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Damon彦

亦正亦邪

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- Damon彦Damon彦
  ·01-04
  $美國原油ETF(USO)$
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- Damon彦Damon彦
  ·2025-09-03
  $上证指数(000001.SH)$
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- Damon彦Damon彦
  ·2025-06-17
  $特朗普媒体科技集团(DJT)$
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- Damon彦Damon彦
  ·2025-01-18
  $特朗普媒体科技集团(DJT)$ 50
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- Damon彦Damon彦
  ·2024-11-12
  $特朗普媒体科技集团(DJT)$
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- Damon彦Damon彦
  ·2024-09-11
  $特朗普媒体科技集团(DJT)$
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- Damon彦Damon彦
  ·2024-03-26
  $TRUMP MEDIA & TECHNOLOGY GROUP CORP(DJT)$ maga
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- Damon彦Damon彦
  ·2021-07-14
  wow
  The History of the Fall of Sichuan Real Estate Tycoons
  一个月内，26岁的杨武正连续上任蓝光发展总裁、董事长，取代新城王晓松，成了新的“最年轻房企董事长”；这个年纪，比他的父亲，蓝光创始人杨铿当年创业时还要小两岁。然而他没有喜悦，只有压力。蓝光，这家千亿
  The History of the Fall of Sichuan Real Estate Tycoons
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- Damon彦Damon彦
  ·2021-06-05
  wow
  Sorry, this post has been deleted
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- Damon彦Damon彦
  ·2021-06-03
  wow
  US President Biden hopes to include $1 trillion in new spending in the infrastructure bill.
  6月3日消息，据外媒Politico报道，美国总统拜登希望在基建法案中包含1万亿美元新支出。此前，专家称拜登的基建计划将面临五大矛盾。近日，拜登政府推出了规模空前的基础设施建设计划，旨在推动电动汽车和
  US President Biden hopes to include $1 trillion in new spending in the infrastructure bill.
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data-views=\"0\"></v-v>&nbsp;","text":"$特朗普媒体科技集团(DJT)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/348327966196032","isVote":1,"tweetType":1,"viewCount":3999,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":288501570134288,"gmtCreate":1711467602507,"gmtModify":1711467604970,"author":{"id":"3525764396954917","authorId":"3525764396954917","name":"Damon彦","avatar":"https://static.tigerbbs.com/aefc3b425d860982b98647f99731ad48","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3525764396954917","idStr":"3525764396954917"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/DJT\">$TRUMP MEDIA &amp; TECHNOLOGY GROUP CORP(DJT)$</a> maga","listText":"<a href=\"https://laohu8.com/S/DJT\">$TRUMP MEDIA &amp; TECHNOLOGY GROUP CORP(DJT)$</a> maga","text":"$TRUMP MEDIA & TECHNOLOGY GROUP CORP(DJT)$ maga","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/288501570134288","isVote":1,"tweetType":1,"viewCount":3564,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":145414064,"gmtCreate":1626237042558,"gmtModify":1703756108468,"author":{"id":"3525764396954917","authorId":"3525764396954917","name":"Damon彦","avatar":"https://static.tigerbbs.com/aefc3b425d860982b98647f99731ad48","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3525764396954917","idStr":"3525764396954917"},"themes":[],"title":"","htmlText":"wow","listText":"wow","text":"wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/145414064","repostId":"2151646375","repostType":4,"repost":{"id":"2151646375","kind":"highlight","pubTimestamp":1626231217,"share":"https://ttm.financial/m/news/2151646375?lang=en_US&edition=fundamental","pubTime":"2021-07-14 10:53","market":"sh","language":"zh","title":"The History of the Fall of Sichuan Real Estate Tycoons","url":"https://stock-news.laohu8.com/highlight/detail?id=2151646375","media":"华尔街见闻","summary":"一个月内，26岁的杨武正连续上任蓝光发展总裁、董事长，取代新城王晓松，成了新的“最年轻房企董事长”；这个年纪，比他的父亲，蓝光创始人杨铿当年创业时还要小两岁。\n然而他没有喜悦，只有压力。蓝光，这家千亿","content":"<p>Within a month, 26-year-old Yang Wuzheng took office continuously<a href=\"https://laohu8.com/S/600466\">Blu-ray development</a>The president and chairman replaced Wang Xiaosong of Xincheng, becoming the new \"youngest chairman of a real estate company\"; This age is two years younger than his father, Yang Keng, the founder of Blu-ray, when he started his business.</p><p>However, he had no joy, only pressure.<b>Blu-ray, a real estate company with assets exceeding 100 billion yuan, is facing turbulent times. Each of Yang Wuzheng's promotions was accompanied by the departure of key officials from Blue Light.</b></p><p>On July 12, Blu-ray, which was frequently rumored to have been acquired, defaulted on its bonds. This long-established real estate company, known as Sichuan's \"number one real estate company\" for 30 years, has actually...<a href=\"https://laohu8.com/S/600340\">China Fortune Land Development</a>Like Tahoe Group, it has also become one of the real estate companies that collapsed.</p><p>Yang Keng, a once-powerful Sichuan real estate tycoon and a prominent figure who moved between the political and business circles, is now deeply embroiled in a vortex and has no choice but to push his young son to the forefront and entrust him with important responsibilities.</p><p>Just a year ago, Southwestern University of Finance and Economics published a book called \"The History of Blu-ray Entrepreneurship,\" which tells the \"Chinese story\" of this private real estate company.</p><p><b>During the golden age of real estate, Blu-ray cultivated Sichuan and reaped substantial benefits. However, it soon fell into financial difficulties due to strategic mistakes, misguided pace, and aggressive expansion.</b></p><p>Since 2020, especially after the three red lines were established, the real estate industry has experienced frequent isolated risks, leading to the collapse of many real estate companies. The Blu-ray crisis highlights the ubiquitous operational and financial risks faced by real estate companies.</p><p>After the incident, Blu-ray chose to actively save itself by successively transferring assets such as properties and projects to help it overcome its difficulties. \"I will not relinquish controlling stake or sell off the company,\" these words spoken by his son may be the last bottom line and dignity of real estate tycoon Yang Keng.</p><p><h2><b>wind and rain</b></h2>On July 5, Blu-ray President Chi Feng announced his resignation, drawing attention from the industry. He is the highest-ranking employee among the many who have left Blu-ray in recent months.</p><p>Blu-ray has welcomed a new team led by the second-generation Yang Wuzheng, which is not good news for a company facing a liquidity crisis.</p><p>Blu-ray's downturn began in April. At that time, there were rumors in the market that three of Blu-ray's trusts had defaulted, and Sunac and Vanke were in talks to invest in Blu-ray. Regulators have also issued an inquiry letter to Blu-ray.</p><p>The Yang family father and son reacted fairly quickly. On April 26, Blu-ray held an investor conference call. Yang Wuzheng admitted that the company did have problems, but was actively resolving them, emphasizing that he \"would not sell his shares.\"</p><p>In March of this year, Blu-ray had already relinquished the sale of its Hong Kong-listed property asset, Blu-ray Jiabao, to...<a href=\"https://laohu8.com/S/06098\">Country Garden Services</a>4.8 billion yuan was recovered.</p><p>Nevertheless, the Blu-ray crisis remains unresolved. On July 1, due to a default on a stock pledge, Bairui Trust, a key partner in Blu-ray's 100 billion yuan journey, applied for a share freeze on Blu-ray.</p><p>On July 12, Blu-ray finally defaulted on its publicly traded debt. According to the announcement, a 900 million yuan medium-term note maturing on July 11 has defaulted. This further eroded already fragile market confidence.</p><p>The dominoes are falling one after another.<a href=\"https://laohu8.com/S/MCO\">Moody's</a>It is expected that Blu-ray will have a large amount of debt maturing or available for resale in the next 12 to 18 months, including more than RMB 14 billion in onshore and offshore bonds and RMB 15 billion in non-standard loans.</p><p><b>As of the end of June 2021, Blu-ray Development had a cash balance of 11 billion yuan, of which only 200 million yuan was freely available.</b></p><p>The door to public market financing has been tightly closed. In late June and early July, following Moody's and S&P, several rating agencies, including Dagong, China Chengxin, and Golden Credit Rating, also downgraded Blu-ray's credit rating.</p><p>This has significantly eroded the patience of the capital market. The company's market capitalization is constantly hitting its lowest point. As of the market close on July 13, Blu-ray Development's total market capitalization was only 8.346 billion yuan, a drop of nearly 43% from its high this year.</p><p><h2><b>Glorious past</b></h2>Yang Keng went from an auto parts factory worker to a real estate tycoon in just over a decade; From sales of 10 billion to over 100 billion, Blu-ray took only 4 years. Blu-ray, which considers itself a model for private enterprises, is undoubtedly a classmate with quite a story to tell.</p><p>In 1989, during the wave of reform and opening up, 28-year-old Yang Keng resigned from his secure job at Chengdu Construction Machinery Group and founded \"Languang Auto Parts Factory\". This was the first step into the sea, but he was clearly not satisfied with it.</p><p>Keen to sense opportunities in the real estate market, he established \"Chengdu Languang Housing Development Co., Ltd.\" in his third year of entrepreneurship, thus opening a new chapter in his real estate career.</p><p><b>Since 1992, Blu-ray has been deeply cultivating the local market for 16 years, gaining a reputation and making no secret of its ambitious goals.</b></p><p>As one of the lucky \"92 generation\" in the real estate industry, Yang Keng, riding the wave of the times, is enjoying great success. His first real estate project, the \"Languang Building\" (later renamed \"Blue Light Building\") on Chunxi Road, was personally inscribed by the then Minister of Foreign Affairs.</p><p>At the first state-owned land auction in Sichuan Province, Blu-ray won land parcels 1 and 2 at prices far exceeding the auction expectations, setting two record-breaking land parcels and stealing the spotlight. The following year, he won 8 of the 21 plots of land transferred by the Chengdu Land and Resources Bureau.</p><p>Blu-ray, which started as a business, has created many landmarks. The song \"Chengdu,\" which has been sung all over the country, \"reaching the end of Yulin Road,\" is not a small bar, but a blue-lit Yulin Life Square.</p><p>Subsequently, Blu-ray, which switched to residential development, took advantage of the opportunity presented by Chengdu's old city renovation to rapidly expand its scale, winning the sales championship in Chengdu's real estate market for seven consecutive years and becoming the recognized \"number one\" in Sichuan's real estate market.</p><p><b>In 2008, Yang Keng left Sichuan and rose to fame in Chongqing. A few years later, Blu-ray has become a well-known brand developer in Southwest China.</b></p><p>2015 is a new year. Blu-ray completed its listing through a reverse merger with Dikang Pharmaceutical, thus entering a new stage of continuous leverage and scale expansion, embarking on a rapid expansion and striding towards the whole country.</p><p>What reflects Yang Keng's immense ambition is that in 2019, he moved his headquarters to Shanghai, intending to leverage Shanghai's financial, information, and talent resources to realize his next grand blueprint.</p><p><b>This is undoubtedly a bold move for a real estate company that has long been entrenched in Southwest China.</b></p><p>A year later, Blu-ray's corporate biography, \"The Entrepreneurial History of Blu-ray,\" was published, telling \"the story of a private enterprise growing with this era.\" This is probably the highlight of Blu-ray. What kind of company would think of writing a book for itself? Only successful companies do this.</p><p>From the outside perspective, from 2015 to 2019, Blu-ray not only completed a backdoor listing and a spin-off listing of its property management company, Blu-ray Jiabao, forming a dual capital platform of \"A+H shares\", but also achieved its 100 billion yuan target two years ahead of schedule, which is quite impressive.</p><p>However, the risks had already been sown around the time Yang Keng left for Shanghai. Today, the development trajectory of review Blu-ray reveals that 2019 marked the beginning of a parabola gradually approaching its upward trend.</p><p><h2><b>Fall rapidly</b></h2>I saw him build tall buildings, I saw him entertain guests, I saw his buildings collapse.</p><p><b>Yang Keng's entrepreneurial journey has followed the direction of the times, leaving deep and shallow footprints, and his business life has also experienced ups and downs.</b></p><p>Essentially, Blu-ray is now facing a cash flow crisis. The so-called cash flow crisis refers to the breakdown of the capital chain during the operation of a business. The most direct manifestation is the inability to repay debts and interest, resulting in debt default.</p><p>Those close to Blu-ray believe that Blu-ray is in crisis.<b>The most fundamental reason is that the strategic choice was made at the wrong time, and the move from being located in the southwest to Shanghai and the Guangdong-Hong Kong-Macao Greater Bay Area was too drastic.</b></p><p>From an industry-wide perspective,<b>In the fourth quarter of 2018, the real estate market was already very poor, and Vanke...</b>At that time, he shouted<b>\"Survive\"</b>，<b>Tahoe Group, Fusheng Group, and China Fortune Land Development are facing cash flow crises.</b>。<b>Blu-ray, however, moved its headquarters to Shanghai in 2019 to expand aggressively, which was a very aggressive choice.</b></p><p>After launching the \"Shanghai + Chengdu\" dual headquarters model, Yang Keng acquired a large amount of land in East and South China and entered many third- and fourth-tier cities.</p><p>But what's even more regrettable is the opportunity cost. While leading real estate companies such as Sunac and Vanke are constantly seeking opportunities in the Southwest, the former \"number one\" in Sichuan is playing to its weaknesses and avoiding its strengths, suffering the loss of its home base.</p><p>In 2020, Blu-ray's sales in Chengdu reached 15.392 billion yuan, a year-on-year decrease of 18.67%, falling out of the top 10 sales rankings in Chengdu.</p><p>In order to expand, Yang Keng, a \"stranger,\" paid many prices. From 2017 to 2020, the company's liabilities increased from 76.1 billion yuan to 211.8 billion yuan, its net debt ratio rose from 92% to 113%, and its financing costs also increased from 7.19% to 8.20%.</p><p>The rewards are not equal. In 2020, Blu-ray's overall sales area increased by 10.02% year-on-year, but it only brought in a 1.97% increase in sales revenue, indicating a serious shortage of operating revenue.</p><p><b>S&P points out that the deterioration in Blu-ray liquidity is partly due to the negative effects of an immature strategic shift. The 2018 annual report first proposed the \"1+3+N\" strategy, aiming to \"expand east and south,\" but reality has not been as rosy as expected.</b></p><p><b>S&P further believes that Blu-ray faces the dual problems of regional strategic shift and debt repayment pressure.</b>The shift to higher-tier cities has weakened Blu-ray's profit margins, while longer-term, more costly non-bank financing has weakened the company's capital structure. The tightening of policies has also increased the difficulty for Blu-ray to refinance.</p><p>In addition, diversification has also dragged down Blu-ray's cash flow. In his search for a second growth curve, Yang Keng chose cultural and tourism projects that looked beautiful but were actually very expensive.</p><p>In 2017, Blu-ray Tourism was spun off from the group and signed multiple projects with a planned investment of over 42.5 billion yuan. However, by 2020, only Dujiangyan Fruit Hero Planet had been established, and it has now been shut down indefinitely.</p><p>The final straw that broke the camel's back was rumored to be a loan default by Ping An.<a href=\"https://laohu8.com/S/JRJC\">Financial world</a>Sources revealed that Blu-ray had a 1.5 billion yuan loan with Ping An that was more than ten days late and was added to Ping An's \"blacklist\".</p><p>The ensuing chain reaction plunged Blu-ray into a liquidity crisis.</p><p><h2><b>Bringing in strategic investors?</b></h2>Objectively speaking, the Yang family has maintained a positive attitude towards the crisis. However, despite repeatedly selling assets to save itself, Blu-ray still defaulted on the public market.</p><p><b>For Blu-ray, this means a full-scale escalation of its cash flow crisis.</b></p><p>Bai Wenxi, chief economist at IPG China, analyzed, \"When companies cannot conduct debt financing to repay old loans, their cash flow will break down. They can only rely on introducing strategic investors, transferring projects, and restructuring to survive, but the outcome will be highly uncertain.\"</p><p>What the capital market is most concerned about right now is the progress of attracting strategic investors. Bai Wenxi judged that some state-owned assets are gradually withdrawing from the real estate sector, and the state-owned asset platforms capable of undertaking real estate companies with a scale of hundreds of billions of yuan are relatively limited.</p><p>\"Without state-owned assistance, Blu-ray may be restructured at a low price by an industry leader, otherwise it is very likely to enter liquidation proceedings.\"</p><p>An industry insider close to Blu-ray believes that there are not many state-owned real estate companies in Sichuan with outstanding real estate business. In comparison, \"Vanke is more likely.\"</p><p>On July 13, after Blu-ray announced its default, news broke again in the market that Vanke intended to invest in Blu-ray.</p><p>According to Wall Street Insights, Vanke acquired several Blu-ray projects shortly after the Blu-ray crisis broke out in April. A Vanke representative stated that they are still looking at Blu-ray projects and do not rule out the possibility of purchasing more projects in the future.</p><p><b>However, it also stated that it currently has no intention of investing in Blu-ray.</b></p><p>Referring to the self-rescue experiences of Tahoe Group and China Fortune Land Development, Blu-ray, which hopes for state-owned assistance, may not find it easy to attract strategic investment under the dual headquarters structure of \"Shanghai + Chengdu\".</p><p>Blu-ray is not the first real estate company to collapse. Since last year, several companies in the real estate industry, including Fusheng, Tahoe Group, China Fortune Land Development, and Oceanwide, have gone bankrupt. In March, Sun Hongbin, chairman of Sunac, said at the earnings conference that some real estate companies would go bankrupt in two years, which was obviously ahead of schedule.</p><p>For the real estate industry, which currently has tens of thousands of companies and whose industry concentration is not high enough, this is a process of clearing out, mergers and acquisitions, and survival of the fittest.<b>At a meeting last year, a leading figure in the Midtown Alliance predicted that only 3,000 real estate companies would remain in the future.</b>。</p><p>However, when this clearing falls on a certain real estate company, it turns from a grain of dust into a heavy mountain.</p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The History of the Fall of Sichuan Real Estate Tycoons</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe History of the Fall of Sichuan Real Estate Tycoons\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-07-14 10:53</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Within a month, 26-year-old Yang Wuzheng took office continuously<a href=\"https://laohu8.com/S/600466\">Blu-ray development</a>The president and chairman replaced Wang Xiaosong of Xincheng, becoming the new \"youngest chairman of a real estate company\"; This age is two years younger than his father, Yang Keng, the founder of Blu-ray, when he started his business.</p><p>However, he had no joy, only pressure.<b>Blu-ray, a real estate company with assets exceeding 100 billion yuan, is facing turbulent times. Each of Yang Wuzheng's promotions was accompanied by the departure of key officials from Blue Light.</b></p><p>On July 12, Blu-ray, which was frequently rumored to have been acquired, defaulted on its bonds. This long-established real estate company, known as Sichuan's \"number one real estate company\" for 30 years, has actually...<a href=\"https://laohu8.com/S/600340\">China Fortune Land Development</a>Like Tahoe Group, it has also become one of the real estate companies that collapsed.</p><p>Yang Keng, a once-powerful Sichuan real estate tycoon and a prominent figure who moved between the political and business circles, is now deeply embroiled in a vortex and has no choice but to push his young son to the forefront and entrust him with important responsibilities.</p><p>Just a year ago, Southwestern University of Finance and Economics published a book called \"The History of Blu-ray Entrepreneurship,\" which tells the \"Chinese story\" of this private real estate company.</p><p><b>During the golden age of real estate, Blu-ray cultivated Sichuan and reaped substantial benefits. However, it soon fell into financial difficulties due to strategic mistakes, misguided pace, and aggressive expansion.</b></p><p>Since 2020, especially after the three red lines were established, the real estate industry has experienced frequent isolated risks, leading to the collapse of many real estate companies. The Blu-ray crisis highlights the ubiquitous operational and financial risks faced by real estate companies.</p><p>After the incident, Blu-ray chose to actively save itself by successively transferring assets such as properties and projects to help it overcome its difficulties. \"I will not relinquish controlling stake or sell off the company,\" these words spoken by his son may be the last bottom line and dignity of real estate tycoon Yang Keng.</p><p><h2><b>wind and rain</b></h2>On July 5, Blu-ray President Chi Feng announced his resignation, drawing attention from the industry. He is the highest-ranking employee among the many who have left Blu-ray in recent months.</p><p>Blu-ray has welcomed a new team led by the second-generation Yang Wuzheng, which is not good news for a company facing a liquidity crisis.</p><p>Blu-ray's downturn began in April. At that time, there were rumors in the market that three of Blu-ray's trusts had defaulted, and Sunac and Vanke were in talks to invest in Blu-ray. Regulators have also issued an inquiry letter to Blu-ray.</p><p>The Yang family father and son reacted fairly quickly. On April 26, Blu-ray held an investor conference call. Yang Wuzheng admitted that the company did have problems, but was actively resolving them, emphasizing that he \"would not sell his shares.\"</p><p>In March of this year, Blu-ray had already relinquished the sale of its Hong Kong-listed property asset, Blu-ray Jiabao, to...<a href=\"https://laohu8.com/S/06098\">Country Garden Services</a>4.8 billion yuan was recovered.</p><p>Nevertheless, the Blu-ray crisis remains unresolved. On July 1, due to a default on a stock pledge, Bairui Trust, a key partner in Blu-ray's 100 billion yuan journey, applied for a share freeze on Blu-ray.</p><p>On July 12, Blu-ray finally defaulted on its publicly traded debt. According to the announcement, a 900 million yuan medium-term note maturing on July 11 has defaulted. This further eroded already fragile market confidence.</p><p>The dominoes are falling one after another.<a href=\"https://laohu8.com/S/MCO\">Moody's</a>It is expected that Blu-ray will have a large amount of debt maturing or available for resale in the next 12 to 18 months, including more than RMB 14 billion in onshore and offshore bonds and RMB 15 billion in non-standard loans.</p><p><b>As of the end of June 2021, Blu-ray Development had a cash balance of 11 billion yuan, of which only 200 million yuan was freely available.</b></p><p>The door to public market financing has been tightly closed. In late June and early July, following Moody's and S&P, several rating agencies, including Dagong, China Chengxin, and Golden Credit Rating, also downgraded Blu-ray's credit rating.</p><p>This has significantly eroded the patience of the capital market. The company's market capitalization is constantly hitting its lowest point. As of the market close on July 13, Blu-ray Development's total market capitalization was only 8.346 billion yuan, a drop of nearly 43% from its high this year.</p><p><h2><b>Glorious past</b></h2>Yang Keng went from an auto parts factory worker to a real estate tycoon in just over a decade; From sales of 10 billion to over 100 billion, Blu-ray took only 4 years. Blu-ray, which considers itself a model for private enterprises, is undoubtedly a classmate with quite a story to tell.</p><p>In 1989, during the wave of reform and opening up, 28-year-old Yang Keng resigned from his secure job at Chengdu Construction Machinery Group and founded \"Languang Auto Parts Factory\". This was the first step into the sea, but he was clearly not satisfied with it.</p><p>Keen to sense opportunities in the real estate market, he established \"Chengdu Languang Housing Development Co., Ltd.\" in his third year of entrepreneurship, thus opening a new chapter in his real estate career.</p><p><b>Since 1992, Blu-ray has been deeply cultivating the local market for 16 years, gaining a reputation and making no secret of its ambitious goals.</b></p><p>As one of the lucky \"92 generation\" in the real estate industry, Yang Keng, riding the wave of the times, is enjoying great success. His first real estate project, the \"Languang Building\" (later renamed \"Blue Light Building\") on Chunxi Road, was personally inscribed by the then Minister of Foreign Affairs.</p><p>At the first state-owned land auction in Sichuan Province, Blu-ray won land parcels 1 and 2 at prices far exceeding the auction expectations, setting two record-breaking land parcels and stealing the spotlight. The following year, he won 8 of the 21 plots of land transferred by the Chengdu Land and Resources Bureau.</p><p>Blu-ray, which started as a business, has created many landmarks. The song \"Chengdu,\" which has been sung all over the country, \"reaching the end of Yulin Road,\" is not a small bar, but a blue-lit Yulin Life Square.</p><p>Subsequently, Blu-ray, which switched to residential development, took advantage of the opportunity presented by Chengdu's old city renovation to rapidly expand its scale, winning the sales championship in Chengdu's real estate market for seven consecutive years and becoming the recognized \"number one\" in Sichuan's real estate market.</p><p><b>In 2008, Yang Keng left Sichuan and rose to fame in Chongqing. A few years later, Blu-ray has become a well-known brand developer in Southwest China.</b></p><p>2015 is a new year. Blu-ray completed its listing through a reverse merger with Dikang Pharmaceutical, thus entering a new stage of continuous leverage and scale expansion, embarking on a rapid expansion and striding towards the whole country.</p><p>What reflects Yang Keng's immense ambition is that in 2019, he moved his headquarters to Shanghai, intending to leverage Shanghai's financial, information, and talent resources to realize his next grand blueprint.</p><p><b>This is undoubtedly a bold move for a real estate company that has long been entrenched in Southwest China.</b></p><p>A year later, Blu-ray's corporate biography, \"The Entrepreneurial History of Blu-ray,\" was published, telling \"the story of a private enterprise growing with this era.\" This is probably the highlight of Blu-ray. What kind of company would think of writing a book for itself? Only successful companies do this.</p><p>From the outside perspective, from 2015 to 2019, Blu-ray not only completed a backdoor listing and a spin-off listing of its property management company, Blu-ray Jiabao, forming a dual capital platform of \"A+H shares\", but also achieved its 100 billion yuan target two years ahead of schedule, which is quite impressive.</p><p>However, the risks had already been sown around the time Yang Keng left for Shanghai. Today, the development trajectory of review Blu-ray reveals that 2019 marked the beginning of a parabola gradually approaching its upward trend.</p><p><h2><b>Fall rapidly</b></h2>I saw him build tall buildings, I saw him entertain guests, I saw his buildings collapse.</p><p><b>Yang Keng's entrepreneurial journey has followed the direction of the times, leaving deep and shallow footprints, and his business life has also experienced ups and downs.</b></p><p>Essentially, Blu-ray is now facing a cash flow crisis. The so-called cash flow crisis refers to the breakdown of the capital chain during the operation of a business. The most direct manifestation is the inability to repay debts and interest, resulting in debt default.</p><p>Those close to Blu-ray believe that Blu-ray is in crisis.<b>The most fundamental reason is that the strategic choice was made at the wrong time, and the move from being located in the southwest to Shanghai and the Guangdong-Hong Kong-Macao Greater Bay Area was too drastic.</b></p><p>From an industry-wide perspective,<b>In the fourth quarter of 2018, the real estate market was already very poor, and Vanke...</b>At that time, he shouted<b>\"Survive\"</b>，<b>Tahoe Group, Fusheng Group, and China Fortune Land Development are facing cash flow crises.</b>。<b>Blu-ray, however, moved its headquarters to Shanghai in 2019 to expand aggressively, which was a very aggressive choice.</b></p><p>After launching the \"Shanghai + Chengdu\" dual headquarters model, Yang Keng acquired a large amount of land in East and South China and entered many third- and fourth-tier cities.</p><p>But what's even more regrettable is the opportunity cost. While leading real estate companies such as Sunac and Vanke are constantly seeking opportunities in the Southwest, the former \"number one\" in Sichuan is playing to its weaknesses and avoiding its strengths, suffering the loss of its home base.</p><p>In 2020, Blu-ray's sales in Chengdu reached 15.392 billion yuan, a year-on-year decrease of 18.67%, falling out of the top 10 sales rankings in Chengdu.</p><p>In order to expand, Yang Keng, a \"stranger,\" paid many prices. From 2017 to 2020, the company's liabilities increased from 76.1 billion yuan to 211.8 billion yuan, its net debt ratio rose from 92% to 113%, and its financing costs also increased from 7.19% to 8.20%.</p><p>The rewards are not equal. In 2020, Blu-ray's overall sales area increased by 10.02% year-on-year, but it only brought in a 1.97% increase in sales revenue, indicating a serious shortage of operating revenue.</p><p><b>S&P points out that the deterioration in Blu-ray liquidity is partly due to the negative effects of an immature strategic shift. The 2018 annual report first proposed the \"1+3+N\" strategy, aiming to \"expand east and south,\" but reality has not been as rosy as expected.</b></p><p><b>S&P further believes that Blu-ray faces the dual problems of regional strategic shift and debt repayment pressure.</b>The shift to higher-tier cities has weakened Blu-ray's profit margins, while longer-term, more costly non-bank financing has weakened the company's capital structure. The tightening of policies has also increased the difficulty for Blu-ray to refinance.</p><p>In addition, diversification has also dragged down Blu-ray's cash flow. In his search for a second growth curve, Yang Keng chose cultural and tourism projects that looked beautiful but were actually very expensive.</p><p>In 2017, Blu-ray Tourism was spun off from the group and signed multiple projects with a planned investment of over 42.5 billion yuan. However, by 2020, only Dujiangyan Fruit Hero Planet had been established, and it has now been shut down indefinitely.</p><p>The final straw that broke the camel's back was rumored to be a loan default by Ping An.<a href=\"https://laohu8.com/S/JRJC\">Financial world</a>Sources revealed that Blu-ray had a 1.5 billion yuan loan with Ping An that was more than ten days late and was added to Ping An's \"blacklist\".</p><p>The ensuing chain reaction plunged Blu-ray into a liquidity crisis.</p><p><h2><b>Bringing in strategic investors?</b></h2>Objectively speaking, the Yang family has maintained a positive attitude towards the crisis. However, despite repeatedly selling assets to save itself, Blu-ray still defaulted on the public market.</p><p><b>For Blu-ray, this means a full-scale escalation of its cash flow crisis.</b></p><p>Bai Wenxi, chief economist at IPG China, analyzed, \"When companies cannot conduct debt financing to repay old loans, their cash flow will break down. They can only rely on introducing strategic investors, transferring projects, and restructuring to survive, but the outcome will be highly uncertain.\"</p><p>What the capital market is most concerned about right now is the progress of attracting strategic investors. Bai Wenxi judged that some state-owned assets are gradually withdrawing from the real estate sector, and the state-owned asset platforms capable of undertaking real estate companies with a scale of hundreds of billions of yuan are relatively limited.</p><p>\"Without state-owned assistance, Blu-ray may be restructured at a low price by an industry leader, otherwise it is very likely to enter liquidation proceedings.\"</p><p>An industry insider close to Blu-ray believes that there are not many state-owned real estate companies in Sichuan with outstanding real estate business. In comparison, \"Vanke is more likely.\"</p><p>On July 13, after Blu-ray announced its default, news broke again in the market that Vanke intended to invest in Blu-ray.</p><p>According to Wall Street Insights, Vanke acquired several Blu-ray projects shortly after the Blu-ray crisis broke out in April. A Vanke representative stated that they are still looking at Blu-ray projects and do not rule out the possibility of purchasing more projects in the future.</p><p><b>However, it also stated that it currently has no intention of investing in Blu-ray.</b></p><p>Referring to the self-rescue experiences of Tahoe Group and China Fortune Land Development, Blu-ray, which hopes for state-owned assistance, may not find it easy to attract strategic investment under the dual headquarters structure of \"Shanghai + Chengdu\".</p><p>Blu-ray is not the first real estate company to collapse. Since last year, several companies in the real estate industry, including Fusheng, Tahoe Group, China Fortune Land Development, and Oceanwide, have gone bankrupt. In March, Sun Hongbin, chairman of Sunac, said at the earnings conference that some real estate companies would go bankrupt in two years, which was obviously ahead of schedule.</p><p>For the real estate industry, which currently has tens of thousands of companies and whose industry concentration is not high enough, this is a process of clearing out, mergers and acquisitions, and survival of the fittest.<b>At a meeting last year, a leading figure in the Midtown Alliance predicted that only 3,000 real estate companies would remain in the future.</b>。</p><p>However, when this clearing falls on a certain real estate company, it turns from a grain of dust into a heavy mountain.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3635319\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/7aa2149ef8a80f77e2806ac3e2644925","relate_stocks":{"600466":"*ST蓝光"},"source_url":"https://wallstreetcn.com/articles/3635319","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2151646375","content_text":"一个月内，26岁的杨武正连续上任蓝光发展总裁、董事长，取代新城王晓松，成了新的“最年轻房企董事长”；这个年纪，比他的父亲，蓝光创始人杨铿当年创业时还要小两岁。\n然而他没有喜悦，只有压力。蓝光，这家千亿房企正值多事之秋，风雨飘摇。杨武正的每一次升级，都伴随着蓝光重臣的离去。\n7月12日，频传被收购的蓝光，出现债券实质性违约；这家发展了30年的老牌房企，四川地产“一哥”，竟然和华夏幸福、泰禾一样，也成了暴雷房企的一员。\n杨铿，这位曾经叱咤风云的四川地产大亨，政商两界游走的名流人物，如今正深陷漩涡，不得不将稚嫩的儿子推到台前，委以重任。\n就在一年前，西南财经大学还特地出版了一本书《蓝光创业史》，讲述这家民营房企的“中国故事”。\n在房地产的黄金时代，蓝光深耕四川，收获了大笔时代的红利；然而很快，它就因战略失误、踏错节奏、激进扩张陷入了资金困境。\n2020年以来，尤其是三道红线之后，房地产行业的点状风险频发，多家房企暴雷。蓝光的危机，提示房企的经营和资金风险无处不在。\n出事以后，蓝光选择积极自救，接连转让物业、项目等资产纾困。“不出让控股权，不甩卖公司”，由儿子口中说出的这句话，或许是杨铿这位地产大亨最后的底线与尊严了。\n风雨飘摇\n7月5日，蓝光总裁迟锋公告离职，引发业内关注。他是这几个月来，蓝光多位离职人员中职位最高的一个。\n蓝光迎来了以二代杨武正为核心的新班底，这对于一家正陷入流动性危机的公司来说，并不是好消息。\n蓝光的暴雷始自4月。彼时，市场传闻蓝光有三笔信托已出现违约，融创、万科正在洽谈战投蓝光；监管机构也向蓝光发出了问询函。\n杨家父子的反应还算迅速。4月26日，蓝光召开了投资人电话会议，杨武正坦诚公司确实出了问题，但正在积极解决，强调“不会卖股权”。\n此前的3月，蓝光已割爱将港股上市的物业资产蓝光嘉宝卖给了碧桂园服务，回笼资金48亿。\n尽管如此，蓝光的危机仍未化解。7月1日，由于股票质押违约，百瑞信托，蓝光千亿之路的重要伙伴，对蓝光申请了股份冻结。\n7月12日，蓝光终究还是出现了公开市场的债务违约。根据公告，一只7月11日到期的9亿元中票，已经违约。这让市场本已脆弱的信心更下滑了。\n多米诺骨牌正在接连倒下。穆迪预计，未来12~18个月，蓝光将有大量债务到期或可回售，包括超过140亿元人民币的在岸和离岸债券，以及150亿元人民币的非标借款。\n而截至2021年6月底，蓝光发展货币资金余额110亿，可自由动用的资金仅2亿元。\n公开市场融资的大门已经紧闭。6月底7月初，紧随穆迪、标普，大公、中诚信、东方金诚等多家评级机构也下调了蓝光信用评级。\n让资本市场的耐心也已大量消磨。公司市值不断刷新下限。截至7月13日收盘，蓝光发展总市值仅83.46亿元，较年内高位跌去近43%。\n风光往事\n从汽配厂工人到地产大亨，杨铿只用了10几年；从销售百亿到破千亿，蓝光更仅用了4年。以民企范本自居的蓝光，无疑是一个颇有故事的同学。\n1989年，改革开放浪潮，28岁的杨铿辞去了成都工程机械集团的“铁饭碗”，创立“兰光汽车零配件厂”。这是下海的第一步，但他显然并不满足于此。\n敏锐地嗅到了房地产的机会，他在创业第三年成立“成都兰光房屋开发有限公司”，自此打开房地产生涯新篇章。\n自1992年始，整整16年，蓝光深耕本土市场，声名鹊起，毫不掩饰其勃勃野心。\n作为幸运的地产“92派”，乘上时代东风的杨鏗春风得意。他的第一个地产作品，位于春熙路的“兰光大厦”（后改名为“蓝光大厦”），得到时任外交部部长亲自题名。\n四川省第一宗国有土地拍卖会上，蓝光以远超竞拍预期的价格，拿下第1、2号土地，创下两宗地王，抢尽风头；第二年，又在成都国土局出让的21宗土地中，独揽8宗。\n以商业开始的蓝光打造了许多地标。那首唱遍大江南北的《成都》，“走到玉林路的尽头”并不是小酒馆，而是蓝光的玉林生活广场。\n此后，转战住宅开发的蓝光，借着成都旧城改造的机会，规模迅速壮大，连续7年拿下成都楼市销冠，成为公认的四川地产“一哥”。\n2008年，杨鏗走出四川，又在重庆一战成名。几年后，蓝光已成为西南地区著名的品牌开发商。\n2015年是一个新的节点。蓝光借壳迪康药业完成上市，自此进入了不断加杠杆、扩规模，开启狂飙突进的新阶段，大踏步走向全国。\n能够体现杨铿极大野心的是，2019年，他将总部搬到了上海，意图借助上海的金融、信息和人才资源，实现自己的下一步宏伟蓝图。\n这对一家长期盘踞西南的房企而言，无疑是一个大胆之举。\n一年后，蓝光的企业传记——《蓝光创业史》横空出世，讲述了“一个民营企业和这个时代一起成长的故事”。这大概是蓝光的高光时刻，什么样的企业会想着为自己著书立说？只有成功的企业才会如此。\n在外界看来，2015年至2019年，蓝光不仅先后完成借壳上市、旗下物业蓝光嘉宝分拆上市，形成了“A＋H股” 双资本平台，还提前两年完成千亿目标，何等风光。\n然而风险在杨鏗出走上海前后，已经埋下。时至今日，复盘蓝光的发展轨迹，会发现，2019年，正是一条抛物线逐渐逼近上升的顶端。\n迅速跌落\n眼见他起高楼，眼见他宴宾客，眼见他楼塌了。\n杨铿的创业脚步，顺着时代发展的方向，踩出深深浅浅的脚印，而他的商业人生，也随之起起伏伏。\n本质上说，蓝光现在面临的是现金流的危机。所谓现金流的危机，就是在企业经营的过程中，资金链断裂了。最直接的表现，就是债务和利息还不上，出现债务违约。\n接近蓝光的人士认为，蓝光陷入危机，最根本的原因是在错误的时间，战略选择失误，从偏居西南走向上海、粤港澳大湾区，这个步伐迈得过于剧烈。\n从全行业来看，2018年四季度，房地产市场就已经非常差了，万科当时喊出了“活下去”，泰禾、福晟、华夏幸福出现现金流危机。蓝光却在2019年将大本营搬到上海，大肆扩张，是非常冒进的选择。\n在开启“上海+成都”双总部模式后，杨鏗大量在华东、华南拿地，并进入了许多三四线城市。\n但顾头不顾尾，更可惜的，是机会成本。当融创、万科等龙头房企，都在不断向西南寻找机会，曾经的四川“一哥”却扬短避长，痛失大本营。\n2020年，蓝光成都区域销售金额153.92亿元，同比下滑18.67%，跌出成都销售榜TOP10。\n为了扩张，“异乡人”杨鏗付出了诸多代价。2017年至2020年，公司负债规模从761亿增至2118亿，净负债率从92%上升至113%，融资成本也从7.19%增至8.20%。\n回报并不对等。2020年，蓝光整体销售面积同比增长为10.02%，却仅带来了1.97%的销售金额增长，经营回款严重不足。\n标普指出，蓝光流动性的劣化，一定程度上来自战略不成熟转移的负面效应。在2018年年报首次提出“1+3+N”的战略，要“东进南下”，但现实却没有预想中美好。\n标普进一步认为，蓝光面临区域战略转移与偿债压力的双重问题：向高层级城市转移削弱了蓝光的利润率，同时，期限更多、成本更高的非银融资弱化了公司的资本结构。而政策的趋紧，也增加了蓝光再融资的难度。\n此外，多元化也拖累了蓝光的现金流。在寻找第二增长曲线上，杨鏗选择了看起来很美，实则很烧钱的文旅项目。\n2017年，蓝光文旅从集团剥离，签约多个项目，计划投资超425亿，但直至2020年，落地的仅有都江堰水果侠星球，目前也已无限期关停。\n而压倒蓝光的最后一根稻草，传言是平安的一笔贷款违约。金融界人士透露，蓝光在平安有一笔15亿的贷款迟付了十几天，被平安拉入了“黑名单”。\n随之而来的连锁反应，让蓝光步步陷入流动性危机。\n引入战投？\n客观地说，面对危机，杨家父子的态度还是积极的。然而多次出售资产自救后，蓝光还是发生了公开市场的违约。\n这对蓝光来说，意味着现金流危机的全面升级。\nIPG中国首席经济学家柏文喜分析，“当企业无法进行债权融资来实现借新还旧，资金链就会断裂，只能靠引进战投、出让项目以及重组来寻求活路，但结果会有很大的不确定性。”\n当下资本市场最关心的，还是引战进度。柏文喜判断，部分国资正在逐步撤出地产领域，有能力承接千亿体量的地产企业的国资平台，比较有限。\n“如果没有国资相助，蓝光可能被行业龙头低价重组，否则就极有可能进入清算程序。”\n一位接近蓝光的业内人士则认为，四川地产业务出色的国资房企并不多，相比之下，“反倒是万科更有可能一点。”\n7月13日，蓝光公告违约后，市场再次传出，万科有意战投入股蓝光。\n据华尔街见闻了解，在4月份蓝光危机刚爆出不久，万科就收购了蓝光几个项目。万科有关人士表示，还在继续看蓝光的项目，不排除后续继续买项目的可能。\n但其也称，目前并无入股蓝光的意图。\n参考泰禾、华夏幸福的自救经历，期望国资相助的蓝光，在“上海+成都”双总部结构下，引战之路可能不会太容易。\n蓝光并不是第一家暴雷的房企。去年以来，房地产行业已有福晟、泰禾、华夏幸福、泛海等多家公司暴雷。3月份融创董事长孙宏斌在业绩会上说，两年后会有房企暴雷，显然提前了。\n这对于现存上万家公司、行业集中度还不够高的房地产行业来说，是出清的过程，兼并重组、优胜劣汰的过程。去年某次会议，中城联盟有位大佬预测说，未来地产公司将只剩3000家。\n只是当这出清落到某一家房企身上，便从一粒灰，变成一座沉重的大山。","news_type":1,"symbols_score_info":{"600466":0.9}},"isVote":1,"tweetType":1,"viewCount":4186,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112269128,"gmtCreate":1622874854264,"gmtModify":1704192877829,"author":{"id":"3525764396954917","authorId":"3525764396954917","name":"Damon彦","avatar":"https://static.tigerbbs.com/aefc3b425d860982b98647f99731ad48","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3525764396954917","idStr":"3525764396954917"},"themes":[],"title":"","htmlText":"wow","listText":"wow","text":"wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/112269128","repostId":"2139453229","repostType":4,"isVote":1,"tweetType":1,"viewCount":3498,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":118304806,"gmtCreate":1622717794305,"gmtModify":1704189565879,"author":{"id":"3525764396954917","authorId":"3525764396954917","name":"Damon彦","avatar":"https://static.tigerbbs.com/aefc3b425d860982b98647f99731ad48","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3525764396954917","idStr":"3525764396954917"},"themes":[],"title":"","htmlText":"wow","listText":"wow","text":"wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/118304806","repostId":"1177817302","repostType":4,"repost":{"id":"1177817302","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1622716717,"share":"https://ttm.financial/m/news/1177817302?lang=en_US&edition=fundamental","pubTime":"2021-06-03 18:38","market":"us","language":"zh","title":"US President Biden hopes to include $1 trillion in new spending in the infrastructure bill.","url":"https://stock-news.laohu8.com/highlight/detail?id=1177817302","media":"老虎资讯综合","summary":"6月3日消息，据外媒Politico报道，美国总统拜登希望在基建法案中包含1万亿美元新支出。此前，专家称拜登的基建计划将面临五大矛盾。近日，拜登政府推出了规模空前的基础设施建设计划，旨在推动电动汽车和","content":"<p>June 3 - According to Politico, US President Biden hopes to include $1 trillion in new spending in the infrastructure bill. Previously, experts said Biden's infrastructure plan would face five major contradictions.</p><p>The Biden administration recently launched an unprecedented infrastructure development plan aimed at promoting electric vehicles and clean energy, creating jobs, and focusing on healthcare, education, and childcare systems.</p><p>However, this has been questioned by the outside world. The Financial Times published an article on the 2nd stating that the plan will face five major contradictions:<b><u>The contradictions between the U.S. federal and state governments, the imbalance between revenue and expenditure, the contradiction between infrastructure construction and defense investment, the pressure of America's industrial \"disadvantages\" and the \"tension\" of globalization, the separation of powers and policy bubbles, etc.</u></b></p><p>The article states that while the plan may seem promising, it actually has far-reaching consequences, involving complex interests and political maneuvering. No ambitious economic stimulus plan can escape the realities of the United States' industrial, power, and international relations structures.</p><p>The article points out that regardless of how this infrastructure plan is advanced, the Biden administration will face several major contradictions:</p><p><b>First, there is the contradiction between the U.S. federal and state governments.</b>Federal authority in the United States and the \"autonomy\" of state governments in developing the state's economy are an important contradiction. The U.S. Constitution clearly defines the boundaries between the federal government and the states in the economic field. Regarding infrastructure issues, the federal and state governments must coordinate within the framework of the U.S. Constitution, or supplement the Constitution to some extent through new legislation.</p><p>The federal government must never infringe on the rights of state governments, much less increase their financial pressure. If infrastructure construction increases the state's financial burden, the federal government may face legal action and greater pressure on transfer payments.</p><p><b>Secondly, there is the problem of the imbalance between revenue and expenditure.</b>Unprecedented investment means unprecedented debt. The debt problem is a major obstacle to the national economy and national development of the United States. The U.S. government's borrowing and debt control have always been an irreconcilable contradiction. The most convenient channel for borrowing is to issue Treasury Bond.</p><p>With the pandemic still uncertain, there is uncertainty surrounding the purchases of dollar debt by \"buyers\" such as Japan.</p><p>Currently, the two parties in the United States reached an agreement on the ground transportation infrastructure bill last week. This bill plans to increase funding for ground transportation by 34% over the next five years, to approximately $300 billion. In May, a Republican senator released a $568 billion infrastructure plan as an alternative to Biden's plan.</p><p>The White House responded by proposing to reduce the size of the infrastructure and jobs program to $1.7 trillion, a significant reduction from the original plan of $2.3 trillion. The new proposal reduces spending on rural broadband and road and bridge programs, shifting some funding from jobs programs to other measures.<b>The core issue remains the imbalance between income and expenditure.</b></p><p><b>Third, the contradiction between infrastructure construction and defense investment.</b>The U.S. Congress passes the National Defense Authorization Act annually and proposes the budget for that year. As the United States implements a global contraction in the field of counterterrorism, its main strategic focus is on managing the Indo-Pacific region. The defense upgrades, deployment adjustments, military aid, exercises, and military welfare spending involved here are already enormous astronomical figures.</p><p>For example, the so-called \"largest naval exercise in this generation in 2021,\" which is currently being prepared, has record-breaking funding. Given the limited overall budget, how the United States can reconcile the contradiction between infrastructure and national security is worth careful consideration.</p><p><b>Fourth, the United States' industrial \"disadvantages\" and the pressure of globalization \"tension\".</b>The domestic industrial structure of the United States is mostly \"dual-use\" industries. Among them, the White House, think tanks and universities have formed a close \"community of shared interests\" in the research and development of advanced dual-use technologies.</p><p>Many manufacturing companies involved in basic industries often outsource. The unbalanced industrial structure forces the federal government to coordinate between domestic and foreign multinational corporations, and many projects have to undergo global bidding year-round, which inevitably involves national security issues.</p><p><b>Fifth, the separation of powers and policy bubbles.</b>As president, any motion Biden proposes needs to be authorized by Congress. Although Biden has the power to implement specific policies through executive orders, Congress, especially the House of Representatives, controls fiscal appropriations and budgets, which will severely limit Biden's power.</p><p>The short-cycle political elections in the United States make maintaining and consolidating power a core part of partisan struggles. Whenever the agenda involves national development, it is difficult to reach a consensus on any agenda other than one that is highly significant for national security.</p><p>Members of parliament from different parties often question or accuse opposing parties of having \"political motives\" in their economic agendas due to differing political views. The practice of using national well-being for partisan political gain is common in American politics.</p><p>Therefore, it is normal for there to be a wave of doubts about this massive economic \"reconstruction\" plan. Furthermore, the frequent elections in the United States have resulted in a short policy lifecycle, with many policies remaining merely slogans or \"scratching the surface\".</p><p>Finally, the author emphasizes in the article that infrastructure involves many aspects, and Biden strives to promote \"reindustrialization\" and partially improve the foundation of people's livelihoods to achieve \"America Great Again\". Advancing U.S. infrastructure<b>The most likely option is to implement it selectively, achieving a balance between meeting Biden's performance needs and ensuring financial sustainability.</b></p><p>However, reversing the current state of infrastructure development in the United States would be a massive project that could exceed the Biden administration's capabilities and control. This is not a task that Biden can accomplish in his four or eight-year political life cycle.</p><p>To achieve the \"ideal state\" envisioned by Biden, there must be a combined effort, both internally and externally, to make American political elites and society realize that the current state of infrastructure should not continue, and that this is the best time to build American infrastructure.<b>Clearly, this historical juncture has not yet been reached.</b></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>US President Biden hopes to include $1 trillion in new spending in the infrastructure bill.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUS President Biden hopes to include $1 trillion in new spending in the infrastructure bill.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-03 18:38</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>June 3 - According to Politico, US President Biden hopes to include $1 trillion in new spending in the infrastructure bill. Previously, experts said Biden's infrastructure plan would face five major contradictions.</p><p>The Biden administration recently launched an unprecedented infrastructure development plan aimed at promoting electric vehicles and clean energy, creating jobs, and focusing on healthcare, education, and childcare systems.</p><p>However, this has been questioned by the outside world. The Financial Times published an article on the 2nd stating that the plan will face five major contradictions:<b><u>The contradictions between the U.S. federal and state governments, the imbalance between revenue and expenditure, the contradiction between infrastructure construction and defense investment, the pressure of America's industrial \"disadvantages\" and the \"tension\" of globalization, the separation of powers and policy bubbles, etc.</u></b></p><p>The article states that while the plan may seem promising, it actually has far-reaching consequences, involving complex interests and political maneuvering. No ambitious economic stimulus plan can escape the realities of the United States' industrial, power, and international relations structures.</p><p>The article points out that regardless of how this infrastructure plan is advanced, the Biden administration will face several major contradictions:</p><p><b>First, there is the contradiction between the U.S. federal and state governments.</b>Federal authority in the United States and the \"autonomy\" of state governments in developing the state's economy are an important contradiction. The U.S. Constitution clearly defines the boundaries between the federal government and the states in the economic field. Regarding infrastructure issues, the federal and state governments must coordinate within the framework of the U.S. Constitution, or supplement the Constitution to some extent through new legislation.</p><p>The federal government must never infringe on the rights of state governments, much less increase their financial pressure. If infrastructure construction increases the state's financial burden, the federal government may face legal action and greater pressure on transfer payments.</p><p><b>Secondly, there is the problem of the imbalance between revenue and expenditure.</b>Unprecedented investment means unprecedented debt. The debt problem is a major obstacle to the national economy and national development of the United States. The U.S. government's borrowing and debt control have always been an irreconcilable contradiction. The most convenient channel for borrowing is to issue Treasury Bond.</p><p>With the pandemic still uncertain, there is uncertainty surrounding the purchases of dollar debt by \"buyers\" such as Japan.</p><p>Currently, the two parties in the United States reached an agreement on the ground transportation infrastructure bill last week. This bill plans to increase funding for ground transportation by 34% over the next five years, to approximately $300 billion. In May, a Republican senator released a $568 billion infrastructure plan as an alternative to Biden's plan.</p><p>The White House responded by proposing to reduce the size of the infrastructure and jobs program to $1.7 trillion, a significant reduction from the original plan of $2.3 trillion. The new proposal reduces spending on rural broadband and road and bridge programs, shifting some funding from jobs programs to other measures.<b>The core issue remains the imbalance between income and expenditure.</b></p><p><b>Third, the contradiction between infrastructure construction and defense investment.</b>The U.S. Congress passes the National Defense Authorization Act annually and proposes the budget for that year. As the United States implements a global contraction in the field of counterterrorism, its main strategic focus is on managing the Indo-Pacific region. The defense upgrades, deployment adjustments, military aid, exercises, and military welfare spending involved here are already enormous astronomical figures.</p><p>For example, the so-called \"largest naval exercise in this generation in 2021,\" which is currently being prepared, has record-breaking funding. Given the limited overall budget, how the United States can reconcile the contradiction between infrastructure and national security is worth careful consideration.</p><p><b>Fourth, the United States' industrial \"disadvantages\" and the pressure of globalization \"tension\".</b>The domestic industrial structure of the United States is mostly \"dual-use\" industries. Among them, the White House, think tanks and universities have formed a close \"community of shared interests\" in the research and development of advanced dual-use technologies.</p><p>Many manufacturing companies involved in basic industries often outsource. The unbalanced industrial structure forces the federal government to coordinate between domestic and foreign multinational corporations, and many projects have to undergo global bidding year-round, which inevitably involves national security issues.</p><p><b>Fifth, the separation of powers and policy bubbles.</b>As president, any motion Biden proposes needs to be authorized by Congress. Although Biden has the power to implement specific policies through executive orders, Congress, especially the House of Representatives, controls fiscal appropriations and budgets, which will severely limit Biden's power.</p><p>The short-cycle political elections in the United States make maintaining and consolidating power a core part of partisan struggles. Whenever the agenda involves national development, it is difficult to reach a consensus on any agenda other than one that is highly significant for national security.</p><p>Members of parliament from different parties often question or accuse opposing parties of having \"political motives\" in their economic agendas due to differing political views. The practice of using national well-being for partisan political gain is common in American politics.</p><p>Therefore, it is normal for there to be a wave of doubts about this massive economic \"reconstruction\" plan. Furthermore, the frequent elections in the United States have resulted in a short policy lifecycle, with many policies remaining merely slogans or \"scratching the surface\".</p><p>Finally, the author emphasizes in the article that infrastructure involves many aspects, and Biden strives to promote \"reindustrialization\" and partially improve the foundation of people's livelihoods to achieve \"America Great Again\". Advancing U.S. infrastructure<b>The most likely option is to implement it selectively, achieving a balance between meeting Biden's performance needs and ensuring financial sustainability.</b></p><p>However, reversing the current state of infrastructure development in the United States would be a massive project that could exceed the Biden administration's capabilities and control. This is not a task that Biden can accomplish in his four or eight-year political life cycle.</p><p>To achieve the \"ideal state\" envisioned by Biden, there must be a combined effort, both internally and externally, to make American political elites and society realize that the current state of infrastructure should not continue, and that this is the best time to build American infrastructure.<b>Clearly, this historical juncture has not yet been reached.</b></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/271cfa4439cda1437f20c9b60f7c187d","relate_stocks":{".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1177817302","content_text":"6月3日消息，据外媒Politico报道，美国总统拜登希望在基建法案中包含1万亿美元新支出。此前，专家称拜登的基建计划将面临五大矛盾。近日，拜登政府推出了规模空前的基础设施建设计划，旨在推动电动汽车和清洁能源，创造就业机会，并致力于医疗保健、教育和托儿系统建设等。但是这却遭到了外界的质疑。英国《金融时报》2日发表署名文章称，这项计划将面临五大矛盾：美国联邦与州政府的矛盾、收支不均衡、基础设施建设与国防投资的矛盾、美国的产业“劣势”与全球化“张力”的压力、权力的分立与政策泡沫等。文章称，该计划看似美好，实则牵一发而动全身，其中将涉及到复杂的利益和政治博弈。任何宏大的经济刺激计划，都难以脱离美国的产业结构、权力结构与国际关系结构的现实。文章指出，无论如何推进这项基建计划，拜登政府都将面临几大矛盾问题：其一，美国联邦与州政府的矛盾。美国联邦权威与州政府发展州内经济的“自治权”，是一对重要的矛盾。美国《宪法》明确规定了联邦与州在经济领域的边界。就基建问题，联邦政府与州政府之间必须在美国《宪法》框架下进行协调，或通过新的立法对《宪法》进行某种程度的补充。联邦始终不得侵犯州政府的权利，更不能增加州政府的财政压力。如果基础设施建设增加了州的财政负担，联邦政府或将面临司法起诉，以及更多的转移支付压力。其二，收支不均衡的问题。空前规模的投资，意味着空前规模的举债。债务问题是美国国民经济和国家发展的重大阻碍。美国政府举债和控制债务始终是一对不可协调的矛盾。举债最便捷的渠道是发行国债。在疫情还存在不确定的时局下，日本等“买家”针对美元债务的购买，存在不确定性。目前，美国两党在上周已就地面交通基建法案达成一致。这项法案计划在未来五年内，将地面交通方面的拨款提高34%，至约3000亿美元。5月，有共和党参议员发布了5680亿美元的基建方案，作为拜登方案的替代。白宫回应提出，将基建和就业方案的规模压缩至1.7万亿美元，较原计划的2.3万亿美元大幅缩减。新提议减少了对乡村宽带和路桥相关计划的投入，将就业计划中的部分拨款转移到其他议案上。其中核心的问题，依然是收支的不均衡。其三，基础设施建设与国防投资的矛盾。美国国会按年度通过《国防授权法案》，提出当年预算。由于美国在反恐领域实施全球收缩，主要战略重心指向经营印太地缘带，这里涉及的防务升级、布防调整、军事援助、演习、军人福利开支等，本来就是庞大的天文数字。比如，目前正在筹备的所谓“这代人以来最大规模的2021海军演习”，其经费更是破纪录。在总体预算有限的情况下，美国如何协调基建与国家安全的矛盾，值得好好考虑。其四，美国的产业“劣势”与全球化“张力”的压力。美国国内产业结构多“军民两用”产业，其中白宫、智库与高校就先进军民两用技术的研发业，已形成了紧密的“利益共同体”。涉及基础产业的众多制造类企业，往往实行“外包”。不平衡的产业结构迫使联邦政府在国内与国外跨国公司之间进行协调，不少项目不得不常年实行全球招标，这又不可避免地涉及国家安全议题。其五，权力的分立与政策泡沫。作为总统，拜登提出的任何动议都需要得到国会授权。尽管拜登拥有以行政命令推行特定政策的权力，但国会尤其是众议院控制了财政拨款与预算，将严重制约拜登的权力。美国短周期的政治选举使得保持和稳固权力，成为党派斗争的核心。但凡涉及到国家发展的议程，除国家安全意义十足的议程外，围绕其他议程都很难达成共识。不同党派议员往往因政见不同，而质疑或指控对手党的经济议程存在“政治目的”。将国家福祉用于党派政治利益的做法，在美国政治中比比皆是。因此，面对这一规模庞大的经济“再建”计划，出现如潮的质疑是正常的。此外，美国的密集选举造成政策生命周期的短暂，很多政策仅仅停留在口号或“浅尝辄止”层面。最后，作者在文章中强调，基建涉及方方面面，拜登力图推动“再工业化”并部分改善民生之基，实现“美国再次伟大”。推进美国基建，可能性最大的方案是有选择地推行，在满足拜登的政绩需要与保障财力可持续之间实现协调。但若要逆转美国国内的基础设施建设现状，则是一个宏大的可能超越拜登政府能力与控制面的工程。这不是拜登四年或八年政治生命周期内可完成的任务。要实现拜登所设想的“理想状态”，必须有一种内外合力，使美国政治精英与社会共同认识到基础设施的现状不应该再继续下去，那才是美国基础设施建设的最佳节点。显然，目前并没有到这个历史节点。","news_type":1,"symbols_score_info":{"SPY":0.9,".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":4134,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"followers","isTTM":true}