Rebirth of the investment era

Liang Benchu ​​coughed slightly and said: "It literally means that we can sign a contract with Mr. Su based on the value of 1.33 billion, but as for the payment of the acquisition payment, we can have a variety of payment methods, which are not limited to cash and equity. and other equity assets of the same value.”

Su Yu completely understood after hearing what he said.

He couldn't help but chuckle and said: "According to Mr. Liang's intention, the project value can be drawn up at 1.33 billion, but you cannot pay all the cash and 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. No matter it is a large real estate company, or a medium or small real estate company, everyone's internal cash flow is not sufficient. Mr. Su wants to use all cash Trading, this is basically unrealistic.”

"and……"

Liang Benchu ​​paused and continued: "I believe that what Chenghui Real Estate and Kumho Group are negotiating with you, Mr. Su, cannot be an all-cash transaction, right?"

"Of course, if Mr. Su really insists, the transaction must be in all cash."

"Then it is impossible for us to price the land in Mr. Su's hands based on the value of 1.33 billion. Based on the maximum affordability of the group, I am afraid that we can only give Mr. Su a premium of 5% of the original market price at most, that is, Said... cash transaction, we can only sign a contract with you, Mr. Su, at a price of 1.155 billion."

"The reason why there is a huge price difference between the two is because after cash expenditure, we also have to bear a large amount of financing interest. And currently... in the downturn of the industry, the financing channels of various enterprises are not smooth, and the financing costs It’s high, and we have to consider the erosion of capital costs.”

"Mr. Liang has done a lot of homework." Su Yu originally didn't expect Pengyuan Real Estate to come up with so much cash. After signing the contract with him, he smiled softly and said, "The essence of real estate development is capital leverage. Reasonable leveraging, I also know that it is unrealistic to ask you to come up with more than one billion in cash, so... Mr. Liang will tell you about the proportion of cash, equity, and other equity assets in your payment methods."

Liang Benchu ​​couldn't help but breathed 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 up to 60% of the total value of the project. As for the proportion of equity and other equity assets, the initiative lies with Mr. Su. Mr. Su feels that in the remaining 4% of the project In terms of equity value, it is possible to distribute the proportion between the two."

"The equity you are talking about is the relevant equity interests of your Pengyuan Real Estate?" Su Yu asked.

Liang Benchu ​​replied: "Of course not, it is the relevant equity interests 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 Pengyuan Real Estate. If Mr. Su is willing to exchange part of the value of the "Qianjiang Eastern Suburb Riverside Land" for part of the equity interests of this company, then the company will develop in the "Qianjiang New City" in the future. Mr. Su will enjoy a corresponding share of all profits and interests gained from the company."

"Haha..." Su Yu couldn't help but sneered slightly when he heard Liang Benchu's words, "Mr. Liang is really good at calculating. The relevant equity interests of 'Qianjiang New City Development Company' cannot be used in the second level. It circulates in the market and is bought and sold at public auctions. Unlike bonds, it has clear future returns. What is the use of it?"...

"In this Qianjiang New City Development Company, if my shareholding ratio is too high, you will lose the initiative and you will definitely not pay too much attention to the 'Qianjiang New City' development project. But if my shareholding ratio is not high, You still have absolute control and control over the company, so the company’s operating conditions and the final outcome may become a big problem.”

"All in all, this is useless to me."

"If what Mr. Liang proposes is the equity interests 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 initiate the issuance of additional shares easily. motion, so...this matter cannot be realized."

"What about the third condition for other equity assets?"

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, in addition to payment terms other than cash, we can offset the remaining value equity with the corresponding real estate value or corresponding project value in mature projects developed by the group, and conduct corresponding asset replacements. .”

"Oh?" Su Yu became interested when Liang Benchu ​​mentioned this condition.

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

If Pengyuan Real Estate is willing to use the value of the corresponding real estate in the core area of ​​Yuhang to exchange part of the value of the land in his hand, it is not that he cannot continue the negotiation with the other party.

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

In his opinion, in the past two or three years, housing prices in Yuhang have stagnated, and the market demand for houses has clearly slowed down. Moreover, in the market, the inventory of real estate projects of various real estate companies, that is, the number of unsold real estate properties, is high. Despite supervision, The government has temporarily relaxed its strong supervision of the real estate industry, but it is still very difficult for the industry as a whole to completely reverse and usher in a new peak of demand, and for housing prices to continue to return to growth.

So, under uncertain future expectations...

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

Therefore, after serious disagreements arose about the second condition, Liang Benchu ​​had no idea whether he could impress Su Yu with the third condition, but he didn't expect that... it would turn out to be a twist in the end.

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

When Liang Benchu ​​saw Su Yu taking the initiative to ask questions, he knew that if the negotiation was based on this condition, the final negotiation would probably be successful. He couldn't help but said carefully: "I didn't bring the specific list of real estate properties that can be used for asset replacement. I don't have the documents with me at the moment. I'm not sure. I'll wait until tomorrow." When I get to the group, how about I find someone to send it to President Su for review?"

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, that is the best thing.

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

After all, after the asset structure is optimized, the real estate inventory decreases.

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

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 and said, "Then I will wait for Mr. Liang's asset replacement list, but there is something I have to say first."

Su Yu smiled and continued: "Initially, I can accept your bidding conditions, but the total value of the land is estimated. If there is a buyer under the same conditions, or under conditions that are better than yours, the price will be higher." Gao, then I'm sorry. After all, in business transactions, interests always come first. This... Mr. Liang must be aware of this, and he will naturally understand it, right?"

Liang Benchu ​​heard Su Yu's words and knew that Su Yu was not very satisfied with the value assessment of 1.33 billion.

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

"I can understand it." Liang Benchu ​​nodded slightly and said.

In fact, in his opinion, if Su Yu is willing to accept Pengyuan Real Estate's condition of using existing inventory real estate to replace the land value, the corresponding land value estimate will not be unable to continue to increase. After all... we can really take this opportunity to adjust the group's assets. Structure, clearing inventory, and releasing capital flow that is tight due to inventory backlog, then compared with the appropriate increase in premium, they will profit significantly more from it.

Of course, it depends on how much room there is for increasing the premium.

He couldn't make the decision, so he had to return to the group and continue discussing with the chairman.

But in any case, under the condition that Su Yu accepts the group's use of existing inventory real estate to replace the land value, the negotiation space between the two parties has been fully expanded, and the chance of final negotiation is quite large.

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.

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

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

The atmosphere at the table gradually became more and more relaxed.

But... after everyone stopped drinking, Liang Benchu's "beauty trap" that he had prepared so painstakingly had no room to develop at all.

Of course, even though there is no room for ‘honey trap’ to be used.

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

After all, before she came, she had a premonition that it would be difficult for her to escape from such an occasion. However, the result was that the other party seemed to be completely uninterested in her.

After expressing his thoughts and requirements, Su Yu barely stayed 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 beautiful women and don't drink wine. It's really a waste of our time." Thank you for your hard work, don’t they say that the financial world is a field of fame, fortune and desire, where money comes and goes quickly, causing everyone to have strong material desires? How come this Mr. Su doesn’t have these characteristics at all?”…

"and……"

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

"How could an ordinary person accumulate a net worth of several billions from zero in just one year?" Liang Benchu ​​responded, "This person cannot speculate based on common sense, and the fund products he manages have been in the past year. , in the capital market, in the domestic financial and business circles, it is also sought after by a large number of people. It is not easy to offend. Fortunately, this time... Although our arrangement completely failed, the negotiations still made considerable progress. Finally, This is to fulfill the chairman’s instructions.”

Zhang Xin said: "But I always feel... he has no intention of really trading with us."

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

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

"Your sixth sense... it's better to be inaccurate." Liang Benchu ​​said, "Okay, you can clean up. I have to go back to the chairman to discuss it again. If he is really willing to accept the 'asset replacement' condition, then It has solved a big problem for our group. In the past year or two, houses have been really hard to sell. The group’s backlog of real estate inventory has become a problem for the group boss and a worry for the chairman.”

"Can't we discuss it tomorrow?" Zhang Xin said as she walked into Liang Benchu's arms.

Liang Benchu ​​shook his head, pushed her away gently, and said, "You heard just now that we, Pengyuan Real Estate, are far more interested in the 'Eastern Suburbs of Qianjiang Riverside Land'. If we are slow, someone will We will be quick, the chairman does not want this land to fall into the hands of Kumho Group."

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

When he returned to the group, he met Ning Chenghu, chairman of Pengyuan Real Estate Group, and told him about the preliminary negotiations with Su Yu. Ning Chenghu couldn't help but show a surprised look.

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

Liang Benchu ​​replied: "Indeed, I had already decided to further relax the conditions for cash payment if the second and third conditions failed. Unexpectedly, he was very interested in the asset replacement conditions we proposed, but he was not interested in the valuation of the land. According to the test, he seems to be dissatisfied."

"People's hearts are so weak that snakes swallow elephants!" Ning Chenghu said with emotion, "Who said it's a seller's market now?"

"Then let's..." Liang Benchu ​​asked tentatively.

Ning Chenghu thought for a while and said: "Since he agreed to the conditions of asset replacement and agreed to pay up to 60% in cash, it is not impossible for us to make appropriate concessions on the estimated total price of the land, as long as we can take this opportunity , solve some of the group’s backlog of inventory properties, optimize the asset structure, and release some of the financial pressure, then it doesn’t matter if we suffer some losses.”

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

Ning Chenghu thought for a moment and responded: "The next step is to negotiate based on the total estimated price of 1.35 billion. As for the specific asset replacement conditions and property catalog... Forget it, Benchu, you should make an appointment with Mr. Su. I Let’s meet and talk to him directly!”