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Damon彦
2021-07-14

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History of Sichuan Real Estate Tycoon's Fall

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

History of Sichuan Real Estate Tycoon's Fall

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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{"i18n":{"language":"en_US"},"data":{"magic":2,"id":145414064,"tweetId":"145414064","gmtCreate":1626237042558,"gmtModify":1703756108468,"author":{"id":3525764396954917,"idStr":"3525764396954917","authorId":3525764396954917,"authorIdStr":"3525764396954917","name":"Damon彦","avatar":"https://static.tigerbbs.com/aefc3b425d860982b98647f99731ad48","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":384,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>wow</body></html>","htmlText":"<html><head></head><body>wow</body></html>","text":"wow","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":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":"History of Sichuan Real Estate Tycoon's Fall","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":"Within a month, 26-year-old Yang Wuzheng took office continuously<a href=\"https://laohu8.com/S/600466\">Blu-ray development</a>President and chairman, replacing Xincheng Wang Xiaosong, became the new \"youngest chairman of a real estate company\"; At this age, he is two years younger than his father, Yang Keng, the founder of Blu-ray, when he started his business.Yet he has no joy, only pressure.Blu-ray, this 100-billion-dollar real estate company is in an eventful time, and it is tottering. Every upgrade of Yang Wuzheng is accompanied by the departure of Blu-ray ministers.On July 12, it was frequently reported that Blu-ray, which was acquired, had a substantial default on its bonds; This 30-year-old real estate company, the \"first brother\" of Sichuan real estate, actually cooperated with<a href=\"https://laohu8.com/S/600340\">China Fortune Land Development</a>Like Tahoe, it has also become a member of the thunderstorm real estate company.Yang Keng, a once-all-powerful Sichuan real estate tycoon and a celebrity who wandered in the political and business circles, is now mired in a whirlpool, and has to push his immature son to the stage and entrust him with an important task.Just a year ago, Southwestern University of Finance and Economics specially published a book \"History of Blu-ray Entrepreneurship\", telling the \"Chinese story\" of this private real estate company.In the golden age of real estate, Blu-ray deeply cultivated Sichuan and reaped a large amount of dividends of the times; Soon, however, it fell into financial difficulties due to strategic mistakes, wrong rhythm, and aggressive expansion.Since 2020, especially after the three red lines, point risks in the real estate industry have occurred frequently, and many real estate companies have experienced thunderstorms. The crisis of Blu-ray suggests that the operational and financial risks of real estate companies are everywhere.After the accident, Blu-ray chose to actively save itself, and successively transferred properties, projects and other assets to bail out. \"Don't sell the controlling stake, don't sell the company\", this sentence from his son's mouth may be the last bottom line and dignity of Yang Keng, a real estate tycoon.<h2>Tottering</h2>On July 5th, Chi Feng, president of Blu-ray, announced his resignation, which aroused the attention of the industry. He is the highest position among many resigned employees of Blu-ray in recent months.Blu-ray has ushered in a new team with the second generation Yang Wuzheng as the core, which is not good news for a company that is in a liquidity crisis.The thunderstorm of blue light began in April. At that time, the market rumored that three trusts of Blu-ray had defaulted, and Sunac and Vanke were negotiating to invest in Blu-ray; The regulatory agency also sent an inquiry letter to Blu-ray.The Yang Family's father and son reacted quickly. On April 26th, Blu-ray held an investor conference call. Yang Wuzheng admitted that there was indeed a problem with the company, but it was actively solving it, stressing that \"it will not sell equity\".In March, Blu-ray had given up its love and sold the property asset Blu-ray Jiabao listed on the Hong Kong stock market to<a href=\"https://laohu8.com/S/06098\">Country Garden Services</a>, 4.8 billion funds were withdrawn.Still, the crisis of Blu-ray has not been resolved. On July 1st, due to the default of stock pledge, Bairui Trust, an important partner of Blu-ray's 100 billion road, applied for a share freeze on Blu-ray.On July 12th, Blu-ray finally defaulted on its debt in the open market. According to the announcement, a 900 million yuan mid-term ticket due on July 11 has defaulted. This has made the market's already fragile confidence decline even more.The dominoes are falling one after another.<a href=\"https://laohu8.com/S/MCO\">Moody's</a>It is estimated that in the next 12 to 18 months, Blu-ray will have a large amount of debts due or available for sale, including more than 14 billion yuan of onshore and offshore bonds and 15 billion yuan of non-standard loans.As of the end of June 2021, the balance of Blu-ray Development's monetary funds is 11 billion, and the freely available funds are only 200 million yuan.The door to open market financing has been closed. At the end of June and the beginning of July, following Moody's and Standard & Poor's, many rating agencies such as Dagong, China Chengxin and Oriental Jincheng also downgraded their Blu-ray credit ratings.The patience of the capital market has also been greatly exhausted. The company's market value keeps refreshing the lower limit. As of the close on July 13, the total market value of Blu-ray Development was only 8.346 billion yuan, down nearly 43% from the year's high.<h2>Past events</h2>From an auto parts factory worker to a real estate tycoon, Yang Keng only took more than 10 years; From sales of 10 billion to breaking 100 billion, Blu-ray only took 4 years. Blu-ray, which regards itself as a model of private enterprises, is undoubtedly a classmate with quite a story.In 1989, with the wave of reform and opening up, 28-year-old Yang Keng resigned from the \"iron rice bowl\" of Chengdu Construction Machinery Group and founded Languang Auto Parts Factory. This is the first step to the sea, but he is obviously not satisfied with it.Keenly aware of the opportunities in real estate, he established \"Chengdu Languang Housing Development Co., Ltd.\" in the third year of his business, and since then opened a new chapter in his real estate career.Since 1992, for 16 years, Blu-ray has been deeply involved in the local market, gained fame, and made no secret of its ambition.As a lucky real estate \"92 School\", Yang Keng, who took advantage of the east wind of the times, is proud of the spring breeze. His first real estate work, \"Languang Building\" on Chunxi Road (later renamed \"Languang Building\"), was personally titled by the then Minister of Foreign Affairs.At the first state-owned land auction in Sichuan Province, Blu-ray won the No.1 and No.2 land at a price far exceeding the auction expectation, setting two land kings and stealing the limelight; In the second year, among the 21 plots of land sold by Chengdu Land and Resources Bureau, 8 plots were monopolized.Blu-ray, which started as a commercial, has created many landmarks. The song \"Chengdu\", which is sung all over the country, \"Go to the end of Yulin Road\" is not a tavern, but a blue-light Yulin Life Square.Since then, Blu-ray, which has moved to residential development, has grown rapidly by taking advantage of the opportunity of the transformation of Chengdu's old city. It has won the sales crown in Chengdu's property market for seven consecutive years and has become recognized as the \"first brother\" of Sichuan real estate.In 2008, Yang Keng went out of Sichuan and became famous in Chongqing. A few years later, Blu-ray has become a prominent brand developer in the Southwest.2015 is a new node. Blu-ray backdoor Dikang Pharmaceutical has completed its listing. Since then, it has entered a new stage of continuously increasing leverage and expanding scale, starting a new stage of sturm and drang, and making great strides to the whole country.What can reflect Yang Keng's great ambition is that in 2019, he moved his headquarters to Shanghai, intending to realize his next grand blueprint with the help of Shanghai's financial, information and human resources.This is undoubtedly a bold move for a real estate company that has long been entrenched in the southwest.A year later, Blu-ray's corporate biography-\"Blu-ray Entrepreneurship History\" was born, telling \"the story of a private enterprise growing up with this era\". This is probably the highlight moment of Blu-ray. What kind of enterprise would want to write a book for itself? This is only true of successful businesses.In the eyes of the outside world, from 2015 to 2019, Blu-ray not only successively completed backdoor listing, but also spun off and listed its property Blu-ray Jiabao, forming an \"A + H share\" dual capital platform, but also completed the 100 billion target two years ahead of schedule.However, the risk has been buried before and after Yang Keng left Shanghai. Today, the development trajectory of review Blu-ray will show that in 2019, it is a parabola gradually approaching the top of the rise.<h2>Fall rapidly</h2>Seeing him build a tall building, seeing him feast guests, and seeing his building collapse.Yang Keng's entrepreneurial footsteps followed the direction of the development of the times, stepping on deep and shallow footprints, and his business life also experienced ups and downs.Essentially, Blu-ray is now facing a cash flow crisis. The so-called crisis of cash flow means that the capital chain is broken in the process of business operation. The most direct manifestation is that the debt and interest are not repaid, and there is a debt default.People close to Blu-ray believe that Blu-ray is in crisis,The most fundamental reason is that at the wrong time, the strategic choice was wrong, and the step from the southwest to Shanghai and Guangdong-Hong Kong-Macau Greater Bay Area was too drastic.From an industry-wide perspective,In the fourth quarter of 2018, the real estate market was already very poor, VankeShouted out at that time\"Live\"，Tahoe, Fusheng, and China Fortune Land Development experience cash flow crisis。However, Blu-ray moved its base camp to Shanghai in 2019 and expanded aggressively, which was a very aggressive choice.After opening the \"Shanghai + Chengdu\" dual headquarters model, Yang Keng acquired a large number of land in East and South China, and entered many third-and fourth-tier cities.But ignoring the beginning and the tail, what's even more regrettable is the opportunity cost. While leading real estate companies such as Sunac and Vanke are constantly looking for opportunities in the southwest, the former \"first brother\" in Sichuan has lost its base camp.In 2020, the sales amount of Blu-ray in Chengdu was 15.392 billion yuan, a year-on-year decrease of 18.67%, falling out of the TOP10 sales list in Chengdu.In order to expand, \"stranger\" Yang Keng paid a lot of prices. From 2017 to 2020, the company's debt scale increased from 76.1 billion to 211.8 billion, the net debt ratio increased from 92% to 113%, and the financing cost also increased from 7.19% to 8.20%.The returns aren't equal. In 2020, the overall sales area of Blu-ray increased by 10.02% year-on-year, but it only brought about a 1.97% increase in sales amount, and the operating payment was seriously insufficient.Standard & Poor's pointed out that the deterioration of Blu-ray liquidity comes to a certain extent from the negative effects of strategic immature shifts. In the 2018 annual report, the strategy of \"1 +3 + N\" was put forward for the first time, which was to \"move eastward and south\", but the reality was not as beautiful as expected.S&P further believes that Blu-ray faces the dual problems of regional strategic shift and debt repayment pressure: The shift to high-rise cities has weakened Blu-ray's profit margins, while non-bank financing with longer maturities and higher costs has weakened the company's capital structure. The tightening of policies has also increased the difficulty of Blu-ray refinancing.In addition, diversification has also dragged down Blu-ray's cash flow. In looking for the second growth curve, Yang Keng chose a cultural tourism project that looks beautiful but actually burns a lot of money.In 2017, Blu-ray Cultural Tourism was spun off from the group and signed multiple projects, with a planned investment of over 42.5 billion. However, until 2020, only Dujiangyan Fruit Man Planet landed, and it has been shut down indefinitely.The last straw that overwhelmed Blu-ray was rumored to be a loan default of Ping An.<a href=\"https://laohu8.com/S/JRJC\">The financial world</a>According to sources, Blu-ray had a 1.5 billion loan in Ping An that was late for more than ten days, and was pulled into the \"blacklist\" by Ping An.The ensuing chain reaction plunged Blu-ray into a liquidity crisis step by step.<h2>Introducing war investment?</h2>Objectively speaking, in the face of the crisis, the attitude of Yang's father and son is still positive. However, after selling assets many times to save itself, Blu-ray still defaulted in the open market.For Blu-ray, this means a comprehensive escalation of the cash flow crisis.Bai Wenxi, chief economist of IPG China, analyzed, \"When enterprises cannot carry out debt financing to borrow new and repay old ones, the capital chain will be broken, and they can only rely on introducing strategic investment, transferring projects and restructuring to find a way to survive, but the result will be There is great uncertainty.\"What the capital market is most concerned about at present is the progress of the war. Bai Wenxi judged that some state-owned assets are gradually withdrawing from the real estate field, and the state-owned assets platform capable of undertaking hundreds of billions of real estate enterprises is relatively limited.\"Without the help of state-owned assets, Blu-ray may be reorganized by industry leaders at a low price, otherwise it is very likely to enter the liquidation process.\"An industry insider close to Blu-ray believes that there are not many state-owned real estate companies with excellent real estate business in Sichuan. In contrast, \"Vanke is more likely.\"On July 13th, after Blu-ray announced its default, the market reported again that Vanke intended to invest in Blu-ray.According to Wall Street, shortly after the Blu-ray crisis broke out in April, Vanke acquired several Blu-ray projects. Relevant people from Vanke said that they are still watching Blu-ray projects, and the possibility of continuing to buy projects in the future is not ruled out.However, it also said that it has no intention to invest in Blu-ray at present.Referring to the self-help experience of Tahoe and China Fortune Land Development, Blu-ray, which expects the help of state-owned assets, may not be too easy to lead to war under the \"Shanghai + Chengdu\" dual headquarters structure.Blu-ray is not the first real estate company to experience a thunderstorm. Since last year, many companies such as Fusheng, Tahoe, China Fortune Land Development, and Oceanwide have experienced thunderstorms in the real estate industry. In March, Sun Hongbin, chairman of Sunac, said at the performance meeting that there will be a thunderstorm for real estate companies in two years, which is obviously ahead of schedule.For the real estate industry, where there are tens of thousands of existing companies and the industry concentration is not high enough, it is a process of clearing, merger and reorganization, and survival of the fittest.At a meeting last year, a big boss of the Midtown Alliance predicted that there would be only 3,000 real estate companies left in the future。It's just that when this clearance falls on a real estate company, it turns from a grain of ash into a heavy mountain.","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>History of Sichuan Real Estate Tycoon's Fall</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\">\nHistory of Sichuan Real Estate Tycoon's Fall\n</h2>\n<h4 class=\"meta\">\n\n华尔街见闻2021-07-14 10:53\n\n</h4>\n</header>\n<article>\nWithin a month, 26-year-old Yang Wuzheng took office continuously<a href=\"https://laohu8.com/S/600466\">Blu-ray development</a>President and chairman, replacing Xincheng Wang Xiaosong, became the new \"youngest chairman of a real estate company\"; At this age, he is two years younger than his father, Yang Keng, the founder of Blu-ray, when he started his business.Yet he has no joy, only pressure.Blu-ray, this 100-billion-dollar real estate company is in an eventful time, and it is tottering. Every upgrade of Yang Wuzheng is accompanied by the departure of Blu-ray ministers.On July 12, it was frequently reported that Blu-ray, which was acquired, had a substantial default on its bonds; This 30-year-old real estate company, the \"first brother\" of Sichuan real estate, actually cooperated with<a href=\"https://laohu8.com/S/600340\">China Fortune Land Development</a>Like Tahoe, it has also become a member of the thunderstorm real estate company.Yang Keng, a once-all-powerful Sichuan real estate tycoon and a celebrity who wandered in the political and business circles, is now mired in a whirlpool, and has to push his immature son to the stage and entrust him with an important task.Just a year ago, Southwestern University of Finance and Economics specially published a book \"History of Blu-ray Entrepreneurship\", telling the \"Chinese story\" of this private real estate company.In the golden age of real estate, Blu-ray deeply cultivated Sichuan and reaped a large amount of dividends of the times; Soon, however, it fell into financial difficulties due to strategic mistakes, wrong rhythm, and aggressive expansion.Since 2020, especially after the three red lines, point risks in the real estate industry have occurred frequently, and many real estate companies have experienced thunderstorms. The crisis of Blu-ray suggests that the operational and financial risks of real estate companies are everywhere.After the accident, Blu-ray chose to actively save itself, and successively transferred properties, projects and other assets to bail out. \"Don't sell the controlling stake, don't sell the company\", this sentence from his son's mouth may be the last bottom line and dignity of Yang Keng, a real estate tycoon.<h2>Tottering</h2>On July 5th, Chi Feng, president of Blu-ray, announced his resignation, which aroused the attention of the industry. He is the highest position among many resigned employees of Blu-ray in recent months.Blu-ray has ushered in a new team with the second generation Yang Wuzheng as the core, which is not good news for a company that is in a liquidity crisis.The thunderstorm of blue light began in April. At that time, the market rumored that three trusts of Blu-ray had defaulted, and Sunac and Vanke were negotiating to invest in Blu-ray; The regulatory agency also sent an inquiry letter to Blu-ray.The Yang Family's father and son reacted quickly. On April 26th, Blu-ray held an investor conference call. Yang Wuzheng admitted that there was indeed a problem with the company, but it was actively solving it, stressing that \"it will not sell equity\".In March, Blu-ray had given up its love and sold the property asset Blu-ray Jiabao listed on the Hong Kong stock market to<a href=\"https://laohu8.com/S/06098\">Country Garden Services</a>, 4.8 billion funds were withdrawn.Still, the crisis of Blu-ray has not been resolved. On July 1st, due to the default of stock pledge, Bairui Trust, an important partner of Blu-ray's 100 billion road, applied for a share freeze on Blu-ray.On July 12th, Blu-ray finally defaulted on its debt in the open market. According to the announcement, a 900 million yuan mid-term ticket due on July 11 has defaulted. This has made the market's already fragile confidence decline even more.The dominoes are falling one after another.<a href=\"https://laohu8.com/S/MCO\">Moody's</a>It is estimated that in the next 12 to 18 months, Blu-ray will have a large amount of debts due or available for sale, including more than 14 billion yuan of onshore and offshore bonds and 15 billion yuan of non-standard loans.As of the end of June 2021, the balance of Blu-ray Development's monetary funds is 11 billion, and the freely available funds are only 200 million yuan.The door to open market financing has been closed. At the end of June and the beginning of July, following Moody's and Standard & Poor's, many rating agencies such as Dagong, China Chengxin and Oriental Jincheng also downgraded their Blu-ray credit ratings.The patience of the capital market has also been greatly exhausted. The company's market value keeps refreshing the lower limit. As of the close on July 13, the total market value of Blu-ray Development was only 8.346 billion yuan, down nearly 43% from the year's high.<h2>Past events</h2>From an auto parts factory worker to a real estate tycoon, Yang Keng only took more than 10 years; From sales of 10 billion to breaking 100 billion, Blu-ray only took 4 years. Blu-ray, which regards itself as a model of private enterprises, is undoubtedly a classmate with quite a story.In 1989, with the wave of reform and opening up, 28-year-old Yang Keng resigned from the \"iron rice bowl\" of Chengdu Construction Machinery Group and founded Languang Auto Parts Factory. This is the first step to the sea, but he is obviously not satisfied with it.Keenly aware of the opportunities in real estate, he established \"Chengdu Languang Housing Development Co., Ltd.\" in the third year of his business, and since then opened a new chapter in his real estate career.Since 1992, for 16 years, Blu-ray has been deeply involved in the local market, gained fame, and made no secret of its ambition.As a lucky real estate \"92 School\", Yang Keng, who took advantage of the east wind of the times, is proud of the spring breeze. His first real estate work, \"Languang Building\" on Chunxi Road (later renamed \"Languang Building\"), was personally titled by the then Minister of Foreign Affairs.At the first state-owned land auction in Sichuan Province, Blu-ray won the No.1 and No.2 land at a price far exceeding the auction expectation, setting two land kings and stealing the limelight; In the second year, among the 21 plots of land sold by Chengdu Land and Resources Bureau, 8 plots were monopolized.Blu-ray, which started as a commercial, has created many landmarks. The song \"Chengdu\", which is sung all over the country, \"Go to the end of Yulin Road\" is not a tavern, but a blue-light Yulin Life Square.Since then, Blu-ray, which has moved to residential development, has grown rapidly by taking advantage of the opportunity of the transformation of Chengdu's old city. It has won the sales crown in Chengdu's property market for seven consecutive years and has become recognized as the \"first brother\" of Sichuan real estate.In 2008, Yang Keng went out of Sichuan and became famous in Chongqing. A few years later, Blu-ray has become a prominent brand developer in the Southwest.2015 is a new node. Blu-ray backdoor Dikang Pharmaceutical has completed its listing. Since then, it has entered a new stage of continuously increasing leverage and expanding scale, starting a new stage of sturm and drang, and making great strides to the whole country.What can reflect Yang Keng's great ambition is that in 2019, he moved his headquarters to Shanghai, intending to realize his next grand blueprint with the help of Shanghai's financial, information and human resources.This is undoubtedly a bold move for a real estate company that has long been entrenched in the southwest.A year later, Blu-ray's corporate biography-\"Blu-ray Entrepreneurship History\" was born, telling \"the story of a private enterprise growing up with this era\". This is probably the highlight moment of Blu-ray. What kind of enterprise would want to write a book for itself? This is only true of successful businesses.In the eyes of the outside world, from 2015 to 2019, Blu-ray not only successively completed backdoor listing, but also spun off and listed its property Blu-ray Jiabao, forming an \"A + H share\" dual capital platform, but also completed the 100 billion target two years ahead of schedule.However, the risk has been buried before and after Yang Keng left Shanghai. Today, the development trajectory of review Blu-ray will show that in 2019, it is a parabola gradually approaching the top of the rise.<h2>Fall rapidly</h2>Seeing him build a tall building, seeing him feast guests, and seeing his building collapse.Yang Keng's entrepreneurial footsteps followed the direction of the development of the times, stepping on deep and shallow footprints, and his business life also experienced ups and downs.Essentially, Blu-ray is now facing a cash flow crisis. The so-called crisis of cash flow means that the capital chain is broken in the process of business operation. The most direct manifestation is that the debt and interest are not repaid, and there is a debt default.People close to Blu-ray believe that Blu-ray is in crisis,The most fundamental reason is that at the wrong time, the strategic choice was wrong, and the step from the southwest to Shanghai and Guangdong-Hong Kong-Macau Greater Bay Area was too drastic.From an industry-wide perspective,In the fourth quarter of 2018, the real estate market was already very poor, VankeShouted out at that time\"Live\"，Tahoe, Fusheng, and China Fortune Land Development experience cash flow crisis。However, Blu-ray moved its base camp to Shanghai in 2019 and expanded aggressively, which was a very aggressive choice.After opening the \"Shanghai + Chengdu\" dual headquarters model, Yang Keng acquired a large number of land in East and South China, and entered many third-and fourth-tier cities.But ignoring the beginning and the tail, what's even more regrettable is the opportunity cost. While leading real estate companies such as Sunac and Vanke are constantly looking for opportunities in the southwest, the former \"first brother\" in Sichuan has lost its base camp.In 2020, the sales amount of Blu-ray in Chengdu was 15.392 billion yuan, a year-on-year decrease of 18.67%, falling out of the TOP10 sales list in Chengdu.In order to expand, \"stranger\" Yang Keng paid a lot of prices. From 2017 to 2020, the company's debt scale increased from 76.1 billion to 211.8 billion, the net debt ratio increased from 92% to 113%, and the financing cost also increased from 7.19% to 8.20%.The returns aren't equal. In 2020, the overall sales area of Blu-ray increased by 10.02% year-on-year, but it only brought about a 1.97% increase in sales amount, and the operating payment was seriously insufficient.Standard & Poor's pointed out that the deterioration of Blu-ray liquidity comes to a certain extent from the negative effects of strategic immature shifts. In the 2018 annual report, the strategy of \"1 +3 + N\" was put forward for the first time, which was to \"move eastward and south\", but the reality was not as beautiful as expected.S&P further believes that Blu-ray faces the dual problems of regional strategic shift and debt repayment pressure: The shift to high-rise cities has weakened Blu-ray's profit margins, while non-bank financing with longer maturities and higher costs has weakened the company's capital structure. The tightening of policies has also increased the difficulty of Blu-ray refinancing.In addition, diversification has also dragged down Blu-ray's cash flow. In looking for the second growth curve, Yang Keng chose a cultural tourism project that looks beautiful but actually burns a lot of money.In 2017, Blu-ray Cultural Tourism was spun off from the group and signed multiple projects, with a planned investment of over 42.5 billion. However, until 2020, only Dujiangyan Fruit Man Planet landed, and it has been shut down indefinitely.The last straw that overwhelmed Blu-ray was rumored to be a loan default of Ping An.<a href=\"https://laohu8.com/S/JRJC\">The financial world</a>According to sources, Blu-ray had a 1.5 billion loan in Ping An that was late for more than ten days, and was pulled into the \"blacklist\" by Ping An.The ensuing chain reaction plunged Blu-ray into a liquidity crisis step by step.<h2>Introducing war investment?</h2>Objectively speaking, in the face of the crisis, the attitude of Yang's father and son is still positive. However, after selling assets many times to save itself, Blu-ray still defaulted in the open market.For Blu-ray, this means a comprehensive escalation of the cash flow crisis.Bai Wenxi, chief economist of IPG China, analyzed, \"When enterprises cannot carry out debt financing to borrow new and repay old ones, the capital chain will be broken, and they can only rely on introducing strategic investment, transferring projects and restructuring to find a way to survive, but the result will be There is great uncertainty.\"What the capital market is most concerned about at present is the progress of the war. Bai Wenxi judged that some state-owned assets are gradually withdrawing from the real estate field, and the state-owned assets platform capable of undertaking hundreds of billions of real estate enterprises is relatively limited.\"Without the help of state-owned assets, Blu-ray may be reorganized by industry leaders at a low price, otherwise it is very likely to enter the liquidation process.\"An industry insider close to Blu-ray believes that there are not many state-owned real estate companies with excellent real estate business in Sichuan. In contrast, \"Vanke is more likely.\"On July 13th, after Blu-ray announced its default, the market reported again that Vanke intended to invest in Blu-ray.According to Wall Street, shortly after the Blu-ray crisis broke out in April, Vanke acquired several Blu-ray projects. Relevant people from Vanke said that they are still watching Blu-ray projects, and the possibility of continuing to buy projects in the future is not ruled out.However, it also said that it has no intention to invest in Blu-ray at present.Referring to the self-help experience of Tahoe and China Fortune Land Development, Blu-ray, which expects the help of state-owned assets, may not be too easy to lead to war under the \"Shanghai + Chengdu\" dual headquarters structure.Blu-ray is not the first real estate company to experience a thunderstorm. Since last year, many companies such as Fusheng, Tahoe, China Fortune Land Development, and Oceanwide have experienced thunderstorms in the real estate industry. In March, Sun Hongbin, chairman of Sunac, said at the performance meeting that there will be a thunderstorm for real estate companies in two years, which is obviously ahead of schedule.For the real estate industry, where there are tens of thousands of existing companies and the industry concentration is not high enough, it is a process of clearing, merger and reorganization, and survival of the fittest.At a meeting last year, a big boss of the Midtown Alliance predicted that there would be only 3,000 real estate companies left in the future。It's just that when this clearance falls on a real estate company, it turns from a grain of ash into a heavy mountain.\n<div class=\"bt-text\">\n\n\n source：<a href=\"https://wallstreetcn.com/articles/3635319\">华尔街见闻</a>\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":1892,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":3,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}