Delong memory
In Wang Shiyu's career, what impressed him most was his experience as the general manager of the financial products headquarters of Youlian Strategic Management Center in the huge Delong Empire. "Tens of billions of funds can be mobilized in his hands". Wang Shizhen was the vice president of Deheng Securities. Half a year later, he was transferred to the headquarters of Youlian. This is also an important reason why seven former executives of Deheng Securities were tried in Chongqing, and he was safe and sound.
Careful people may not forget that Wang Shiyu, once very active in the media, suddenly disappeared from public view in 200 1 year.
"I have been looking for a big stage for myself. Then I met Tang Wanxin. " The cultural web-to-print is also presented in Wang Shiyu's dialogue with reporters: there will be a lot of words in his words. "Tang Wanxin is not only a vulgar military commander, but also a gentle gentleman; He is both strong and weak; It is both rough and delicate. He is a very attractive person, whether he is prominent or poor. " Even when Tang Wanxin was in prison, Wang Shiyu was not ashamed to appreciate his temperament.
"Finance is the lifeblood of the country. As an investment banker, I hope to see China's financial service level occupy its own position in the international financial market. Domestic mainstream investment banks are engaged in simple services-issuing stocks. " Wang Shizhen looked up at the reporter and looked into the distance.
"Delong's banking, insurance, leasing, securities, trust, finance and other institutions, as well as Tang Wanxin's esteem, gave me a' broad' platform for me to dance. My vision suddenly became clear, and I was no longer considering simple trading behavior, but the design of financial mixed structure. "
Prior to this, Wang Shiyu, who had 14 years of investment experience, didn't recognize the operation mode of domestic mainstream investment banks to issue shares, but because there was no suitable stage, he could only do some simple services such as restructuring, reorganization, listing and mergers and acquisitions. After the collapse of China's business giant Delong Group, the dreams of Germany, dragon soul, Wang Shiyu and Tang Wanxin to build Youlian into an international financial mixed platform ran aground. "The fall of the giant is a tragedy. The reasons for its failure are complicated and cannot be simply blamed. The damage caused by the Delong incident to China's economy is very profound, including the China stock market. " As can be seen from Wang Shiyu's heartbroken tone, his feelings for Delong are extraordinary.
"Where should I go? Where can there be such a big stage for me to gallop? " Walking off the stage of Delong, Wang Shizhen asked himself.
"The reform of the real estate industry is in the pipeline"
Intensive financial punches frequently fall on the real estate capital market. First, document 12 1 in 2003; Then, on June 5438+1 October12004, the policy of expanding the floating range of loan interest rates of commercial banks and urban credit cooperatives was officially implemented; Only three months later, on April 25, 2004, the differential deposit reserve ratio system was implemented for commercial banks that did not meet the relevant requirements. At the Midtown Alliance meeting in Xi 'an, the word "surrender" was finally shouted out from the toughest population in the industry, and developers in danger of "blood loss" fell into panic. All this was seen by Wang Shizhen, a speaker sitting quietly under the stage. The fog in his heart cleared away. "Where should I go?" The question that has been bothering him for a long time has finally been answered.
"The appearance of the document 12 1 in 2003 is a signal, but unfortunately the developers have not awakened. What is even more regrettable is that today, most real estate developers have not jumped out of the dual structure thinking mode of playing with the government. " Wang Shiyu's tone was low, and he described his surprise at this scene as "incredible".
Although I am surprised, as an old Jianghu with more than ten years of investment banking experience, it is not surprising, but logical, to analyze this situation from the perspective of China's real estate capital institutions and industrial structure.
More than 70% of China's real estate enterprises' asset structure depends on bank loans, and developers' assets are too small, so creditors form soft constraints on debtors. Developers' excessive dependence on bank funds leads to excessive concentration of risks, and they will naturally panic when they encounter macro-control.
Due to the explosive demand created in a specific historical period, it has brought unprecedented opportunities to developers, not to mention making more profits with the loan money. Of course, the chain is endless: building materials, digging holes, laying foundations, construction, building houses, selling houses and selling properties. If the capital chain breaks, how can the industrial chain be maintained?
"China real estate development in the past 20 years, it is not enough to rely only on administrative, tax and other negative control means. If we do not adjust the industrial structure through financial innovation, there will inevitably be post-macro-control phenomena: a number of small and medium-sized companies will die; A rotten batch (buildings and land); Then there is the formation of a large number of bank bad debts. Such serious consequences will inevitably damage the healthy economic body. " The post-regulatory phenomenon described by Wang Shizhen made the reporter feel sad. "If we change' 37-year-old '(30% self-owned funds and 70% loans) into' 334' structure (30% loans, 30% self-owned funds and 40% support from other financial products), then the real estate market will be much healthier." Wang Shizhen continued.
"1993 Hainan's bad assets have not been digested yet. Isn't this lesson profound enough? " Wang Shizhen raised his voice and stared at the reporter.
In fact, under the premise that the financial system is not perfect, how to broaden the narrow financing channels is also a problem that puzzles developers. After all, there are many financing channels in theory: equity financing (domestic and overseas listing), industrial investment funds, issuing corporate bonds, trust funds, leasing financing, etc. They are all on paper, and few of them can really fall into the actual combat stage.
Some people say: "China real estate capital market has entered an unbreakable era." Wang Shizhen believes: "The reform of the real estate industry in China is brewing." Since June 1993, the relevant departments have announced the temporary suspension of the listing of real estate companies in China A-shares. Investment banks and real estate companies are like small countries with few people. Although chickens and dogs have heard of each other, they have never touched each other. The reason for alienation is simple: mutual no demand. People of insight in the financial sector tried several times to establish a partnership alliance with real estate developers after the document 12 1 appeared in 2003, but failed for various reasons.
From the financial point of view, Wang Shiyu thinks that the "star effect" of China developers has more "China characteristics" than stocks. "Looking at the developers who are surrounded by the media, I feel very funny." At this point, his mouth slightly upturned and his smile was a bit far-fetched.
"This phenomenon is also unique in the world, which also illustrates the disadvantage of China real estate-developers dominate the market." Forbes list in 2004
There is a rough comparison between the Chinese mainland Rich List and the Forbes Global Rich List: among the top 100 people in Chinese mainland Rich List, more than 50% set foot in real estate; But only about 30 of the world's 500 richest people are real estate developers (5 in China), which also confirms what Wang Shiyu called "unique". "This phenomenon is extremely abnormal. Foreign real estate industry is almost financialized and securitized, and the role of developers is weakened. However, China's real estate is still immature, and it is still in the stage where developers dominate the market. " "Macro-control has provided conditions for the integration of China's financial and real estate industries, and we should seize this favorable opportunity." Wang Shizhen mastered the open hand into a fist. Looking at the global investment banks, foreign capital applauds China's commitment to join the WTO-the financial industry will be fully liberalized in 2006, and they are in full swing, showing the trend of attacking the city slightly. After all, this is a great opportunity for overseas financial institutions to enter the real estate market in China.
Morgan Stanley is the most prominent. Although its gestures always give people the feeling of "rising in the east and falling in the west", this does not prevent Morgan Stanley Real Estate Fund from repeatedly making moves in Xie Guozhong's "bubble theory". People suspect that it has an attempt to "take advantage of the market", but at the same time, it seems that there are other overseas funds with strong financial strength that want to punish Fang Qiu in China.