At West Point in the afternoon, Zhao Chen arrived at the promised Tea House.
When he arrived, Shen Jue was already there.
She wore an orange casual suit today, which was a bit softer than the formal suit on Board of Directors, but her crisp and neat aura has not changed at all.
There was a cup of tea in front of him and he was looking down at his mobile phone.
Hearing the footsteps, she raised her head:
"The appointment is so urgent, what happened?"
Zhao Chen sat down opposite her:
"It's nothing big. But regarding the sale of the property, as a shareholder holding more than 5% of the shares, you need to know the progress in advance."
Shen Jue looked at him and raised the corners of his mouth slightly:
"Chairman Zhao, do you regard me as one of your own?"
Zhao Chen did not avoid her gaze:
"You are originally one of our Henglong's."
This is the first thing to be said, which can be regarded as recognition of Shen Jue.
Shen Jue nodded:
"Okay. Let's talk."
Zhao Chen briefly talked about Zhou Huai's visit today.
"Jiahe Assets, a partner named Zhou Huai, just got off the plane and rushed to the company first.
The bid is very sincere, but the background needs to be checked."
Shen Jue was silent for two seconds after listening.
Then she spoke:
"How are you going to sell it?"
Zhao Chen said:
"In the first round of screening within three days, 5 to 7 companies will be selected, and then the details Financial Data will be disclosed and they will make a second round of quotations."
Shen Jue nodded and asked again:
"What are the valuation expectations?"
Zhao Chen thought for a while:
"Last year's profit was 130 million, and this year it is expected to be 150 million. Based on a price-earnings ratio of 15 to 18 times, the valuation is between 2 billion and 2.7 billion."
Shen Jue picked up the tea cup and took a sip:
"Do you think it's reasonable?"
Zhao Chen looked at her:
"What do you think?"
Shen Jue Put down the teacup:
"Henglong Property The most valuable thing is not the residential projects, but the commercial complex in Jiangbei."
Zhao Chen nodded and waited for her to continue.
"I have studied that project."
Shen Jue said, "The location is good, the operation is stable, and the cash flow is strong. Moreover, this kind of Core Assets is a scarce product in the market.
Scarce goods should command a premium."
She paused:
"If it were sold separately, the complex would be worth at least 1 billion."
Zhao Chen looked at her with a hint of appreciation in his eyes:
"You can figure it out clearly."
Shen Jue smiled:
"I invested several hundred million into Henglong, but I have to know what I'm investing in."
She continued:
"But if the property company sells it as a whole, there will definitely be a discount. After all, it has to package a bunch of unprofitable residential projects.
My judgment is that the reasonable valuation is between 2.2 and 2.5 billion.
If it exceeds 2.5 billion, it is the buyer's premium; if it is less than 2.2 billion, Henglong will lose money."
Zhao Chen nodded:
"It's almost as good as mine."
Shen Jue looked at him:
"So how much does Jiahe cost?"
"We haven't quoted a price yet. They want to see the data first."
Shen Jue thoughtfully:
"Jiahe, I have heard of him.
Zhou Huai, I worked at Blackstone before, and then I came out to do it myself. I have a very sharp vision and my execution is very accurate."
She paused:
"If he really wants to buy it, the price won't be low."
Zhao Chen said:
"Then it depends on how much they offer. The one with the highest price gets it.
Shen Jue looked at him:
"What if my friend's company comes to quote?"
Zhao Chen laughed:
"Your friend?"
Shen Jue nodded:
"I know a few people who do real estate investment. If they are interested, they may contact me to help them."
Zhao Chen looked at her and said seriously:
"Shen Jue, no matter who it is, as long as the price is right and the conditions are fair, we can negotiate.
But if the price is not right--"
He paused:
"Neither can your friends."
Shen Jue was stunned for a moment, then smiled:
"Zhao Chen, are you making ugly remarks in front of others?"
Zhao Chen nodded:
"Yes. As a shareholder, you have the right to know the progress.
But I also have to let you know - there is no official decision on this matter, and it has nothing to do with anyone.
Whoever bids the highest price and has the best conditions will take it."
Shen Jue looked at him, with something complicated in his eyes.
Then she picked up the tea cup and raised it:
"Deal."
Zhao Chen also picked up the tea cup and touched it with her.
The two of them each took a sip.
Shen Jue Put down the tea cup:
"One more thing."
Zhao Chen looked at her.
"Jiahe that Zhou Huai," Shen Jue said, "I will help you find out. I will give you the news within three days."
Zhao Chen nodded:
"Thank you."
Shen Jue stood up:
"That's it. See you next time Board of Directors."
She turned and left.
The sound of high heels gradually faded away.
Zhao Chen sat there alone, looking at the river view outside the window.
Shen Jue's words just now gave him a little more confidence in the value of the property.
2.2 to 2.5 billion.
This range is consistent with his judgment.
The emergence of Jiahe may allow this range to move upwards.
He picked up the tea cup and took a sip.
The tea has gone cold.
But the taste is still there.
Returning to Henglong, Three Women is already waiting for him.
Chen Xi is sitting in front of the computer, with several table windows open on the screen.
Zhang Qingxue was leaning on the sofa, flipping through the asset list of Henglong Property in his hand.
Su Wantang is making tea, as if waiting for someone to return home.
"You're back?" Su Wantang put the tea cup on the coffee table, "How was the talk?"
Zhao Chen sat down on the sofa, picked up the tea cup and took a sip:
"The talks went very smoothly. Shen Jue recognized the valuation range of 2.2 to 2.5 billion."
Chen Xi's eyes lit up:
"She also made this judgment?"
Zhao Chen nodded:
"She has specifically studied the Jiangbei complex and feels that it is worth at least 1 billion if it is dismantled alone.
There will be a discount when the package is sold, but the overall valuation should not be less than 2.2 billion."
Zhang Qingxue pushed up his glasses:
"Her professional judgment is worthy of trust."
Chen Xi also nodded:
"After all, she is someone who has been in the capital market for so many years. What she said has weight."
Zhao Chen leaned on the sofa and looked at the three of them:
"How do you feel about the property company's assets these days?"
Chen Xi Immediately call up the data on the computer:
"It's basically clear. The Jiangbei complex has a net book value of 200 million, but the actual market value is at least between 800 million and 1 billion.
Several other residential projects are packaged together, worth about 200 to 300 million. Plus some scattered community facilities--"
She paused:
"The actual value of the overall assets is between 1.1 and 1.3 billion."
Zhao Chen nodded:
"Where's the debt?"
Zhang Qingxue took the call:
"The debt is 300 million, and the structure is very simple.
180 million is the mortgage loan of Jiangbei Complex, and the remaining 120 million is accounts payable and employee salaries.
There is no hidden debt, no off-balance sheet financing."
She paused:
"The liabilities due within three years are only 80 million, and the cash flow can fully cover them."
Zhao Chen thought for a few seconds.
The book figure is 500 million, but the actual figure is 1.1 to 1.3 billion.
Debt of 300 million.
Net worth 8 to 1 billion.
The annual profit is close to 100 million.
This quality is indeed worthy of a valuation of more than 2 billion.
"Shen Jue's judgment is basically consistent with our own calculation," he said.
Chen Xi nodded:
"Yes. So the question now is not how much it is worth, but who can pay the price."
Zhao Chen looked at her:
"How did the quote go?"
Chen Xi calls up another form:
"Currently, there are nine companies with clear intentions.
Vanke, Jiahe, and several insurance and private placement companies. The quotation range is between 1.8 and 2.6 billion."
She paused:
"Jiahe hasn't made a formal quotation yet, but Zhou Huai said when they left that they would offer a competitive price."
Zhao Chen nodded:
"Do the first round of screening in three days. Pick out 5 to 7 companies and send them the details Financial Data and let them make a second round of quotations."
Chen Xi Quick note:
"What are the standards?"
Zhao Chen thought for a while:
"First, the price. Those with a price lower than 2.2 billion will be eliminated first.
Second, payment terms. All cash is preferred, and credit will be assessed for installment payments.
Third, the background must be clean. Don't accept anything with stains."
He looked at Zhang Qingxue:
"It's up to you to check this part of the background check."
Zhang Qingxue nodded:
"Understood."
Chen Xi asked again:
"What about people with complicated backgrounds like Jiahe?"
Zhao Chen was silent for two seconds:
"Look at the price first. If the price is high enough, then check whether the funds are clean.
As long as the funding channels are compliant, complex backgrounds are not a problem."
He paused:
"But if it is gray money, or there is political risk after penetration, no matter how high it is, you can't ask for it."
Zhang Qingxue nodded:
"I will focus on investigating their source of funds."
Zhao Chen stood up and walked to the window.
Outside the window, the sun is setting.
"The results of the preliminary screening will be out soon."
He said, "At that time, the direction of this game will be clear."
Chen Xi and Zhang Qingxue looked at each other without speaking.
Su Wantang walked to him and gently held his hand.
Conditions have been put forward.
Whether they can marry Henglong Property depends on their own abilities.