My 1999

Hongyan Tokyo Office.

Not long after he came, Taihua Group CEO Lu Jue also walked in under the guidance of Li Jinling.

"Mr. Xu."

"Come and sit down."

Xu Liang waved his hand.

After the two sat down, they made tea according to the procedure.

"It has been half a year since I conducted research in Japan. How is the quality of Sogo Seibu Department Store?"

"At least half of them are very bad.

The design is old, the pipelines are aging, the parking spaces are insufficient, the green space is too small, and there is a lack of artistic elements.

The remaining half also has various problems, but they are not too serious."

Xu Liang nodded, having expected this situation.

Japan is a country that is still playing with disk storage when the Internet has entered the cloud era.

You can feel the deep twilight everywhere here.

The Plaza Accord and the subsequent real estate bubble completely broke the backbone of Japan, and it never got up again.

"Tell me about your rectification plan." Xu Liang

"All Sogo Seibu Department Stores outside Tokyo, Osaka, Yokohama, and Nagoya will not be expanded.

Only internal modifications will be made.

New traffic flow planning, redesign, and more leisure and art space will be added.

In terms of content, we will use the 'Kelong Shopping Center' we built in Huaxia as a template, with family shopping and entertainment as the main selling points.

Supermarkets, restaurants and children's entertainment are the main forms.

Aim to become a shopping and entertainment center within 3 to 5 kilometers."

"The GDP of Tokyo, Osaka, Yokohama, and Nagoya is over 100 billion US dollars, At the same time, the urban population of over two million is a huge consumer market.

For these four cities, my idea is to build 6 to 8 Taihua Plazas with a construction area of ​​more than 100,000 square meters.

Half of our existing Sogo Seibu Department Stores in the four major cities do not meet the requirements.

Therefore, I hope to acquire and merge the land, then demolish it completely and invest in new construction.

If the place is large enough, we will build "Taihua City", if not, we will build "Taihua Plaza". ”

Taihua Group's "Taihua City" and "Taihua Plaza" are different.

The former generally has a construction area of ​​more than 500,000 square meters, full of shopping centers, office buildings, high-end apartments, hotels and other formats.

The latter is often just a large shopping center with one or two formats, and some are simply super-large shopping centers.

"Your ambition is not small."

Xu Liang smiled.

"With you backing me up, I have to be more generous, otherwise I'll be embarrassed for you."

"Okay, stop flattering me. I agree with your plan in principle, but real estate is too expensive, so don't start all of it at once.

There should be a plan to complete the renovation and integration of Sogo Seibu Department Store in a step-by-step manner."

"Don't worry, I won't be blind."

Xu Liang nodded slightly, and he was still confident in Lu Jue.

"By the way, Mr. Xu, the troubles in the United States are getting bigger and bigger now. When do you predict the crisis will break out?"

"So concerned? Have you invested money?"

"Hehe, I dare not. I think if a big crisis breaks out in the United States, they will definitely have to make up for it from the small book. At that time, the spillover effect will definitely cause the real estate industry in Japan to slide again.

My land purchase plan will be smoother and the cost will be lower."

"You have a beautiful idea. But don't think about it within a year."

Lu Jue never doubted the boss's inference, and nodded quickly.

"Have the design drawings of the Magic City's 'Taihua Colorful Plaza' come out?"

"It has been made."

Lu Jue waved his hand, and the secretary immediately handed over the laptop in his hand. The former opened it skillfully and found the finished design drawings.

Since Taihua acquired the Nonggongshang Supermarket from the Magic City government, the only urban complex under construction in the other party, '118 Plaza', naturally fell into Taihua's hands.

But in Xu Liang's eyes, the design problems of 118 Plaza were too big.

First, the area of ​​the shopping center is too small, and the five floors add up to less than 100,000 square meters.

Second, a weird 'Venice Town' was built, with just a short section of waterway. Who would go there after the novelty is over?

It completely wastes precious space that can be used for development and utilization.

Third, and most importantly, it is next to Metro Line 13, but there is no station to stop?

The impact of transportation on an urban complex is fatal.

I don't think it now, but when there are more and more urban complexes and shopping centers later, inconvenient transportation will be the most fatal weakness.

Therefore, after the Nonggongshang Supermarket was acquired, Xu Liang immediately stopped the entire project.

The design drawing in front of him fully implements his concept.

The 128.1 acres, nearly 85,000 square meters of land, will consist of a 48-story office building, a 42-story long-term rental apartment, and a shopping center.

The shopping center has three underground floors and five above-ground floors, with a total construction area of ​​280,000 square meters.

The third underground floor and part of the second floor are parking lots.

Part of the second underground floor and the first underground floor are the underground pedestrian street of the mall.

The commercial area of ​​the entire project is nearly 200,000 square meters.

The office building and apartment are located above the shopping center.

The total construction area of ​​the project is 569,000 square meters.

"Cancel this sunken square that goes directly to the first underground floor. It looks good, but it's useless." Xu Liang pointed to the design drawing.

The sunken plaza is boring if it is small, and takes up space if it is large. It is totally unnecessary.

"Okay."

"How is the negotiation with Shanghai?"

"They agreed. As long as we rebuild the "Colorful Plaza", they are willing to open a subway station entrance on our side, and are willing to cooperate with us. The exit can directly lead to the second underground floor of the "Colorful Plaza."

With good transportation, the project is half successful.

"What about the project budget?"

"The construction period is 3 years, and the investment budget is 7.5 billion Chinese yuan."

Xu Liang nodded slightly. This figure is nearly 30% higher than that of a new similar project.

It is actually normal.

The first requirement for the construction of the "Colorful Plaza" is to demolish the "118 Plaza" which has already completed the framework.

It's just that the demolition cost is not cheap.

If the 118 Plaza is not in such a good location, located in the "New Central Ring" central business district of Putuo District, and close to Jinshajiang Road and Zhenbei Road, he would not have spent so much effort and sold it directly.

"Let's start the construction according to this requirement."

"Okay."

"Have the hotels been handed over to Seibu Group?"

"All have been handed over. The properties of 2 Peninsula Hotels [Super Five Stars], 17 Goodwood Garden Hotels [Five Stars], and 39 Star Taihua Hotels have all been handed over.

In addition, we have also reached an agreement with the Qiu family.

They are willing to give up the Goodwood Garden Hotel Group in exchange for all the shares of Taihua Clothing Group."

The Goodwood Garden Hotel Group was a hotel group company jointly established by Taihua and the Qiu family when Qiu Depu was still alive.

It includes the five-star "Goodwood Garden" brand and the star-rated hotel "Taihua" brand.

At the beginning, Taihua held 49% of the shares and the Qiu family held 51%.

But as the number of commercial complexes under Taihua continued to grow, the number of hotels increased, and the capital investment required became larger and larger.

Gradually, Taihua gained the upper hand, and its equity once increased to 63%.

Now, Taihua Group wants to use its hotel assets to exchange the "SOGO Seibu Department Store" assets in the hands of Seibu Group.

The Qiu family is a hurdle that cannot be circumvented.

Finally, the three parties negotiated that Taihua Group would exchange the shares of the "Liangmuyuan Hotel Group" held by the Xu family with its well-developed "Taihua Clothing Group".

Then the complete "Liangmuyuan Hotel Group" would be used to exchange the "SOGO Seibu Department Store" with the Seibu Group.

However, the self-owned rate of SOGO Seibu Department Store is too high, although the "Liangmuyuan Hotel Group" also owns all the hotel properties.

But now the commercial real estate prices in China are still not as good as those in Japan.

The two parties signed another supplementary agreement.

After Taihua acquired the "SOGO Seibu Department Store", it took over a quarter of the other party's debt, about US$3 billion.

After the two parties formally signed the contract.

The number of commercial complexes and shopping centers under Taihua has skyrocketed from the original 109 (including those under construction, planned and completed) to 163.

Because of the separation of hotel properties, the operating area has only increased by 3.7 million square meters.

Even so, Taihua is still the largest commercial real estate company in Asia.

"Mr. Xu, this is the financial statements and operating data of Taihua for the first two quarters of this year that we have compiled." Lu Jue said.

Taking the information from him, Xu Liang flipped through it.

After excluding the hotel and clothing businesses, Taihua Group has six businesses left.

1. Taihua Property.

Taihua Property is not only responsible for the property of residential real estate, but also for the property of all commercial real estate under Taihua.

Including property fees, collection of shop rents, etc.

With the continuous expansion of Taihua's commercial complexes and shopping centers, Taihua Property has gradually become the top subsidiary of Taihua Property after 'Taihua Retail Group'.

2. Taihua Children's Park.

Although it has developed rapidly and it is easier to make money from children, it does not account for a high proportion of Taihua's overall business segment and its presence is not strong.

But the profit margin is very good, basically reaching 40%.

3. Taihua Retail Group.

Taihua Retail is divided into three sectors: boutique department stores, supermarkets, and shopping centers.

There are three brands under the boutique department store sector.

Kids King, Hibiscus Life, and Taihua.

The market portraits of the first two are children and teenage women.

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Taihua Department Store is relatively comprehensive, targeting teenage men and women, and the variety is relatively rich.

The store area is relatively large.

Generally, it is more than 300 square meters, selling various handicrafts, celebrity peripherals, etc.

In terms of supermarkets, after integrating China Resources and Nonggongshang, Taihua is undoubtedly the largest supermarket group in China.

It has nearly 850 large supermarkets with an area of ​​more than 3,000 square meters.

There are 1,300 medium-sized supermarkets with an area of ​​more than 800 square meters and nearly 10,000 franchised convenience stores.

Finally, there is the "shopping center".

Kelong Shopping Center is actually the "hypermarket" collectively referred to in the supermarket industry now.

The area is generally between 12,000 and 20,000 square meters.

Different from traditional hypermarkets, in order to adapt to the new market form, Kelong has made its hypermarkets "shopping centers", reducing the area of ​​clothing, shoes and hats and household appliances, and increasing the space for catering and leisure and entertainment.

It is no longer just shopping, but tends to be family entertainment shopping.

It radiates the consumer groups within three kilometers.

Within the entire Taihua Group, Taihua Retail Group surpassed Suning with a revenue of 74.87 billion Chinese Yuan in half a year, becoming the largest retail group in the country.

The annual revenue is expected to exceed 150 billion Chinese Yuan.

4. Fuhua Apartment.

There are currently 11 Fuhua Jinfeng Apartments targeting high-end customer groups, mainly distributed in first-tier and strong second-tier cities across the country.

‘Sequoia Apartment’ for family customers.

Originally, ‘Sequoia Apartment’ was positioned as a vacation apartment, but later it was found that domestic tourists were more accustomed to staying in hotels rather than vacation apartments with larger space and kitchens.

In addition, ‘Sequoia Apartment’ is generally located in bustling urban areas rather than adjacent to scenic spots, and the positioning is wrong.

There is no way, so we can only find a way out again.

After a comprehensive investigation, we targeted young white-collar families who came to big cities to work.

These people cannot afford housing in big cities and may have children around them.

Ordinary single apartments cannot meet their needs.

Although the two-bedroom apartment in a residential area has a lot of space, it is relatively expensive for them.

This kind of one-bedroom, equipped with a kitchen and bathroom, a long-term rental apartment of about 50 square meters is often the most suitable for these young white-collar families from ordinary families who are not well-off.

Finally, there is the "Fuhua Apartment" for singles, which is also the largest number of apartments under Taihua.

There are 47 apartments in first- and second-tier cities across the country.

After five or six years of development, Fuhua Apartment has 4.39 million square meters of rental area, and the monthly rent is more than 200 million Chinese yuan.

5. Fuhua Real Estate Agency.

"How did you talk with Lianjia Real Estate?" Xu Liang asked.

After taking over Shunchi's real estate agency business, Fuhua Real Estate Brokerage ranked seventh in the same industry in the country, ahead of Lianjia, Zhongyuan, I Love My Home, 21st Century Real Estate, Maitian and Mantanghong.

Lu Jue, who has strong capital, is certainly unwilling to be a younger brother.

So he soon set his sights on Lianjia Real Estate, the first in the industry.

The reason why the target was set on it was that the market size of Lianjia was only one of the reasons. The more important reason was that Lianjia's development model of "strong control and direct stores" was very consistent with Fuhua itself.

"Peng Yongxi asked for 800 million Chinese yuan, which I thought was too high, so we kept negotiating."

"How much is Lianjia's revenue?"

"The revenue in the first two quarters of this year just exceeded 400 million Chinese yuan, but the development momentum is good. In Beijing, their 350 stores have created a monthly income of nearly 70 million.

The efficiency is comparable to ours."

"No wonder you like it."

Xu Liang smiled.

He didn't ask more about this small-scale acquisition, and let Lu Jue make the decision himself.

6. Fuhua Real Estate.

Now Fuhua Real Estate has surpassed the former real estate giant Vanke in terms of development area and profitability.

In the two quarters, 34,000 houses were sold, with a total sales area of ​​3.497 million square meters, creating sales revenue of 37.18 billion Chinese yuan.

It increased by 146.6% over the same period in 2006, accounting for 3.07% of the national residential market.

After cleaning up the hotel and clothing businesses, Taihua's business scale has shrunk, but it has also become more refined.

The two pillars of real estate and retail have also become stronger.

Without counting the newly incorporated "SOGO Seibu Department Store", in the second quarter of 2007, Taihua Group's total revenue was 121.7 billion Chinese yuan, and the net profit of the main industry was 15.723 billion Chinese yuan.

If "SOGO Seibu Department Store" is included, in the second quarter of this year, Taihua Group's total revenue was 151.9 billion Chinese yuan, and the net profit of the main industry was 20.47 billion Chinese yuan.

The group's total assets exceeded 590 billion Chinese yuan, and the total debt exceeded 320 billion Chinese yuan.

Cash flow was 37 billion Chinese yuan.

The land reserve was 27.87 million square meters, of which Fuhua Real Estate accounted for 65%.

Two listed companies under it.

Fuhua Real Estate and Kelong Supermarket.

"What is the market value of Fuhua and Kelong?" Xu Liang asked.

"Fuhua has a market value of HK$318.7 billion, and Kelong Supermarket has a market value of HK$163.2 billion. The group currently holds 75% of Fuhua and 73% of Kelong."

Xu Liang nodded slightly.

"Do two things when you go back.

First, take out Fuhua and Kelong's shares worth a total of US$15 billion and sell them to the "charity fund" that Hongyan introduced to you in the past.

Second, in the next year, continue to sell Fuhua and Kelong's shares in the secondary market. My requirements are very simple. The equity of the remaining two companies in the group, plus the equity you sold to the charity fund, add up to no less than 45%."

Lu Jue made a simple estimate in his mind.

Based on the current market value of the two companies, according to the boss's requirements.

The group can at least recover a huge cash flow of nearly HK$280 billion.

If the group's existing cash reserves are taken into account, it can completely cover all the group's debts.

"Mr. Xu, is it too risky to do this?"

Kelong Supermarket and Fuhua Real Estate are the business pillars of Taihua Group. If they fail, the group will be instantly injured.

"Don't worry, just do it, I'll take care of the rest. Also, from now on, except for the prime plots in the core area, Taihua will no longer increase its land reserves.

Next year, the group will not open new projects."

Xu Liang's eyes became deep, "Old Lu, the biggest crisis is coming. Of course, it is also a huge opportunity for us.

If we catch it, Taihua's business will no longer be limited to China and Japan, but will cover the entire Southeast Asia and even Europe.

Also, haven’t you always wanted to develop the ‘Battersea Power Station’ in the UK?

I'll give you a chance then. "

Lu Jue felt excited instantly.

"Mr. Xu, don't worry. I'll go back right away and arrange the work according to your requirements."

"Um."

After the two chatted for a while, Lu Jue said goodbye and left.

Xu Liang took a piece of paper.

Do the math quickly.

Through Xu's American Charitable Foundation and the secondary market, Taihua was able to withdraw almost HK$280 billion in cash.

He also provided US$10 billion in CDS bonds to Taihua.

After deducting the capital gains tax paid and the expenses incurred in clearing up connections, Taihua will receive almost US$7 billion in cash.

Plus the group’s own cash flow.

Before the subprime crisis started, Taihua Energy had gathered a huge cash flow of about HK$420 billion.

This amount of money can not only cover all the corporate bonds issued by Taihua.

It can also support the company's major mergers and acquisitions and expansion, and win the CapitaLand Group, which he has been thinking about for many years, to become a huge real estate and retail flagship covering the entire Asia.

Let Taihua's business truly reach a greater level.

At this time, a poem suddenly came into Xu Liang's mind: Let the storm come more violently!