Jianye survive

On August 1st, reporter of Economic Observation Network, Jianye Real Estate (00832.HK) issued an announcement. Wang Jun resigned as an executive director, and Lin Mingyan and Chen Ying resigned as directors. At the same time, Deng Gaoqiang and Shi Song are non -executive directors, and Hu Yisen, an executive director and chairman of the board of directors, Li Hua, non -executive director Li Hua, and three independent directors to form a new board of directors of Jianye Real Estate.

Behind the large -scale changes in the director is Jianye introduced the battle to the ground.

As early as July 21, Enhui Investment Co., Ltd. (hereinafter referred to as "Enhui Investment"), a major shareholder of Jianye Real Estate, sold 885 million shares to Henan Tongsheng Real Estate Co., Ltd. (hereinafter referred to as "Tongsheng Real Estate Industry," Tongsheng Real Estate "), Accounting for 29.01%of Jianye's total share capital.

Tongsheng Real Estate is the real estate business platform of Henan Railway Construction Group. After this transaction is completed, Enhui Investment under the control of Hu Yisen holds 41.72%of Jianye Real Estate, and Henan Railway Jianchu has become the second largest shareholder of Jianye Real Estate.

Since July 2020, Jianye Real Estate has been lingering on the edge of life and death. This time, Henan Railway Construction has invested in shares. It is also a case for another state -owned assets to rescue private housing enterprises after Shenzhen State -owned Assets invested in South China City.

A familiar person told the Economic Observation Network that Henan Guozi shot Jianye on the one hand. On the one hand, Jianye contributed to Henan in the past. The government's rescue is also logical. "

On the other hand, in the past two years, various events such as Henan, such as Yongmei, and village banks have been frequent.

Fight against the ground

Deng Gaoqiang and Shi Song, who have newly entered the board of directors of Jianye, are from Tongsheng Real Estate. Among them, Deng Gaoqiang is the secretary of the party committee and chairman of Tongsheng Real Estate.

According to Jianye Real Estate, Tongsheng Real Estate, as a financial investor, does not enter the specific business of Jianye Real Estate.

After this round of changes, all the professional managers in the board of directors of Jianye Real Estate withdrew all withdrawn. Among the seven directors, Hu Yisen was the only executive director. Hu Hua's daughter Li Hua was a non -executive director. Sheng Real Estate, the other three are independent directors.

Jianye Real Estate's introduction of war investment dates back to May and June this year, which is also one of Henan Province's many rescue measures for Jianye Real Estate. In mid -May, Henan Cultural Industry Investment Co., Ltd. took over 49%of the equity of 49%of the "Henan · Drama Phantom City" and 90%of the equity of Jianye Huayi Brothers Film Town.

On June 1, Jianye Real Estate and Enhui Investment signed a framework agreement with Tongsheng Real Estate. The agreement was mainly divided into two parts: one is Enhui Investment will sell 860 million shares of Jianye Real Estate to Tongsheng Industry. More than 0.8 Hong Kong dollars.

On July 21, Enhui Investment and Tongsheng Real Estate officially signed a share trading agreement. According to the calculation of HK $ 0.7325 per share, the amount of this share transaction was HK $ 648 million, which was equivalent to about 558 million yuan. This price has a certain premium compared with the stock price of Jianye Real Estate, but from the perspective of net assets, it is equivalent to two discounts.

According to the agreement, all the equity transactions are settled in cash. Enhui Investment agrees that all transaction cash will be provided to Jianye Real Estate as supplementary operating funds.

As a measure of equity transaction compensation, the second content of the agreement involves Tongsheng Real Estate providing financing for Jianye Real Estate, which specifically issues convertible bonds due to HK $ 708 million in Jianye. The ticket interest is 5%.

According to the agreement, Tongsheng Real Estate can convert debt to shares in accordance with the total or partial conversion price of HK $ 1.2. At that time, Jianye Real Estate will be transferred to the debt of the shares. The proposal has been passed.

If Tongsheng Real Estate conversion is allocated, involving 559 million shares of Jianye Real Estate shares, which is equivalent to 19.9%of Jianye Real Estate's issued share capital or 16.6%after the expansion of the shares of the shares. Enhui Investment under the control of Hu Yisen became the largest shareholder of Jianye Real Estate.

In the shares trading agreement, in addition to the transfer of the shares, the two parties also agreed on a series of conditions, including: first, the public holdings of the public must not be lower than the regulations of the listing rules; second, after the shares are completed, Tongsheng Real Estate can nominate two two nominations. Directors; Third, Enhui's investment in investment is provided to Jianye Real Estate in the form of shareholders' loans.

According to the announcement of the announcement, only after these agreed conditions are achieved, the agreement on sale is completed. Tongsheng Real Estate will also perform convertible bonds issued by the subscription of construction of Jianye Real Estate. According to Jianye, the issue of issuing convertible bonds is still discussing with Tongsheng Real Estate. After the implementation of the relevant conditions, it is expected to start soon.

Why is Jianye

2022 is the 30th anniversary of the establishment of Jianye Real Estate. Hu Yisen has emphasized on many occasions. What he is most proud is that Jianye has not owed money that owed financial institutions, and the other is that Jianye did not owe government taxes.

As of August 3, Jianye Real Estate had eight US dollar bonds, with a total balance of 2.446 billion U.S. dollars, of which one 500 million US dollars expired, with a total of 900 million U.S. dollars in 2023. 800 million US dollars expired, and a $ 260 million expired in 2025. Jianye has no domestic credit bond. According to Jianye's 2021 financial report, a total of 6.8 billion yuan of interest -liabilities that need to be repaid in 2022. The 500 million US dollars expired during the previous year accounted for about half. Jianye's ability to raise funds.

On July 13, Fitch raised Jianye Real Estate to B and included in a negative observation list. The reason given by Fitch is that the liquidity of Jianye Real Estate is tight, the contract sales in the first half of the year are weak, and the US dollar debt repayment and state -owned assets shall have uncertainty.

On July 15, S & P also lowered Jianye Real Estate to B- and included in the list of negative credit observation. S & P believes that Jianye Real Estate may face higher risks when performing debt repayment plans. At the same time, in view of the poor industrial conditions in Henan, Jianye Real Estate's recovery road will be difficult.

On July 21 a week later, Enhui invested 29.01%of Jianye Real Estate shares to formally sign a contract with Henan Railway Construction Investment. On July 27, Jianye Real Estate began to pay the redemption to the designated offshore account. On July 31, Jianye issued an announcement saying that it had purchased 27.325 million US dollars.

Jianye Real Estate's 500 million US dollars bonds were issued on August 8, 2019. The expiration date was August 8, 2022. The issuance of tickets issued 6.875%, paying interest every six months. At present, the price of the dollar debt has risen to 97.88 cents, and the increase in the past month has reached 26.2%.

For whether they can repay the US dollar debt completely, a person close to Jianye said: "For part of the funds in place, a part of remittance. From our judgment, it should be fine."

In the second half of 2021, real estate entered a period of high risk of liquidity. There were many rumors that the local government rescued real estate companies, but there were not many real landings. As of now, in addition to Shenzhen's state -owned assets' investment in Wainan City and Henan State -owned Assets Enterprise Real Estate, there are few cases of landing.

The earliest came out is that the state -owned assets of Langfang City entered Huaxia Happiness. Although the Huaxia Happiness debt plan has been released, for various reasons, a series of solutions including the acquisition of Huaxia Happiness Industrial New City assets and holding Huaxia Happiness have not yet made substantial progress so far Essence

Jianye's aid is related to the reputation that Hu Yisen has accumulated in Henan for decades. The above -mentioned people who are familiar with the situation said that including "only Henan · Drama Fantasy City", Jianye Huayi Film Town and other projects. A project in Drama Fantasy City has invested 6 billion yuan in funds. Even if it earns more than 100 million yuan per year, it will take 60 years to recover the investment. For Jianye, these investment is obviously not an economic account.

"Only Henan · Drama Fantasy City" is located in Zhongmu County, Zhengzhou, covering an area of ​​622 acres. It has 21 theater and nearly a thousand actors. Officially opened on the 6th.

Moreover, Jianye's real estate development business basically covered every city and county in Henan, and moved the whole body. After experiencing the incident of village and township bank incidents and talent rooms, Henan also tried to avoid other similar incidents.

Path of survival

Jianye rooted in Henan, with 4 listed companies including Jianye Real Estate, Jianye New Life, Jianyou Intelligent Manufacturing Technology, and Zhongyuan Jianye. Multiple areas.

Shortly after the 720 heavy rain in 2021, a report on "Report on Enterprises and Crisis and requesting assistance and rescue" began to spread widely. The S & P has lowered the rating of Jianye.

According to this report, the flood in Henan, Jianye directly lost more than 500 million yuan, and indirect losses exceeded 5 billion yuan, especially the roads and facilities of the football town were completely destroyed. The construction period was stretched.

如果说水灾影响是暂时的，疫情带来的影响更为深远，在2021年9月举行的沟通会上，时任建业地产执行董事、总裁的王俊透露，疫情出现后，郑州部分区域，商丘、 Sanmenxia and other cities stopped construction and sales office operations. Even if they did not stop, sales were greatly reduced.

Soon after the help letter was issued, Henan Province issued "Gold Ten Articles" to help the affected enterprises, and Jianye gradually resumed its vitality. In August 2021, the sales amount was flat year -on -year. Malls and green bases are re -production and re -production.

But then, a number of real estate companies represented by Evergrande broke the thunder, which caused financial institutions to draw loans and disconnection of real estate, and local housing and construction departments to strengthen pre -sale funds. In addition, real estate sales declined all the way, the entire real estate industry fell into a flow flow. In the sexual crisis, Jianye Real Estate also entered the risk of sweeping the entire industry again.

Compared with most peers, although the Henan market is not as good as the Yangtze River Delta, Jianye does not seem to be the most difficult real estate enterprise. In 2021, Jianye's sales amount was 60 billion yuan, a year -on -year decrease of 12%. There is no default and exhibition period.

However, Hu Yisen still smelled the crisis. After the Spring Festival in 2022, Jianye began to adjust the organizational structure. The five -level structure was streamlined to the third level. About 50%of the personnel were diverted to the front line. At that time, Hu Yisen said that after experiencing heavy rain and epidemic, Jianye needed to make such a change. At the same time as internal reforms, Jianye also began to seek possibilities outside. In November 2021, a strategic cooperation with the Central Plains Bank plans to obtain a comprehensive financing quota from Central Plains Bank. In early 2022 State -owned enterprises such as power construction have signed cooperation agreements.

In April of this year, Jianye and Wanda reached a cooperation agreement, and planned to rent all commercial projects to Wanda commercial operations. At that time, there were rumors in the market that Jianye entrusted all commercial to Wanda, and Wanda borrowed 1 billion yuan to Jianye Real Estate, but neither side responded positively.

Until the end of May, the road of survival of Jianye appeared. Henan Wendu took over the equity of two cultural tourism projects in Jianye. Although the market questioned whether it could be landed, as Deng Gaoqiang and Shi Song entered the board of directors of Jianye, it also meant that the issue of shares was officially landed.

Henan complex of Hu Yisen

In the Chinese real estate industry, Hu Yisen can be regarded as veteran -level figures. Wang Shi and Feng Lun, who have grown up with his contemporaries, have left the real estate. He is one of the few 92 pieces who are still active in the front line.

Before the establishment of Jianye Real Estate, as a staff member of the Henan Provincial Government, Hu Yisen worked in Hong Kong for 10 years. Like most entrepreneurs of that era, Hu Yisen gave up an iron rice bowl in 1991 to choose to start a business. His roots are in Henan.

In June 2021, at the opening ceremony of "Only Henan · Drama Phantom City", director Wang Chaoge told a story. One day, Hu Yisen called her and asked for a lot of money to do a lot of money and ask Wang Chaoge? Wang Chaoge said, "I'm more niche than you, I come, I said halfway, I said that you wait, I bring more than 1,000 artists and roll with you in Mai Di."

Wang Chaoge said that Hu Yisen is the most nice person in Henan, because no one will spend more than 6 billion yuan in four years to build a city in Mai Tian; The seeds cast are not just food, but also the beliefs that can be dedicated to their children and grandchildren.

According to the description of the people around him, Hu Yisen had extremely deep feelings for Henan, and did a lot of things that "spending money without benefits but benefiting for future generations."

At the opening ceremony of "Only Henan · Drama Phantom City", Hu Yisen talked about the experience of living in Puyang when he was a child, and he could see people who were seduce almost every day. So he said that without suffering, he could not understand the value of food. Without food, he did not know the contribution of Henan to the reproduction of the Chinese nation.

"Without suffering, the light of human nature will lose color." Hu Yisen said. After repeatedly discussing with Wang Chaoge, it finally decided to use food as the main line of "only Henan · Drama Phantom City", "'Only Henan · Drama Fantasy City" It has been used for four years, but this idea may have been 40 years. "

Perhaps this kind of thinking allows Hu Yisen to make a series of money -burning projects, build Jianye Canteen in Henan, and deeply cultivate the business of Jianye in Henan Province. When most real estate companies choose to expand nationwide, Hu Yisen and Jianye choose to take root in Henan. Real estate is a city with a large periodic fluctuations. The risks faced by a province are self -explanatory. This is where many people do not understand Hu Yisen.

After most cities nationwide in 2017, when most housing companies contracted strategies to first- and second -tier cities, Jianye once again unexpectedly abandon Zhengzhou and sank the market to third- and fourth -tier cities in Henan. It once lost the leader in the Zhengzhou market for a time. status.

In the field of real estate in Henan, Hu Yisen is also a controversial entrepreneur. Many decisions of Jianye are wrong in the outside world, but the final result seems to be as unbearable as the outside world.

The above -mentioned people who are close to Jianye said that Hu Yisen has feelings, but most of them are more persistent. Wang Shi banned Vanke diversified. Hu Yisen adheres to Henan. Logic, and can withstand the test of time. "

Compared with most of the crisis of liquidity, although it is too early to say that Jianye ’s birth is still early, Jianye has undoubtedly taken the most critical step.

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