It's not that Tensor doesn't want to enter R&F, but because R&F has two bosses, Zhang Li and Li Silian, and Li Silian's shareholding slightly exceeds Zhang Li's. Within R&F, it has long been dominated by the north-south distribution.
Tensors who can't take over have to do it themselves. Rainbow Sicong, who is also a "New Jingcheng Sishao", has made crazy investments in the past few years, but unlike Sicong, tensor still plays the biggest role in real estate: field group. In Kerry's ranking last year, the field ranked 25.74 billion 100.
After the golden age of real estate, both father and son were in trouble in the past two years. In the field where it did not go to the market, it encountered the crisis of commercial paper redemption, and people who defended their rights flocked to the R&F building, demanding that "the debt should be paid by the father"; However, Zhang Li and his R&F have fallen into financial difficulties, and they are unable to save themselves.
"If you come out to mix, you always have to pay it back." In the real estate rivers and lakes, many real estate tycoons who have enjoyed the dividend of the times are now paying their debts.
Everyone in the real estate circle knows the tensor of "R&F childe" and his field, but I didn't expect that there was such a big trouble in this field. The field that failed to go public last year was recently sent to the forefront because of the rejection of commercial tickets.
On July 25th, dozens of station suppliers and ticket holders came to the headquarters of the station group in Yingkai Building, R&F, Guangzhou, and held up the banner of "commercial ticket of the station group defaults to pay off debts".
In the live video circulated by the organization group, there was a physical conflict between the security guards and the defenders of the on-site command, and the scene was once out of control.
Off-site then responded on July 27, saying, "At present, an understanding has been reached with the ticket holder off-site to properly solve the problem. All operations of the company have not been affected. "
Unexpectedly, a week later, on August 2, some ticket holders simply sat outside the glass door at the front desk of the field command and continued to defend their rights.
Obviously, the commercial ticket storm that started in May has not completely subsided.
At the beginning of May, it was reported that the commercial tickets for the group had expired. It involves a commercial ticket issued by Huizhou Modern City, a foreign sun company, to Shanxi Fuxing in full bloom, from April to May 2020.
At that time, the scene responded that because Shanxi Renaissance involved fraud, relevant payments were suspended. As of May 7, 70% of the 57 million unpaid merchant tickets will be paid, and the remaining 30% companies will complete the aftermath according to the disposal results of judicial organs.
Such a response made the ticket holders feel dissatisfied, and many ticket holders quarreled with the person in charge of communication in the WeChat group.
Under pressure, the market said on May 8 that the bills involved had been accepted by 100%. However, there are still bill holders who continue to defend their rights.
Wall Street has learned from many sources that at present, bills due in April and May are similar. After this time, the bill is in a state of sawing. Some institutional sources inquired about the data of the Shanghai Stock Exchange. As of July 1 day, there were 1377 outstanding commercial tickets in Huizhou Modern City alone, with a total amount of 720 million yuan.
According to people close to R&F, Zhang Li hosted a meeting on the spot to discuss the solution to the commercial ticket problem.
Some institutional people bluntly said that in the eyes of institutions, this field is "small R&F". So that after the commercial ticket crisis broke out on the spot, some ticket holders said, "If we can't pay on the spot, we will go to R&F".
On the second day after encountering rights protection in other places, many investors worried that the storm would affect R&F and sold their shares and creditor's rights in succession, which caused R&F real estate to suffer double losses on July 26th and 27th.
This scared R&F to "blame" directly in the meeting. At noon on July 27th, R&F Real Estate announced that there was no financial loan or debt guarantee arrangement between R&F Group and Field Group, and there was no equity relationship between R&F Group and Field Group.
Zhang Gongzi's entrepreneurial career began in 2003. Tensor, who came back from studying in Canada, did not enter R&F, but Rainbow Sicong chose venture capital, involving science and technology, catering and entertainment. But in the end only a few people succeeded.
Tensor is really big or real estate. In 2006, with the support of tensor, he founded the field group. He and his mother Liao Dongfen hold 80% and 20% shares respectively, and the legal person is his uncle, that is, his brother Zhang Xiaolin.
The first project in this field-Zhongshan Jinghu City was run by Wu Linzhi, then deputy general manager of R&F Beijing Company.
In the listing prospectus of Tianye Group last year, the introduction of 98 affiliated companies accounted for four pages. These companies can be divided into two categories: tensor-controlled companies, such as black hole investment; R&F companies, such as Beijing R&F Urban Real Estate Development Co., Ltd. ..
Zhang San's real estate business, the biggest two markets are in Guangzhou and Guizhou, one is his father's site, and the other is his father-in-law Long's site. Secretly, Tensor's parents shed a lot of blood for the field.
Zhang Li even stepped down personally as a guarantor. In the prospectus, the loan amounts of Tensor and Zhang Li at the end of 20 17 and 2018 * * were 5.045 billion yuan and 2.85 billion yuan respectively.
In addition, in 20 19, the company of R&F, a related party of Field Real Estate, was 206 million yuan, involving the provision of electromechanical decoration services, supply and leasing services.
A series of entanglements make this field always regarded as an enterprise of R&F department.
How can a father ignore his son's trouble? However, the tension is not enough to save the field, and R&F Real Estate itself is still on a difficult road to reduce its debt.
In 20 17, R&F spent19.9 billion to acquire 70 hotels in Wanda. This controversial action became the financial burden of R&F. In addition, in 20 17 and 20 18 years, R&F continued to expand against the trend and sank in second-and third-tier cities, which eventually led to a continuous increase in debt in 20 19 years and a high net debt ratio.
According to the index data of the annual report, R&F is still in the red file of "three red lines".
The 2020 annual report shows that the total amount of R&F real estate loans is 65.438+059.73 billion yuan, and it is necessary to repay the high debt of 63.892 billion yuan within one year. By the end of the period, R&F held 39.95 billion yuan in cash, and the ratio of unlimited cash to short-term debt was 0.4, so the capital chain was very tight.
After the debt ratio continued to rise, Li Silian made a decision to reduce land acquisition. Starting from 20 19, R&F Real Estate began to reduce its land acquisition in the open market. By the end of 2020, the saleable building area of R&F land reserve is about 510.9 million square meters, which is 6 million square meters less than 57.9 million square meters in 20 19.
The other end of controlling liquidity expenditure and repaying debts is the weakness of sales.
According to the announcement, by the end of July this year, R&F Real Estate had achieved a total sales revenue of about 73.34 billion yuan and a sales area of 54.645438+0.0000 square meters. Compared with the same period of last year, the sales revenue increased by 10% and the sales area decreased by 3%.
According to the sales target of 202115 billion set by R&F Real Estate, the completion rate in the first seven months was only 48.89%, less than half.
Before 20 19 and 2020, R&F real estate also failed to achieve its sales target, which shows that R&F's sales continue to be weak. Han Yizhiku counted the data on the proportion of existing houses in inventory of 50 typical real estate enterprises last year. There are 6 housing enterprises with more than 20%, and R&F Real Estate is one of them.
Constrained by the three red lines, the financing difficulty of R&F real estate is also increasing. This year, housing enterprises generally issued dollar bonds with lower interest rates to replace old debts with high interest rates, while R&F did the opposite.
In February this year, R&F issued bonds with a principal of US$ 325 million and an interest rate of US$ 65,438+065,438+0.625% to repay old debts. In the same month, R&F completed an offer to purchase 7% senior notes with a principal of US$ 325 million. Subsequently, the coupon rate of a domestic debt with a total issuance of 950 million yuan was adjusted from 3.95% to 7%. After adjustment, the interest date is April 7, 202 1 year, and the issuance period is 7 years.
In addition, R&F Real Estate has not issued debt financing in the open market for a long time.
R&F with limited financing can only sell equity and assets.
Last year, R&F issued 257 million new shares at a price of HK$ 9.82 per share, raising a total of HK$ 2.524 billion. On the other hand, in August last year, R&F sold 70% interest in Guangzhou R&F International Airport Integrated Logistics Park to Blackstone, and returned 6.3 billion yuan. In the fourth quarter, about 4 billion yuan was realized by selling part of the rights and interests of several projects, and a large number of projects were pledged.
R&F also fired employees. Compared with the number of employees at the end of 20 19, the number of employees in R&F decreased by nearly 40% last year.
In May, 20 17, Tensor and Long Qian, who is 12 years younger than him, got married in Sydney, and they are also suitable for each other. Longgan's father is a famous local developer in Guizhou, and he has business dealings with Zhang Li.
At that time, tensor, father and son, husband and wife did not anticipate the future they would face.
R&F is a special real estate company in China, which implements the "double boss" system. According to R&F's financial report, Zhang Li and Li Silian hold 27.50% and 28.97% shares respectively, with Li Silian as the chairman and Zhang Li as the co-chairman. In the board of directors of R&F, the members belonging to both sides have also formed a delicate balance.
Under such a shareholding structure, it is an embarrassing problem for both Zhang Li, the son of Zhang Li, and Michele Monique Reis, the daughter of Li Silian, to become the "owners of R&F", so the second generation has chosen to set up their own businesses.
The second generation tensor of real estate is ambitious. It is necessary to turn the field into the apple of the real estate industry and implant a set of internet concepts into real estate. Even if R&F didn't achieve the goal of "1000 billion", it set itself the goal of 1000 billion.
But what makes people feel is that R&F, once one of the "Five Tigers of South China", has lost its leading position in the industry in recent years and become a "dangerous company" in the eyes of institutions.
Tianye Group has been working for more than ten years, with its back against R&F and its father, but Zhang Gongzi has never succeeded. In the past few years, Liu Shui's "Internet celebrities" executives failed to change the poor operating conditions of the field itself.
The commercial ticket storm is only the tip of the iceberg of the financial situation. According to the prospectus, from 20 17 to 20 19, the net debt ratio of the field group reached 3809%, 533% and 225% respectively, far higher than the industry average.
In addition, the prospectus shows that the loan interest rates in this field all exceed 10%, up to 24%.
At present, the root cause of the crisis in this field is rapid expansion in the short term, financial and operational difficulties to keep up, and supervision.
Today's R&F can only protect itself at best, but it can't reach out to save this field. According to legal analysis, there is no equity relationship between R&F and the oilfield. Even if Zhang Li and Tensor are father and son, Zhang Li has no obligation to solve the debt problem in this field.
However, the blood relationship and financial connection between tension and tensor make it impossible for the two companies to completely cut.
Tear off the label and tensor of "R&F childe", and finally you have to get through this by yourself.