Steel Tycoon Reborn

Chapter 994: Reorganization

By the end of June, not only did Guo Ting serve as general manager, and the new field restructuring plan with passenger car R&D and production as its core business was approved by the provincial government axe; with the efforts of many parties, the province also agreed that Shen Huai would “re-establish and re-merge. ” plan, the provincial state-owned Dongjiang Real Estate Group was established at the fastest speed, and Zhou Weimin served as the party secretary and chairman to receive and reorganize the provincial state-owned real estate development business and related assets to achieve the purpose of clearing debts and expanding development.

Provincial Steel, Huai Coal, Provincial State Investment and other top-ranked and highly profitable provincial real estate development companies are retained; except for Huabin Real Estate and Huayun Construction, two provincial state-owned enterprises focusing on residential development. In addition, there are 19 under-construction projects of fund-raising housing, commercial housing, commercial and office buildings belonging to other provincial enterprises, all of which are under the banner of TK Properties.

After the establishment of Dongjiang Real Estate, in addition to the integration of assets and resources, the projects under construction need to continue to be constructed. The Provincial Textile Group shut down the printing and dyeing factory in Beitang District, and Dongjiang Real Estate took over the old factory and was responsible for jointly preparing Huaxi Street with Beitang District. The renovation of the old city and the construction of the second phase of Huaxi Market.

Huabin Real Estate and Huayun Construction are provincial state-owned enterprises with real estate development and construction as their core business. They have unique advantages in developing real estate development and construction business in the province.

It’s just that the management of these two companies has been chaotic for many years, and they have also linked a bunch of joint ventures and cooperative companies to take profits, including incognito debts, and have not lost all their underwear. It has been the State-owned Enterprise Work Committee in recent years. The result of the top leaders of each company falling into the French Open in the past two years.

These two companies do not have any advantageous resources to inject into the newly established Dongjiang Real Estate; while other provincial companies have spun off the 19 real estate projects under construction, even more out of the idea of taking the opportunity to drop the burden.

In the end, in addition to the projects under construction with an area of more than 500,000 square meters and debts of 2 billion yuan, Dongjiang Real Estate Group obtained the most core and most troublesome resources, which is a mixed team of nearly 2,000 employees.

It is never easy to take back the power, and the restructuring and reorganization naturally have to wipe the **** first.

Even if the built-in project was built and successfully sold, it would not be able to fill the deficit formed by the debt of 2 billion. The net assets of Dongjiang Real Estate have been negative since its establishment.

Fortunately, China Construction Bank is the mainstay. The four major national commercial banks, Yexin Bank and Xucheng City Commercial Bank have strong confidence in the future growth of Dongjiang Real Estate, which owns nearly 70% of the provincial enterprises’ old factory land replacement and development rights, and is willing to Providing a total of 2 billion credits for the relocation of provincial enterprises, land replacement, project renewal, real estate development and other businesses led by TK Real Estate also shows that the provincial financial system has not supported provincial state-owned enterprises in recent years.

Shen Huai and Zhou Weimin also put the first shot of Dongjiang Real Estate’s growth on the construction of the second phase of the Huaxi Market.

After the printing and dyeing factory of the Provincial Textile Group was shut down, the land was allocated to Dongjiang Real Estate for free, but the printing and dyeing factory covers an area of only 130 mu.

In the second phase of Huaxi, in addition to four professional wholesale markets with a total area of 300,000 square meters, commercial facilities including a logistics and transportation base, a tourist shopping plaza, a dining and leisure street, and three commercial office buildings will be constructed. The area reaches 600 acres.

In addition to the renovation of the old city and the improvement of the surrounding area in Huaxi Street, Beitang District, in addition to the closure of nearly 1,000 workers in the entire project, nearly 700 households need to be demolished.

In order to demolish and free up construction land as soon as possible, Shen Huai and Zhou Weimin decided to take out 700 houses from the projects under construction in Beitang District to resettle the households who need to be demolished due to the renovation of the old city and the construction of Huaxi market and commercial facilities—— This is also conducive to quickly digesting the residential projects under construction that TK Properties has taken over from companies in other provinces.

In addition to the second phase of Huaxi Market, digesting nearly 20 projects under construction taken over from other provincial enterprises is also the top priority of Dongjiang Real Estate at the beginning of its establishment, and it is also the rapid digestion of nearly 20 projects undertaken by other provincial enterprises. The top priority is to reduce debts and reduce their own financial pressures.

Most of these projects are residential quarters and commercial office buildings developed and constructed by provincial enterprises using their own high-quality land resources located in urban areas to generate income and increase profits or to improve the housing for cadres.

The scale of these projects is small and scattered, lacking reasonable planning and design, and the construction teams are also mixed.

Residential projects are easy to digest. So many cadres and workers of provincial enterprises have an urgent need to improve their housing; this time, most of those who were dumped as a burden and put into Dongjiang Real Estate were blindly launched by those provincial enterprises, and half of the development was completed. Office buildings and commercial buildings that lack financial resources to continue construction, cannot be digested in the short term, and tend to be unfinished, will test the digestibility of the newly established TK Properties.

Shen Huai will not push everything to Zhou Weimin.

In the past two decades, Hong Kong’s industry has been sluggish, and the trade, service industry and real estate industry are booming. Compared with Chinese businessmen in other parts of Southeast Asia, quite a number of Hong Kong investors have little interest in developing industries, but they are only interested in the real estate industry.

Although many projects of Pengyue Modern City will find partners for joint development and construction, the construction period of Pengyue Modern City is relatively long, and the central business district may take three to five years or even longer to mature. Some Hong Kong investors with whom the Green Group has a good relationship are more interested in small and medium-sized commercial buildings in the urban area of Chengguo, which is more in line with their speculative surname.

Shen Huai had a little energy, so he pulled Song Hongjun to act as a salesman and investment representative for Dongjiang Real Estate. By the end of September, Shen Huai had successively introduced 600 million yuan for the continuation and renovation of four office buildings in the form of selling shares and project joint ventures for Dongjiang Real Estate; and sold two buildings as a whole to introduce two Samsungs to Xucheng. At the same time as the first-class hotel project, Dongjiang Real Estate also returned 300 million funds.

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Dongshi Group took over the consolidation and consolidation of the passenger car department of Yuanye. The work of integrating department personnel and production lines, as well as internal technical transformation and upgrading continued until the end of July.

In the reorganization of Zhongyuanye, there are nearly 4,000 sedans in stock that have been digested by Dongshi Group. Although the “return” of these 4,000 sedans is relatively simple, Dongshi Group still delayed the launch of the first sedan model to the market until the end of July.

Dongshi Group has been well prepared before. Using the previous pickup sales channels and the sedan sales channels before the integration of Yuanye, it has built more than 20 4S stores with dealers in various places before August, and there are as many as six cooperative sales stores. ten.

With sufficient advertisements, a lower price than joint venture cars of similar models, and a financial support strategy in cooperation with banks such as Yexin, Dongshi Group was very popular in the market when it launched its first sedan.

By the end of September, Dongshi’s first sedan had sold a total of 8,000 units, far exceeding Yuanye’s car sales in the previous year, and also exceeding the expectations of outsiders for Dongshi Group. Good car project man.

As for the traditionally dominant pickup trucks of Dongshi Group, the cumulative sales exceeded 15,000 units by the end of September, which doubled on the basis of last year.

In addition to the continuous sharp increase in the auto market this year, due to the injection of 1.2 billion capital and cooperative resources such as Yexin Bank, Liu Jizhou and Dongshi’s team have better room and world to play.

However, this is only a preliminary success for Dongshi Group. The integrated production line of Dongshi Group has an annual production capacity of only 50,000 cars, 20,000 pickups and 20,000 micro-passengers, which cannot meet the market demand for next year. Generally speaking, the ratio of the production capacity of the automobile industry to the actual production and sales volume should be controlled at about 2:1, which means that the production capacity of Dongshi Group’s current production lines needs to be further expanded, and new models and engine technologies must be introduced at the same time. and production line…

To introduce technology and expand production, the first thing lacking is capital.

Whether it is the provincial government, Panyuan Township Zhengfu, or Liu Jizhou’s family, none of them have the ability to inject funds into Dongshi Group. In addition to bank loans and the introduction of new partners, the best channel is to re-issue and transfer funds through Dongjiang Refinery. debt.

The first public issuance of convertible bonds, Dongjiang Refinery was in a downturn. Except for the enterprises in Xucheng, few investors were optimistic about the equity investment in Dongshi Group. Therefore, the first batch of convertible bonds agreed that the conversion price per share was not to 2 yuan.

As the first car model of Dongshi Group sold well, Dongjiang Jinghua, which holds a 40% stake in Dongshi Group, was naturally favored by securities investors and shareholders, and the stock price surged to 4 yuan. At this time, convertible bonds were issued. , the conversion price is fully twice as high as the previous time.

In addition, the funds obtained by TK Jinghua from the issuance of convertible bonds will not expand its shareholding in East Lion Group at a low price converted from net assets, but will only be lent to East Lion Group as ordinary corporate bonds for use. Capacity expansion.

This does not further stimulate and increase the value-added effect of Dongjiang Jinghua’s share price, which naturally minimizes investors’ interest in subscribing for convertible bonds.

The interval between the two convertible bond issuances is so short, the companies that participated in the convertible bond issuance for the first time, even if they have more than enough energy, including the Pucheng Group, are only willing to subscribe for some of the symbolic surnames.

The creditors who subscribed the convertible bonds for the first time and the shareholders of Dongjiang Jinghua have the priority to subscribe, but after the creditors such as Provincial SDIC and Pucheng gave up the priority of subscription, the Meigang Department preliminarily estimated that they could subscribe 800 million Dongjiang this time. Refined convertible bonds.

Although the conversion price is twice as high as the first time, it also ensures that no one can compete with Meigang for the controlling stake of Dongjiang Jinghua in the future.

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In Xinyuanye after Guo Ting took over, the sales of the passenger car business mainly dealt with the passenger transport companies in various places, and there was no mature team honed by the Dongshi Automobile Factory for ten years to promote all aspects of the work and immediately entered a state of good surname. Many Work needs to be remodeled, and naturally there is no way to show explosive growth, and it is difficult for the outside world to notice the little bit of improvement in a short period of time.

However, the hot sale of the first sedan of Dongshi Group has shrouded Yuanye’s restructuring and reorganization work, and no one will question the slow growth of Xinyuanye without interest. Liu Jizhou will take over three months later to integrate the sedan department of Yuanye, and everyone has become more patient here.

During the whole summer and early autumn, Shen Huai focused on the establishment of an electric group with the manufacture of power stations and power transmission and distribution equipment as its core business.

Due to the rapid development of the electric power industry in Huaihai Province, the future growth is expected. Regardless of whether the Electric Power Group, the INESA Group or the Electromechanical Corporation, they are all profitable in the related facility manufacturing business.

A burden-shedding restructuring is easy, but it is more painful, more difficult, and more struggling than cutting meat to get these departments out of the profitable core business.

From the moment the idea of forming an electric group was thrown out, there was a lot of uproar in the province.

The final plan is to set up Huaihai Electric Group Co., Ltd. with the main sponsors of Yidian Group, Electromechanical Corporation, and Electric Power Group, and inject 3 billion in business and assets related to power equipment manufacturing, accounting for 60% of the shares. ; Dongjiang Electric Power and Huaineng Group have injected a total of 2 billion funds, holding 40% of the shares, and also accepted related businesses and debts spun off by provincial enterprises such as the Provincial First Machinery Corporation.

Under the insistence of Shen Huai, Hu Hongwei, deputy secretary of the Party group and deputy general manager of the Electromechanical Corporation, was able to serve as the chairman and general manager of Huaihai Electric.

Shen Huai supports Hu Hongwei in taking charge of Huaihai Electric~www.readwn.com~ not only because he is an alumnus of his aunt Song Wenhui, but also because of the great development of Huaihai Gulf power industry in recent years. The core figure in the development of the Electrical and Mechanical Corporation in the direction of power equipment manufacturing. While maintaining a harmonious relationship with Meigang and Huaineng, the Electromechanical Corporation developed under the leadership of Hu Hongwei, and this time Huaihai Electric has the largest business, assets and personnel.

Huaihai Electric, which was finally established, although it has net assets of 5 billion, has branch companies and 16 large and medium-sized manufacturing plants, it also covers most of the products in the power station and power transmission and distribution equipment industries. Strong scientific research strength, scale and competitiveness alone are still far from being able to compete with first-class power equipment manufacturers at home and abroad.

After the establishment of Huaihai Electric, Shen Huai directly participated in the work to promote the construction of a power equipment industrial park in cooperation with Qinjiang District in the west of the Qinjiang District International Industrial Park, with Huaihai Electric as the main body. Before the official establishment of Huaihai Electric, Shen Huai started to look for overseas power equipment manufacturers to carry out extensive joint ventures and cooperation in technology introduction and production expansion.

Whether it is an overseas power equipment manufacturer that Huaineng and Dongjiang Power had contacted and had business dealings with before, or an overseas power equipment manufacturer who is optimistic about the huge power equipment market demand in Huaihai Province and surrounding areas behind the Huaidian Power Transmission to the East, and is optimistic about the development of Huaineng and Dongjiang Power Manufacturers all have positive intentions to cooperate closely with the newly established Huaihai Electric, which has more clear core business development, more intensive technology, capital, and human resources and more advantages.

In the first ten days of October, at the same time as the foundation stone was laid for the power equipment industrial park, Huaihai Electric broke ground on the construction of four large-scale power equipment and cable joint venture factories in the industrial park, adding 300 million U.S. dollars of new investment for Huaihai Province and Xucheng City. .