If you cheat, money will follow

After hearing this, Xu Yancheng nodded and tapped his fingers on the coffee table: "55 billion... I remember that in the past few years, Jiangnan real estate supervision was very thorough and standardized..."

"How come several years have passed and it has become like this? More than 100 billion yuan of capital has been drained out."

Director Li: "..."

Head of the financial regulatory department: “…”

Xu Kefei took over and said: "Let me talk about this issue. It's really hard for them to say."

Xu Yancheng smiled: "Okay, you can tell me."

"A few years ago, when Director Gu was in office, he arranged for Comrade Henghua to go to Changning for study and inspection. After returning, he applied the results to practical work and then promoted them throughout the province."

"If we had encountered the current situation in those years, there would have been no problem at all."

"No, Comrade Li Cai is here and he has different ideas."

"He is very dissatisfied with the strict supervision of the real estate industry. He believes that it is complacent, making small gains at the expense of big gains, and failing to fully seize development opportunities."

"After a round of research, we asked all localities to have fewer restrictions and take bigger steps. Don't be restricted by various rules and regulations, and move forward with open arms."

"It also requires bold trial and error, and letting go."

"At the beginning, some comrades in several prefectures, cities and prefectures were a little more cautious. As a result, Comrade Li Cai adjusted all the positions of these comrades."

"so……"

Xu Yancheng nodded after hearing this: "So, we still have to have a forward-looking perspective. This moment is not the other moment."

Xu Kefei agreed very much: "Yes."

the next day.

Xu Yancheng led the team to Leda Building.

Chang Le greeted him downstairs in the building, then took him and related people into the building and introduced him floor by floor.

This is Xu Yancheng’s first time coming to Leda Building.

Listen carefully and ask questions carefully.

Then, Chang Le and Xu Yancheng took a car to the northern Jiangzhou Automobile Industry Base and inspected Leda Automobile, Tesla and Cheery Automobile.

When he was living on a high hillside in the industrial base, Xu Yancheng looked up and saw neat and criss-crossed industrial plants everywhere he passed, and he sighed greatly:

"Gu Changhe is so courageous."

The implication is that Wu Licai's vision is not broad.

"Secretary Xu is saying that this area in front of us was planned and constructed during Director Gu's tenure."

Chang Le echoed: "Now, under Secretary Xu's tenure, I believe we will usher in greater development and leaps forward."

"Haha..." Xu Yancheng laughed:

"I dare not speak nonsense. I can only say that we will do our best to achieve good results."

Then, he turned around and said to the people behind him: "Since Director Gu has drawn up a beautiful blueprint for Jiangzhou, we must follow it."

“All departments at all levels must have the ambition to take on one task after another, the perseverance to draw a blueprint to the end, and the determination to implement it consistently.”

"You must not start a new business in order to highlight your uniqueness, resulting in a waste of resources."

"Replanning is not only a waste of manpower, material and financial resources."

"You will also miss opportunities for development. After all, the job of filling in content is not easy."

"Yes, those who do will always succeed, and those who do will always arrive." Xu Kefei nodded and said:

"Only by choosing the goal of starting a business and making progress every day to reach a new level can you achieve immortal success over time."

"You are right. Taking the road of connotative development requires perseverance and the courage to ignore things." Xu Yancheng said:

"Jiangnan Province has achieved such great development achievements in recent years and has become the highland and pearl of the development of central China. The most important thing is that the relationship between Tian Yongzhi and Gu Changhe is a link between the past and the future."

The two of them kept developing together and avoided Wu Licai at every turn.

"Come on, let's continue walking along the mountain road and take a look." Xu Yancheng was very interested.

"it is good."

Xu Yancheng, Xu Kefei and Chang Le stood side by side, walking on the narrow path on the steep hillside.

You say something, I say something, the interest is very strong and the conversation is very serious.

All the G members behind him, big and small, were also completely relieved.

At least, we don’t have to face difficult choices like when Wu Licai first took office.

After walking for a while, Xu Yancheng said:

"Chang Le, I have something else to ask you for this time. I hope you will give me your advice."

"Secretary Xu said something serious. I dare not give him any advice. Let's exchange and learn." Chang Le said.

"Haha, let's exchange and learn." Xu Yancheng said:

"Yesterday, the person in charge of the Department of Housing and Urban-Rural Development reported to Comrade Kefei and me on the operation of real estate."

"What did you say? The situation is very serious. 62 projects in the province are in serious financial difficulties."

"Without the intervention of external forces and the inflow of living water, it will not be able to operate smoothly, which involves the housing issues of 100,000 people."

"I came here today partly for inspection and partly to ask for your advice."

"You, Leda Investment, have a broader perspective than us, and your ideas are more active than ours."

After Xu Yancheng finished speaking, Chang Le thought for a moment and asked:

"These 62 properties are basically developed by national or regional real estate companies, right?"

"Yes, they are all national and regional real estate companies, which are most affected by macro policies. However, local real estate companies are relatively stable and have less impact." Xu Yancheng said.

"Secretary Xu, I believe that organization, coordination, overall planning, evaluation, preservation, etc. are all auxiliary means. The key is to have funds flowing in, and they must be real funds." Chang Le said.

"Hey, the biggest shortage now is funds." Xu Yancheng shook his head and said.

"There are always assets, right?" Chang Le asked.

"There are assets, but in the current market environment, assets that were originally high-quality will depreciate greatly." Xu Yancheng said.

"Assets will depreciate only when they are oriented to the market. If they are not oriented to the market, there will be no depreciation." Chang Le said.

Xu Yancheng was stunned for a moment: "..."

Xu Fei also looked at Chang Le and waited for the next step.

Chang Le said: “First of all, what we need to do is to find assets, match the capital investment, and then exit in a ladder-like manner.”

"Huh?" Xu Yancheng didn't understand and asked, "Can you explain it in more detail?"

"Okay. My point of view is to use a prefecture, city, or state as a unit to package the normally operating businesses, properties, real estate, and other assets that generate surplus under the name of the debtor within the jurisdiction, and use them as collateral to introduce AMC institutions to restructure the debt. ." Chang Le said:

"There cannot be all problem assets in the debtor's name. There must be high-quality assets."

AMC institutions refer to financial institutions that specialize in asset management services.

Mainly divided into two categories.

One type is asset management companies that conduct normal asset management business. Such companies do not have a financial institution license.

The other type is financial asset management companies that specialize in handling non-performing assets. Such companies have a financial institution license.

However, the AMC agency that handles problem properties refers to the second category.

"This involves two very complicated obstacles." Chang Le continued:

"First, the debtors are unwilling to cooperate. They are only willing to deal with debts and are unwilling to provide high-quality assets."

"The outbreak of the problem has just begun. They are more or less taking chances and hoping that the general environment will improve."

"Or, there is no willingness to think about this aspect at all. The mentality of "waiting and hoping" is serious. They hope that the government will be fully committed and want to make a lot of money during the crisis."

"Well, the relevant departments have reported this tendency to me." Xu Yancheng nodded:

"However, in this current environment, they cannot do whatever they want."

"The second key is to have a clear focus, that is, handing over the building is the focus, key and goal." Chang Le continued:

"The debt problem is a problem from another dimension. Debt and property delivery cannot be bundled together."

"The former is an issue in the investment field, and the latter is an issue in the bottom line of people's livelihood."

"If these two issues are tied together, then the goal cannot be achieved."

"Well, what you said makes sense. It really needs to be solved separately." Xu Yancheng agreed very much:

"Shelving old debts and guaranteeing new debts is a way to solve the problem."

"However, in the current situation, the policy is still unclear. Will the state-owned AMC institutions end?" Xu Yancheng thought again.

"We don't necessarily require state-owned AMC institutions to end. If they don't end, they can build their own local AMC institutions. This can be done." Chang Le said:

"We can start from a province as a unit and organize a bureau through several local state-owned enterprises with excellent assets and leading real estate companies to clean up the mess."