The time node given by Henglong was leaked.
This news deeply shocked the entire industry.
Preliminary quotations are submitted within three days, screened three days later, and final quotations are due three days later.
It only lasts nine days.
For the first time in history, a real estate company sold properties in the manner of a rich man marrying his daughter--
The threshold is high, the time is tight, and the conditions are harsh.
<Securities Times>:
"Henglong's property sale sparked heated market discussion, and the nine-day window set an industry record"
<Daily Economic News>:
"Is it impatient or confident? The strategic considerations behind the sale of Henglong Property"
<Financial>Magazine:
"From 'killing the goose to capture the eggs' to 'cashing out at high prices', market interpretation is polarized"
On the Snowball platform, there was even more commotion.
Shareholder "Old Leek Root":
"Henglong Are you in a hurry for money? Or is there some inside story?"
"Professional investors buying bargain hunting":
"Jiutian? This is not selling assets, this is a clearance sale!"
Shareholder "Value Discoverer":
"You guys know nothing! This is to take advantage of the high valuation and sell quickly. When the vacancy rate of office buildings increases in two years, you won't be able to sell it even if you want to!"
Shareholder "Patient Holder":
"Zhao Chen, every step he takes is incomprehensible, but every step is proved to be right in the end. This time I choose to believe him."
Shareholder "Chase Rises Kill Dips for Life":
"Upstairs, have you been brainwashed? You're willing to sell cash cows like the property management company. What's wrong with you?"
Investors' "data speaks":
"Look at the data. Henglong Property made a profit of 130 million last year, and this year it is expected to be 150 million.
If it can really be sold for more than 2 billion, the price-earnings ratio will be about 15 times.
The current average price-to-earning ratio of property stocks is 20 times, but that is the valuation of Listed Company.
When unlisted assets are packaged and sold, 15 times is already a conscientious price."
Shareholder "Old Leek Root":
"The data is right, but the question is, why is Henglong so urgent? If we delay it, maybe it can sell for a higher price."
Shareholder "Value Discoverer":
"Perhaps people have calculated correctly. It is now at a high point. After passing this village, there will be no such store."
Arguments are arguments and doubts are doubts.
But there was no response from Henglong.
The official Wechat account was quiet, the phone call could not be reached, and Secretary Liu Mingyu's mobile phone was turned off for the first time.
A posture of "you can guess, I will remain unmoved".
This silence only makes the market more restless.
Three days later.
The results of the first round of screening are out.
Chen Xi handed the list to Zhao Chen with a complicated expression:
"Zhao Zong, nine companies quoted, one gave up on their own initiative."
Zhao Chen raised his head:
"Which one?"
"Vanke." Chen Xi said, "Their senior management privately revealed that they felt the valuation was too high and not a good deal.
If you use 20 times to acquire an unlisted asset, you won't be able to get through it internally."
Zhang Qingxue pushed up his glasses:
"Vanke's withdrawal is reasonable.
They are industry leaders and have their own valuation system.
They can't do such things as premium acquisitions."
Zhao Chen nodded and continued to look at the list:
"How many are below 2.2 billion?"
Chen Xi answered:
"Xi Family. Quotes range from 1.8 billion to 2.1 billion."
Zhao Chen Cross out this Xi Family.
The rest is Xi Family who entered the second round.
Chen Xi read:
"Jiahe Assets, the first round quotation is 2.5 billion."
"CICC Capital, the first round quotation is 2.4 billion."
"Ping An Real Estate, the first round quotation is 2.45 billion."
"Runshang Investment, a subsidiary of China Resources Land, quoted 2.38 billion in the first round."
She paused:
"Jiahe is the highest, 25. The other three are all around 2.4 billion."
Zhao Chen looked at the list and was silent for a few seconds.
2.5 billion.
Just above the price limit predicted by Shen Jue, full of sincerity.
"Send them the details Financial Data and sign a confidentiality agreement." He said, "After three days, we will see the final quotation."
Chen Xi nodded:
"Understood."
July 2, 9 a. m., Henglong Building 28th floor.
Xifen's final quotation was neatly placed on Zhao Chen's desk.
Chen Xi stood aside, the expression on his face could not be said to be excitement or nervousness:
"CICC Capital, the final quotation is 2.48 billion."
"Ping An Real Estate, 2.52 billion."
"Runshang Investment, 2.5 billion."
She paused and pointed to the last one:
"Jiahe Assets, 2.6 billion."
Zhao Chen's brows moved slightly.
2.6 billion.
It's 100 million higher than the first-round offer.
I asked more questions than others.
This price has far exceeded market expectations.
"Are they crazy?" Chen Xi couldn't help but ask.
Zhao Chen did not answer.
He just looked at the quotation and was silent for a long time.
The news leaked out from nowhere, and rough figures for Xifen's quotation began to circulate in the circle.
Snowball user "Valuation Hunter": "Just received the news, Henglong Property's final quotation came out. Xi Family was shortlisted, up to 2.6 billion!"
The comment section exploded:
"2.6 billion?! Crazy! Last year's profit was only 130 million!"
"Profit of 130 million, valuation of 2.6 billion, price-to-earnings ratio of 20 times. The price of unlisted assets is outrageous."
"It's not necessarily outrageous. The Jiangbei complex is worth 1 billion when taken apart alone. The rest is packaged and sold for 1.6 billion. It's actually not bad."
"Can you do the accounting upstairs? The property company sells the whole thing, not dismantling it!"
"The whole thing is valuable! Stable cash flow and a renewal rate of over 90%. This kind of asset is very scarce in the market."
"Scarcity is scarcity, but 2.6 billion is really too high. If it is Vanke, 20 times I have nothing to say."
"Vanke has a leading premium. According to this view, either Henglong Property will be promoted to the new Short Sellers leader in the property sector, or the valuation of Vanke will be improved to a higher level."
"The leader may not always be the leader. In the real estate industry, whoever has good assets is the best. Henglong is the best."
The debate is getting more and more intense.
But one topic began to emerge quietly--
Snowball user "Commercial Real Estate Veteran":
"In fact, everyone is arguing about the valuation, but no one asks one question: Why is Henglong so anxious?"
Someone replied, "Yes, the nine-day time window is too late. It takes at least a month to sell assets normally."
"Commercial Real Estate Veteran":
"I have been in this business for 20 years and I have never seen such a anxious seller. There are only two possibilities:
First, I am really in need of money, and second, I feel that now is the high point, and there will be no store like this after passing this village."
"Valuation Hunter":
"Emergency money? Henglong Stock Issuance just raised 1 billion yuan, where is the lack of money? It must be the second type."
"Commercial Real Estate Veteran":
"If it is the second type, then the problem will be huge - it shows that Zhao Chen has judged that the high valuation of property assets will not last long."
As soon as this inference came out, the comment section exploded again.
"What do you mean? Property is not a cash cow?"
"The vacancy rate of office buildings is rising all the time. Haven't you looked at the data?"
"Residential properties are okay, but commercial properties are really under pressure."
"So Henglong is a high-level cash-out?"
"What's wrong with arbitraging high positions? I'm not stupid."
"The problem is that I just bought Henglong shares..."
"How much did you buy from upstairs?"
"Not much, one hundred thousand yuan."
"Then don't panic. If the property sells well, the stock price will still rise."
The discussions are getting deeper and deeper and more professional.
Some people are beginning to re-examine the value of property assets.
"In the past, everyone thought that property was a ballast stone, but now we see that the ballast stone may also become a ballast stone."
"What do you mean?"
"Ballast stone means stability, not growth. As the vacancy rate of office buildings increases and rents decrease, the valuation logic of property companies changes."
"So Henglong is cashing out at a high point?"
"At least that's what people think."
"Then shall we follow or not?"
No one can answer this question.
But everyone realizes one thing -
Zhao Chen is once again ahead of the market.
Chairman's Office.
Chen Xi looked at the discussion on Snowball and couldn't help laughing:
"Zhao Zong, the market has become extremely noisy. Some people say you are crazy, others say you are far-sighted."
Zhao Chen didn't look up:
"Let them make noise."
Zhang Qingxue pushed up his glasses:
"Public opinion is paying great attention to Henglong. The matter of property sale has already gone out of the circle."
Zhao Chen nodded:
"It's just right. With high attention, institutions participating in the quotation will not dare to mess around. Everything is transparent, and the one with the highest price wins."
He picked up the Western quotation and read it again.
China International Capital Corporation 2.48 billion.
Ping An 2.52 billion.
Runshang 2.5 billion.
Jiahe 2.6 billion.
The number 2.6 billion was like a magnet, firmly attracting his attention.
While he was deep in thought, his cell phone rang.
It's Shen Jue.
Connected.
"Zhao Chen," Shen Jue's voice came from the other end of the phone, a little lower than usual.
"Jiahe, I'm looking for someone to ask."
Zhao Chen said nothing.
Shen Jue paused:
"Their source of funding is someone you know."
Zhao Chen's hand holding the phone tightened slightly:
"Who?"
"Blackstone China Vice President, Lu Shen."
There was silence on the other end of the phone for a second.
"Your outstanding alumni Zhengfa University are several years ahead of you."
Shen Jue's tone remained calm, "You should know this person."
Should you know?
Zhao Chen was stunned for a moment.
He didn't notice Shen Jue's tone when he said this - that kind of certainty, the kind of certainty that "I know you guys know each other".
His thoughts had been dragged away by that name.
Lu Shen.
This name is like a key, opening the dusty door deep in my memory.
"... Hello?" Shen Jue's voice came from the other end of the phone.
Zhao Chen did not respond.
He could no longer hear.