The field has been completed in two phases. It is close to several colleges and universities, as well as subway transportation. The government has also proposed to build a Sanlitun business district. Here, a popular gathering place has gradually formed, and the surrounding housing prices have gradually risen. The real estate price can be 30%-50% higher than the surrounding real estate price. It can be said that the national purchase square is the soul of this business circle.
Hefei Guobu Plaza drove the success of Sanlitun Commercial Circle, allowing Guobu Group to see the potential of “commercial + residential” two-wheel drive model, and began to use this model to expand in Anhui Province, which made the purchase of the country The group was called “Hefei Xiaowanda” by some insiders.
A person familiar with the development model of the State-owned Group told reporters that after the success of Hefei Guobu Plaza, each new development project of Guobu Group has a “residential real estate supporting commercial complex” as a standard, for example The old city reconstruction projects carried out in cities such as Suzhou, Huaibei and Handan are all equipped with national purchase plazas.
The person also told reporters that the state-owned group not only developed a model similar to Wanda’s early two-wheel drive, but also had similar internal management and operations. “The national purchasing boss Yuan Qihong is very strong in the company’s prestige, and other executives basically It’s execution, and this is quite similar to Wanda.”
According to Qixinbao data, the shareholding structure of the State-owned Group is single. Yuan Qihong is the largest shareholder, holding 99.6% of the shares, and his wife Hu Yulan holds 0.4% of the shares, and there are no other shareholders.
According to the employees of the State-owned Group, Yuan Qihong occasionally compared the purchase of the country with Wanda, and also put forward the slogan of “North Wanda, South China”. “In 2012, the boss heard that Wanda is going to be a cultural industry. It is proposed that we must also be a cultural industry in our country, and we must be a pillar industry. We have not done it in 2015, and we have not mentioned it before.”
The road to the world’s top 500
In addition to the small goals of the cultural industry, Yuan Qihong has proposed a bigger goal, and the state-owned group must sprint the world’s top 500 in a few years.
Anhui local people familiar with the matter said: “Not only in Hefei, Anhui Province has always lacked the world’s top 500 large-scale local enterprises. Only two companies entered the list this year, namely Conch Cement and Tongling Nonferrous, among which Conch Cement can This year’s entry into the list is closely related to the completion of the restructuring of the International Trade Group under the government’s cooperation in 2018. Over the years, the Hefei government has been helping and supporting potential companies.”
The State-owned Group is undoubtedly one of the potential stocks in Hefei. In 2013, under the coordination of local governments, an opportunity appeared in front of the State-owned Group and Yuan Qihong, the famous local real estate enterprise in Hefei, due to the capital chain problem. All of its assets in Anhui are packaged for sale.
This is a snake-like transaction. At that time, the total assets of the State-owned Group were less than 10 billion, and the assets of Landing Land were close to 20 billion.
The financial information released by the State-owned Group over the years shows that at the end of 2012, its liabilities were only 5.5 billion yuan.At the end of 2013, the company completed its acquisition of Landing Land, its debt reached 18.6 billion yuan, and its asset size also increased from 7 billion yuan to more than 25 billion yuan. The number of development projects has doubled, including the land reserve of $5.1 billion, which was received by Landing Land in the second half of 2012.
This has become an important turning point for the state-owned group. After completing the acquisition of the asset package of Landing Land, the state-owned group has the title of the largest local real estate enterprise in Anhui. The financing seems to be a very simple matter. Yuan Qihong In a public interview, he said: “Give a call to a wealth company and easily get billions of financing.”
The state-owned group that can easily get billions of financing, starting from 2015, deviated from the main channel of the real estate industry and diversified. The aforementioned state-owned group employees recalled: “The boss said that diversified layout is the only way for enterprises to grow bigger.”
In 2015, the State-owned Group first entered Zhongfa Technology (currently Wenyi Technology, 600520.SH) for a consideration of RMB 130 million, and in 2016 sold its shares to Wenyi Group for RMB 150 million.
After a small profit, Yuan Qihong started a large-scale operation in October 2016, and obtained 25.27% of the shares of Sylt (002538.SZ) with a cash of 1.58 billion yuan, becoming the actual controller, and the transfer price is about 8.8. Yuan/share, Sylter then rose to a maximum of 13.08 yuan / share, if the highest price, the state-owned group profit reached 900 million yuan.
After buying two earned, Yuan Qihong found a new investment target in January 2017, and obtained a 6.64% stake in Ankai Bus (now ST Ankai, 000868.SZ) at a price of 350 million yuan. The consideration of 100 million yuan has acquired a 5% stake in Dongling International (now ST Dongling, 000893.SZ).
After a large amount of capital operation, the State-owned Group became the controlling shareholder of a listed company and the major shareholder of two listed companies. On the official website of the State-owned Group, the pillar industry also added health care and smart manufacturing. Three modern agriculture.
However, behind the completion of these layouts, the State-owned Group paid four investments of 2.55 billion yuan, and currently has a total loss of 1.04 billion yuan.
Compared with stock market investment, the state-owned group is not aggressive enough in the real estate industry. The reporter checked the Anhui Land Network data and found that in addition to creating a “land king” at a cost of 670 million yuan in 2015, the national purchase has not acquired a new land reserve through bidding and auction for several years, and has been completing the right. Digestion of previously acquired projects. Projects under construction, such as Xinghe Square and the National Shopping Center, have also been repeatedly questioned by owners due to slow progress.
In Hefei’s local sales list of various types of real estate enterprises, it is difficult to see the figure of the largest real estate purchase group in Anhui.
The situation is turning sharply
Before giving birth to a Fortune 500Hefei has been impressive in another way – in the 2016 Hurun Global House Price Index, Hefei ranked first in the world with a 40% increase.
The rapid increase made Hefei urgently announced the resumption of the city’s limit purchase and loan policy during the National Day holiday in 2016, and strictly regulated the pricing of developers’ projects. The Hefei Bureau of Statistics data showed that the Hefei property market was rapidly in 2017. Cooling, the average monthly transaction area has dropped from 740,000 square meters in 2016 to 180,000 square meters in 2017.
For the state-owned group that took over a large number of projects under construction from Landing Land, regulation is definitely not good news. The state-owned group announced that in 2017, the income from state-owned investment and real estate business was 5.48 billion yuan, down 12.64% year-on-year. In the first half of 2018, the real estate business income was only 1.96 billion yuan, down 58% year-on-year.
The State-owned Group also estimated the market for Hefei in the announcement – Hefei has a total of 5,225,300 square meters of commercial real estate inventory, which will take at least 8.6 years to be sold out.
It is difficult to go to the crisis and pose a challenge to the capital chain of the state-owned group.
The information on the bond rating report issued by the State-owned Group shows that the State-owned Group has 13 projects under construction in 2017, with a total area of 11.87 million square meters. To complete these 13 projects, the state-owned group needs to fill more than 15 billion. Yuan’s investment gap. Under such circumstances, several projects under construction by the State-owned Group were suspended in 2018.
In addition to the tight capital chain of the real estate industry, the state-owned group is also facing more debt crisis.
In July 2018, Ankai Bus announced that the State-owned Group failed to pay the targeted additional payment on time, which constituted a breach of contract and should compensate 70,000 yuan to Ankai. On August 21, 2019, Ankai Bus announced that it had filed a lawsuit with Hefei Intermediate People’s Court and requested State-owned Industrial Holdings Co., Ltd. to pay liquidated damages.
The announcement issued by Ankai Bus has exposed the capital chain problem of the State Shopping Group to the tip of the iceberg. In November 2018, the State-owned Group announced that due to major issues, a total of 10 bonds issued with a total amount of 4.79 billion yuan were suspended. The reporter checked the data of Kaixinbao and found that the credit ratings of these state-owned group bonds have fallen to the C level with the lowest credibility.
The problem of the capital chain of the State-owned Group has even directly triggered the explosion of Dazhi’s investment in a large P2P company in Hefei. Many sources revealed that in 2018, the State-owned Group borrowed more than 1 billion yuan from Dazhi Investment. As the state-owned group is still not on the loan, Dazhi invested in thunder and was reported as illegal fundraising by the users, and the assets of the group were frozen.
This statement has never received an official positive response. However, according to the announcement issued by the Fuyang Branch of the Hefei Municipal Public Security Bureau, the state-owned investment has indeed borrowed funds from Dazhi. The reporter learned from a number of Hefei local citizens that at that time, a large number of Dazhi investment users were in the Guobu Group and Dazhi Investment Gate.The banner of the mouth pulls for debts, and the content of one banner is widely circulated. “Real estate companies are looking for P2P to borrow money, which is sensational and horrible!”
The information of Qixinbao shows that the State-owned Group has been frozen more than 6.6 billion yuan, Yuan Qihong has been frozen 500 million yuan, and the shares of the company held by the State-owned Group have all been frozen by the court. More than 2.7 billion yuan of property was seized due to the failure to repay the bank’s arrears, and more than 1 billion yuan of assets were on the court’s execution list.
However, a number of sources, including the official of the State Purchase Group, stressed to reporters that although the situation has exceeded expectations, Yuan Qihong did not run, and is liaising with a number of agencies with the help of the government, hoping to revitalize the assets. Yuan Qihong also publicly responded not long ago. “We are looking for ways to talk to many organizations and try to get the debt back.”