Author | Cat
Source | Big Cat Finance
As the old saying goes, the father's debt is paid by the son.
What about the son's debt?
A few days ago, in Guangzhou Zhujiang New City, Fuli Yingkai Plaza downstairs, a lot of people wearing "field to pay back the money" T-shirts, asking the field of real estate to pay the commercial paper, it is said that the scene was also once a conflict.
The 21st floor of Renaissance Pacific Place is where Field Properties is headquartered.
The result was surprising, this activity led to Fortune's "stock and debt double kill".
On July 26, one of Fortune Real Estate's bonds fell the most in a single day since the beginning of the year, and Fortune's stock fell more than 4% that day, and has continued to fall ever since.
Fortune was quick to come out and clarify, saying that Fortune has no debt guarantee or equity relationship with Field, and that Field's debt has nothing to do with Fortune!
Is it really a mistake?
The two companies say it's okay, it's really not okay, but the problem is, Fuller's boss Zhang Li and the field's boss Zhang Quantity is a biological father and son, this layer of relationship is there, the fish in the river is also unavoidable, to be in a hurry to get the eye of the debt, but do not care about what the equity does not equity.
And the field of this commercial paper problem, not a day or two, in May, the field of real estate has issued a series of information.
May 7, said the commercial paper involved is 57 million, of which 70% commitment to pay, the other 30% suspected of fraud, has been reported to the police, have to be disposed of in accordance with the judicial;
To May 8 and said that as of that day the maturity of the commercial paper has been 100% paid;
May 31, once again committed to actively pay.
But in the subsequent June and July, field real estate many times because of the refusal to pay, the amount has been more than 200 million, and the related notes are still 700 million has not yet been settled.
From online claims, to on-site debt collection, the holders of the commercial paper, are still struggling.
Zhang is a second-generation rich man, and has a label of "not relying on his father".
The rich kids in Beijing have a fancy name for it, called the "Beijing Four", and as the first generation fell, "the new Beijing Four" was born, with Wanda's son Wang Sicong, Pan Shiyi's son Pan Rui, and the mega-wealthy son Pan Rui. Duke Pan Rui, giant rich son Wang Shuo, and then there is Fuli Duke Zhang quantity.
From the market point of view, most of the real estate enterprises "second generation" are basically inherited the father's business, Zhu Rongrong, Yang Huiyan, Sun Zheyi, etc., have begun to take charge of their respective businesses, even if it is the most famous, the most high-profile "do not inherit the father's business! "The most important thing to remember is that you can't be a good person and you can't be a good person.
But, "Fortune's son" Zhang quantum did not become the successor of Fortune.
Compared with many high-profile second-generation tycoons, he is very low-profile, seldom photographed in the company of beautiful women with cars, and his passion is entrepreneurship.
In 2003, at the age of 22, Zhang quantity from Canada back to China, founded his own constant amount of construction group, began the road of entrepreneurship, although it is self-sustaining, but still did not leave the father, early constant amount of construction for the rich to provide a lot of services, of course, also made a lot of money.
Later, he also founded catering, PR, and another real estate project, snipfan.com, which used to be very good, growing from 6 to 400 people in 3 years.
A whole lot of industry, there are burning money and making money, he founded the elevator media Fraser, later sold to Focus Media, Zhang quantities have revealed that the return rate of this business has dozens of times.
In 2014, he simply created the black hole investment, specializing in the investment business, the investment scope includes intelligent technology, blockchain, film and television and other aspects.
The most familiar project is probably the small blue bike, but ultimately did not escape the fate of death, it is said that a project lost nearly 400 million.
In the capital market, Zhang quantities also have a lot of success.
In 2012, the power of energy (1277.HK) listed, the company was originally Zhang Li Holdings, and then 62.96% of the shares to the hands of the Zhang volume, Zhang volume in the capital market layout of the first step, relying on the "family has a mine".
At the end of 2017, the amount of Zhang also from the hands of Huang Baiming acquired a majority stake in Tianma Film, renamed pass entertainment (1326.HK), after a variety of acquisitions, the amount of Zhang has become a number of stars such as Yang Beyond, Li Yitong, Hailu and other bosses behind the scenes.
In 2018, it acquired Taibang Group and renamed Brainhole Technology (2203.HK) in 2019, by which time Zhang Quantity had 3 listed companies under his banner, making him a low-profile tycoon in the post-80s.
Field Properties was supposed to be the fourth and top dog.
In 2006, the field of real estate was established, do is also the business of real estate development, the word on the street that this is the amount of Zhang want to fight with the father and son of Zhang Li, Zhang Li also said on different occasions, "father and son do not interfere with each other, each earn their own money".
However, the old son never put down the son, the field from Fuli's home base in Guangdong began to layout, the first project is the field in Zhongshan, King Lake City project, the operator also worked in Fuli for many years, not only that, at that time, more than a number of Fuli's veterans also joined the field.
Field real estate has become a replica of the "small Fuli", in 2020, field real estate to the Hong Kong Stock Exchange submitted a prospectus.
Outside of his career, one of the things that makes Zhang most like a "second generation rich guy" is that his wife, Long Xi, is an actual famous internet celebrity.
Long Xi used to be very active on social media, had her own clothing store, and her father had his own real estate company in Guizhou, so her family was well off.
And, since 2013, Guangzhou, where Zhang's family is based, and Zunyi, where Long's family is based, have become the two home bases of Field Real Estate.
With a successful career and a happy family, it looked like all was well.
Unfortunately, the listing plan of the field real estate failed, and the "replica of Fortune" eventually failed to go public.
Previously, the field demonstrated the aggressiveness of real estate expansion.
In 2015, the field of real estate has been nine years of entrepreneurship, only 1.46 billion in sales, how to look at it is a child's play, but in this year, the field of more than 3 billion in Huangpu District, Guangzhou, took eight residential plots, to become a "landlord", and then in 2016, the field of the sales have crossed the line into the tens of billions of dollars. The company's sales have already crossed into the ranks of ten billion dollars in 2016.
But where does the money come from behind this? Debt.
According to the prospectus of the field, the ten billion real estate enterprises field in 2017-2019 assets and liabilities were 99.67%, 97.81%, 94.02%, net debt ratio were as high as 3809%, 533% and 225%, respectively, This is compared with the average value of the industry, is still in a very dangerous position.
The prospectus also disclosed that although Fortune and Field have no debt and guarantee relationship, Papa Zhang Li's personal guarantee to Field is nearly 8 billion.
Failure to list, the previous problems can not hide. The executives are leaving one after another, the debt is pressing, and it's getting harder and harder to raise money.
Against this background, it's not surprising that commercial paper is exploding.
Expecting the son of the father to pay the debt is a bit difficult, after all, the old man also has his own pain, in the field of real estate prospectus issued in 2020, Fuli's days are not easy. (Poke link to read)
In April, Fuli developed in Hainan, Fuli Bay stalled things, 32 low-rise buildings were demolished;
In August, the "three red lines" to come, three lines of all stepped on Fuli, financing ushered in the ceiling, but also very low;
In October, rumors of layoffs, although the rumor is not true, but the staff "is not a good idea".
In October, rumors of layoffs, although rumors, but the staff "optimization" or less;
In November, the sale of logistics park assets to reduce indebtedness;
In December, the pledge of 10 subsidiaries of the equity, to solve the urgent need of nearly 10 billion debt expiry.
After a year of self-help, R&F's debt situation has changed a little, but it still hasn't gotten rid of the three red lines, and the work to reduce debt is far from over.
The other principal of Fuli, Li Silien, has made a military order, "It is expected that by the end of 2022, the three red lines are all up to standard."
What is Fuli doing now?
Less land, more house sales.
Now on the list of land acquisition, the name of Fuli is no longer in the top 100, and the threshold of the list is 10.5 billion, while in the same period of 2020, Fuli spent nearly 30 billion on land acquisition, and in 2019 it was more than 90 billion, which is a significant reduction.
Land expenditure is less, but the pressure to sell houses is not small.
In 2019-2020, Fuli failed to complete the target it set for itself for two consecutive years, and then adjusted the target downward for two consecutive years.
In the first half of this year, R&F sold 65.08 billion, which is 43% complete if we calculate the target of 150 billion for the whole year, and the pressure in the second half of the year is not small.
Now real estate is still experiencing strong regulation, soon, the commercial paper should also be counted into the "three red lines" inside, these commercial paper financing companies will also face this hurdle , whether it is R&F or the field, have to find ways to solve.
But pops Zhang Li personal guarantee of the field of real estate debt, really have to see how to solve it, or pops the value of a big piece of fall.