My 1999

This price is undoubtedly much higher than the historical price of 1.25 billion for Sunco acquired by Road King Group.

But the Sunco in early 2005 is fundamentally different from the Sunco in 2006.

During this period, Sunchi's Phoenix City project in Suzhou, which covers an area of ​​more than 1 square kilometer, had two pieces of land taken back by the superiors because it failed to pay the land payment in time.

In Shi's home village, two projects were transferred out as a whole.

Jinling Company and East China Company were sold one after another.

Layoffs, land sales, repossession by superiors, plus debt accumulation, etc., caused Sunco's asset value to fall a lot in 2005.

A very simple example.

In early 2005, JP Morgan negotiated with Sunchi and proposed a gambling agreement.

Morgan purchased 20% of Sunco's equity for 750 million Chinese dollars, but if Sunco's net profit in 2006 falls below a certain value, Morgan will get 40% of Sunco's equity.

However, Sun Hongbin was not stupid and did not sign.

But we can also see the value of Sunco.

"Now that we've agreed, let's sign the contract."

Sha Zhigang nodded, "Mr. Xu, Sun Hongbin wants an all-cash transaction, and Fuhua cannot afford so much funds at the moment.

Moreover, Sunco's outstanding land fees and bank loan balances are as high as 4.6 billion Chinese dollars.

If we want to keep the land in Sunchi's hands, plus the acquisition price of 3.5 billion, we have to spend at least 5 billion Chinese dollars in cash.

The pressure is too much. "

Xu Liang nodded.

The entire Fuhua Real Estate's main business income in 2004 was 3.75 billion Chinese dollars.

Net profit was 736 million Chinese dollars.

Total assets are 89.3 billion Chinese dollars and total liabilities are 35.692 billion Chinese dollars.

The debt ratio is 38.3%.

However, due to the above-mentioned policy of restricting real estate, the market value has dropped from the peak of HK$70 billion to the current HK$64.7 billion.

With Fuhua's current ability, it is really impossible to take out 5 billion Huaxia coins in cash at once.

The current market situation is not good, and corporate debt is not easy to obtain.

If you take a loan, the interest rate will not be low.

Of course, as the big boss behind Fuhua, Hanhua must be rich.

However, Hanhua holds 79% of the shares of Fuhua. If money is invested, the shares will definitely change.

Although Xu Liang does not object to increasing shares, as a listed company, too concentrated equity is not a good thing.

Xu Liang thought for a while, "Let's do this. Fuhua will do a directional financing, and the 5 billion Huaxia coins will come out of Hongyan."

"Thank you, Mr. Xu."

Through this financing, Hongyan will hold 7.2% of Fuhua’s equity.

Hanhua's stake in Fuhua Real Estate will drop to 73.36%.

“Do you have Sunco’s latest balance sheet?”

"have."

Sha Zhigang quickly took out a document and handed it over.

Xu Liang took it and turned it over.

Sunco is truly worthy of being able to challenge Vanke. After seven years of extreme capital operation, Sunco generated sales of 9.2 billion Chinese dollars in 2004. However, the profit was much lower than that of the same industry, only 1.47 billion Chinese dollars.

It sounds like a lot, but in 2004, Sunco spent 8 billion to acquire 12.78 million square meters of land reserves, and the amount in the Yangtze River Delta alone exceeded 4 million.

This speed is even crazier than Fuhua Real Estate.

"Sun Hongbin is indeed a powerful person." Xu Liang said.

When large real estate companies across the country were focusing their attention on core urban areas, he asked Sunco to focus on acquiring land on the edge of the city and in the planned new center.

These 'raw lands' are not favored by local developers who focus on short-term benefits. The competition is not too fierce, and they have great potential for appreciation in the future.

The local government is eager to sell, and will be very active in providing support in terms of three communications and one equality.

There are basically no remaining problems from demolition, which is conducive to rapid start and delivery.

The land area is generally large and suitable for the construction of large-scale mid- to low-end residential properties.

In fact, the main investment direction of Fuhua Real Estate is also in the new city center.

Xu Liang is not competing for differentiation, but he knows very well that in the future, new urban areas with convenient transportation, convenient living, good greening and sanitation will have real estate development potential that exceeds that of crowded and dirty old cities.

"Pity."

Xu Liang put down the information.

Sun Hongbin is a powerful person. He was tricked by Comprador Liu, and he can start over again.

Having stepped on so many pitfalls including Boss Jia and Boss Wang, Sunac has been able to make Sunac the top four in the national real estate industry. It’s really hard to say that it’s capable.

It's a pity that this guy is a "replaceable" hero.

Xu Liang didn't have the confidence to take it for his own use.

"How do you plan to integrate Sunco?"

Sha Zhigang was obviously prepared for this problem.

“Sunchco’s assets are mainly divided into three parts.

First, real estate agencies.

Second, residential real estate development.

Third, property.

In terms of real estate agencies, Sunchi has 800 branches across the country, especially in its base camp of Tianjin, with 300 branches. It is the leader in the real estate agency industry in Tianjin.

My idea is that Fuhua takes over the Sunchi agency business and uses it as a basis to develop our own real estate agency market. "

Xu Liang nodded.

Many people buy houses through intermediaries, so a well-developed real estate agency can have a huge bonus on real estate sales.

“In terms of residential real estate, Sunchi has a total of 35 projects, among which Suzhou Phoenix City and Jinmen Sun City are the largest.

Phoenix City has a total development land area of ​​90 hectares and a construction area of ​​1.56 million square meters.

Sun City has a total development land area of ​​1,500 acres and a construction area of ​​2.15 million square meters.

These two projects are the diamonds in Sunco’s crown. We plan to complete the development of these two super projects in eight to ten years. "

After Xu Liang nodded, "If you include Sunchi, Fuhua has 117 real estate development projects, right?"

"Yes. 117, with a total development area of ​​35.29 million square meters, ranking first in the country."

Looking at Sha Zhigang's proud expression, Xu Liang smiled and said: "It is indeed an achievement worth being proud of, but we are different from Sunco in that we do not engage in extreme capital operations.

Also, the quality of Fuhua’s real estate projects comes first, and I don’t want customers to point their fingers at us in the future. "

"clear."

“In terms of property, Sunchi has a total of 49 projects with a total management area of ​​7.48 million square meters. Although Fuhua also provides property services, Sunchi’s projects are too efficient and of average quality.

Wall cracks occurred in the Jinmen Sun City project, and decoration materials were also reported to have been secretly replaced.

If we took over, the repair costs would be very high. "Sha Zhigang said.

After Xu Liang thought for a moment, he said, "Let's take it over first and see if we can't make money."

"OK."

“Also, the real estate market this year is not very good, and many real estate companies are experiencing operating difficulties, so those that need to be merged and acquired must be resolute.

We should take advantage of the market downturn to reserve a large amount of land.

Fuhua's land bank will exceed 50 million square meters this year. "Xu Liang said.

Sha Zhigang was shocked, "Mr. Xu, is it too much? I'm afraid it will be difficult for the company to get so much cash, and the bank will not give us preferential loans."

"Don't worry, I will take care of the funding."

Xu Liang now wants to convert a large amount of U.S. dollar assets in his hands into Chinese currency assets. Compared with other industries, the real estate industry is the most suitable industry with large investment, simple investment methods and broad prospects.

Sha Zhigang, relieved, couldn't help but ask: "Mr. Xu, do you think this domestic real estate downturn will pass soon?"

"China's urbanization rate is now less than 40%, so despite the strong determination from above to regulate real estate, it won't last long."

Xu Liang knows the future of China’s real estate industry better than anyone else.

After 19 years, when supply exceeds demand, China's real estate industry will truly enter a trough.

In view of the big boss's brilliant investment resume, Sha Zhigang trusts his judgment.

"Okay, that's all I have to say, you go back to work."

After seeing Sha Zhigang off, Xu Liang looked at the time.

After putting on his coat, he left the company.

Walking through the streets and alleys, we soon arrived at Heqiao Lijing Community.

After knocking on the door of Room 902 in Building 3, Liu Qianxi appeared in front of her wearing a white long-sleeved thin sweater, loose purple floral trousers, long hair shawl, bright eyes and white teeth, and a smile like a flower.

Seeing him, the little girl had a surprised smile on her face.

"Brother Xu."

With one step, the whole person rushed forward.

Xu Liang hugged her delicate body, smelled the fragrance of her bun, felt the softness on her chest, and a small flame suddenly burned in his heart.

He walked in with the girl in his arms, closed the door, held up her pretty face, lowered his head, opened his teeth, and kissed her passionately.

Liu Qianqian responded fiercely, as if she wanted to rub her body into her lover's arms.

"Sissi?"

The crisp sound, like thunder, suddenly woke up Liu Qianqian who was intoxicated in her lover's tenderness.

He hurriedly pushed Xu Liang away and pulled down the rolled sweater to cover his graceful body.

Xu Liang said in surprise: "Do you have any guests here?"

Before Liu Qianqian could reply, a beautiful girl wearing a loose red thin sweater, a ponytail, and black tight-fitting trousers walked over from the living room.

Seeing the two of them, a trace of surprise appeared on their innocent and pretty faces.

"you……?"

Liu Qianqian said quickly: "Let me introduce you. This is Xu Liang. ...This is my good friend Shu Chang."

Xu Liang suddenly realized that he remembered that Liu Qianqian had mentioned to him before that he had a good best friend named Shu Chang.

He was no stranger to this person either.

After all, characters such as Heavenly Child Mother and Sha Niu are very classic.

"Hello."

Xu Liang smiled and extended his right hand towards the other party.

After reacting, Shu Chang subconsciously held Xu Liang's right hand.

"Are you Sissi's boyfriend?"

Judging from Liu Qianqian's state, it was clear that the two had been intimate before, so it was not difficult to guess Xu Liang's identity.

"Um."

After letting go of his hand, Shu Chang rushed towards Liu Qianqian and attacked her armpits with the 'Nine Yin White Bone Claws'.

"Okay, Liu Qianqian. If you don't tell me that you have a boyfriend, you are no longer a good best friend!"

"Hehe, haha, who told you not to ask."

With that said, Liu Qianqian quickly counterattacked.

For a moment, the whole room was filled with laughter like silver bells.

The two beautiful beauties were playing around in a unique style, and Xu Liang stood aside with a smile without disturbing them.