Produced | Phoenix Global Fortune News
Author | Huang Xiaomei
On August 1, 2017, an unusual Jianjun Festival was a good day for Xu Jiayin's doubles.
On this day, the Chinese Evergrande defeated the R & F Real Estate Team on the Football Association Cup and advanced to the semifinals.
Compared with the passionate promotion match, on the same day, Evergrande relocated from Guangzhou to Shenzhen, which was quite low -key and frugal throughout the process.That night, Xu Jiayin only hosted the company executive at the Shenzhen headquarters and watched Evergrande's Football Association Cup competition against R & F.
Move in Shenzhen with a low -key movement, high -profile things are very good.
After moving into Shenzhen, Xu Jiayin began to visit the big brothers.On the third day of the New Year's Day in 2018, Evergrande headquarters moved to the first Spring Festival in Shenzhen. Xu Jiayin and Xu Tai specially rushed back to Shenzhen in the New Year in other places to give a special guest a New Year.This person is the former boss when Xu Jiayin worked in Shenzhen from 1992 to 1996.
Xu Jiayin deliberately wore a suit and tie, and Xu Tai, who had always been simple, also wore a formal dress.Before the guests arrived, the couple went to the roadside outside the center of Evergrande to wait. As soon as the guest arrived, Xu Jiayin personally stepped forward to drive the door for the former boss and helped get out of the car.
The meeting with Wang Wenyin, the richest man in Anhui, was more dramatic. Wang Wenyin took out two treasures of Mo Bao to send it to Xu Jiayin. Xu Jiayin and Wang Wenyin each held on the side of Mo Bao and laughed at the camera.
Doing very people, doing very much, building a very contribution.Xu Di's blood, family country feelings, impression of China, extraordinary, cross -border achievements, and far away, life, life, large artifacts.
The latter word takes the first word of each sentence.Or metaphor, after relocating to Shenzhen in 2017, Xu Jiayin did have risen step by step.
In the past five years, Evergrande opened its territory in Shenzhen, invested in Vanke, reorganized deep room A, and launched 130 billion yuan in war. The two core business real estate and finance have taken root in Shenzhen.Xu Jiayin won one after another in Shenzhen's main battlefield.
The tactical level of victory has just led to the overall losses at the strategic level.This sentence is often used in military, and now Xu Jiayin interprets this sentence in the mall.
Xu Jiayin once believed that Shenzhen was his blessing place. He benefited from Shenzhen's development dividends. In this land, he won one battle after another and entered the year of flower armor, but he underestimated the determination of deleveraging at the macro level.And shocking.
With the landmark of the Evergrande Group's landmark disappearing in the Shenzhen Castle Skyline, a era also came to an end. The Shenzhen past of Xu Jiayin was about to be blocked, and the 3 trillion yuan asset blueprint was transformed into a bubble.
Without Shenzhen, there is no Evergrande
On October 14, 2020, the 40th anniversary of the establishment of the Shenzhen Special Economic Zone. Xu Jiayin, who was invited to participate in the celebration conference, said a word. Without the party's strong leadership and reform and opening up policies, there was no world -renowned Shenzhen Special Economic Zone, nor EvergrandeToday
This sentence is full of gratitude for Xu Jiayin for Shenzhen.This gratitude may stem from Evergrande's ups and downs in Shenzhen.
Before relocating to Shenzhen, Evergrande opened the prelude to Shenzhen's queue in 2011.
Evergrande acquired 71%of Shenzhen Construction (Group) Co., Ltd. 71%of the equity of Shenzhen Construction (Group) Co., Ltd.; MDASH; Evergrande State Xiangshan; In 2016, Evergrande spent 2 billion to acquire Longhua Dalang Jianhuang Workers' plot ...
Soon after moving to Shenzhen, Evergrande was paid by the Shenzhen Municipal Government.
On December 19, 2017, Evergrande's rapid reserve price won a commercial plot at the Shenzhen Bay Super headquarters base, with a floor price of only 19,200/square meter.
This is a treasure land. The Shenzhen Bay Super headquarters is positioned as the world's Fortune 500 enterprise headquarters base. In the future, it will become a typical and world -class urban function center for global high -end industrial gatherings.On the day, Evergrande and Vanke took one each next to each other. Evergrande plots were covered with a maximum of 500 meters, and Vanke plots were 300 meters.
The land bidding requirements stipulate that the bidding enterprise needs to be a corporate legal person registered in Shenzhen, the headquarters enterprise of the interim method identified by Shenzhen encourages the development of the headquarters, and the enterprises selected by the municipal government in accordance with relevant regulations.Obviously, Evergrande, who had just moved into Shenzhen, had a bonus.
Haocao hit rabbits, and since then he enjoyed Evergrande of Shenzhen's corporate dividends, and began to accelerate the expansion of the old mansion.
Xia Haijun publicly talked that Evergrande took Shenzhen as the layout of Shenzhen after his headquarters moved to Shenzhen.From 2016 to 2019, a large -scale renovation of the old city was carried out, Evergrande was crooked, and with advanced land reserves.Evergrande is the largest real estate developer in Shenzhen's land reserves, and its future income is not limited.
Regardless of whether it is crooked or other power, Evergrande's real estate plate in Shenzhen is getting bigger and bigger.
In the middle of 2020, Evergrande has deployed 104 cities to update projects, most of which are located in the Greater Bay Area, of which 55 are in Shenzhen, and there are 12 in the Greater Bay Area except Shenzhen.
In addition to real estate, another core business of Evergrande MDASH; MDASH; the financial sector moves forward synchronously.
An industry insider pointed out that there is no need to migrate the headquarters at all.Evergrande's depth, in fact, is more mainly for financial business.
Beginning in 2015, Evergrande began to collect various financial licenses in Shenzhen.
In November of that year, Evergrande Financial Group was established in Qianhai, Shenzhen. Subsequently, Evergrande announced its entry into the insurance industry and acquired China -Singaporea Oriental Life Insurance Co., Ltd., and was renamed Evergrande Life. In February 2016, EvergrandeFinance has become the largest shareholder of Shengjing Bank (2066.HK), and sword refers to consumer financial licenses; in 2016, March, Evergrande Financial was launched, and Evergrande Finance added another Internet financial license.
Xu Jiayin's financial territory is not only there. After Evergrande moved into Shenzhen, the journey of the financial territory has just begun.
Xu Jiayin directly proposed at the work conference that the goal of Evergrande Financial Group in 2017 was to achieve full -scale financial licenses such as shares, holding banks, insurance, securities, trusts, public funds, and Internet finance.
Since then, Evergrande Real Estate and Finance have taken root in Shenzhen.Before the mines, the data presented in sales was also good.
From 2017 to 2020, sales were 500.9 billion yuan, 551.3 billion yuan, 601.1 billion, and 723.2 billion yuan, with a compound annual growth rate of 9.62%.
Reorganize deep rooms, and buried the fuse of the fund crisis
It was picked up to the Shenzhen Bay headquarters base, the old renovation of the soil, the soil renovation, the financial sector in full swing, the sales growth, and the Xu Jiayin's face after moved to Shenzhen, everything became like a fish.
This is the phased victory of the Xu family's seal.
After the Hong Kong Stock Exchange was listed, Evergrande's stock price was weak, and the difficulty of financing increased. The backdoor returned to A became the chess game of Xu Jiayin.I never expected that Xu Jiayin finally used a move to danger and achieved the goal.
In August 2016, Bao Wan's battle was anxious. Hengda entered the road, costing 9.11 billion yuan, acquired Vanke's shares of 516 million shares, and built a warehouse Vanke.By the end of November 2016, Evergrande invested a total of 36.27 billion yuan, grabbing 1.55 billion shares of Vanke, accounting for about 14.1%of Vanke's total shares.Among the forces of Vanke stocks, Evergrande's position cost is the highest.
Evergrande is not like Baoneng, and does not mean Vanke.In June 2017, Evergrande's discount transferred Vanke's shares to Shenzhen Railway Group at a price of 29.2 billion yuan.
Evergrande blood loss 7 billion billionXu Jiayin won a lot.On the one hand, it helped the Shenzhen Railway the position of Vanke's largest shareholder. On the other hand, Evergrande also received a clean shell company from Shenzhen-deep house.Evergrande returned to A to go public, and finally had shells.
On the eve of the official announcement of the deep house A, Evergrande relocated to Shenzhen with a low -key relocation.Subsequently, with the listed shell of the deep house, in order to reduce liabilities to return to A smoothly, Xu Jiayin's luxury friends circle assisted.
In 2017, Xujiayin divided into two rounds of Evergrande Real Estate, which introduced 27 combat investment, with a total amount of 130 billion yuan. A total of about 36.54%of Evergrande Real Estate will be obtained by Evergrande Real Estate.War investment companies include Suning, Zhengwei, CITIC, Zhongrong, Shandong Expressway, Shenzhen Industrial Group, etc. Shenzhen companies account for 5 seats.
Xu Jiayin signed a three-year gambling agreement with them. From 2017-2019, Evergrande Real Estate sent a dividend to all shareholders of about 28.41 billion yuan, 44.61 billion yuan, and 27.52 billion yuan, respectively.130 billion yuan will expire on January 31, 2021.If Evergrande failed to complete the reorganization listing, Evergrande needs to repurchase investors holding the shares held by investors at the original investment cost.
Evergrande held the 2018 Strategic Partner's Summit in Shanghai, including most of the war investors, and more than 1,000 well -known entrepreneurs were present.
Xu Jiayin said emotionally: Whenever Evergrande encounters difficulties, there are always our partners to support us.In the 22 -year development of Evergrande, all partners overcome all kinds of difficulties and obstacles with us, defeating one difficulties after another, so they have Evergrande today.Chairman Xu also bowed to the high -level partner present.
130 billion yuan, 27 friends help each other, Suning Zhang Near East and Zhengwei Wang Wenyin's luxury friends have been supporting Xu Jiayin, Xu Jiayin is full of confidence in A.But with the time limit, Xu Jiayin did not guess the end, and this round of systemic crisis has laid a foreshadowing here.
In August 2021, a report entitled Evergrande Group Co., Ltd. about the request to support major asset reorganization projects spread on the Internet.
Five pages of files are resorting of a theme mdash; MDASH; Evergrande introduced a strategic investment of 130 billion yuan in order to go public for backdoor.Prior to the broken capital chain of Evergrande, the provincial government supported the company's reorganization of deep houses and successfully listed on A shares.
Evergrande denied this document, but made honest movements.
On September 29, Evergrande and Zhaotou held the signing ceremony of Evergrande Real Estate Group's capital increase agreement. Xu Jiayin, chairman of the board of directors of Evergrande Group, Zhang Jindong, chairman of Suning Holdings, Wang Wenyin, Chairman of Zhengwei International Board, and Chairman of Hiroto HoldingsYe Yuanxi, Shao Mingan, Chairman of Anxin Trust, and Tian Jiayu, chairman of Jiayu Group, lined up all 130 billion yuan in strategic investors, and made a gesture of praise.
On November 22, Evergrande issued an announcement that all the 130 billion yuan of combat investment was completed.Xu Jiayin is still a mystery to resolve 130 billion yuan in capital chain crisis at the cost of 4.3 billion yuan.
Vanke curve was picked up in a deep house, and the debt -to -equity fire line resolved the crisis of funds. It seemed that Xu Jiayin was lucky.However, with the ultimate failure of Evergrande's backdoor housing in 2020, Xu Jiayin obviously defeated strategically and gambled the wrong country's determination-to suspend housing companies to list in A shares.
Then, the market expected an financing window of Evergrande to close, and the first Demino bone card of Evergrande's debt crisis fell down.
Xu Jiayin's strategic defeat
Xu Jiayin's fortune has been used in about light. In 2021, the crisis of Evergrande's capital chain broke out.
Evergrande has fallen into the downward-sales-housing company's funding tightening-/rating down-default-financial institutions to loan-buyers expect pessimism-sales to further decline.
What was booing was that the Xu family was printed in the huge debt black hole, but the former luxury circle of friends did not see anyone reaching out.
Even the friends who have been in the past many years, the Chinese home owner Liu Yanxiong has abandoned Xu Jiayin. He cuts the meat to clear the warehouse Hengda. It is expected that the total loss will lose more than 11 billion Hong Kong dollars.
Every year, the bosses of the four giants of Chinese real estate, Xu Jiayin, Yang Guoqiang, Yu Liang and Sun Hongbin, when Evergrande encountered life and death, the other three kept silent.
Sun Ning, a confidant friend who once inserted a knife, or had debt in debt because of the war, or he was difficult to protect.Zheng Yutong, who appreciated Xu Jiayin, has drove to the west. He understands that his former boss and nobleman repeatedly helped him. This time, he did not see it.
Xu Jiayin is isolated. With the settlement of the government working group, Xu Jiayin has a new title-the chairman of the risk resolution committee. Inspection of friends is his most urgent task.
Xu Jiayin said that no one in Evergrande is lying flat. As long as we do a good job of re -production and re -production at all costs, we will be able to deliver the house to the owner, and we will be able to restore sales, restore operations, repay the clearing, pay off, and pay off.debt.
Inspection of diplomatic relations, I am afraid that Xu Jiayin's only strategic success.After moving into Shenzhen, he was buying a lot, and the financial sector was in full swing. High debt, high leverage, and high turnover, the Xu family was printed into the person who would go the most steel wires.In front of the three red lines, Xu Jiayin couldn't escape this robbery. This time, he underestimated the determination of the country's deleveraging.
Gambling is fate
Or God's will, Xu Jiayin's adventurer has achieved him and gave him today's defeat.
If Xu Jiayin is not a dare to bet on adventure, Evergrande's rise may not be so fast.A person in charge of a real estate developer listed in Hong Kong once evaluated Xu Jiayin in this way.
Indeed, Xu Jiayin has been betting.In 2007, in order to seek listing, Xu Jiayin, who was extremely courageous, used the scale of only 7.8 billion yuan in total assets to undertake 6.5 billion capital injection of investment banks.After Evergrande's assault, the land reserves have been expanded by nearly 8 times the land reserves of the year.
Xu Jiayin signed a dangerous gambling agreement with the investment bank.He bet that once Evergrande's listing is successful, a large amount of land reserves will be popular with the capital market to achieve a real estate myth;As a result, Evergrande's assets were divided.During Evergrande's global roadshow, Hong Kong stocks plummeted, and investors from any institution subscribed Evergrande's shares.On March 20, 2008, Evergrande was forced to announce the suspension of listing.
Xu Jiayin lost.At this time, Evergrande's loan was as high as 11.133 billion yuan, and land owe money reached 2.5 billion yuan.For many real estate developers, this is a disaster.
Xu Jiayin decided to bet again.He brought Zheng Yutong, chairman of the Hong Kong New World Group, known as Shark Bold, and Meilin, DeBay and New Partner Kuwait Investment Bureau.With the capital injection of several partners, Xu Jiayin's shareholders' equity was diluted from 66.7%to 57.68%.Zheng Yutong, who is in his 80s, not only pays for Evergrande's disk, but also has been the Evergrande platform.In 2009, Evergrande restarted the IPO and received over 45 times the subscription. Xu Jiayin became the richest man in China.
This time, the adventurer Xu Jiayin did not come back again.After Evergrande moved into Shenzhen, he won a beautiful battle one after another. He himself may not expect that he finally fell under the strategic defeat and bet on the country's determination twice.
The Chinese richest man, Li Ka -shing, founded in 1950. For more than half a century, most of his peers have withered, and only the cause of Huang Huang has grown.When asked about Chang Qing's way, the Chinese richest man said: I often reflect on asking myself, what do I have, I have a grand dream, but do I understand what is enthusiastic about restraint?
Business is a intellectual game that can always be quantified. Business is a spiritual game that fights with your own desire. But in the final analysis, business is a restrained game. All God's will or fate is actually an enterprise.Family characterprojection.
