Yanzi Valley of Jingcheng

Chapter 278 Found the truth

Time went back to noon that day, Guan Zhenzhen was busy in the kitchen, and Ren Tianxing was helping.

"Now I only need to go there three days a week, and work from home for two days. It's really cool not to have to commute!" Ren Tianxing said while washing the cauliflower, "I think I can become a master in cooking."

Ren Tianxing learned a lot of fat-reducing meals from Guan Zhenzhen, especially about eggs.

Seaweed omelette, enoki mushroom omelet, pumpkin omelet, banana omelet, spinach steamed egg, spinach fungus egg soup...

"In case I lose my job, I can open a light food restaurant that specializes in eggs. The name of the store is 'Eggs Help You Slim'..."

"Go, go, go..." Guan Zhenzhen smiled and patted the garlic, "There is a specialization in art, I like to cook dishes when I was young, and I can cook these dishes in elementary school."

"That's why I said I found a treasure!" Ren Tianxing suddenly put his arms around Guan Zhenzhen's waist from behind as he spoke, "Oh, you made me almost cut my hand!" Guan Zhenzhen muttered.

"Come on, aren't you shooting garlic..."

Guan Zhenzhen glanced at Ren Tianxing's work and saw that the cauliflower and fungus had indeed been washed, so she didn't say anything else, she took a blanched tomato and began to peel it, and asked while peeling, "What are the REITs you discussed earlier? I looked it up, it’s called a real estate investment trust fund, and it’s said that it’s a proof of income, which is collected by many investors, so I don’t quite understand it.”

"You can understand that it is for everyone to pool money to invest in real estate." Ren Tianxing replied, "Some people find that direct investment in real estate is too expensive, and the liquidity is not good. They can easily spend millions of dollars on a house, but they also want to enjoy the benefits of real estate, so they just With the development of REITs, people put together a fund sporadically, and then use this fund to buy a house. After the real estate value increases, the fund will naturally have income, and these income will be distributed back to investors in proportion.”

Seeing Guan Zhenzhen nodded in a daze, Ren Tianxing continued, "REITs are very common in the United States. They used to buy houses, but now they can also rent houses. For example, you, Aunt Xiao and I pooled money to buy REITs, and then the money in the REITs was invested in Yanzigu apartment, Yanzigu The apartment pays us dividends with the money we earn every year, something like this..."

At this time, Guan Zhenzhen cut the peeled tomato into pieces, and asked as she cut, "So many people with little money can participate in our house rental business in Yanzi Valley, right?"

"Yes, it's the same as you can buy stock funds in the secondary market for 100 yuan or even 10 yuan. Many companies cost tens of thousands of stocks in one hand. Ordinary people don't have so much money but want to invest. At this time, they You can achieve the purpose of indirect shareholding by purchasing funds.”

"So it's like this..." Guan Zhenzhen sighed, "I think it's really not easy to start a business, and it's not easy for you to invest. It feels like you are walking on the edge of a cliff every day, but there is one thing I don't understand. A large financial investment group, will it be so nervous because of 2500 million? Before you talked with Mr. Xiao about the project, it was hundreds of millions or hundreds of millions. I feel that if the 2500 million is not resolved this time, the sky will collapse."

Ren Tianxing bent down and put his face close to Guan Zhenzhen's ear, and said with a smile, "You...have seen too little, why is the phrase 'the straw that broke the camel's back' so famous?"

Guan Zhenzhen: "..."

Ren Tianxing said: "The last straw has almost no weight, but it can crush the camel to death. Now the 2500 million is the last straw for us... let alone 2500 million, some companies put together 4000 million To pay off the debt, I can’t get the last 10 yuan. I’m so poor that I can only accept the fact that the capital chain is completely broken and has to go bankrupt... I tell you, most companies die not because of low profit margins, but because of the capital chain being broken... ..."

The sound of chopping vegetables in the kitchen was even and powerful, but now it slowed down. Guan Zhenzhen frowned, "But if it is not repaired in the end, can't your headquarters spend money to plug this hole? You told me before There are a total of 18 funds under Jin Quan, so it is impossible for all of them to lose money..."

"It's true that none of them lost money, and they made a lot of money." Ren Tianxing said.

"Right, then why can't the profitable fund come to the rescue? How can we just watch Hongfeng being liquidated and layoffs..."

Ren Tianxing laughed after hearing this, "Each fund is operated independently, and each has its own LP investors behind the scenes. Now that Hongfeng is losing money, why should we use other funds to fill it? Think about it, if it were you, Do you want the manager to use your money to rescue other loss-making funds under the company?"

Guan Zhenzhen pursed her lips, "Uh... this..."

"We do have our own funds. After all, we have received a lot of management fees and performance commissions before." Ren Tianxing added, "But even if the money is invested in Hongfeng, the effect will not be the same as you think. Hongfeng Equity investment funds belonging to the primary market are different from public offerings and private equity funds in the secondary market. The entry and exit of the primary market is not that simple. What's more, Hongfeng was newly issued three years ago, and the manager was released within less than a year. Even if the headquarters gave us the money, the money can only become the working capital of the fund in the short term, and now there are only two more Month, it is almost impossible to realize the short-term appreciation of equity..."

"The more I listened, the more confused I became..." Guan Zhenzhen was cutting fungus, but now the knife stopped completely.

Ren Tianxing said patiently, "Look, even if the headquarters transfers 2500 million to us now, if we invest the money immediately, such as investing in the Yanzigu apartment, it is impossible to generate income immediately. In two months, there will be no income. Investors took over the offer at a premium, and the 2500 million invested basically has to face the situation that they will not be able to get it out in the short term. That is, as I just told you, the primary market equity is not so easy to liquidate. It can be sold."

"But what does it matter if you can't realize value-added in the short term? As long as you can raise enough money to pay investors back, can't you resolve the crisis?"

"You think it's too simple. It's not just a plain book. It depends on the method. If it's so simple and rude, it won't prove Mr. Xiao's ability as a fund manager at all, and the account will still be at a loss."

"Ah?" Guan Zhenzhen couldn't understand even more, "Isn't it flat if it is filled? How can it still be a loss?"

"Look, for example, I bought a stock with 10000 yuan a year ago, and now I find that the stock price has not only not risen, but has also fallen by 20%. At this time, the interest rate shown in my account is -20%. Transfer 2000 yuan to my account. Although the total value of my account has indeed changed back to 10000 yuan, if I sell the stock at this moment, I can indeed withdraw 10000 yuan, but the original position profit and loss in my account will not change. It is still -20%, that is to say, your act of depositing money for me cannot change the loss-making buying decision I made a year ago, nor can it reverse my investment level in the eyes of everyone.”

Guan Zhenzhen seemed to understand, "You mean... those LP investors only value the profit and loss of holding positions?"

"Sure! I can buy stocks in the secondary market as long as you deposit money for me, continue to increase positions, dilute the cost, and reduce losses, but the primary market is not that I can buy it if I want to, or sell it if I want to sell it. In fact, Xiao Mr. Xiao has been dealing with this mess. The economy last year was not bad, especially the export business. Therefore, Mr. Xiao will not be stingy with companies that have the ability to go abroad. I think I would not give up the opportunity to grab a class A company. , and Mr. Xiao has been dealing with the category D projects, and they have all been processed. In the end, the difference is 2500 million... In fact, even if Mr. Xiao did not invest in Guansha and saved 400 million, he is still short of 2100 million, and the ending cannot be changed at all. .”

"Then it's true that other projects can't be sold?" Guan Zhenzhen asked.

"If it can be sold, it will be sold a long time ago! How can some companies go bankrupt and close down? Some colleagues in our office have replaced their computers with super-large screens a few months ago. Do you know why?"

Seeing Guan Zhenzhen shaking his head, Ren Tianxing continued, "Because an art company has closed down, and only a few computers are left as assets. I moved it back and used it myself... Those who are still alive, such as the Yuanzhiwei milk tea shop downstairs, Mr. Xiao was poured red wine and white wine by Lian Tianhai for seven or eight hours in order to sell it..."

Guan Zhenzhen stopped talking when she heard this, and half of the fungus on the cutting board was still uncut.

"Last year, the economy was actually quite good. I didn't expect that the entire venture capital circle would be very cautious this year. It would be really hard to sell. If I knew this, I think Mr. Xiao would not invest in some projects last year. That's why Tianhai would lower the price so much. , it must be because his life is not easy this year." Ren Tianxing said.

"So now only when we withdraw from a certain company and generate profits can we truly turn losses into profits. For example, like the plan you discussed with Sister Guan Sha and the others, withdraw part of the equity from our Yanzigu apartment."

Ren Tianxing nodded, "Yes, and this exit has ten times the return, so no investors will think that Mr. Xiao's previous investment in Yanzi Valley was a reckless move. Anyway, it's easy to say if you make money, and it's not right if you lose money."

"Those LPs are so harsh..." Guan Zhenzhen complained.

"Just think about it, if it's your money, throw it to a fund manager for management, and lose money in the end, but you can still get back all the principal, but the principal is filled by the fund company. Loss, but do you think you will continue to trust that fund manager?"

Guan Zhenzhen shook her head, indicating that she would not, but just as she was shaking her head, Ren Tianxing suddenly thought of something and slapped her thigh, "Oops! Oops! It's over! It's over!" He hurriedly pulled out his mobile phone and called Xiao Jie. The voice prompts that the phone is turned off
"What's wrong?" Guan Zhenzhen was confused.

Ren Tianxing, "Boss Xiao should still be at Guan Sha's house...I have to go there, this time it's really over, we're all wrong! We probably won't be able to keep this set of housing for talents with a kitchen!"

"Huh?" Guan Zhenzhen's eyes widened.

At this time, Ren Tianxing had already closed the door with a "bang" and ran to Guan Sha's house.

He originally thought that everything would be fine if he made up 2500 million yuan, but after thinking about it carefully, if an investor puts a sum of money into an equity investment fund with a closed period of three years, the fund will be flat at the last minute three years later. , although all investors can get back their principal, they will really continue to trust the fund manager, and if they continue to invest in the second round, they will really not redeem it immediately and yell, "Give me back the ball, I want it back." home"?

I give you the money to make money, not to make money!
Ren Tianxing estimates that this is the voice of many LP investors of Hongfeng Invesco No. 1 Fund.

If this is the case, even if Jin Quan fills up the 2500 million hole, it will not help. The fund is still likely to be liquidated due to large-scale redemption. Xiao Jie's position as the president of the Qingyang branch is still in jeopardy. Still have to be prepared for unemployment.

(End of this chapter)