai was rejected.

"How much money do you want?" Xu Liang asked.

"Not much, 400 million US dollars is enough."

Xu Jiayin glanced at Xu Liang, feeling uneasy, which should not be a big deal for Hanhua.

Xu Liang: "In addition to Hanhua, have you contacted other institutions?"

"I have. Temasek, Merrill Lynch, Deutsche Bank, the two sides have had several rounds of talks, but they want too much.

I still want to find a real strategic partner, not short-term speculative capital."

Looking at Xu Liang's calm expression.

Xu Jiayin gritted his teeth, stretched out his thumb and index finger, and made a gesture.

"Evaluated at $800 million, invest $400 million, and one-third of Hengtai's shares will be yours."

"Have you brought Hengtai's balance sheet, financial statements, and operating data?"

"With it."

Xu Jiayin quickly took out a stack of documents from his briefcase and handed them over.

"Mr. Xu, these are Hengtai's operating data and financial statements from last year."

Xu Liang took it and flipped through it briefly.

"I'll take a look when I get back and call you within three days."

"Okay, okay."

Xu Jiayin quickly agreed.

Three days is not a long time, he can wait.

"By the way, Mr. Xu. These are the conditions that Temasek has offered to Hengtai. If you are interested, you can take them back and have a look."

Xu Liang smiled as he saw it.

"Mr. Xu is a smart man."

Take out the conditions of the three investment institutions and show your sincerity.

It can indeed win excellent impression points and increase the success rate of negotiations.

Of course, Xu Jiayin has another meaning.

This is my bottom line.

If you go too far, I will choose someone else.

"You are too kind. I am just a junior in front of you. I hope you can help me more in the future."

Xu Liang smiled and looked at the waiter who came over.

"The food is here, let's eat first."

"Yes, let's eat."

——

"Invest 400 million US dollars, one-third of the shares, and the post-investment valuation is 1.2 billion US dollars.

From the information provided by Hengtai, it is still worth investing.

It's just that the debt ratio is too high, close to 86%.

Once the real estate market falls back, Hengtai is likely to be insolvent."

In the chairman's office on the top floor of Xiangjiang Hanhua International Center, Sun Zhenping kept flipping through the documents in his hand.

"So you mean not to invest?"

"No, I think it's totally worth a try.

Although there are policy controls in the mainland now, the urbanization process is far from over, and the dividends of real estate can be enjoyed for at least ten years."

Sun Zhenping said.

Xu Liang did not answer. He stood in front of the French window with a teacup in his hand, looking at the spectacular and beautiful skyline of Central, Hong Kong Island, and thinking of the small cage houses. This is the real social folding of Hong Kong Island.

Xu Liang suddenly said, "The real estate in Hong Kong should be the highest in China."

"The housing price in Central has exceeded 100,000 Hong Kong dollars per square foot, and the housing price in the New Territories has exceeded 20,000. The housing prices in the first-tier core areas of Beijing and Shanghai in the mainland are on par with the New Territories." Sun Zhenping said.

Xu Liang nodded slowly.

"In another ten years, the housing prices in the mainland will probably be similar to those in Hong Kong today."

Sun Zhenping opened his mouth, but finally did not speak.

Housing prices are closely related to the level of economic development.

He does not think that the mainland will be comparable to Hong Kong in ten years, but it will be similar in twenty or even thirty years.

Xu Liang did not continue with this question and walked to the sofa and sat down.

"Have you read the terms and conditions that the three institutions have given to Hengtai?"

"I have read them, and they are as bad as ever."

Sitting down on the sofa next to Xu Liang, Sun Zhenping put down the documents and said.

"In addition to the requirement that Hengtai pay a 5% dividend per year for the issued preferred shares, there is also a bet.

If Hengtai goes public before 2008, the minimum return rate for investors calculated based on the listing price will be 30%; thereafter, the minimum return rate will increase by 10% for every six months of delay in listing.

If the above minimum return rate is not achieved, Hengtai's major shareholder Xu Jiayin needs to transfer a certain number of Hengtai shares to investors to ensure that investors receive the minimum return.

If we invest in Hengtai, the minimum return rate can be set lower, or the dividend requirement can be cancelled.

I think the reason why Xu Jiayin told us the conditions of Temasek and the other three companies is that he hopes we can offer better conditions."

Xu Liang nodded slightly. Investment institutions are not charity organizations.

Through the terms they offered to Xu Jiayin, we can get a glimpse of the leopard. Even if it is a quasi-listed company, if it has no say, it will still be slaughtered by capital.

"Did you see the second one?" Xu Liang asked.

"I've seen that three institutions have promised to provide a $500 million structured secured loan financing for Hengtai to boost its performance before listing.

But 1/3 of the loan must be repaid immediately after listing, and the remaining loan must be repaid within 15 months after listing.

The interest or rate of return is really high.

19%, it's totally usury.

But as long as Hengtai can successfully go public, the market value will increase several times from the current level, then it will be a big profit for everyone."

Xu Liang nodded: "400 million plus 500 million is 900 million US dollars, which is not a small amount for us.

But do you think it's worth it to spend so much money on Hengtai in terms of rate of return?"

Sun Zhenping frowned and thought for a moment.

"Mr. Xu, Hanhua is not short of funds now, but projects.

Hengtai is not S-level, but B+ level is enough.

And Hengtai is a real estate company with solid asset support.

Even if the real estate market falls back and Hengtai goes bankrupt, the remaining assets are enough for us to recover most of our investment.

In terms of risk, it is smaller than an Internet company."

Paused.

"Mr. Xu, can Hengtai's project be handed over to the Xiangjiang office?"

"Why?"

"I want to expand the business of the Xiangjiang office."

Hanhua's major offices basically include three major businesses: venture capital, private equity, and hedging.

Hanhua's major offices in Asia also include investment banking business.

But Xiangjiang is too small. Because of the relationship with Hong Kong stocks, private equity and hedging have developed well, but venture capital has difficulty getting any good projects.

Although Hengtai's case is not top-notch, it is not bad.

But Xu Liang soon found out that he guessed wrong.

"I plan to set up a 'real estate opportunity fund' under the Xiangjiang office."

Xu Liang was stunned.

Hanhua once established a real estate fund, but later it was abolished.

Sun Zhenping was a little worried.

He had no choice.

In Hong Kong, venture capital had little business.

Any good projects were snatched up by the Pengcheng office next door.

So, he had to change his track.

"You want to learn from Blackstone?"

Blackstone is the world's largest independent alternative asset management institution, and also provides FA financial consulting services.

Their alternative asset management business includes corporate private equity funds, real estate opportunity funds, hedge fund of funds, preferred debt funds, proprietary hedge funds and closed-end mutual funds, etc.

But their core businesses are private equity and real estate, and these two types of funds are also the largest in terms of fundraising.

Blackstone's current asset management scale is close to 100 billion US dollars.

Sun Zhenping nodded.

"Hong Kong's current economy is mainly based on finance and real estate.

Whether it is Cheung Kong, New World, or Henderson, they are all mainstream real estate developers in the mainland.

The Hong Kong office can cooperate with them to jointly develop real estate projects in the mainland."

Xu Liang thought.

Before, he asked Hanhua to give up the real estate fund because he planned to run a real estate company on his own.

Now Hanhua has reformed its management system, changing from the previous headquarters responsibility system to the headquarters supervision and each subsidiary responsibility system.

In simple terms.

Whether you eat meat or drink soup depends on your own ability.

Sun Zhenping, or the entire Xiangjiang Office, intends to eat meat, and there is no reason for him, the big boss, to stop it.

"Do it if you want, but be careful when choosing projects."

"Yes, thank you, Mr. Xu."

Sun Zhenping said happily.

The bottleneck of the development of the Xiangjiang Office has finally been opened.

"Don't be too happy too early. Everything has its own way. The Xiangjiang Office can set up a real estate fund, and the Beijing, Shanghai and Pengcheng offices will definitely not be idle.

Competition is allowed, but malicious price reduction is not allowed, which will make it cheaper for outsiders."

"Don't worry, the mainland real estate market is large enough to accommodate the entire Hanhua."

Xu Liang nodded.

"By the way, since you are planning a real estate fund, why do you still need Hengtai?"

"The development cycle of a project of Xiangjiang Real Estate Company is too long. We need a partner like Hengtai who is bold enough to enter."

"Be careful, don't mess it up."

"Don't worry, I will be careful. In addition, in terms of fundraising, I want to raise a full Huaxia currency fund."

Xu Liang: "Why?"

"Some time ago, CIC was listed. It is rumored that it will release part of the funds to domestic high-quality investment institutions. I want to fight for it."

"CIC?"

Xu Liang's eyes were filled with memories.

As the first sovereign wealth fund of Huaxia.

CIC's first order was invested in Blackstone, with 3 billion US dollars to purchase about 10% of the shares, with a lock-up period of four years, and no board seat or voting rights.

Then came the subprime mortgage crisis.

In more than a year, this investment lost 2.5 billion US dollars and was scolded by netizens.

After waiting for seven years, CIC added several hundred million US dollars in the middle, which was considered to dilute the cost of holding shares and barely get out of the trap.

During this period, several big bosses and founding shareholders of Blackstone cashed out billions of dollars and made a lot of money.

At the same time, Blackstone also broke out a series of scandals, such as the 3 billion US dollars invested by CITIC and most of the funds raised by IPO were used to purchase the business held by partners.

The company showed signs of major shareholders and management using IPO to transfer and transfer interests.

This is the same as some time ago, when Hanhua used the newly raised S fund to purchase the equity of Hanhua, Kunlun Technology under Hongyan, and Manchester United.

However, Hanhua has no public shareholders, so he did not infringe on the interests of small shareholders.

Who was the one who arranged this order?

His surname is Liang, the financial tycoon of Hong Kong Island, and he also married a star athlete.

After retiring from public office, Liang Caishen took office as the chairman of Blackstone Greater China, and the first thing he did was to promote CITIC to invest in Blackstone.

It took only 3 weeks to finalize the 3 billion US dollars, which is absolutely worthy of the salary and bonus given to him by Blackstone.

With the protection of CIC, Blackstone entered the Chinese market smoothly, buying commercial office buildings in Shanghai, building Shouguang Logistics Park, setting up the mainland Huaxia Currency Fund, and teaming up with New Hope to acquire the largest chicken farm in Australia, etc.

In the three years when the financial crisis was the most serious, Blackstone was losing money everywhere, only the business of Huaxia market investment was extremely powerful, and obtained nearly 100% performance return.

Thinking of this, Xu Liang instantly felt that Sun Zhenping's idea was great.

"Have you communicated with CIC?"

Seeing that the big boss was interested, Sun Zhenping hurriedly said.

"Not yet.

However, instead of letting foreign capital make money, it is better to let our own sovereign wealth fund make money.

Secondly, we can also deepen our relationship with the government.

Finally, we will increase the scale of asset management and earn a small part of the money."

Xu Liang looked at Sun Zhenping with appreciation and said, "Your suggestion is very good. If you have good ideas in the future, you can put them forward more."

Sun Zhenping smiled and nodded.