The investment era of rebirth

Chapter 344 The Sincerity of Pengyuan Real Estate!
Liang Benchu ​​coughed lightly, and said: "It means literally, we can sign a contract with Mr. Su at a value of 13.3 billion, but we can have a variety of payment methods for the payment of the acquisition, which are not limited to cash, equity, and other equity assets of the same value."

Hearing what he said, Su Yu completely understood.

He couldn't help but chuckled, and said, "According to Mr. Liang, the value of the project can be set at 13.3 billion, but you can't pay all the cash, so you can only offset and exchange it with other equity assets, right?"

"I hope Mr. Su can understand." Liang Benchu ​​said, "The current domestic real estate industry is generally in a downturn. Whether it is a large-scale real estate company, or a medium and small real estate company, everyone's internal cash flow is not sufficient. Mr. Su wants to use all cash Trading, it's basically unrealistic."

"and……"

Liang Benchu ​​paused, and continued: "I believe that Chenghui Real Estate and Kumho Group negotiated with Mr. Su, and it is impossible for them to be in the form of an all-cash transaction?"

"Of course, if President Su really makes a strong request, the transaction must be made in all cash."

"Then it is impossible for us to price the land in Mr. Su's hands according to the value rights and interests of 13.3 billion. According to the maximum affordability of the group, I am afraid that we can only give Mr. Su a 5% premium on the original market price at most, that is, Speaking of...a cash transaction, we can only sign a contract with Mr. Su at a price of 11.55 billion."

"The reason why there is a huge price difference between the two is that we have to bear a large amount of financing interest after cash outlays, and currently...in the downturn of the industry, the financing channels of various companies are not smooth, and financing costs High, we have to consider the cost of capital erosion.”

"Mr. Liang has done a lot of homework." Su Yu didn't expect Pengyuan Real Estate to come up with so much cash, signed a contract with him, smiled slightly, and said, "The essence of real estate development is capital leverage. Reasonable prying, I also know that it is unrealistic for you to spend more than one billion in cash, so... Mr. Liang, please talk about the proportion of cash, equity, and other equity assets in your payment method. "

Liang Benchu ​​couldn't help but breathe a sigh of relief when he saw that Su Yu didn't express too much opposition to his proposal just now.

After a short pause, he continued: "For cash payment, we can only give 6% of the total value of the project at most. As for the proportion of equity and other equity assets, the initiative is in the hands of Mr. Su. Mr. Su feels that the remaining 4% of the project In the value of the equity, it is possible to allocate the ratio of the two.”

"The equity you mentioned is the relevant equity of your Pengyuan Real Estate?" Su Yu asked.

Liang Benchu ​​replied: "Of course not, it's the relevant shares of the 'Qianjiang New City Development Company'. If Mr. Su is willing to cooperate with us, the main development of this land will be completed by this company. Currently this company is It is wholly-owned by our Pengyuan Real Estate. If Mr. Su is willing to exchange part of the value of the "Qianjiang East Suburb Binjiang Land" for part of the company's equity interests, then the company will develop in the "Qianjiang New City" in the future. Mr. Su will enjoy a corresponding share of all the profit rights and interests obtained from it.”

"Hehe..." Su Yu couldn't help but sneered slightly when he heard Liang Benchu's words, "Mr. Liang really has a good plan, the relevant shares of the 'Qianjiang New City Development Company' can neither be listed in the secondary It is circulated in the market and bought and sold through public bidding, unlike bonds, which have definite future returns, so what use do I use it for?”

"This Qianjiang New City development company, if my shareholding ratio is too high, you will lose the initiative. You will definitely not pay too much attention to the 'Qianjiang New City' development project, and if my shareholding ratio is not high, You still fully control the absolute control and control, so the company's operating conditions and the final profit presentation may also become a big problem."

"All in all, it's useless to me."

"If what Mr. Liang proposed is the equity of your Pengyuan Real Estate listed entity, I may still be interested." Su Yu paused and continued, "But I think you, Chairman Ning, will never start issuing additional shares easily. proposal, so... this matter is impossible to realize.”

"What about the third other equity asset condition?"

Although Su Yu was disappointed with the sincerity expressed by Pengyuan Real Estate, he continued to ask.

Liang Benchu ​​said: "If Mr. Su is willing, we can use the corresponding real estate value or corresponding project value in the mature projects developed by the group to offset the remaining value rights and interests in addition to the payment conditions other than cash, and carry out corresponding asset replacements. .”

"Oh?" Su Yu became interested when he heard Liang Benchu ​​mention this condition.

After all, he knows that Yuhang housing prices will rise sharply in the next few years.

If Pengyuan Real Estate is willing to exchange the value of the corresponding real estate in the core area of ​​Yuhang with the value of the land in his hands, it is not impossible for him to continue the negotiation with the other party.

When Liang Benchu ​​saw that Su Yu was very interested in this condition, he couldn't help being a little surprised.

In his view, in the past two or three years, housing prices in Yuhang have been stagnant, and the market demand for housing has shown a clear slowdown. In addition, in the market, the stock of real estate in various real estate companies, that is, the inventory of unsold real estate is high. The government has temporarily relaxed its strong supervision of the real estate industry, but as a whole, it is still quite difficult for the industry as a whole to completely reverse, usher in a new peak of demand explosion, and continue to return to growth in housing prices.

So, with uncertain future expectations...

In the current market, neither the elite nor the middle and bottom classes are very active in exchanging assets for real estate.

Therefore, after the serious disagreement on the second condition, Liang Benchu ​​had no idea whether he could impress Su Yu on the third condition, but he didn't expect...in the end, he turned around.

"What are the real estate values ​​of the real estate that you plan to use for asset replacement?" Su Yu asked.

When Liang Benchu ​​saw that Su Yu took the initiative to ask questions, he knew that the negotiations would be based on this condition, and the final negotiations would probably be successful, so he couldn't help but carefully said: "I haven't brought any documents with me at the moment, so I don't know for sure. I'll wait until tomorrow." How about I get someone to send it to President Su for a review when I get to the group?"

Since Su Yu is willing to accept the conditions of asset replacement.

Whether it is for him or for Pengyuan Real Estate at this moment, it couldn't be better.

After all, Su Yu is willing to accept the real estate replacement land price, which is to help the group reduce the squeezed real estate inventory in a disguised form, and at the same time add high-quality land reserve resources, which is equivalent to helping the group optimize the asset structure. This is not only for him The vice president in charge of the group's real estate business helped a lot and relieved the pressure of business sales on his shoulders, and it was also a great benefit to the entire Pengyuan Real Estate Group.

After all, after asset organization optimization, real estate inventory decreases.

It is equivalent to a large amount of funds originally used to acquire land, which has been vacant, reducing the financial pressure of the group and increasing the cash flow of the group.

Of course, Liang Benchu ​​didn't know that Su Yu hated the second condition.

Why are you so interested in the third asset replacement condition, which has obvious risks.

"Okay!" Su Yu nodded slightly, "Then I'll wait for Mr. Liang's asset replacement list, but I have to say something up front."

Su Yu smiled and continued: "I can accept your bidding conditions initially, but the total value of the land is estimated. If there is a buyer under the same conditions, or better than your conditions, the bid will be even higher." Gao, then I'm sorry, after all, in commercial transactions, profit is always the first priority, this point... I think Mr. Liang knows it well, and naturally he will understand, right?"

Liang Benchu ​​heard Su Yu's words and knew that Su Yu was not very satisfied with the valuation of 13.3 billion.

Of course, this is also due to the fact that there are currently too many buyers interested in the "Eastern Suburb of Qianjiang Riverside Land", so the valuation premium is rising steadily.

"Understandable." Liang Benchu ​​nodded slightly and said.

In fact, in his opinion, if Su Yu is willing to accept the condition that Pengyuan Real Estate uses the stock property to replace the land value, the corresponding land value estimate will not be impossible to continue to increase. After all... he can really take this opportunity to adjust the group's assets Structure, clean up inventory, and release the tight capital flow due to the backlog of inventory. Compared with an appropriately raised premium, they will benefit more from it.

Of course, how much room can there be for the specific premium increase.

He can't make a decision on this, he has to go back to the group and continue to discuss with the chairman.

But in any case, under the condition that Su Yu accepts that the group uses the stock property to replace the value of the land, the negotiation space between the two parties will be fully expanded, and the chance of final negotiation is quite high.

While the two were talking...

The boiled tea has been added from the teapot in the waiter's hand to the teacups of everyone on the table.

Afterwards, under Liang Benchu's signal, the two beauties Zhang Xin and Chen Wanying at the banquet began to offer tea to Su Yu and find topics to talk about.

After the exchange of views, the negotiations have made substantial progress.

The atmosphere during the banquet gradually became more and more relaxed.

But...after everyone stopped drinking, Liang Benchu's painstakingly prepared 'beauty trick' had no room to play at all.

Of course, although the 'beauty trap' has no room to play.

But Chen Wanying became more and more curious about Su Yu.

After all, before coming here, she had a premonition that it would be difficult for her to get out of this situation, but the result was that the other party seemed not to be interested in her at all.

After expressing his thoughts and demands, Su Yu basically didn't stay in the manor after dinner.

Just left alone.

"Mr. Liang, this Mr. Su is really a...strange person." After Su Yu left, Zhang Xin smiled and said, "I don't touch beauties, and I don't drink alcohol. It's really wasted our time." Hard work, didn't everyone say that the financial world is a place of fame, wealth and desire, and money comes and goes quickly, so everyone has a strong desire for material things? Why doesn't President Su have these characteristics at all?"

"and……"

Zhang Xin pondered for a while, and then said: "He doesn't have the youthfulness of a young man. He is calm and calm, with extremely clear thinking and little mood swings. He doesn't seem to be a young man, at least someone his age. , the demeanor and behavior you should have!"

"If it's an ordinary person, how can he accumulate from zero to billions of net worth in just one year?" Liang Benchu ​​responded, "This person can't guess with common sense, and the fund products he is in charge of, the last year , In the capital market, in the domestic financial and business circles, it is also sought after by a large number of people, so it is not easy to offend. Fortunately, this time... Although our arrangement has completely failed, the negotiation has still made considerable progress. Finally It is the completion of the chairman's account."

Zhang Xin said: "But I always feel that...he has no intention of actually making a deal with us."

"Oh?" Liang Benchu ​​asked, "Why do you say that?"

Zhang Xin pondered for a while, then replied: "There is no reason, it's just a woman's sixth sense."

"Your sixth sense...it's better not to be sure." Liang Benchu ​​said, "Okay, you can clean up. I have to go back to the chairman and discuss it. If he is really willing to accept the condition of 'asset replacement', then Solved a big problem for our group, in the past two years, houses have been really hard to sell, and the group's backlog of real estate inventory has become a problem for the boss of the group, and it has also become a heart disease for the chairman."

"Can't we discuss it tomorrow?" Zhang Xin walked into Liang Benchu's arms while talking.

Liang Benchu ​​shook his head, gently pushed her away, and said: "You heard it just now, the Pengyuan Real Estate family is far more interested in the 'Eastern Suburbs of Qianjiang Riverside Land' than ours. It will be one step faster, the chairman does not want this land to fall into the hands of Kumho Group."

After finishing speaking, Liang Benchu ​​ignored Zhang Xin's sad eyes and left with the secretary.

When he returned to the group and saw Ning Chenghu, chairman of Pengyuan Real Estate Group, talking about the preliminary negotiations with Su Yu, Ning Chenghu couldn't help showing a look of surprise.

"He actually agreed to the conditions of asset replacement." Ning Chenghu laughed, "It's really surprising."

Liang Benchu ​​replied: "Indeed, originally I had decided that if the second and third conditions were not fulfilled, I would further relax the conditions for cash payment. I didn't expect him to be very interested in the asset replacement conditions we proposed, but for the valuation of the land Measured, he still seems dissatisfied."

"People's hearts are not enough!" Ning Chenghu sighed, "Who says it's a seller's market now?"

"Then we..." Liang Benchu ​​asked tentatively.

Ning Chenghu thought for a while and said: "Since he agrees to the conditions of the asset replacement and agrees to pay up to [-]% in cash, then it is not impossible for us to make appropriate concessions in terms of the total price estimate of the land, as long as we can take this opportunity , Solve some of the group’s backlog of real estate inventory, optimize the asset structure, and release some of the financial pressure, then it doesn’t matter if we suffer a little bit.”

"How much will it continue to float?" Liang Benchu ​​continued to ask.

Ning Chenghu thought for a moment, and then responded: "The next step, let's negotiate based on the total estimated price of 13.5 billion. As for the specific asset replacement conditions and real estate catalog... Forget it, at first, you should make an appointment with Mr. Su. Talk to him directly!"

(End of this chapter)