Sunco, the destroyer of the Chinese agrarian revolution was a builder - Liu Yixiao chain --- the focus of Beijing ...

 As also Sunco, loser Sunco <> <> The Mingzao Sunco China, more than a year ear. <> To shoot them full of crazy moves, with the industry and the media more than a suspicion. And Sun Hongbin remains unchanged, then came the news said, a well-known U.S. funds want to invest 100 million U.S. dollars, for the land bank, message authenticity, yet to be verified, but in any case, it at least shows the chain of land funds Sunco is indeed a very taut, collapsing too tightly, so that onlookers can not help but worry about heart health, financial chain Sunco would suddenly disconnect? funds to developers, as if the bow is to the shooter, was dissatisfied with bow and arrows to shot less than the farthest, the interests of capital can not be maximized, while the bow is too full, there may be snapped string, shooter unemployment, the developer of collective debt collection by banks, and ultimately can only be bankrupt. <> Sunco Of course, not bankruptcy, but there are indications that Sunco chain has come to the capital near the brink of collapse: Sunco to 905 million yuan went for the Beijing Daxing the 1st block, according to auction documents, should be in January Sunco delivery of 270 million yuan before the end, but said that as of February, Sunco pay only about 70 million yuan, and 2 million land price has been due to the Government, but this time No. 1 on the ground in Daxing, Sunco has been Start built a sales office, ready to begin sales. In Nanjing, Sunco to 653 million yuan in Nanjing Hexi listed land acquired, in accordance with the agreement by the end of February before the Department should pay the entire premium full, Nanjing media to disclose their paid only 2.5 billion, is currently planning permits, certificates, and so have not started to do, but the land has been rumbling sound machine, Sunco has been piling, and the project manager has played a slogans, and in Wuxi, Suzhou, Shijiazhuang, Changchun, etc., all competing in the Sunco, almost without exception, there are arrears of land resources and project future embarrassment of being challenged. <> Sunco's ; revealed the secret <> a trade trip to the worry of Sunco, he expansion? basically say that the history of Chinese real estate enterprises that have not so much mine, in such a short period of time even threw billions into the number of city, and all the big real estate companies all have stronger heart, why not Sunco dare while others do? property of the cross-regional development needs can be briefly summarized as follows: capital, talent, technology, and we tentatively believe Sunco strong and cohesive corporate culture and years of history, so that talent, technology is completely not a problem, but the money? This is a hard resource, Sunco enough? 2003 rate of 50%, the Sunco of the net assets of 20 billion yuan, how to deal with sudden capital expenditure of more than 100 billion? <> ;> In the Sunco house, then a famous saying: operating strength and business logic. <> Sunco eventually can not resist, however, such as North Korea's challenge, in the recent can glimpse the spot. Sunco will draw a payment. <> gruel doubt the magic of the legitimate and reasonable. premium payments each time the tender of the contract clearly defined, and Sunco will want to push to push? If the government does not agree how to do? Sunco's answer is to make to those of other competition fair? This is consistent with an open and just market order? <> Loaning, more than 50% progress in order to get some money to get for the works after the completion of less than 50% of project budget, and some companies do the next works in order to get some funds on a project, I believe this is not construction unit will work to make the intention and plan Sunco Terms and Conditions. <> in China's real conditions, , an enterprise determined to do the first, how can build their own capital chain evade - or, more accurately, The main funding is still owned, and cash flow has been steady growth. <> Sunco second magic is The procedure was started and opened it? There is an infinite loop, Sunco's model (shown above) is only to pay the money received in sales price, but the state documents, is not about to pay the full land price if not allowed to start and sales, Sunco how to break this loop? The answer is probably two strokes: one: to make <> Sunco how to do, in fact, the objective is to test the Chinese government's economic management capacity. holding U.S. passports Sun Hongbin, it seems that the legal representative of the form, challenging the Chinese government? <> gruel analysis approach, as its own business model and actually introduced outside, ready to copy from the Tianjin project across the country, because the model has applied successfully in Tianjin, Sunco estimates to other local governments will be true of real estate governance, should be able to capacity. gruel that Sunco is the angle from the 6, a comprehensive test of the Chinese government: 1, the test of implementation capacity of government land sale contract payment if you do not press about how the Government should, if immediate recovery of the land, re-auction, that is marked the government's blunder, the Government did not face? Sunco phenomenon is seen through the government's psychological, dare to dare to be About payment, the Government does not pursue its breach of contract, or understatement, allowing it to sell money to pay the land price, to seriously undermine the principle of fair and equitable land market, directly against the target in the public sale of other real estate companies Falling economic interests. So these companies have the right to sue the government to require compensation for economic loss? auction contract on the implementation of the strict implementation of national land policy, a fundamental requirement. 2, the test of the capacity for monitoring project development aspects of national policy has repeatedly emphasized that the Housing real estate projects get started without permits and licenses are not allowed to start marketing and sales. the Government as national policy makers and implementers, should be strictly enforced policies and regulations formulated and strictly started to stop violations, illegal sales, damage to the market rules behavior, can not be left unchecked, can not be tolerated. 3, test of the government officer of the spirit of justice and so on the one hand, deferred payment defaults are a fair test of the spirit of government officials. the face of the like to retain the land, allowing the start and other demands, government officials themselves how to deal with, will wear down in a hard or soft foam under the sugar-coated bullets, the existence of this process of corruption? the role of government supervision and inspection of how to play a role? If the Government to formulate land policies and contracts signed by public auction can be to violate and trample on random, you can renegotiate privately, and this act of impunity and to stop public sale of national land policy is the piece of paper .. 4, the test of the government's real estate management capacity was the result of foresight to postpone default payments, land auctions around the important reasons for the lack of credit guarantee system. land public sale should be a lot of one-time payment, so do not give money there is no way that can completely prevent the phenomenon of late payment default; for large tracts of land for non-auction one-time payment, credit screening mechanisms should be established, not to approach companies with poor credit, even if the approach also requires real estate company issued financial institutions to open bank acceptances and other financial institutions, guarantees, so you can prevent defaults late payments, maintenance of fair and equitable land market. On the other hand reflects the Government should establish an open and transparent public oversight mechanism, the implementation of land for open transfer contract (such as payments) placed under the supervision of the public, can truly regulate the land market and fair in order to promptly stop and correct the kind of breach of contract, violations, reduce the staff of government departments corruption. 5, the relevant test of the government's ability to protect first of all stakeholders, is to protect the Government's land earning capacity, to recover the land shall not be scheduled, which means the loss of government interest; more serious cases, if the project development to half of the unpaid section of land, while poor project management, financial inability to flow, the government will suffer heavy losses; second How to protect the rights of migrant workers until the construction team, and if the real estate business beyond their own strength to develop real estate, construction project payment arrears which led to wage arrears for migrant rural workers, how the Government in time to stop and take the appropriate measures. Third, the real estate illegal start and illegal sales, the greatest risk is to buy real estate owners, the biggest risk is that project quality is low, and the commitment to reach the sales made, and these risks under the rush of capital and labor, looting and require the construction unit sales Advancer The situation is very vulnerable. 6, 121 file test the implementation capacity of 13 June 2003 the People's Bank of China issued the project development companies to obtain bank loans have been clearly defined conditions, specified in the text does not allow banks to issue loans to enterprises to pay premium, does not allow banks to asset-liability ratio of more than 70% of business loans, real estate projects is not allowed In the All pre-market premium. Sunco concern of the industry almost overnight become the target Sunco really do not understand on what basis can this expansion? have friends in the Sunco inside, with the crazy busy every day the same, and Sunco Night Club talent, technology is completely not a problem, but the money? This is a hard resource, Sunco enough? challenges, the management is even more so. real estate related links so complicated, an important part of any problem is very terrible. Of course the capital chain is among the most important issue. Sunco for fear of Another industry veteran who think that Sunco to suffer, loss in the This set takes all the way across the country. logic is much more to worry about debt, bigger is not afraid! Yes ah, moving the ten land several hundred million and no government dare to offend such a generous developer? building area of play, Which building contractor shall not listen and obey? own funds may have limited bank support, which banks are willing to lose such a big customer, even if a problem, which bank they dare to brave the risk of bad debts off into the developer's capital ? Since they can not, why not do big points. conventional way with a large mine, which is the basic logic of Sunco. Sunco look at the commercial chain. the typical chain of internal buy a house, first get the land (equivalent to No one got in the house), and then pay some down payment (not all), rushed to start selling cash (equivalent to an internal number and the transfer of risk), it seems Sunco is an expert in the real estate area, can be directly applied to the Housing real estate development to go. and tied with a chain which things? Government - Banks - Builders - Consumer - different cities, but by all means to fight the longer the chain, who tied a little more. This is Sunco development chain. Sunco logic and the chain is accounted for in the original location and now to think about reality, it seems understandable. But from another perspective and the role of thinking? If the government think, think what the government is not a fool, and will increasingly sophisticated, the means for this sleight of hand tricks will realize more and more deep, you breach or illegal operations, I returned to your land - buckle your deposit - and then conduct the auction, both the Government impartial set image, but also benefit to develop the economy, why not? think if the banks do, so business is great, but credit risk is also large, the central bank repeated orders of the high pressure, there must be more and more banks thinking, once more in order to avoid the risk to ton output capacity? If builders think it, such enterprises live to live big, but once the Government, the banks take steps to how to do, consumers do not buy it, would not Jifeidanda get the job, ah, In order not to leave a pile of construction on schedule, or give up, Tai Hang, cut corners or delay period? If consumers think it, this project progress so fast, of the number of effective market analysis, feasibility studies, planning, making products can not meet consumer demand, coupled with the construction of such a fast builder owed money, how much quality can be guaranteed, in order to own property from damage and give up to buy? the veteran, Sunco is afraid of scrutiny, fear that other people thought. Sunco know? another critics also believe that, in fact, Sunco's approach is not new, but this enterprise has done the previous amplification of the N-fold only. This is the . However, this risk is no longer the era of the advocate. Sunco practice, there will be no more than two such results: First, the overall collapse, out of control; second, successful landing, out of funds based on chain scission of the Nasdaq Listing Holmes sword. These two would be more likely to occur which greatly? uncertainties of real estate as much as is well known; Tashi business enterprises still can not disregard a huge risk, not to mention Sunco Down? therefore appeared completely collapsed, out of control situation, should be said that accounted for a large possibility. Sunco's management can not be unaware of this, so they stressed in various occasions, there is no problem of their cash flow, while the north in the enterprise published Sunco the owners tens of thousands. They are not protected, the adverse social impact, and ultimately, the government still have to be passed on to the head. placed in front of all levels of government, it is a dilemma of choice: whether now regulate the behavior of the company, or wait until the out of control appears to remedy the situation? Either choice is no easy task. How do Sunco, comes down to how to treat China's problems also have a voice for the Sun Hongbin against injustice. the sound that the Chinese real estate companies just getting started, because the Government to real estate from the planned economy time to adjust to a market economy is too short, so that the market mess, many people profit from riches, also caused a huge psychological gap. Many conscience or sense of justice of intellectuals that the market should be standardized, people can think that this is the result, but not the process. with reference to the process of primitive accumulation of capitalism, beginning the bloody, with no human feelings and conscience at all, because people are gradually benefits of huge profits, you do not do it, someone will do it. Sunco current actions can easily be summarized by two words - strategic planners, Sun Hongbing. It is said that the people in the Sunco has no official position inside, but the basic Sunco take all his ideas. this man walking the face of adversity early years has been for many years to hone, and finally National Cheng Kung University, is real estate sector a rare talent. So he set the strategic goal of all, we must not hesitate to forward. Beijing rumors that piece of sky-high price of land is this: Start Sunco did not get into Beijing for a long time, but later said the boss get the land at all costs, and ultimately laid down. Sunco hard to get to everywhere, not a lot of its own capital, but everywhere cooperation, but ultimately playing the brand of Sunco. As for what happens during the interests of co-operation dispute, that is their internal affair, outsiders can not understand is normal, such as Nanjing piece of land, if the Government want to stop, Sunco to keep it? the Government has been non-stop, of course, some kind of agreement reached between the , what are you to manage how much people pay in the end it, maybe someone Sunco guarantee it? There are three advantages to do so, first, to promote the Sunco out, the other is to extend the capital, in preparation for the listing. Recently Soon Chi ready to enter Hangzhou is more difficult when, because cash flow is not so smooth, the rumors after Beijing to sell piece of land the development is not good. Finally, and most important point is that the strategic reserve of land, just like some of the cost is too high . Many people are aware of the case above, it now appears a strange phenomenon, people are outside Sunco was incomprehensible, especially chain is very concerned about their money, but little to do with internal staff Sunco, and they unanimously After that the boss has recruited, then the boss after the move where? In addition to cooperation in reducing its own capital, amble the road outside the capital chain, Sunco has been fully prepare for the listing. use the money to buy land. But At that time the Chinese government's financial system has to the WTO, not only for the purchase of land and development, but rather point to the ultimate goal - real estate finance, real estate finance and land happens to be the most basic conditions for survival. The Sound reasoning, does not calculate the grid, the relative Zhou Zhengyi and his ilk, Sun Hongbin degree of market-oriented specification is very high, and breach of contract non-compliance also depends on what object. China's breach of contract and a lot of things, Sunco, but the point is arrogant, but They also Lunbu Shang said breach of contract. Sunco's goal is very ambitious, the most high-end directed at the global financial system, regardless of vision or ideas are in fact admirable. Sunco or in the cash flow crisis, China's credit system is not perfect, So if Sunco completely under control plan will be a blessing, if not handled some aspects of capital flows led to the collapse, it is very unfortunate. This is the Sun Hongbing play a small trick, as the industry brand Sunco time consciously or unconsciously, everyone will go to support him, even though a lot of people jealous and confused, there are still a lot of voices and a steady stream of proposals to promote the growth of Sunco. Chinese real estate industry are harvest! ? Or, undermining the builders, building a destroyer? This is indeed a complex issue. Links Sunco time to get to summary table in August 2003, Tianjin Sunco to 1.75 billion won supporting area of Tianjin Olympic Center project, beyond the government 3 billion reserve price, the highest in the history of public trading of land in Tianjin record. September 2003, nearly 120 million yuan Shanghai Sunco price beat Qingpu 130 acres of land, land price per acre for 90 million. 2003 In September, Hebei Sunco to get the price of 597 million ��2003�� 009, Shijiazhuang, plot, and the initial bid price of only 2.04 billion. October 2003, in Suzhou Industrial Park's second land auction beat Qixia construction, the Chinese enterprises and other opponents, to 597 million yuan competing Suzhou Industrial Park, two blocks 03,02. November 2003, in Nanjing State-owned land use right transfer listed at the scene, Nanjing Sunco Real Estate Development Co. The company bid 653 million yuan in Hexi G41, G42 block. December 2003, Tianjin Sunco Group to the price of 905 million, beating Beijing China Resources, Network and other real estate chiefs, the Daxing Huangcun 308,700 square meters of land use rights into the capsule. the end of December 2003, and listed ways to 2.72 billion yuan through to win the Suzhou Industrial Park land, the land price to be paid in full within 1 year. In 2004, Sunco has been prepared for the March 25, 2004 listing lakeside town of Wuxi No. 3 block to pay 1.374 billion yuan. less than 5 months time, Sunco in Beijing, Shanghai, Nanjing, Shijiazhuang, Suzhou, through bidding and listing the total land acquired enclosure price of more than 100 billion yuan, if the count Sunco made in Tianjin and other areas of land should also be a conservative estimate of total land more than 11 billion yuan. from Zhou Zhengyi, Delong Group today to see the destruction of Sunco Group < > optimistic about their own property, do not, and crazy dance - from Zhou Zhengyi, Delong Group today to see the destruction of the Sunco Group about a year ago, May 28, 2003, from eight in Shanghai's Jingan District, block caused by the demolition of the ordinary administrative case, led to the be placed on file review, Jing'an District, Shanghai, over 20 government officials have been punished for illegal transactions involving land, more than 10 commercial banks with heavy losses. in the Shanghai real estate industry and the financial sector, Zhou Zhengyi, the impact of the event will not Asia in the year engraved in mind that a people .<><> recent SARS crisis, Delong Group ended the decade with the rapid expansion of its myths, its three major listed company's continuous limit, price collapse, Delong's salaried employees have for several months, its president, Tang Wanli official recognition: Deron money chain has been broken, and such an outcome may lead to dozens of related enterprises bankruptcy Delong, Delong of the shares of the number of commercial banks will suffer. have had a saying, expansion and decline, and then contact earlier Lam shares, Euro-Asia Agricultural Yangbin Deng, this can be found some common factors: <> First, excluding the blind expansion of its own power. Zhou Zhengyi's enterprises are involved in: real estate and infrastructure, industry, finance, trade, agriculture and high-tech industry, its assets, more than 200 billion yuan, net assets have only 5 billion; Delong's enterprises are involved: agriculture, cement, auto parts, mining, banking, trust, securities, leasing, the total assets of 205 billion yuan Delong International, owner's equity is only 18.8 billion. Capital adequacy ratio is only 3% for Zhou Zhengyi, for only 8% of Delong. <> Second, the abuse of financial instruments and cross-boundary , cross-sectoral adjustment loans Stubbs. Zhou Zhengyi to take a lot of practice in the business to seek bank loans, and eventually developed into the Hong Kong Bank loans acquired by the two Hong Kong-listed Companies; Deron Zhuanggu history is a myth, constantly looking for bank loans, and later developed to wantonly into the financial institutions, as well as equity commercial banks. Zhou Zhengyi mainly in Shanghai and Hong Kong to flash turn maneuvers, Deron is made up myths in the country, so that bank lending officers simply confuse the true whereabouts of money and engage in blind to his true ability to repay, it is easy to be fooled. <> Third, for the benefit at the expense of the law. <> Looking Zhou Zhengyi, Yang Bindeng developed rich history, is a history of illegal predatory interests, then this process, at the bribery of government officials, bank officials, the public interest masquerade, Deron shareholders interests are ripping off the stock market. These companies have little sense of social justice and responsibility, to break their own policies and regulations as to obtain benefits, reduce costs tool to achieve the interests of the smoked heart, not to the point where no .<><>expansion of the myth, are conditioned to observe the underlying risk, avoid his society, the industry brought troubles. Similarly, in the Zhou Zhengyi, Delong myth burst, nowadays there is a myth in the Chinese business community in the continuation of enterprises to create the myth that the largest ever real estate sector, a dark horse .<><> allow us to Zhou Zhengyi, Delong defeat the common factors which control about Sunco today is: <> 1 million high-speed expansion and billion in liabilities. <> In 1994, Tianjin Sunco Real Estate Co., Ltd. was established in the secondary market intermediary business, in 1996, Sunco has developed its first real estate, relying on similar Zhou Zhengyi, like the wisdom of Yang Bin , Tianjin Sunco gradually achieve the status of the largest real estate developers, at present, Sunco about 17 projects in Tianjin, 4500 acres of land reserve, the total premium of about 5.0 billion years Sunco .02 sale of real estate in Tianjin amounted to 1.5 billion in 2003 sales of Sunco Property in Tianjin reached 30 billion, over the years Sunco optimistic estimate of the real estate sales totaled 7.5 billion. 10% - 20% of the real estate net rate, Sunco's own funds as at 15 billion yuan. to rely on such of its own funds, even if the project supports the development of Tianjin is also difficult, in fact, owed a great deal of land in Tianjin Sunco price, construction cost. <> ; In 2003, China's state-owned land around the city in general practice market bidding, auction and listing transfer system, the same year in June the central bank issued 121 documents, but this time, the country began large-scale expansion of Sunco, Changchun, north to the south of Hubei Jingzhou, east to Shanghai, west of Zhengzhou, only six months time, Sunco bid to win the 20 projects, and multiple projects is to create a local land auction markets, 110 billion, according to the agreement, Sunco should be at least 04 years to pay 60 billion .<><> Do not make the national real estate masterpiece strong, why Sunco real estate sector in China has created history the largest expansion of myth? his financial strength to keep up with it? this issue, Sunco has a well-known within the words: view from this statement, Sunco no need to consider its own strength, just dare to borrow money, dare to promise on the line, is another matter .<><> the timely Truly Second, excessive debt and Bank Strategy . <> Bank of the real estate business loans There are several basic requirements: (1) derived from the No.), asked for the real estate business loans must complete four cards, including land use right certificate, construction land planning license, construction project planning permit and construction permit; (2) 121 from the central bank, further strengthen the real estate credit business, ), is made regarding the above reaffirmed. The State Council recently issued a notice to determine the appropriate iron and steel, electrolytic aluminum, cement, real estate development and investment projects of fixed assets capital ratio. cement, electrolytic aluminum and real estate development by 20% or more to 35% or more of the real estate industry, the proportion of its own funds to do more stringent requirements. You can control what these provisions Sunco situation: First, from the asset-liability ratio, it holds 15 billion yuan Sunco land resources, a lot of projects to be built, so the total assets of 200 billion yuan sure, according to the proportion of 35% of its own funds, 7.0 billion Sunco should have its own funds, which total sales for the decade before Sunco 7.5 billion, it is impossible to achieve; Sunco is located in Tianjin, a large number of recent years to buy land, sources of funds transferred from Tianjin to pull out only because of its own limited financial resources, transfer of funds made between cross-boundary, Most of all credit funds should be. the state of real estate development loans issued four cards should be complete, Sunco will not comply, the banking sector recently in Tianjin, 121 files were checked in, even fabricated a lot of people found Sunco project start card, sales license. Third, the interests of the regulations of the masquerade to purchase links, Sunco's strategy is Then do not pay in arrears, the national interests of the masquerade and government regulations, Sunco even summarize it as a Interview with the article, the article reproduced Sunco funding operating mode, the sales, a large number of construction units for the works in arrears, arrears are not allowed in violation of state provisions of paragraph construction work; Sunco in Beijing, Nanjing project, more than 50% of premium owed, without any documents, it started a roaring rumble; Soon Loaning Chi rely heavily on the construction unit, more than 50% progress of the project in order to get some money to get for the works after the completion of less than 50% of project budget, and some companies do in order to get the next projects on the part of a project payment. Sunco Why can not masquerade government regulations punishment suffered a major law enforcement agencies? particularly so long as in Tianjin. The key is Sunco will do a lot of , one in the universe, when the interest derived from Sunco strong predatory motives. Fourth, Sunco of the financial risk has been formed. rapid expansion, excessive debt, and not legitimate business decision risk capital Sunco has been formed, its symptoms, as in Zhou Zhengyi before the accident, ...