Hong Kong's new giants

Even if he is no match, he can still get a higher selling price for Yang.

……

But on the other side.

When Li Chaoren heard the rumors in the market, he immediately became interested in the Miramar Hotel, because it was rumored that the Yang brothers were at odds, and only Yang Bingzheng did not agree to sell the Miramar Hotel. This is a "name".

In this way, although he does not have the directors to take the initiative to introduce the door, he can still offer a fair price, which may defeat Lin Zuhui.

However, he thought of Lin Zuhui's great name and wealth, and soon decided to invite Mr. Rong from Huaxin Taifu to do it together.

Soon, Mr. Rong was also very excited. Although he was suspected of offending Lin Zuhui, it was a fair price competition; the most important thing was that Li Chaoren had a very good idea, which was to spin off the Miramar Hotel.

Miramar Hotel and several restaurants and Nanhai Hotel are owned by Huaxin Taifu, while Miramar Plaza (demolition in 1988, construction has not yet started) covers an area of ​​8.6 square feet of land, and the investment of Yangcheng and Magic City (the Miramar Hotel was established very early The Miramar Garden Residential Project developed in the two places) belongs to Cheung Kong.

For a moment, the two hit it off and started to act quickly.

……

Wednesday, April 5.

Miramar Hotel announced the suspension of trading. The current stock price is 14 yuan per share. Since it was reported that New Era Group intends to acquire, Miramar Hotel’s stock price has risen by [-]%.

The reason for the suspension of trading was that the acquisition proposals of Cheung Kong and Huaxin Pacific were sent to the board of directors of Miramar.

On the same day, Yang Bingzheng said in front of the media:

"All the directors have not reached a consensus with Cheung Kong and Huaxin. The development potential of Miramar Property is excellent, and the net asset value is 17 yuan per share."

"Last night, I received calls from the financial advisors of Mr. Li Ka-shing and Rong Zhijian, and at 9:[-] the next morning, the acquisition proposal was sent to the Miramar board of directors. Such a huge acquisition did not give the parties proper time. To understand, but to act suddenly, it is certainly not friendly and kind."

"And the price of the acquisition proposal is 15.2 yuan, which is much lower than the intention quotation of New Era Group! The subsidiary conditions are not enough to satisfy people!"

For a time, public opinion was in an uproar.

Yang Bingzheng's move was regarded as a public criticism of Li Chaoren and Mr. Rong, and it could be said that he offended the rich and powerful forces at the same time.

And the media is even more curious about what is New Era Group's intended offer?

It has been so long since the news broke that New Era Group has not formally submitted the acquisition proposal. It seems that it is very confident in its offer.This has always been in line with Lin Zuhui's style, buying at a premium, but later facts proved that his vision is very good, and it only takes one year to make a par price.

……

That night, Lin Zuhui also invited Lee Shau Kee to dinner.

During the dinner, Lin Zuhui said: "Fourth uncle, are you interested in participating in the joint development of the old wing of the Miramar Hotel (originally three old hotel buildings)!"

Lee Shau Kee was taken aback, and immediately asked, "Do you want to spin off Miramar Hotel?"

Lin Zuhui shook his head and said: "Of course not! I'm worried that after I buy only 34.5% of the shares, Li Chaoren and the others want to continue to make a full acquisition. At that time, the Yang family will lose their ancestral business. So, if you are optimistic, you can buy The two of us will only serve as directors with more than ten percent of the stock. After Mr. He is willing to retire, I will serve as the chairman of the board of directors, and we will jointly develop Miramar Hotel!"

He is also worried that Li Chaoren intends to make a full acquisition (9% impossible), so he is not very relieved.Once the shares exceed 35%, it will be fully acquired.

Although this deal is very cost-effective, Lin Zuhui does not want to invest 90 billion in cash in the Miramar Hotel.

Therefore, it is better to invite Lee Shau Kee to develop together.

Lee Shau Kee thought for a while before saying, "How do you plan to develop Miramar Hotel?"

Lin Zuhui said: "The land is naturally for the development of Miramar Shopping Center, which can build a shopping center of more than 50 square feet; and then an 18-storey office building with 4 square feet per floor can be built on it... In addition to this plan In addition, for investment in the mainland, I plan to position Miramar as a three-star four-star hotel, and then make multiple planned investments. The mainland is in a period of economic development, and the rate of return to occupancy of three- and four-star hotels is high, which can speed up the return on capital speed."

Lee Shau Kee nodded frequently and was very moved. Although he is not a major shareholder, Miramar's assets and prospects are still very large, and the long-term dividends must be good.

"Good! I can buy odd stocks from the market!"

"Mr. He and the others have 5% in their hands, and Yang's has 34.5%. The total is 39.5%. Of course, Yang Bingzheng will keep 5%. When the market opens tomorrow, the fourth uncle can absorb it in the market. But you should not exceed 17 yuan per After all, once Li Chaoren withdraws, the current Miramar Hotel will not be able to support 17 yuan per share.”

Li Zhaoji nodded and said: "That's right! As long as you reach an agreement with Mr. Yang and Mr. He, we will have 40% of the shares in our hands. I know Li Chaoren, he will not raise the price again, Because your price is too high."

Lin Zuhui smiled and said, "That's good!"

In any case, the Miramar Hotel is not Lin Zuhui's overvalued asset, so he doesn't want to buy it in full.

……

Friday, April 5.

The 13 directors of Miramar Hotel's board of directors all accepted the acquisition proposal of New Era Group, and did not give Cheung Kong and Huaxin Pacific a chance at all.

For a while, Xiangjiang public opinion reported the details of this acquisition battle.

And when the quotation and conditions of New Era Group were announced, everyone realized that Li Chaoren's loss was not wronged. The sky-high price of 17 yuan per share is a full 36% higher than before the takeover war.

Not only that, such a high price also allows Yang Bingzheng to continue to manage the business, which shows his sincerity.

Faced with this result, Li Rong Group no longer raised the price and admitted that the acquisition failed.

Public opinion has described this confrontation as Lin Chaoren, who once again defeated Li Chaoren.

4 Chapter Fifty

Tuesday, July 5.

Today is the day for the delivery of the May index futures (three trading days are reserved for delivery), and it is also the day for Lin Zuhui to harvest;

At the beginning of the year, Hengjin Investment bought 10000 May futures contracts, and the average value of buying the Hang Seng Index was 4400 points, and today's opening is 6100 points.

In other words, he invested about 4.4 million yuan. After the market closes today, he may make a net profit of about 8.5 million yuan and withdraw 13 billion yuan.

The funds came in a timely manner, because he had no money left!

It was unbelievable, he felt like he was always short of money.

年初还有60多亿的现金，结果购买海外信托银行花了25亿、沽空美元日元花掉15亿的保证金（20倍杠杆，均点132.8点）、供股集资/认购债券花掉25亿、支付仙女7亿用于购置海外资产。

If it weren't for the dividends of over 10 billion (multiple listed companies) and the rental income of Hengjin Real Estate in the hundreds of millions, I'm afraid he would have been 'bankrupt'!

Lin Zuhui is used to this kind of life where he earns a lot and spends a lot.

If he has tens of billions of cash in his hands but no investment projects, he will feel uncomfortable instead.

USD/JPY, which was short-sold this year, has now fallen to more than 129 points, which is considered to be the beginning of a decline. I don’t know if it will rebound;

The point is, if it falls to around 120 points this year, he may not close his position. After all, he is looking forward to falling to around 100 points next year.

Therefore, if you buy gold futures at the end of the year, you have to borrow a little in advance.

Now he doesn't need to think about the risk of taking out loans for finance. After all, his US stock market value, Hong Kong real estate, and shares in listed companies are all very rich.

It is also impossible to go bankrupt at a loss.

"Dong Dong" knocked on the door.

Secretary Li Ke walked in with Chen Bin.

"Boss, the project with HSBC has signed a formal contract. Before the end of this year, we will complete the demolition work and start the superstructure project early next year." Liang Zhenxun sat on the sofa and reported.

Lin Zuhui was a little bit satisfied. This was the first real estate cooperation between New Era Group and HSBC.

HSBC is located at the old site of staff quarters at No. 23 Pokfield Road, Hong Kong. It plans to redevelop two 35-storey residential buildings.The total buildable floor area of ​​the site is approximately 5 square feet.The "New Era Group" is responsible for the entire development, and the New Era Group plans to invest HK$1995 million as land premium and construction costs.The two parties each hold approximately [-]% of the equity in the entire development, and it is planned to complete the occupancy in [-].

I won't earn too much, at most 30% of the annual income, but after all, it is a project that was snatched from Cheung Kong Industrial, which is still very happy.

It turned out that in April this year, Li Chaoren officially resigned as the director of HSBC Bank, and also announced that the honeymoon period between HSBC Bank and Li Chaoren was over.Although it cannot be said that there are conflicts, at least they will not be as close as before.

Of course, Lin Zuhui naturally didn't mean to go up to the top. He and HSBC are limited to loan cooperation and real estate cooperation. The relationship between Li Chaoren and HSBC is far from good, even now.

He doesn't need to have a good relationship with HSBC either!Both parties have interests in this cooperation - HSBC Bank is eager to continue to cooperate with New Times Group (loans), and also hopes that Lin Zuhui's relationship will help them return to the mainland.

Lin Zuhui said: "Well, try to sell them all by the end of next year and the beginning of the next year."

Chen Bin nodded and said, "Okay, I'll make a note later!"

Lin Zuhui also said: "Next year we will strive to sell 300 million square feet of residential area, and we must make full preparations and schedules."

In fact, this is his careful calculation.

He knows that this wave of Hong Kong government's suppression of real estate speculation, the low-to-medium-end housing market can only be said to have risen slightly, not a big rise; this indicates that there will be another big market next year, so more houses should be sold.

And in 1994, the Hong Kong government may have to crack down on real estate speculators more severely. In addition, Xiangjiang Real Estate will enter a "adjustment period" by then, and it is possible that it will fall by [-] to [-] percent.

In the Maanshan duel between Li Chaoren and Lee Shau Kee in the previous life, the property price ranged from more than 5600 Hong Kong dollars to 3950 Hong Kong dollars in the end.

Therefore, for a better benefit ratio, Lin Zuhui usually makes careful calculations, that is, the supply fluctuates.

For example, if the supply was 1993 million square feet in 300, it would be sufficient to supply 1994 million square feet in 280.

Chen Bin naturally knew that the boss was good at careful calculation and good timing, so he firmly believed in it.

"Well, there is no problem with planning supply!"

Lin Zuhui thought for a while and said: "Recently, due to the opening up of the mainland, the prices of industrial buildings in Xiangjiang have not risen but have fallen. You can ask people to search for some industrial property land and old buildings that can be rebuilt in Kwun Tong and buy them. These old buildings on rebuilt land , can be used as a land reserve, and can be rebuilt into a complex in the future, which is quite cost-effective!"

Because Hong Kong's factories have all been relocated to the mainland, the Hong Kong government has already allowed industrial land to build comprehensive buildings, that is, office buildings and factory buildings.

Now the Hong Kong, Hong Kong and Kowloon areas have less and less land, so if you want to reserve more land, you need to be more flexible.

Chen Bin asked: "It's easy to find a suitable one, but how much do we plan to invest?"

Lin Zuhui said: "Less than 8 million!"

"Okay, I know!"

The net profit of New Era Group for one month is nothing.

And it's a semi-commercial building, so it's a very good thing to be able to pick up a bargain.

In Lin Zuhui's view, the New Era Group makes money quickly, so it must also spend it quickly, and it cannot keep too much money in its hands.

After a while, Liang Zhenxun also walked into his office to report on his work.

First of all, the acquisition of Miramar Hotel was officially launched, with an estimated cost of 29.5 billion Hong Kong dollars and a 34.5% stake in Miramar Hotel;

Secondly, the United States sent back news that it had purchased Microsoft's stock worth about 2.5 million U.S. dollars.

Lin Zuhui is very satisfied with these two investments.

The Miramar Hotel has no debts, but has a cash flow of 5.2 million yuan in its account. This money can start the Miramar Plaza project (which has already been approved); in addition, it can also make loans and invest in the mainland.

The cost of US stocks invested by New Times Group has reached 3.5 million US dollars, and the current profit is 1500 million US dollars; according to Lin Zuhui's prediction, the rate of return will maintain more than 35% every year in the future, and until the beginning of 2000, it can earn more than 8 billion US dollars in 80 years .

These funds can be used as a "guarantee" for New Times Group's investment in commercial real estate from 1993 to 1994. It is like the egg philosophy. If a project generates losses and low profits, another high-return industry can increase the overall return on investment.

Of course, Lin Zuhui is also full of confidence in investing in commercial real estate in the United States, and he will definitely be able to succeed in bargain hunting.

……

At the end of May, Lin Zuhui came to Beijing.

He signed three consecutive contracts with Beijing officials, and won the three major projects negotiated at the beginning of the year in one fell swoop, namely:

The reconstruction project of Dong'an Market on Wangfujing Street, after the entire project is renovated, the business area will reach 150 million square feet; the highest building has 10 floors and two underground floors, and it is composed of multiple buildings; one of them is used as "Dong'an Market" The department store model is based on the central cashier model, and the rest are modern rent-collecting shopping center models.The cooperation model between the two parties is: Dong'an Market takes the land as a shareholder, accounting for 35% of the shares; New Times Group bears all construction costs, taxes and fees, accounting for 65% of the shares.The entire 'New Dong'an Market' project is expected to be completed in the first half of 1997 and put into operation.

The 'Wangfujing Hilton Hotel' (Xiaowei Hutong) project adjacent to Dong'an Market covers an area of ​​20 square feet. This project is purchased by New Times Group and is solely owned by it.

The Central Plaza in Sanlitun covers an area of ​​70 square feet. It is a modern shopping center composed of 19 low-density buildings (10 floors), and creates a fashionable, trendy, and artistic style block. This project is wholly-owned by Hong Kong.

The three projects went very smoothly, and the negotiation time was less than three months, which is closely related to Lin Zuhui's personal connections and influence.Lin Zuhui himself is not just a real estate businessman. His garment factories in the Mainland employ thousands of workers, and he is a representative of the manufacturing industry among foreign capital.

After winning three projects, Lin Zuhui did not leave the capital, but continued to negotiate with officials in the capital.

In a conference room, Lin Zuhui expressed his thoughts: "The capital city is the capital of China. Foreign tourists who come to China will basically come to the capital city. In recent years, there have been many new buildings in the capital city, but if the city center is low and dilapidated, The rotten houses really hinder the appearance of the city. Therefore, I want to discuss with the leaders to carry out a comprehensive renovation of the old city of Chongwen and build new modern urban buildings.”

A Beijing official said: "The old city of Chong-wen is about 200 million square meters (2200 million square feet). For such a huge project, just relocation is a big problem. The people must live and work in peace, otherwise there will be chaos."

Lin Zuhui immediately expressed his thoughts and said: "Naturally, we will consider everything carefully. Our New Times Group is willing to cooperate with the government to develop and adopt the method of demolition and construction. Such a huge project can be constructed in multiple phases. We can cooperate to establish The company carries out. In the entire project, build residences, hotels, commercial buildings, etc., and make overall plans.”

For a renovation project of 200 million square meters, and it is in the center of the capital, it is unrealistic to buy land and build it solely as a sole proprietorship.

Not to mention other factors, just a relocation project, without the government to handle it, I don't know how many things will happen.

And this project is so huge that New Era Group's construction and investment in phases is equivalent to reserving land in disguise.

New Times Group's investment in the mainland must also adopt the method of "emphasizing land reserves", so as to slightly increase the rate of return.But he knows that the rate of return of mainland projects is only in the range of 8 to 15%, and it is impossible to make quick money.But if the quantity is large, it is still very worthwhile.

This time he came to the Mainland, in addition to signing six contracts, he also had to invest in 'property development' (residential projects).

Because the return period of rental properties (shopping malls, office buildings) is too long; therefore, we must work together to collect rental properties and develop properties in the Mainland.

After two years of developing the property, you can start selling off-plan houses and withdraw funds;

The money earned just makes up for the investment in rental properties.

The officials in the capital immediately attached great importance to this project, and the two sides conducted preliminary negotiations.

And considering the situation in the capital, Lin Zuhui also tried his best to show sincerity and truly win-win cooperation.