Chapter 1123

Since the outbreak of the Asian financial crisis in 1997, Hong Kong's property market has fallen. It is not exaggeration to say that it is an avalanche. There are many luxury houses and high-rise buildings whose property prices have been cut off. Hong Kong's real estate industry has also suffered a heavy setback. The most important thing is that today, with the new economic wave so active, Hong Kong's property market still does not see any signs of recovery, Some individual media even blamed all this on the political issue of the return.

Hong Kong's real estate market has suffered a heavy setback, the mainland economy is stable, and various policies have prompted the rapid rise of the mainland real estate market. Even though it has suffered a heavy setback, Hong Kong real estate enterprises with deep roots and undamaged vitality have turned to the central cities of the mainland to seek a breakthrough. Even the financiers behind the Hong Kong entertainment industry, such as Yongsheng film and Yingwang international, have flocked to the mainland to invest in real estate, Only Jiaxin real estate has experienced a continuous rain in the past two or three years. Its investment in Jincheng Real estate has been hit by Hongxin and betrayed by Kewang and Jingdian. Today, its market value has exceeded HK $1.8 billion, or even less than one tenth of its peak.

Even if the market value of the vast majority of real estate in Hong Kong has been halved, the value of commercial real estate under the name of Jiaxin real estate is more than HK $1.8 billion. Only on the eve of the Asian financial crisis, Jiaxin real estate expanded vigorously in Hong Kong and suffered heavy setbacks. During the Asian financial crisis, it forcibly launched two office buildings and suffered losses, A 52 storey skyscraper was developed on Yongjia Avenue in central. After the structure was capped, it failed due to the lack of follow-up capital investment. The huge financial cost caused Jiaxin real estate to lose money continuously in the past two years.

As long as the building on Yongjia Avenue can be successfully completed, Jiaxin real estate may still have a chance to put forward the current crisis. After all, Hong Kong's economy has not been badly hit. Even if property prices are frustrated and the sale of buildings is unfavorable, rental buildings can still operate flat, and other projects can achieve overall profits. Even if it can not be restored to the market value level at its peak, it can at least return to the market value level of HK $56 billion.

To complete the Yongjia Avenue Project, it still needs to invest HK $1.2 billion. However, the property market in Hong Kong is depressed. In addition, the goodwill of Ge Mingxin and Ge Yinjun, the major shareholders of Jiaxin real estate, has been widely questioned in the financial circles in Hong Kong. Which financial institution is willing to provide them with this huge capital? Of course, this does not rule out that someone behind Jiaxin real estate has set up obstacles.

Unexpectedly, in the end, Jinhu made a move. It only spent HK $600 million to obtain 30% of the equity of Jiaxin real estate pledged by GE's father and son from HSBC. Xie Jiannan knew that HSBC was also the major shareholder of Jiaxin real estate. Even if the equity pledged by GE's father and son was sold to century Jinhu real estate, he still directly held 15% of Jiaxin real estate.

The additional purchase of corporate bonds by HSBC to provide HK $1.2 billion to Jiaxin real estate is not for the follow-up project of Yongjia Avenue Project, but for the acquisition of some commercial real estate assets of century Jinhu real estate in Haizhou, which surprised Xie Jiannan, but he knew that Jinhu and HSBC would certainly have greater follow-up actions.

On March 12, Xie Jiannan returned to Hong Kong after inspecting the communication market from Malaysia. After Jinhu became the owner, the first shareholders' meeting of Jiaxin real estate has also been held. He officially submitted an application for renaming to the stock exchange of Hong Kong, renamed the Listed Company Century Jinhu real estate group (Hong Kong) company, and officially became a listed company controlled by century Jinhu real estate, Jinhu is more hidden behind. Sun Shangyi is the chairman of the board of directors of century Jinhu, and Shao Zhigang is the president of the group.

It was quite dramatic. Before the division of the Ge family, sun Shangyi served as the 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 served as the chairman of the board of directors on behalf of Jinhu. I don't know how Ge Mingxin and Ge Yinjun felt.

At this time, the capital operation behind the equity transaction of Jiaxin real estate gradually surfaced to the media.

The HK $600 million that Jinhu acquired the equity of Jiaxin real estate from HSBC was financed by Hong Kong Guoyu investment. Jinhu just mortgaged this part of the equity to Guoyu investment.

Guoyu investment is the main creditor of Jiaxin real estate and has provided HK $2 billion financing for the Yongjia Avenue Project of Jiaxin real estate. In addition, Guoyu investment also holds 6% of the shares of Jiaxin real estate. The complete collapse of Jiaxin real estate is definitely not the situation that Guoyu investment hopes to see.

HSBC and Guoyu investment have always been looking for powerful successors for Jiaxin real estate. Jinhu not only takes over Jiaxin real estate in the name of century Jinhu real estate and reorganizes it to facilitate its entry into the mainland real estate market, but also will acquire Yongjia Avenue Project in the name of Jinhu commercial. After the project is completed, it will be used as the new headquarters of Jinhu commercial in Hong Kong. Only for the HK $3 billion required for the acquisition of Yongjia project, Guoyu investment and HSBC will provide HK $2 billion and HK $1 billion financing respectively; Guoyu investment can recover the HK $2 billion previously lent from Jiaxin real estate.

Xie Jiannan read these financial news, but sighed slightly.

Jinhu did not spend a penny from beginning to end. Jinhu commercial was able to acquire a 52 storey skyscraper on Yongjia Avenue as a new headquarters building. Century Jinhu real estate controlled a Hong Kong listed company to hold 30% equity and put some assets into the listed company. The parent company transferred and obtained HK $1.2 billion of working capital.

Hong Kong Guoyu investment was Jinhu's partner when it was listed in the backdoor of Aida electronics. The previous cooperation experience was quite pleasant. During the Asian financial crisis, it also reduced many losses due to its close focus on Jinhu's operation. This time, it brought Jinhu in mainly to solve their HK $2 billion debt crisis against Jiaxin real estate.

After this capital operation, in fact, Guoyu investment transferred HK $2 billion of creditor's rights from Jiaxin real estate to Jinhu commercial. The corporate bond credit rating of Jinhu commercial is much higher than that of Jiaxin real estate on the verge of bankruptcy. In addition, after the completion of Yongjia project, the asset mortgage quality is much higher than that of uncompleted residential buildings, so the creditor's rights crisis can be solved smoothly. In order to facilitate this, Guoyu investment had to provide more HK $600 million financing to Jinhu to help it obtain control of listed companies from HSBC.

As an old investment bank in Hong Kong, HSBC has also seen the development of the mainland real estate market in the past two years, but it can not find a suitable partner and media; On the other hand, HSBC's equity investment in Jiaxin real estate has also suffered a setback, and it is necessary to find suitable partners to help them out. HSBC then sold the 30% equity of Jiaxin real estate pledged to the bank by GE Mingxin and Ge Yinjun's father and son to Jinhu at a price slightly higher than the market value. In addition, in the name of purchasing corporate bonds, it also provided 1.2 billion Hong Kong dollars to Jiaxin real estate after Jinhu became the owner, acquired some commercial real estate assets of century Jinhu real estate in Haizhou, improved the asset structure of the listed company, and jointly provided 3 billion Hong Kong dollars of loans to Jinhu commercial with Guoyu investment to acquire the uncompleted project of Yongjia avenue under the listed company, Help listed companies get rid of the heaviest burden in the past two years.

Jiaxin real estate was renamed century Jinhu real estate group. Once the subsequent restructuring plan was announced, the stock price rebounded strongly and re entered the ranks of large companies with a market value of more than HK $5 billion.

Perhaps the most painful thing in the whole process is that GE Mingxin and Ge Yin are both father and son.

The 30% equity of Jiaxin real estate was originally their property, but it was pledged to HSBC for debt repayment. After the time limit, it lost its disposal right, and sold it to HSBC at a low price to Jinhu. The equity acquisition funds just offset their debt to HSBC (HSBC has no obligation to sell a good price for them). After the actual control of Jiaxin real estate was transferred, In particular, after Jinhu commercial signed the disposal agreement on Yongjia Avenue Project with HSBC, Guoyu investment and listed companies, the market value of the traded shares tripled in a short time, approaching HK $1.8 billion.

Unfortunately, all this has nothing to do with Ge Mingxin and Ge Yinjun's father and son. We can imagine that GE Mingxin and Ge Yinjun's father and son gnash their teeth. It's a pity that they are no longer the makers of the rules of the game, but the objects swallowed by the mall.

Before nightfall, Xie Jiannan specially asked the driver to drive him around Repulse Bay. He looked at the deep house on the left side of Repulse Bay Avenue. The house door was closed, and some weeds grew on the wall. No one could clean up. He couldn't see whether there was anyone in the yard. As soon as he looked lonely and lonely, the most valuable assets on hand of the Ge family and his son were the luxury house known to be worth HK $400 million when the property market in Hong Kong was the most enthusiastic, Some time ago, I heard that GE Mingxin, GE Yinjun and his son intended to sell this mansion at a low price of HK $100 million. Who can imagine that the Ge family, which ranked fourth in Hong Kong's rich list at its peak, will completely decline in just three or four years?

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

Sun Shangyi and Ge mingjue are members of the Ge family, and Ge Mingde is also a side branch of the Ge family. Since the core member enterprises of Jinhu never disclose financial information, the outside world can only preliminarily estimate that the total assets of sun Shangyi, GE mingjue and Ge Mingde exceed HK $4 billion.

Xie Jiannan is more familiar with the situation of Jinhu. He knows that sun Shangyi, GE mingjue, Ge Mingde and others are very important to the rapid development of Jinhu in recent years. In addition to personally charging the front, they also provide a lot of capital for the early development of Jinhu - Sun Shangyi Before the outbreak of the Asian financial crisis, GE mingjue and his wife sold Jiaxin real estate shares and cashed out more than HK $1 billion. Naturally, this money was also injected into Jinhu - their interests in Jinhu business will not be too low. You should know that Jinhu's cash income from two Internet companies, Kunteng online and global music online, exceeds US $1.6 billion. Excluding this additional unconventional income, Jinhu's total profit scale in consumer electronic products, home appliances, real estate, paper industry, chain stores and other fields in 1999 is estimated to reach US $1.6 billion or even higher, Compared with the usual calculation method of securitization, it is quite conservative to estimate the market value of the whole Jinhu Lake at about $30 billion.

Even if sun Shangyi, GE mingjue, Ge Mingde and others have only 10% of the rights and interests in Jinhu, their estimated wealth is almost $3 billion, which is higher than that of the Ge family at its peak.

Hong Kong's financial media estimated that sun and others' wealth was only HK $4 billion, probably based on the net asset scale of Jinhu. If sun and others were willing to transfer their interests in Jinhu for HK $4 billion, international investment banks would probably break their head.

Ge mingjue is the eldest daughter of the Ge family. Although sun Shangyi is the son-in-law, he has joined the Ge family. It can be said that the Ge family has prospered in them. Even if the other members of the Ge family are no longer rich, at least they are not down; The only real losers are Ge Mingxin and Ge Yinjun.

Xie Jiannan asked the driver to stop the car. He got out of the car, stood on the road tooth and lit a cigarette. Looking at the dark blue sea in the distance, he said that he was still the boss of an enterprise with an annual profit of more than 200 million and a staff size of nearly 10000 people. However, this achievement was just like yingchong yingyue in front of Jinhu. He recalled his enthusiasm and mysterious pride when he first returned home, It's so childish and funny.

Xie Jiannan put out his cigarette butt in the grass by the side of the road, turned and got into the car and asked the driver to take him to the airport. When I went down the mountain, I saw Ge Yinjun driving a silver Ferrari and passing by by by. Next to him sat a woman in red. 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 doesn't worry about recognizing Ge Yinjun. Seeing that GE Yinjun still doesn't forget the luxury of driving sports cars and playing with stars at this time, he doesn't know how long he can persist in this life. When the car turns the corner and completely throws the silver sports car out of sight, Xie Jiannan also completely loses Ge Yinjun's memory.

Xie Jiannan's determination not to get involved in the mobile phone business interferes with Huaxia electronics, NEC or Mitsui products behind NEC to set up the mobile phone department. He strictly prevents leaks. To this end, he did many things in person and prepared to inform Huaxia electronics and NEC when the preparatory work was almost completed, so as to minimize the resistance. When all the work is ready, even if Huaxia electronics and NEC unite to obstruct, Xie Jiandong can still push things forward as a controlling shareholder.

After returning from Hong Kong, Xie Jiannan stayed in Jinshan for two days, waiting for Jianye with the head of the technology department to discuss technical issues with the oak garden mobile phone chip R & D department. Kewang established a mobile phone department to purchase ess baseband chipsets and other core components from Jinhu, including the necessary technical support.

In fact, Jinhu can provide more. In addition to core components and necessary technical support, Jinhu even provides complete machine solutions, but first of all, Kewang is required to ensure that its products are fully transported to overseas markets. For the domestic mobile phone market, only Kewang hi tech and Lianxin can obtain complete machine technical solution support from Jinhu, This is also to ensure the smooth implementation of the dark disk agreement with China Unicom and avoid ess baseband mobile phones disturbing the layout of the domestic market from other channels.

Xie Jiannan knew more about the strategic layout of Jinhu in the middle and low-end mobile phones. No brand can cover all the people. The consumer electronics under Jinhu's own brand mainly point to the middle and high-end consumer market. Maybe we can give consideration to the middle and low-end market, but we must not stir up a mess in the middle and low-end market for comprehensive coverage, Otherwise, it will seriously damage the value of the brand. Jinhu's ambition for the middle and low-end mobile phone market can only be implemented indirectly. Kewang hi tech, Lianxin, Xinyuan and Kewang will become the channel of Jinhu sword finger terminal market and a link in the whole industrial chain planned by Jinhu in the future.

Sometimes it is confirmed by speculation that there will be no special feeling in my heart. I ate with Xie Zijia and Xie Zijia at night, moved some emotions, drank two more glasses of wine, and asked my thanks: "when we wanted to fight for Haitai, he didn't fight with us. We thought he was weak and deceptive. Now look, I really feel poor and ridiculous..."

Thanks are also sad. If he didn't know that Kewang was about to become a purchaser of Jinhu, he would hesitate to have dinner with Xie Jiannan in the evening. Who can imagine that person putting so much pressure on himself subconsciously? He had a drink with Xie Jiannan and said, "if I had bitten my teeth, I would have survived..."

"They are two poor and ridiculous men," Xie Zijia said mercilessly. "You are really naive, but they have no mercy on the Ge family. Bite your teeth and have a try?"

Xie Jiannan smiled bitterly. If it hadn't been for breaking up, it would have been more likely to sink into the abyss together. When his uncle died, Ge Mingxin and Ge Yinjun's father and son completely declined. There was no ability to toss. The gratitude and resentment between the two sides faded, and the eldest sister should have played a great role.

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

"I always admire my second uncle's decisive decision. How can I resent him? Or does my second uncle see through," Xie Jiannan shook his head slightly, "what development plan does Haitai electric have?"

"..." said with a wry smile of thanks, shaking his head, "The layout of Shengxin electric appliance has been completed. Although Haitai can survive in the East China Sea and Jiangnan, the road of outward development is completely blocked by Shengxin... If Jinhu makes any small moves behind it, there is still pain to complain about. Who to complain about now? I can't see where Haitai's future road is. I can't wait to throw away this stall and do something else."

Xie Jiannan smiled. Haitai's profitability has been quite good under the management of Xie in recent years, but it is more important for Xie to make a breakthrough in his career.

In 1997, Shengxin electric began to carry out industrial layout in major central cities across the country, and the number of flagship stores was more than the total number of Haitai stores. In 1998, it began to layout mobile phone direct stores, forming a mobile phone marketing network covering the whole country and going deep into County cities.

Haitai and Shengxin compete in the same industry. The pattern is too small. In 1997 and 1998, Haitai missed the opportunity to expand outward. Shengxin's industrial layout has been completed, and Haitai lost the opportunity to expand outward. When Shengxin further strengthens its industrial layout, Haitai will feel the pressure of survival.

"What's there to sigh?" Xie Zijia said. "Overseas home appliance chain giants are eyeing the domestic market. It's better to sell Haitai to them and see who can eat in a basin with Jinhu."

"It's easy to say." thank you for reaching out and knocking on Zijia's skull. He did consider selling Haitai appliance when there was no survival pressure. But under such an industry pattern, except Shengxin appliance, only those overseas home appliance chain giants are potential buyers. He's just afraid that selling Haitai to overseas enterprises will annoy Jinhu.

"Don't you just want to steal chicken and be afraid of eroding rice?" Xie Zijia said sharply. "Since you want to throw away Haitai and sell it at a high price, it's natural that Shengxin can't sell Haitai to Shengxin if the price is high. Why do you have so many scruples?"

What else does Xie Jiannan want to say? The mobile phone Xie Jiannan put on the table rang. He looked at Xie Jiannan, looked at the number, silenced the mobile phone and let the mobile phone flicker there. After all, the relationship still didn't recover before the break. Even if he had doubts, he couldn't help asking.

Xie Jiannan took the initiative to explain: "the classic Lin Xue, she may know I'm in Jianye..."

"That woman!" Xie Zijia looked disdainful.

"Their dangerous move in Haisu technology is going to be done for them..." with a slight sigh of thanks, the Internet wave has been surging continuously and has not stopped until now. The share price of Haisu technology has soared 28 times compared with the average level before the restructuring in May last year, and the market value has exceeded 16 billion, which was the result that no one had thought before, If it is operated properly, it will eventually be able to set aside almost $67 billion.

Who knows, the 30% equity of global music online has bought Jinhu a sky high price of $900 million, and the receiver is still Microsoft, the leader of global technology enterprises.

"It's still too dangerous," Xie Jiannan shook his head, "Jinhu's capital operation around Jiaxin real estate is the right way - the benefits can be said to be immediate. Jinhu's acquisition of that part of the equity with HK $600 million increased to nearly HK $1.8 billion within a few days without spending a penny. It also obtained HK $1.2 billion for domestic real estate development, even if it added another HK $3.6 billion to the total debt Foreign debt is also worth it. "

"The total debt scale of Jinhu is almost $3 billion?" asked Xie.

"Almost, if not, it's not far away," Xie Jiannan said, "Others may say that Jinhu is not afraid to bite when there are many lice. You and I know that it is Jinhu's daunting financing ability that supports its rapid expansion in many fields. I estimate that the investment scale of Jinhu commercial will be as high as US $45 billion in the past two years, excluding the expansion of Aida, Shengxin, xiangxuehai, Xinguang and century Jinhu in their respective industrial fields... Even if Hongxin can get a huge amount of funds from Haisu technology, which will also leave Jinhu far behind. "

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