The Pentium Era - South to North

"Mr. Qiao, does this corporate bond not require mortgage or guarantee?" Liu Ligan asked.

Mr. Qiao said: "This corporate bond is said to be a loan, like a loan, but more like it. I think it is like an investment. In a word, it is a long-term holding with a fixed return. Like this time, What we want to do is a ten-year corporate bond with an annual return of 12%. Although the interest rate is higher than that of bank loans, its conditions are not as harsh as banks.

"Bond holders invest money in your company, but they do not participate in the specific management of your company. How the money is used is your business. They only follow the bond offer and receive returns every year. There is one thing about it. Returns will require priority over dividends to shareholders, which means that if you have money, you must first pay their interest before you can distribute dividends.

"If the bonds mature and you redeem them on time, the relationship between the two parties will be suspended. Of course, there is also an extreme situation, that is, if you go bankrupt due to poor management, during the company's bankruptcy liquidation, they can give priority to recovering the principal. gold.

"In this way, do you think it is more like a share investment without actual personnel stationed?"

Liu Ligan and Tan Shuzhen nodded, understanding what was going on with the corporate bonds. Liu Ligan asked again about the mortgage and guarantee. Mr. Qiao said:

"Because for them, what matters more is the operation of the company itself. It depends on whether your operation can guarantee their annual income, so they do not need guarantees from other units. If they provide guarantees, everyone knows that it is easy to form counter-guarantees and Continuous guarantees invisibly increase business risks.

"In order to reduce risks, they will require corresponding mortgages for corporate bonds, but it is not a physical mortgage, but your company, plus an appropriate premium, will be evaluated by a third party, and then used as a mortgage for the consideration shares.

"This is something that banks can't do, right? Banks don't accept equity pledges from companies at all. Even if a company like yours takes 50% of the equity and borrows 100,000 yuan, the bank will not accept it, but it can be done here. , By the way, in order to avoid legal risks, the only two people who packaged and purchased your corporate bonds were Miss Cai and Mr. Yang.

"But when they go to overseas markets, they will split your corporate bonds and sell them to other investors. This is their business and has nothing to do with you. Anyway, your bonds cannot be redeemed in advance, including the payment of annual interest. , you give it to them, and they then transfer it to the following customers.”

"Mr. Qiao, if we want to do it, what should we do?" Liu Ligan asked.

"Simple, you and I sign an agreement, and our company will be the issuing unit of your corporate bonds. Although it is a private placement, our country does not allow companies like yours to issue corporate bonds by themselves. They still have to go through financial institutions. , this can be regarded as a child for us stepmothers, so we can keep food to eat, and we will do the other procedures." Mr. Qiao said.

"Then can we redeem it in advance?" Tan Shuzhen asked, "For example, if our company has money and no longer needs the money, can we repay the money in advance?"

Mr. Qiao smiled and said: "I didn't say that you will always be short of money. Believe me, it will be more and more scarce. As the company gets bigger, it will rarely be richer, but the liabilities and owners' equity will be bigger. Well, Mr. Tan, if you are considering paying back the money, it is better to consider new investments. Of course, if you are willing to pay a fee, you can redeem it in advance."

Tan Shuzhen smiled and said: "I don't owe so much money, so I feel panicked."

"Then if you turn this money into a land bank and put it there, the land will increase in value at a rate of 20% every year. In other words, if you use this money to do projects, the project will have an annual growth rate of 23%. Are you still panicking for a reward of ten?" Mr. Qiao said with a smile, "When the time comes, I'm afraid you will think the money is too little."

Tan Shuzhen's face turned slightly red, and she said, "If that's the case, of course I won't panic."

"So whether it's your current land or projects, are there any returns lower than this?" Mr. Qiao asked.

Liu Ligan and Tan Shuzhen thought about it, and there really were no cultural relics protection units that were not allowed to be developed except those bought by Liu Ligan.

While the three of them were talking, Meng Ping arrived. He came specifically to participate in the second state-owned land auction in Hangzhou City tomorrow. He signed up with his company and paid a deposit, but he had no intention of auctioning the land. I came to watch the fun, or to give Liu Ligan a sideline.

After Mr. Qiao and Meng Ping exchanged greetings, it was almost time for dinner. Mr. Qiao told Liu Ligan and Tan Shuzhen, please think about this. I will go back to the hotel first, get off the plane and come here directly.

Liu Ligan said yes, I will ask the driver to take you there, and I will pick you up for dinner later.

After Mr. Qiao left, Liu Ligan told Meng Ping the purpose of Mr. Qiao's coming. Meng Ping said, take it. Why not take it if you have the money? I have no projects and no land now. If I had, I would stalk him. Even if you fight.

"Take it, take it, you don't have to pay it back?" Tan Shuzhen said.

Meng Ping looked at Liu Ligan and laughed. Liu Ligan knew that this guy must be thinking in his heart, and he was really saying that his wife was the head of the family. Liu Ligan also laughed.

"Tan Shuzhen, you have to calculate it this way." Meng Ping said, "Now you take their 500 million to buy five pieces of land. Once you buy it, you don't have to do anything, just leave it there. In a few years, you will Two pieces of land are worth 500 million, so you made hundreds of millions easily."

"What if the land depreciates?" Tan Shuzhen asked, "then will we lose hundreds of millions?"

"It's impossible. I've thought about this clearly. Housing prices may fall, and it's our developers' profits that fall. But this land is unlikely to depreciate. Don't worry," Meng Ping said.

"Your statement is inconsistent with economic laws. As long as a commodity appreciates in value, it may depreciate. How can there be a commodity that only rises but never falls?" Tan Shuzhen insisted.

"That's because you made a mistake. This land is not a commodity at all." Meng Ping said, "You were confused by the illusion. It was an auction, the transfer procedures, and the land transfer fee. It was fake. , you think it’s a commodity transaction, but it’s not at all.”

"what is that?"

"Commodities are commodities that can be freely exchanged. Can you exchange land freely? You can sell it to me, and I can sell it to Qian Fang. It seems that it can be exchanged, but this is an illusion. What we are doing is just The exchange at the end, second hand, third hand and fourth hand, is also fake and fake, which is very exciting to watch.

"But at the source, when I buy a piece of clothing, I am the buyer, Zhang Chen is the seller, and he produced the clothing. This is a typical commodity transaction.

"At the land auction, it seems that you are the buyer, but what about the seller? The land collection and storage center is definitely not the seller. Where do they have any land? Their land was expropriated. So who is the seller? Are they the farmers whose land was expropriated? ?Don’t forget, what they transferred was only the land use rights, and they didn’t own the land. Let’s see, can’t they find the real seller?

"If there is no seller and no free trade, you can't go beyond the collection and storage center and go directly to the farmers to buy it. Can you call it a commodity?"

Tan Shuzhen was speechless by Meng Ping's question, but when she thought about it, what Meng Ping said was true.

Meng Ping continued: "Including the fact that we bought land, we said we bought it, but the ownership of the land is not ours. We built a house and then sold it to the home buyer. Why does the house have ownership, but the land still does not? Only usage rights?

"To put it bluntly, this land still belongs to the country, so the question is, we buy it back and forth, but the ownership does not change. What we buy is actually the country's stuff. Is this called commodity trading?

"No matter how we sell it, the land still belongs to the state. Now, even how to trade and the rules of the transaction are set by the state. We are not trading, we are just playing a wealth transfer game within the scope allowed by the game rules.

"Things belong to the state, and the rules are set by the state. Now, even how much land is released each year is determined by the local government. It can be said that in this entire game, the government is the biggest bookmaker, and it also controls The right to modify and make rules, do you think it will devalue what belongs to you?

"It's too easy to control land prices. Well, there is a lot of land now, so I will release less this year. I will release it again when the stock land on the market is almost absorbed. As long as the price of land is at risk of falling, I will release it again." Collect it, not release it, wait until the demand is released, and then release it. Let's see, is it easy for the local government to control land prices?

“Like a few years ago, when use rights could still be freely exchanged, the land market still looked like a commodity. Now, with the collection and storage center, the commodity attribute of land has been completely stripped away.

"So, Tan Shuzhen, don't worry, as long as the local government is not willing, it is impossible for land prices to fall. Even if housing prices are controlled, it will be the profits of developers, not their own profits. Local governments are not philanthropists. They The profit-seeking nature is no less than ours."

As Meng Ping spoke, Liu Ligan thought about what Mr. Han said about the attributes of government people. Indeed, as long as they are people, they will protect their own interests, and the same goes for local governments. You know, this local government has money. Well, there is an individual in the back who also shares interests and competes with local governments for profits. There is also a good reason, which is to ensure the maintenance and appreciation of state-owned assets.

In the entire real estate chain, developers are the most high-profile and look the most arrogant, but in fact, they are the most likely to be sacrificed and can be sacrificed. The only ones who will be applauded if they are sacrificed are actually developers.

At both ends of the chain, local governments have the responsibility to protect their territory and have the obligation to prevent the loss of state-owned assets. As long as the number of home buyers is large, it will become the benefit of the overwhelming majority of the people. As for developers, who can you count? All you can represent are your own interests, right? If I don’t sacrifice you, who will I sacrifice?

Tan Shuzhen was also convinced by Meng Ping. She said okay, Lao Meng, what you said makes sense, so what?

Meng Ping said with a smile: "So I, who have seen through it all, should be cautious. Those of you who still want to continue playing in it, just let go. If you have land, just take it. The land is not Zhang Chen's clothes. After one piece is sold, another can be produced. The government also has to adhere to the spirit of the contract. They will not take it back within the forty, fifty, or seventy years they promised you.

"They can't take it back here, and there will be new land for sale there. They can only get it by spreading the city bigger and bigger like a pie. The suburbs you see now will all be what they will be in five or ten years." In the city center, the land that seems expensive now will be repaid in ten years, by the way, and the corporate debt will be ten years, and ten years from now, you can probably repay it with just one piece of land."

Thank you, Tin Soldier, for reading the book every day and ranking third from top to bottom for the reward! Thank you Shi Fangxian and Song Zhuo for your monthly votes! Thanks for all the votes and reading! I wish you all good health!