My 1999

In 2014, South Korea's Samsung was fined US$200 million, and this is not over yet; in 2022, the third brother fined Samsung another US$212 million on the grounds of tax evasion.

By 2022, the third brother launched a series of severe punitive actions, including Samsung, Amazon, Google, Xiaomi, OPPO, VIVO, etc., all suffered penalties of various degrees and reasons this year.

Among these cases, most of the fines exceed US$100 million, and there are countless cases where the fines are less than US$100 million.

It can be said that the third brother is ruthless in punishing foreign companies.

Take action when you should take action, and take action when you shouldn't.

Because of Third Brother's bad behavior, European and American countries have specially coined a special term for him, calling it "tax terrorism."

It is specially used to satirize the third brother's behavior that makes investors around the world look down upon.

Therefore, punishing Xiaomi is not entirely because the third brother is targeting China, because this is their traditional performing arts.

Some people have to ask, are these big companies stupid?

You've all been treated like leeks, why don't you run away quickly?

They are really not stupid, they are just greedy.

Capital Lunlima’s writing is very accurate.

When profits reach 10%, they will be ready to take action;

When profits reach 50%, they will take risks;

When profits reach 100%, they dare to trample all laws in the world;

When profits reached 300%, they dared to risk hanging.

The reason why India dares to take action against foreign companies again and again, and is not afraid of affecting its own investment environment, is that it is obviously very aware of the urinary nature of these foreign companies.

As long as they are not beaten to death and these companies have a certain profit margin, they can continue to cut leeks.

Coupled with the huge domestic market, low labor costs, and the successful case of China, the third brother is confident.

However, once a company that can replace Microsoft and Xiaomi emerges in Sange's country, Sange will swing the sickle without hesitation and dig up everything for you, including the soil and roots.

Therefore, Enron, which invested in power plants, Posco, which invested in steel plants, and Vodafone, which invested in telecommunications, suffered heavy losses.

Because in the three industries of power generation, steelmaking and telecommunications, there are companies in India that can replace them.

I'll fuck you to death and make myself fatter.

The same example is the group of people in China who work on the Internet at the third brother's house.

I used my own skills and experience to help my third brother’s family develop.

As a result, after they had eaten and drank enough, they turned around and banned all Chinese Internet companies, leaving the market to their own people.

Therefore, if you really want to make money at Third Brother's house, the best way is to sell things they can't make.

For example, chips, various high-tech electronic equipment, high-precision mechanical equipment and processing equipment, etc.

Then, like BYD, we pay with one hand and deliver the goods with one hand, and we are determined not to owe any debts.

Fu Jixun frowned slightly, although he was not very clear why Xu Liang hated India so much.

But as a newcomer who had just entered the company, he had no intention of getting into trouble with the big boss.

If you don’t do it in India, don’t do it. The market is not that big anyway (the current GDP of the third brother is not as good as that of South Korea, and it is not ranked among the top ten in the world).

"Old Fu, with your ability, I am not worried about the future of Fund No. 9. In the next few years, in addition to developing Fund No. 9, you should also assist Sun Zhinan to develop Hanhua Singapore Company well."

Sun Zhinan is the head of Xuanwu Asia Singapore Private Equity Fund and the head of Hanhua Singapore Branch.

However, he has no jurisdictional relationship with Fu Jixun.

"Don't worry, I will."

Xu Liang nodded, "Do you know about CapitaLand Group?"

“I used to study their real estate projects when I was at DFJ.”

"If I want to acquire it, what do you think the chances are?"

Fu Jixun glanced at him in surprise.

“As long as the funds are in place, the success rate is at least 50%.”

"Why?"

"Debt."

Xu Liang understood what he meant.

CapitaLand Group was established not long ago.

The Asian financial crisis in 1998 had a huge impact on Singapore's real estate market.

Singapore real estate giant Paxton Land and Temasek Holdings' real estate company Development Real Estate caused losses of S$380 million and S$190 million respectively.

In order to better adapt to the needs of the development of the real estate market and reduce competition, Baiteng Real Estate and Development Real Estate merged to form the current CapitaLand Group in 2000.

At the beginning of its establishment, CapitaLand Group's business operations were not smooth. At that time, CapitaLand Group was mainly engaged in real estate development and investment business.

Among them, residential development income accounted for the highest proportion, accounting for 61% of the total income in 2001, followed by commercial property rental, accounting for 18.4%.

This has also led to CapitaLand's excessive debt burden.

According to data, CapitaLand's interest-bearing liabilities reached S$9.06 billion in 2001, and its net debt ratio reached 87%, which resulted in the group's interest expenses of S$430 million that year and a loss of S$280 million that year.

Although high leverage is a basic characteristic of all real estate companies, it seems understandable that CapitaLand’s debt was too high.

However, when the market environment is not very good and sales returns are slow, it is a big test for real estate companies.

In order to get rid of the problem of high debt, CapitaLand's management began to transform into an asset-light strategy.

The core of this strategy is REITs, commonly known as ‘real estate investment trusts’, also known as ‘real estate investment trust funds’.

As we all know, a trust has the nature of a legal person and can be listed on the securities market just like a company.

CapitaLand's idea is to raise funds from the securities market by issuing "real estate investment trust funds" and use the raised money to buy the property rights of CapitaLand's heavy assets, thereby reducing its liabilities.

Achieve strategic goals of asset-light operations.

It can be said that the abacus is rattling.

The left hand and the right hand are also played very smoothly.

He is also an old capitalist.

Unfortunately, CapitaLand did not seem to have expected at the time that the company's first REIT, CapitaLand Retail Trust, failed to be successfully issued due to the imperfect system in Singapore and the public's lack of a clear understanding of REITs.

Fortunately, 40% of CapitaLand's shares are in the hands of Temasek Holdings, which belongs to his own son.

In order to address the future development of ‘sons’, the Singapore government has introduced a series of legal frameworks for REITs.

For example, in 2001, the Securities and Futures Law was promulgated to provide specific provisions for the listing of REITs.

In 2002, the "Collective Investment Guidelines" were promulgated to refine the supervision of REITs.

The Singaporean government gives REITs a large number of tax benefits, including measures to avoid double taxation, allow provident funds to invest in REITs, and provide tax-free dividends for domestic and foreign individual investors holding REITs.

And the supervision on REITs has been gradually relaxed, giving REITs more room for operation.

With the policy support, the issuance of REITs by CapitaLand Group naturally went much smoother.

In 2002, CapitaLand successfully issued CapitaLand Commercial Trust, becoming the first publicly offered REITs in Singapore's history.

In the following years from 2004 to 2010, CapitaLand Group successfully issued CapitaLand Commercial Property Trust, Ascott Residence Trust, CapitaLand China Trust, and CapitaLand Retail Malaysia Trust.

At this point, CapitaLand has completed its transformation into a "developer + fund manager" and has begun large-scale acquisitions with the help of funds raised from REITs.

From 2002 to 2007, we acquired high-quality properties such as the Building, Singapore Plaza, and Raffles City.

In addition, between 2001 and 2017, the company's asset-liability ratio dropped from 55% to 48%, and its net debt ratio dropped from 112% to 56%, successfully getting rid of the shackles of high debt of traditional real estate companies.

Of course, what really allowed CapitaLand to develop was the huge Chinese real estate market.

I won’t go into details here.

Now just after 2003, although CapitaLand issued its first ‘CapitaLand Commercial Trust’, it did not fundamentally change the background of CapitaLand Group’s excessive debt ratio.

"I am Chinese, is Singapore willing to give up CapitaLand to me?" Xu Liang then asked.

“Mr. Xu, you are the founder of Hongmeng, and Temasek is Hongmeng’s major shareholder.

Moreover, among several funds owned by Hanhua, I believe Temasek also has a certain share. "

Xu Liang smiled, Fu Jixun was indeed a sensible person.

Temasek Holdings invested US$3.5 billion in two funds, Hanhua Green Dragon and Pacific.

With the exchange of interests, Temasek Holdings is more likely to sell CapitaLand.

After all, CapitaLand is just one of the giants in Singapore's real estate market, with City Developments Ltd., Far East Group, Singapore Airlines Properties and Sunland Properties Ltd.

"Fifty percent is still too little."

Xu Liangdao.

"Mr. Xu, if you want to improve the success rate, it's actually very simple. Just keep CapitaLand in Singapore."

Listening to his meaningful tone, Xu Liang smiled and nodded.

Because An Kaiyue was about to give birth, the whole house was decorated with many children's toys and stickers. Fu Jixun must have seen it when he came over.

He is not a fool.

When the woman next to the big boss gets pregnant, she stays in Singapore instead of in the capital. Do you still need to guess what's going on?

In Singapore, a land overflowing with freedom, Fu Jixun has seen a lot of nonsense from powerful people.

It is too common for a concubine to give birth to a child.

Can't even be found in hot searches.

"Mr. Xu, there are many real estate companies in Singapore, not necessarily CapitaLand."

Xu Liang smiled lightly, "I can't stand it if it's too young."

In fact, there were three reasons why he had Cade's idea.

First, its equity is relatively concentrated. As long as it gets Temasek Holdings, it can buy the company.

Moreover, his interests are deeply entangled with Temasek Holdings, and the two sides have a close relationship, so it is relatively easy to negotiate.

Second, only the huge CapitaLand Group can acquire the increasingly larger Taihua Real Estate.

Originally, he planned to transfer Taihua Real Estate directly.

But after some investigation, I gave up the idea.

too difficult.

The state doesn't allow it either.

Therefore, the best way is to boil the frogs in warm water, sell them part by part, and transfer them in batches.

Third, CapitaLand’s asset-light strategy is more to his liking and represents the future development direction of the real estate industry.

There is limited room for real estate appreciation.

It will reach its peak in twenty years.