Zhao Chen was slightly startled:
"Jiahe?"
"Yes." Chen Xi spoke very quickly,
"The other party said that he had just gotten off the plane and his luggage was still in the car.
The person is right in the lobby. He is very sincere and must be interviewed in person. The front desk can't even stop him."
Zhao Chen's brows raised slightly.
Just got off the plane.
The luggage is still in the car.
First he rushed downstairs to the company.
He had only seen this kind of attitude from businessmen who were eager to sign a contract.
But the news of the property company's sale has only been released for a few days, so why is it so urgent?
"Let him come up." Zhao Chen said.
Chen Xi nodded, turned around and went out.
Su Wantang stood up and straightened his clothes:
"Do I need to avoid it?"
Zhao Chen holds her hand:
"No need."
Su Wantang sat down next to him.
Three minutes later, Chen Xi walked in with a person.
He is in his early thirties, has a short haircut, and is wearing a dark jacket of unknown brand.
He looks ordinary, but his eyes are very bright. After entering the door, he quickly glanced at the office and finally landed on Zhao Chen.
"Chairman Zhao," he leaned slightly, his voice was hoarse as if he had traveled a long distance,
"I'm sorry for visiting you, please forgive me. I just got off the plane and I picked you up. I am the partner of Jiahe Assets, my surname is Zhou, Zhou Huai."
Zhao Chen did not stand up, but just nodded:
"Mr. Zhou, please take a seat."
Zhou Huai sat down on the sofa, his posture eager but still measured.
"Chairman Zhao," he said, "Let me introduce our Jiahe first."
Zhao Chen looked at him and said nothing.
Zhou Huai continued:
"Jiahe Assets mainly engages in real estate investment, with its core focus on commercial properties and community facilities.
The scale is not big, but there are some projects in Yangtze River Delta."
He paused:
"Have you heard of Suzhou's 'Guanqianli' project?"
Zhao Chen's eyes moved slightly.
Guanqianli.
A commercial renovation project in the old city of Suzhou. A few years ago, it was an old and half-dead shopping mall.
Later, it was taken over by a certain capital, repositioned, attracted investment, and operated, and now it has become a popular landmark for young people in Suzhou.
"Did you do that?" Zhao Chen asked.
Zhou Huai nodded:
"We operate the business. From acquisition to transformation to operation, we participate in the whole process."
Zhao Chen looked at him with a hint of scrutiny in his eyes.
The Guanqianli project does not have a good reputation in the industry - it's not that it's not good, it's that Jiahe is too low-key and never publicized.
But in the eyes of knowledgeable people, this is a textbook-level stock transformation case.
"Mr. Zhou came today to talk about Guanqianli?" Zhao Chen asked.
Zhou Huai laughed:
"Chairman Zhao is joking. Guanqianli has been in operation for three years. I came today to talk about Henglong Property."
He leaned forward slightly:
"After we did several projects at Yangtze River Delta, we wanted to expand to the southwest.
Henglong Property, we have been watching it for a long time."
Zhao Chen's brows moved slightly:
"Have you been staring for a long time?"
"Yes." Zhou Huai said,
"Everyone in the industry knows that the most valuable asset in Henglong Property's hands is not the residential projects, but the commercial complex in Jiangbei."
Zhao Chen said nothing.
The Jiangbei complex is indeed Henglong Property's trump card asset.
Good location, stable operations, and strong cash flow.
At that time, Zhao Jianguo took the land under pressure and took five years to build it before opening it. Now it contributes about half of the profits to the property sector every year.
"That project," Zhou Huai said,
"We have studied it. Whether it is location, positioning or operation level, it is considered the first echelon in the southwest.
If this project can be included, our layout in the southwest will be stable."
He paused:
"So when I heard that Henglong was going to sell the property, I flew over as soon as possible."
Zhao Chen looked at him:
"Mr. Zhou knows Henglong Property very clearly."
Zhou Huai smiled:
"If you are in this business, you must do your homework well."
He changed the subject:
"But I still don't know the overall debt situation of Henglong Property.
Without this data, I cannot give a valuation."
Zhao Chen nodded.
This request is reasonable.
He picked up the landline phone on the table and dialed an internal number:
"Mr. Chen, please come over here."
Five minutes later, Chen Qiming opened the door and came in.
"Chairman Zhao."
Zhao Chen indicates:
"Introduce Henglong Property's debt situation to Mr. Zhou."
Chen Qiming nodded and looked at Zhou Huai:
"Mr. Zhou, the current assets and liabilities of Henglong Property, in simple terms, are as follows -"
He paused:
"In terms of assets, the net book value is about 500 million. Mainly the Jiangbei complex, plus several supporting properties for residential and office projects.
Fixed assets are depreciated every year, and this 500 million is the value after many years of depreciation."
He glanced at Zhao Chen and added:
"The actual value is much higher than this number."
Zhou Huai nodded without interrupting.
Chen Qiming continued:
"In terms of liabilities, the total is 300 million. It mainly consists of two parts: one part is the mortgage loan when Jiangbei Complex was originally built, and there is still 180 million left;
The other part is the amount payable Suppliers and employee salaries, which add up to 120 million."
He paused:
"The 300 million debt can be paid off in about two years based on last year's profits.
If only interest-bearing liabilities are counted, one year's profit can basically cover it, which is rare High-Quality Assets."
Zhou Huai was silent for a few seconds after listening.
Then he asked:
"Mr. Chen, how are the assets of Henglong Property valued?"
Chen Qiming glanced at Zhao Chen.
Zhao Chen nodded slightly.
Chen Qiming said:
"Based on depreciation of completed costs. This is a requirement of accounting standards."
Zhou Huai's eyes lit up.
Depreciation of construction cost.
What does it mean?
This means that the book assets of 500 million are calculated based on the cost of construction in that year, minus annual depreciation.
The complex in Jiangbei took five years to open before it opened, and the investment was huge.
After so many years of depreciation, it may no longer be worth much on the books.
But what about actual value?
If we want to rebuild a commercial complex in that area, the cost will at least double.
Not to mention the mature customer flow, brand, and operations team.
"Mr. Chen," Zhou Huai asked,
"How much is the current annual rental income of that complex in Jiangbei?"
Chen Qiming reported a number.
Zhou Huai After listening, the smile on his face became deeper.
He turned to Zhao Chen:
"Chairman Zhao, with assets of 500 million and liabilities of 300 million, the actual value is much higher than the book -
If you put this kind of data on the market, who wouldn't be moved after reading it?"
He paused:
"No wonder Vanke is so positive."
Zhao Chen looked at him:
"What does Mr. Zhou mean?"
Zhou Huai said:
"What I mean is that the texture of Henglong Property is worth a very high valuation.
I need to go back and calculate the specific amount. But there is one thing I can express my position first--"
He looked at Zhao Chen:
"We, Jiahe, really want to buy it. We are not here to pick up missing pieces, but here for long-term cooperation."
Zhao Chen was silent for a few seconds.
Then he nodded:
"I have received Mr. Zhou's sincerity. Once all the quotations are collected, we will conduct a unified screening."
Zhou Huai stood up:
"Understood. Then I'll go back and wait for news."
He took out a business card from his pocket and handed it over with both hands:
"This is my contact information. Chairman Zhao If you have any questions, please feel free to contact me."
Zhao Chen took the business card and nodded.
Zhou Huai turned and left.
Chen Xi Send him out.
The office became quiet again.
Su Wantang asked softly:
"Is this person reliable?"
Zhao Chen looked at the business card in his hand and said nothing.
Jiahe Assets.
Guanqianli.
Jiangbei Complex.
This guy really did his homework.
And the questions he asked - liability structure, valuation method, rental income - every one of them hit the point.
Not here to pick up leaks.
He is someone who truly knows his stuff.
"Mr. Chen," Zhao Chen looked at Chen Qiming, "What do you think of this person?"
Chen Qiming thought for a while:
"The questions he asked were very professional. He was also very interested in the complex in Jiangbei. He should have come here because of that project."
Zhao Chen nodded.
He picked up the landline phone on the table and dialed another internal number:
"Chen Xi, notify all institutions that have quoted prices and submit final quotes within three days. We will do preliminary screening."
After hanging up the phone, he dialed Shen Jue again, "Ms. Shen, are you free to sit down for a while?"