Article review ... please wait ...- Dr Yu Jinyong's blog - the focus of blog

 Rnrn Here we have the last heavyweight guests, he is the pioneer of China's capital theory and practice of real estate, he said that technology is always working for the capital, he said so also do so, his business growth rate is more than the traditional sense, the growth rate of the real estate business, his business is Beijing's real estate industry ten meritorious enterprises. He is the China Group President of Generation Investment Control, Beijing Kai Properties Limited's love Mr. Chairman Yu Jinyong! please welcome! rnrn Yu Jinyong: This afternoon is proud to Shenzhen - the birthplace of China Real Estate Chamber of Commerce and Tsinghua students and real estate all my colleagues, and other real estate and interest in doing real estate in Shenzhen development of colleagues, with the share exchange. rnrn my topic is the growth rate of the financing of housing. about financing may be more concerned about a lot of people, in front of small-Ping Su, and mainly from the macro level, the technical aspects, energy efficiency, including business away has done some discussions out. I tell them this thing worse than with larger, because we may be more real estate enterprises from their own how to develop the practical aspects. This may be with our existing real estate business themselves thing to do together. From this point of view, I want to show you a phenomenon. rnrn We have seen many real estate companies have gradually from the traditional real estate companies through the operation of the market, and now come from all listed real estate companies more than 20 speakers from the domestic market, including listed in Hong Kong, as well as other capital markets in the overseas market, which is a way. Second,bailey UGG boots, we mentioned that in addition to our original investors, the buying stocks known as shareholders, we have agencies, institutions, schools and even professional speculators are in do this thing. but this time a new term has emerged that the Christian Democrats, is playing the Fund. first decade of the first five years is not the word The. the first two years, investors are also new words, there is a stock movie crazy, crazy to buy stocks. This new term is not groundless, so we see a lot of funds, these funds from the current terms of the approval of the major domestic issue fund. rnrn However, we do another property we feel more powerful, irresistible force, which is outside the fund. oncoming quite the ferocity of such funds, but the response to help countries stopped it because Some say it is extra money, hot money, if not, then this stock windshield, real estate market does not know what the future is like the development. rnrn So, when this new development of the situation, we will see, many of the fund gradually come. we actually are to be blocked the way in. A to B. and now come in more than A to B, but A to C, B is directly over the bypass. It is time that we see today , and does not recognize will not work. rnrn from our own terms, Generation Investment Holding Group of China, said although the formation of just two years to integrate, in fact, we now basically have large tracts of land: Beijing, Tianjin, Shanghai and Hainan, which not our agreement to sell land that is acquired through capital operation to come. including Meng Xiaosu talked about in the room just in Beijing have operations in another second, put it after we went to take it over. I say you look? He said how do you how to do this? where he operated for eight months, we grab coming. was then slowly out. rnrn We also deal with many state-owned enterprises, they are indeed in the operation of the land, we After scrambling to come, how to grab it? actually talk with the government, one at auction and market, through its own strength, you out of what condition my condition definitely better than you can achieve the Government's satisfaction . Second, we look for in the primary market, the Government talk about the development in order to strength over the sea. All of you are land developers, the competition in the process of land resources are in fact the case. However, in the process of competition for land resources , is not the only also competition? not. because we are in today's real estate market, many developers are actually taking the road of joint, that way I just said but also sub-enterprises, some enterprises are not cooperation, such as some state-owned enterprises, we believe that there is no need for cooperation with him, because our own state-owned enterprises from the inside out, we will not go to the old path. Instead, we will follow a number of private enterprises, a number of joint-stock enterprises extensive cooperation. such cooperation can be holding, shares or capital contribution by the two sides together to form the project company, and so do the usual means, to form together to create a project. In this way we may account for more than a little. rnrn the same time, Because our company is concerned, should be one of the largest domestic companies at present, we have fifteen funds, we have implemented many years ago. Five years ago I raised in Los Angeles and New York real estate capital for a lot of the time American response, because then there are many prerequisites, there are many PhD students with us to do this thing on, so they are willing to come. just put it very well the Secretary-General Wang Ping, in this day and age where money has been not the first one, must be the concept of talent the most important, a very good idea that might make you very rich, a good talent may make you very rich. If you are a very rich person, you may money does not go out with. so this time must be to develop according to this view. Our view is precisely because of this, we made a fund in Hong Kong. So, when we create a fund the league, such as the use of the registered capital of ten billion dollars or one billion Hong Kong dollars to do capital. rnrn according to Chinese tradition, the capital is used to do the project, the enterprise encountered major capital if the time necessary to operate through a bank debt. But at the same time went room real estate development to the old path. because there is a feature of the capital market must use assets to do, not look for bank loans. so we have a large number of land when there is no money in the bank loans. This benefit from our established when the first fund companies have rules. In addition to investment capital to do outside the capital you do is put in capital equipment, the rest of the money how do? is to form a shareholder coalition. within the time specified, such as We're going to auction and I in front of ten million, ten million are not moving it, I must be the proportion of equity, within the prescribed time must specify the account to get to take this project. Some shareholders speaking in front of the capital has been fixed, could not get the money back how do we force for equity, so we will have shareholders, or board of directors decided to compulsorily acquire your shares, with a 1:1 purchase. then you equity and later collected in accordance with the proportion of investors head redistribution to other shareholders in proportion to purchase. rnrn, but because we are now in the capital markets have been non-listed part of the shares at 15 dollars, because in the process of establishing the base has been a lot of Because the stock market continue to come in or out, so did the establishment of 10 original shareholders, 60% of today has basically gone. He came in and out constantly. So we use the locks do not lock the low price of high-stake system. high-low do not lock the lock, because shareholders have the right to his stock to a third party in accordance with the transfer provisions of the law, if shareholders do not agree, the shareholders can buy it. But if when you first realized to three dollars to transfer his shares we agreed to , then the second time when the transfer of not less than three dollars, three dollars less than the compulsory acquisition is necessary for our shareholders. Therefore, enterprises should create their own value. our stock in the transfer process can not only turn the high to low. A compulsory acquisition will be back to low. so he must find out who can come to the market than to sell at this price. so that we complete the listing process in the non-realization of the capitalization process. rnrn other the previously mentioned low in the lock does not lock the high case, because it is only a capital stock of the capital account. Therefore, he does not mean that as a shareholder in terms of liquidity of the investment dialysis Xiangmu, if 10% of total of the shares will get two million. back 2 billion is not out, to arrive before October 10 this account, the money no matter where you come from, or your violation of board resolution, we will be in accordance with the 1:1 proportion of compulsory acquisition. rnrn, but because we are now in the capital markets have been non-listed part of the shares at 15 dollars, because the process has been in the formation of many genes in the stock market continue to come in or out, it first established the 10 original shareholders, 60% of today has basically gone. He continues to come in and out. So we use the locks do not lock the low price of high-stake system. locks do not lock the low high, as the shareholders entitled to his shares in accordance with the provisions of the law transfer to a third party, if the shareholders do not agree, the shareholders can buy it. But if when you first realized to three dollars we agreed to transfer his shares, then when the second transfer of not less than three U.S. dollars, less than three U.S. will compulsory acquisition to our shareholders. Therefore, enterprises should create their own value. our stock in the transfer process can not only transfer high to low. A compulsory acquisition will be back to low. so he must find those who higher than the price to come out of the market to sell. so that we complete the listing process in the non-realization of the capitalization process. rnrn In addition, the previously mentioned low in the lock does not lock the high case, because it is only a capital stock of the capital account. Therefore, he does not mean that as a shareholder in terms of liquidity of the investment project of dialysis, if accounted for 10% of the shares will get two million. back 2 billion is not out to on October 10 before the arrival of this account, the money no matter where you come from, or you against the board of directors, we will be in accordance with the 1:1 ratio of compulsory acquisition. rnrn because we used such a system. Five years ago, I raised in Los Angeles such a concept, a lot of funds to respond. so we have the past few years the development process is still relatively benign development, and it has no bank loans, and we with the relationship between banks is the deposit. In addition, we Wherever he went basically able to do invincible, able to grab some of the land we hope to take it over. because at this point the government is very welcome. because, like many provincial and municipal governments about the time of land development is basically by the provincial government's top leaders to talk to us, to a large area of land development authority to us, this is the overall development of the benefits, there is no way other developers come in, we finished the first phase of development, two do, real estate companies are here today, I just want this to be a brief introduction. rnrn but in fact in the process of implementation,UGGs, we also encountered many small real estate companies, including venture of real estate companies. many of which grow type of real estate companies to cooperate with us. According to this thinking is not done by us there is a lot of collaborators. but we are doing holding. In this way we get a 1 +1 = 11, if 1 +1 = 2, then the process is a traditional, if more than 2 or equal to 5, there is a trade-offs between this process. but when 1 +1 = 11, how to divide the interests of no problem, we are all happy. rnrn So, according to this line of thought to develop, we are basically into two years of development, because two years ago, I was cooperating with Huang Guangyu, making the United States, expansion of real estate, then the time can only make the development of money and not have their own brand, of course, looking for an excuse to be online, there are many reports in this regard, we put the team pulled out, and now have their own brand. In the past two years the use of capital into real estate the way, in the States United States when we already had a successful experience of cooperation, to further development. So now we have a lot of strategic partners, is now only able to make money and its own brand, that is, from generation to generation in China. rnrn, especially in the present land level development are based on the overall developer of market competition. Today's real estate business here is engaged in a number of development, because now auction and in the secondary market, the market price of the land is relatively high. Second, it is also used in relatively large amount of money. But in a developing market, the competition may be more like OCT, Beijing's first open, and so the state-owned enterprises, even as the central business Meng Xiaosu they do, this great business value, but Zuo Guoqi out because I am also, so I never thought about how to use the enterprise value of Taiyou, because the enterprise itself is a small collection, it is not an integrated body. In fact, Meng Xiaosu have also talked about this issue, it is a file of these companies together, in fact it's competitiveness in the market is relatively poor,Bailey UGG boots, not much competition. When it is complete when the market is operating in the capital levels. rnrn We are also thinking about how to This path, which is very important and we need to discuss, because we consider the entire real estate operation in the capital markets, including the cooperation with the government are based on the overall image appears. such as the block will be an area won by making the concept of the city, then to the sub-land enough, then it will meet the Government's request, also in line with the Government urgently needs access to large developers. We are now growing with more than 40 real estate companies combined, Beijing is currently the largest two to the bag, a piece of 48 hectares of the Beijing Olympic Games projects, there is a nearly 3,000 acres of the project in the bag. the first two days in Sanya, a project to get 3.8 billion came in, we is the highest price, won the one-time payment to, of course, we also came to Shenzhen, also in talks with a wide range of enterprises, carry out extensive cooperation, are looking for an opportunity to 1 +1 = 11. We believe that such an opportunity is relatively more. rnrn Now we look at capital market development process, we introduced the original program five years ago, many questioned the attitude of the developers, but today, especially pleased that since last year , the original media and well-known to those well-known real estate company is no longer known, because there are many real estate companies today have moved toward the capital market in the capital market has been a lot of benefits. So, we are now able to in the capital market in accordance with our own idea, like we are going to get a piece of land, this land of 30 million if needed, we will be reduction in the capital market of 16 million, we do not need any approval, the Board is at a meeting, opening the next day will be able to do this, 30 billion could go to auction and get to market, there are 30 million fall in the stock market can be dragged up. rnrn course, many of today in fact is in accordance with the listed companies The idea to go. just like the Ping told the Secretary-General, in the capital market development today, today's real estate development, developers on the project between the competition though, but still have to do equity, the project United, the importance of this can make us developers have come together to discuss. Beijing to hold such a forum is a lot of, basically every week. in fact to the real estate business reached a common platform, we Using this platform for development. not because the process in the course of the project, the developer is among the opponents, which in today's terms is no longer correct, because the right is a project co-developer point of view of its development together and development enterprise itself has a characteristic of a market price is the need to look after each other, not in the same street you can sell thirteen thousand, he can only sell a million, you always have a reason, or the quality of your very good. sold to the market price is good, of course, take care of each other between developers is also very important. Of course, individual characteristics, in terms of this development is from a good quality. rnrn So, I just said, the developers The joint between. But the real way we are today from the financing point of view, to secure the end I said to the capital of the road there is a process, we must distinguish between the development of our previous corporate finance is how come. Shenzhen, as China the birthplace of real estate do not know how many of those present here today is called the old real estate developers, real estate is in the so-called old-five years ago, twenty years ago in real estate development, because I was over from that era, of course, is the state at that time. We now call the prototype of the real estate. This is actually the prototype of a real estate just development process. that time is a state-owned real estate is basically the formation of the main real estate companies, private little business. back to the progressive development of real estate development companies, with many business combination, and the time to do real estate people that basically no funding, they rely mainly on their own real estate company registered after that time as the annual Shime Co., Ltd., is to register a company, and then have the land just like many of the joint development of state-owned enterprises, that took someone else to sign a joint development agreement, and then went to make money. as we say in Hainan, including Shenzhen, Beijing There are many such areas to a pot of gold digging developers. And this part of the development of enterprises in the money when he did not vote no to housing pre-out sale of property we call time, take the money to go 盖楼 more What is more funding for construction companies, so that the developer pay. So the real developers are relying on the wisdom to make money. later developed into the history of the development of real estate, we call the characteristics of the development process, so it was the tourism real estate, industrial Agricultural real estate professional or real estate property development, etc. The most common is the tourism, real estate, as well as science and technology after the real estate and land gradually standardize the way technology park trick shot, so at that time there have been many national science park, industrial parks, including Today there are left to the industrial real estate, plant, etc., is made in the concept of using real estate. We have been in such a concept before, including in the tourism, real estate, in this way can solve such things as financing, when also includes the development of some time ago. Like this outstanding property features, slowly entered the capital of the times, is to make real estate companies to the capital markets through the financing, mainly by way of the previous bank loan or by sale or engineering advances, and so means to provide financing. gradually standardized, the approach requires pre-sale is now going to be pre-cap, Beijing has strict requirements for this. rnrn in accordance with the development of the ideas to go in the capital market financing, and now we have do see a lot of real estate companies when the project will be to their own holdings of shares to some extent. Of course, this operation must have an intelligent mind, we will find the process of reduction of some of the problems, the biggest fool is section of Wing Kei, is a party two years ago Sina's shares on the Nasdaq Zhongguancun section of Wing Kei, they just keep thinking about the money in the capital market come back again, contrary to their own close to 20% of the shares in the secondary market, this time Mr. Chen was grabbed, so at that time there is an article called technology capital to work. so do technical people, when in the capital market must be subject to capital requirements. Meanwhile in the real estate industry in the matter or some other industry, are actually the same. So I was called crazy for technology Sina Wang Yan and his ilk, he believes the capital markets are a fool, so he measured not by the circumstances, the hands of their own stock throw it out, throw it out overnight, although for thousands of dollars back, if you can play a significant role in promoting development, and in fact hiding the other end the global capital markets, many eyes are watching at that curve. When you come out immediately after the stock to someone grabs you, that person is Mr. Chen, the overnight control of Sina. this thing came out, there are many versions online, a 24-hour jobs are 24 hours of sleep the person holding the .24 hours to people do not sleep play, because Mr. Chen was doing online games, the player is to do, when he found this a golden opportunity when a bird of course, have a grasp and hold firmly to your room and board. So, from that moment, technology is always in the capital to work. So, when you catch him a whole body control you, whether you later want to re-introduce any plans to resist when, in the capital market is always in control of major shareholders you. rnrn stock analysis from the point of view at that time, when the Stone Group is the Sina shares of listed companies, only the proportion of his shareholding to around 9%, less than 10%, he became chairman of Sina. that person may be held overnight, 20%, not to you as chairman. I say it is shameless, because the state-owned enterprises engaged in mergers, we will find a lot of money to private companies to buy the plant, but to buy Nage plant's owner can not enter the plant, by workers Duzaimenkou, Bule exercise power, then look for the government to coordinate, but fortunately this is America. so that they can as soon as possible Nasdaq Yaoqiu equity in accordance with the provisions of the relevant implementation. Dang they surrender to look for Mr. Chen, he may no one thought that Mr. Chen did not immediately exercise its jurisdiction, but no matter, laissez-faire. Holding your side of the laissez-faire led to the resolution of high-level decision-makers can not through to lead the Sina shares fell, because he felt that 20% may not work for me, but you have already be fatal in terms of the crucial point, these technologies have been a madman to a good education. rnrn I said the case was mainly trying to explain what the problem? in the real estate market is the same, today's real estate market is no longer in my business how many years of development history, but in the consciousness of our business concept of change, this concept changes in the development of effective real estate business, real estate companies will have such vitality in the real estate development market will be during the competition. This practice, this ideology of open, must be used with the capital to carry out the process of cooperation Do not have to think of holding or how, as long as they can project out of capital markets and to cooperate to build a common flagship, which formed a new financing channels, rather than look for banks. rnrn We all know that banks Now do not know, you say it is not like business, you say it is not the Government, he motionless on the implementation of the provisions of the People's Bank. but you will when the loan he will not give you. even when we want to make a real estate development, you have to complete four cards, four cards are complete, then if the bank should do? we all know today is not the money to build a house, as long as there is money to sell the house to worry about. it is still an effective real estate financing channels. including banks it also faced this problem. We see a lot of bank loans to real estate developers to do the project when he was more careful, but when he made the mortgage is more positive. the same one or two real estate projects, three Bank will take the initiative to find you and your mortgages. rnrn we often see two or three banks in a Shoulou Chu release Anjie, and although there are provisions banks must get to the building cap, is in fact the opening of the. banks give you to do protocol , but the agreement is written to the cap to just take the money. just take the money and the way to win, no longer a problem. because the development of the highest corporate profit chasing, standing here if the developer is not primarily about make your own money, it would not responsibility. no sense of how to talk about their sense of social responsibility it? Wang Ping, Secretary-General, as just about even, and you have difficulty eating, but also engage in contributions, which is certainly immoral. unless you only engage in money donations. Bill Gates is willing to take 300 billion out of that is his own thoughts, if I did I would not take 300 billion to the hair, but I will provide an employment opportunity, growth opportunities for you to develop . because I have deep feelings for others when money is a must see what the other person, if it is their employees a bad idea,cheap UGG boots, but you must give staff an opportunity to make money, the platform, we need to blood type machines, institutions rather than Shuxue type. rnrn Therefore, in the capital of the listing process, many real estate developers and so have many of the projects or project financing process needs to point out that the road, is a more realistic, but also people learn, you can go build their own effective team because I do not know sitting here today, there are growing number of enterprises is the boss, how many professional managers. If you are the boss, then have to size up the situation of serious evaluation of their own , rather than assessing their own businesses. in the capital markets may not be that we can as our wish. as in capital markets tend to funds and large foreign partners although they have a co-operation in the capital markets, he did not agree with you that the boss He is to agree with you more of a business plan and you have a good team, this team has a good CEO, in other words, there is a very high-quality professional managers. General Manager so we can positions by comparing a certain form have the ability to recruit these people as our CEO, they can directly to the Capital Market, which is a good method of financing. because we see today can not argue the fact that real estate today is still profitable, had previously been at a loss, Guangxi, Hainan, the North Sea, because that era is gone forever. As long as you have a project you're making money, today is the case, but prices are still rising. of course, also in Beijing people ask my opinion, the price is down or up, if it is rising up so many years. I have talked about the first two months of this problem. I talked about several issues: first, the prices certainly are climbing higher and higher, and This is an indisputable fact. Five years ago, led by Andy Xie, a representative figure, but also talk about a bubble in China's real estate market after three years, five years later to collapse. to look at today, when this argument has been over the past five years , the market did not collapse. Today he talked about crash or again have to fall a few years, I think he either in theory or in practice is untenable. Why? rnrn from the perspective of housing prices , developers will have to address the financing of housing prices, because only a good price will have a lot of funds with you. If the price get up, profit value is not large, probably no one came. Recently, we have a lot of projects, funds are now in the forward. I Pearl project in north Beijing, 72,800 square meters, the original selling twenty thousand per square meter, a 14.4 million. six months ago to talk about, many people think that's incredible, of course, I was with the lease, have all been it is, a year income is close to 230 million light. because we won the Olympics come home, of which 60 million business. The results came three months before a lot of foreign funds, offer to agree with my price, I felt that it question, you said I'll give you 1.5 billion, I said do not sell first, and so the first detailed analysis of the fund now has entered the Chinese, although we control departments in the foreign country's control and prevent this, the general mentioned A on B is the way to stop it. but now we see a lot of funds into the A on B is not the way, but by way of A on C. So the fixed points of their brains to come. because the funds can not be directly outside into China's real estate, but now we have found that many are not through direct access to real estate, such as encouraging the industry: automotive, networking, bio-pharmaceutical These are encouraging foreign investment into the industry. However, we found that these foreign funds into the following, with the pharmaceutical Factory bought real estate companies, Internet companies do not control the real estate company stocks? fact to control us. He came in and did not find direct Shamao SAFE, of course, will not approve you. When this The new form is generated, in terms of property owners will increase the price. the time has come to 20 billion. For three months, but we do not sell, and now need not worry. rnrn This shows the problem? today's prices have been rising, spoke in front of the subject with the Ping Meng Xiaosu mentioned the issue about the price. There are many people, including many government talking about housing prices climbing higher and higher prices when people ask me fall down, I said I was like everyone else, is also doing business that we have in common. Second, I have not the same as with other economists, is easier said than done because I am who I am Director of children. Because some of the economic he did not business experts, he can nonsense. I said, every word is they have to pay the bill, this bill is hundreds of millions, billions or even tens of billions, it should be his to bear. like today Like all of you real estate developers, are you doing to make any decisions the project when you act for what you pay for your wrong decisions, which no one can not help you. rnrn of house prices, we is in line right Shichang analysis and investigation. we will get some big concepts: first, is now climbing higher and higher prices, this is an indisputable fact that you can discharge a number of distracting thoughts, no matter who says, you will find climbing higher and higher. to what extent high ? the first quarter of this year, an increase of more than 15% over the same period last year, second quarter growth of 9.9%. Second, high prices not only this year that said, in about three years ago. Third, the report said that the Government should be concerned housing prices, inhibit developers, and some even criticize the developer profits, the developer should be arrested and suppressed. But, in fact, up to now this argument is not a developer because of the high prices have been arrested, and arrested are due to engage in criminal thing. rnrn Why? because today we are a mature party party, our government is a mature government. up to now you have not seen any government because prices Erchu a clear things. Some time ago the central bank's policy to improve the second-hand housing down payment, it simply does not matter with the developers, there is no direct opposition, not to touch on some thing so complex, because the party is now more mature than before. In the early days 50 years early and 49 years, we understand that not the mayor, Chen Yun to do with the gun power, but rather to use the financial buy cotton yarn, steady selling in the market, so that capitalists bankruptcy. Today, the government should be based on this , there are a large number of consultants, the core members, the basic reason is very understand. Do not even 49 years if it? not. Everyone knows that want house prices to fall down tomorrow, not easy? open the treasury of each province City, including the financial out subsidies to the people of Shenzhen, I buy a square Fangzi many subsidies, housing prices down tomorrow, do not have to argue. But why so long a time, no government today to take money out of fiscal subsidies it Dakai ? it shows another problem: the city is in need of development, this development behind me to the conclusion, because I made a survey on the market. rnrn relatively high housing prices in Shenzhen, Guangzhou housing prices relatively high, housing prices in Beijing relatively high, relatively high housing prices in Shanghai, but these are individual cities, it can not represent the level of China. This can be the final word. Why do you say? I went to the Northwest region to take a moment, that place of the house has eight hundred cents a square meter, can not sell there. Why not sell eight hundred dollars, be sure to go to Shenzhen, Beijing and Shanghai to buy twenty thousand, thirty thousand of the house? This is after market opening, the movement of people, some people are willing to venture here, many people are going to start here. 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