What will happen to SOHO China when Blackstone Group proposes privatization?

It is reported that the privatization offer of Blackstone Group is HK$ 6 per share, which is nearly 1 00% higher than the average closing price of SOHO China in June. On the same day, SOHO China suspended trading in Hong Kong, which rose by 37.58% before the suspension, and the purchase price was HK$ 4.65438 +0. People familiar with the matter said that the details of the transaction are expected to be finalized in the next few weeks. At present, Pan Shiyi, Chairman of SOHO China Board of Directors, and his wife Zhang Xin hold 63.93% of the company's shares, and they plan to keep a small number of shares after reaching a deal with Blackstone. Blackstone may take over the debt of SOHO China. According to SOHO China 20 19 interim report. By the end of June, 2065438+2009, its liabilities were 32.68 billion yuan (about 4.7 billion US dollars) and its investment assets were 8.78 billion US dollars.

King of sports? Blackstone Group was established in 1985, and its business scope covers private equity funds, real estate funds and mezzanine funds. As of the interim report of 20 19, Blackstone Group's operating income was $3.5.1200 million and its net profit was $654.38+0.694 billion, which was regarded as one of the most popular funds in the market.

Blackstone Group and SOHO China have a long history of intersection. 2065438+In April 2008, Blackstone Group announced that Yan Yan, the former president of SOHO China, joined the company's Asian real estate department and became the managing director. Transformation? Self-sustaining? Before the real estate, SOHO China's mass sales model has brought rich returns to Pan Shiyi and his wife. In 20 12 years, SOHO China's revenue was1665438+43 million yuan, and its net profit was as high as 10585 million yuan. However, Pan and Zhang have different business ideas. Zhang Xin advocates emphasizing products over sales, and does not recognize Pan Shiyi's practice of buying low and selling high.

After experiencing the continuous regulation of the property market and the hot and cold of commercial real estate, SOHO China announced on 20 12 that it would change from? Sales? Turn? Self-sustaining? Property, Pan Shiyi completely started the charter business. At that time, Pan Shiyi predicted that the annual rental income of SOHO China would exceed 4 billion yuan in five years. In 20 18, SOHO China's net profit decreased by 59.33% year-on-year, and it remained in a downturn in 20 19. The net profit in the first half of the year was about 565 million yuan, down 48.36% year-on-year. By the end of June 20 19, the total assets of SOHO China were 68.898 billion yuan, and the debts due within one year were 2.053 billion yuan. In the same period, the company's cash and equivalents were only165438+500 million yuan, which could not cover short-term debts.

Faced with this dilemma, Pan Shiyi said frankly: I am embarrassed to say the rental rate of return in China. ? He said that the rental rate of office buildings in the United States is close to 4%, and new york even reaches 5%~6%. However, the domestic rental rate of return is low, so we can only attract customers with low rents first, and then increase them later. Pan Shiyi said that the proceeds from the sale of assets will not be used to purchase stable assets. Because half of the 7.8 billion yuan from sales has been taxed, we have to pay 1%~2% to the intermediary. ? In this case, in the increasingly depressed office market, at the end of 2065438+2009, Pan Shiyi newly registered seven companies with a total registered capital of 253 million yuan. Except for Beijing Jeffery Ji Enterprise Management Co., Ltd., all other shareholders are overseas registered companies, which makes the market question its transferred assets again.