In a time when everyone was rushing to “sell”, the excellent “successor” became a scarce resource.

Editor’s note: This article is from WeChat public account “Alpha Workshop” (ID: alpworks), author Ding Zhenjun. Authorized to reprint.

There are too many projects in China’s real estate industry to take over in the course of operation, but the “Picture Man” is obviously not enough, especially the high-quality pick-up man.

At this time, Sun Hongbin’s back is more and more “wei shang”.

In just 2019, Sunac China (HK:01918) took over $23.3 billion in several major projects:

  • In January, the acquisition of two projects in the Pan-Hui Sea cost $12.6 billion;

  • In July, Ouyi and Mabao (holding 20 plots) under the acquisition of Xinhu Zhongbao spent 6.7 billion yuan; p>

  • The acquisition of Li Ka-shing’s Cheung Sha Group in October was located in the Xigang project in Dalian and cost 4 billion yuan.

From the perspective of more than 100 billion mergers and acquisitions in recent years, “professional for the brothers” has become the core development model of Sun Hongbin and Sunac (especially Wanda Travel and LeTV Rapid expansion).

01. “Professional for the brothers to take over”

Incomplete statistics. Since 2016, Sunac has spent almost 130 billion yuan on major M&A projects. M&A payments mainly come from sales repayments (more than 400 billion yuan in returns are often ignored by the media, silly questions about where the money comes from), book funds, syndicated loans and overseas financing.

The main projects of Sunac M&A from 2016 to now

In the above M&A projects, more than 10 billion are for the brothers of the “Taishan Club” (formally known as Taishan Industrial Research Institute, members including Liu Chuanzhi, Lu Zhiqiang, etc.).

Why Sun Hongbin can pick up Thai