The capital bureau of Henan real estate boss: there are three listed companies, and Jianye real estate has liabilities of 1, 5 1 billion.

Hu Baosen and Henan have been deeply tied together.

As a native of Puyang County, Henan Province, Hu Baosen was branded with a deep "Henan Complex" from middle school. He jumped the queue in the countryside, went to college, worked and started a business in his hometown, and then named Henan Jianye Football Club.

The phrase "Jianye won't go out" made Hu Baosen take root in Henan. Population 1 100 million, Hu Baosen's "real estate empire" has reached 18 prefecture-level cities and 104 county-level cities. Some people in Henan said: "One of the nine houses sold in Henan is Jianye."

Although it's hard to tell whether this sentence is true or not, Hu Baosen did create too many firsts in Henan: the first Sino-foreign joint venture housing enterprise, the first high-grade residential area, the first mortgage house ... Henan bears too much glory of Hu Baosen.

As a result, Henan Jianye was awarded the title of "King of Henan" and Hu Baosen was also listed as "Three Gentlemen of China Real Estate". As the "three gentlemen" in the real estate industry, Feng Lun is now boasting, while Wang Shi is exploring the mountains. Only 65-year-old Hu Baosen is still in the front line, making every effort for Jianye Group to "go out of Henan".

In 2020, Henan Jianye flourished in the capital market. In May, Jianye New Life was listed in Hong Kong; 165438+ 10, Zhongyuan Jianye also submitted a prospectus on the Hong Kong Stock Exchange. Together with Jianye Real Estate and Youzhu Zhizao Technology, which have been listed before, Henan Jianye will have four listed companies, and the real estate capital map is getting bigger and bigger.

Hu Baosen, male, 1955, from Puyang, Henan. 2 1 year-old was recommended to study English in Zhengzhou University. After graduation, he was assigned to work in Henan Branch of China Textile Import and Export Corporation.

Having the advantage of a foreign language may not only get a good job, but also change your life. Hu Baosen is a "lucky dog".

During the period of 1982, the then Department of Foreign Economic Relations and Trade Cooperation of Henan Province was looking for candidates to participate in the establishment of import and export trade institutions in Hong Kong. Hu Baosen not only has experience in import and export, but also won the first place in the foreign language examination of foreign trade system salesmen in Henan Province, and finally got the job of being sent to Hong Kong smoothly.

Hu Baosen stayed in Hongkong for 10 years.

1992, the spring breeze of reform has blown to the north and south of the great river, and Hu Baosen has also been blown back to Henan. However, Hu Baosen did not return empty-handed. After Hu Baosen got the last salary in the system at 199 1, he actually earned the first pot of gold in his life by speculating on uncompleted residential flats.

Holding tens of millions of yuan, Hu Baosen returned to Henan to establish Jianye Real Estate and became a member of the "boundless real estate army".

1in the spring of 993, after Hu Baosen bought the first piece of land in the suburb of Zhengzhou, he created a masterpiece that will be a highlight in the history of Henan real estate in the future, that is, Jinshui Garden.

Jinshui Garden is not only one of the earliest mortgage houses in China, but also has a unique sales model of repaying the principal in ten years. At that time, Jianye promised to repay all the purchase money after ten years on the basis of ensuring property rights.

There is no doubt that Hu Baosen faithfully fulfilled the "ten-year contract", which also made Jianye an instant hit in the Henan real estate market. After that, Jianye Real Estate gained a firm foothold in Zhengzhou, and then built several projects such as Le Yan Community, Chunhui Community, Zhengzhou Futures City and Jianye City Garden.

However, unlike other housing enterprises, Jianye wants to be the "king of Henan". It is difficult for Jianye Group to go out of Henan now, which has a lot to do with Hu Baosen's insistence on Jianye not going out.

Since 1994 football professionalization reform, Henan Jianye is the only football evergreen tree that has never changed its boss. This seems to be another epitome of Hu Baosen's persistence in Henan.

This football club named Jianye has created many firsts in the history of professional football in China. Apart from never changing investors and sponsors, Henan Jianye is the only football club that has played in AFC Champions League, Super League, Chinese League and Chinese League B. Henan Jianye experienced three downgrades and three downgrades, which can be described as "three ups and three downs".

In 2009, Henan Jianye entered the AFC Champions League as the third runner-up in the Super League, reaching its peak, and was awarded the title of "specializing in all kinds of dissatisfaction" because it defeated strong teams at home many times.

Hu Baosen was in high spirits. On Christmas Eve of 20 16, Jianye organized a carnival for fans. Hu Baosen said emotionally at that time: "Don't ask for a lot of money, just ask for a promise; Don't seek a blockbuster, just believe in heaven to reward diligence; Don't seek football giants, just seek grassroots for the people. Jianye will always insist on playing football until bankruptcy. "

But what is embarrassing is that in recent years, Henan Jianye Football Club has been in the "tossing" of frequently changing foreign aid, changing foreign teachers and compensating for liquidated damages, and it is also on the verge of relegation and demotion.

On the other hand, Jianye is also seeking change, a bit like IBM in the it field. The century-old "blue giant" can survive and develop in all previous technological revolutions, and its conservative innovation has enabled it to successfully survive all previous crises.

However, Jianye is not like IBM. Although it is conservative enough, it is not a "blue giant", but the industries are different and the barriers are different.

For 26 years, the commercial map of Jianye was concentrated in Henan. Hu Baosen once said: "One generation has to bear the responsibility of another generation, and that's what I'm going to do."

From Zhengzhou to Puyang, Hu Baosen's hometown, and then to county-level cities, Jianye completed the full coverage of Henan's "five-level market" until 20 17, but did not go out of Henan.

Hu Baosen once wrote in the article "Looking for Jianye Blue Ocean" on 20 15: "In the future 15, there will be 35 million people in Henan, and new housing will be needed 10 billion square meters." What he saw was the housing needs of hundreds of millions of people in the process of urbanization.

However, the peers of the "92 School" have traveled all over the country, and Jianye can't take it in Henan.

20 16, Country Garden, Evergrande and Vanke poured in. At that time, Zhengzhou had 15 "land kings".

At that time, Jianye decided to stick to Henan Even Hu Baosen said that his dream is: "In Henan, a city with more than 30 counties/kloc-0, if there is an opportunity in the future, it may further enter such key towns and villages, with more than 500 towns and villages. If there is still an opportunity, if my body allows, from the provincial capital city to the medium-sized city, to the county-level city, and finally to this township, this is my goal. "

In the first eight months of 20 19, Zhengzhou, the first city in Henan Province, ranked only sixth in market sales, and was overtaken by giants such as Country Garden, Vanke and Sunac.

After losing the absolute advantage of the original track, Hu Baosen's choice is to re-open a track and take the road of "emphasizing assets and neglecting assets".

At the 20 18 annual performance meeting, Hu Baosen, who had firmly stated that he would not tell Henan, also gave in. He said he had the conditions to go out of Henan.

Under the Jianye Group, in addition to Jianye Real Estate, a listed company acquired on 20 19, Jianye New Life, a property management company listed in May 2020, and Zhongyuan Jianye, a construction company that was split and listed on 1 1, the directions of these three enterprises are assembled buildings, property management and agent construction, all of which focus on "light assets"

In other words, Jianye has built a one-stop service from land acquisition, construction, assembly and property management.

Among them, Zhongyuan Jianye's agent construction business is a typical light asset.

"This form of agent construction system is indeed a product of the times. In fact, agency construction does not need to bear the risk of land acquisition, but is only responsible for building houses or doing some brand cooperation. " Shanghai Zhongyuan real estate market analyst Lu Wenxi told reporters.

The reason of agent construction is self-evident.

Li Naichao, president of Beijing Real Estate Chamber of Commerce, said: "Real estate development enterprises are getting worse and worse, especially direct real estate development, which has certain risks. Therefore, many development companies take the form of agent construction and make money with brands. "

However, this "OEM" model will inevitably have pits.

More than a year ago, I bought the "wanda plaza &; The owner of Jianye 18 City Community found that the tower crane on the construction site stopped working and the construction workers became sparse. For a time, the fear of "something happened to the house they bought" spread rapidly among the owners.

This "Wanda+Jianye" core business project is located near the intersection of Jianshe Road and Daqing Road in Zhoukou City, and is jointly built by Tian Xiang Investment Holding Co., Ltd. (hereinafter referred to as Tian Xiang Holdings), Wanda Group and Jianye Group. In other words, the developer who actually acquired the land is Tian Xiang Holdings, Wanda and Jianye are just icing on the cake, and Jianye's role is to build on behalf of others.

Compared with Jianye Group, Tian Xiang Holdings is more of an "investment company". Tian Xiang Holdings, founded in 1998, is defined as the discoverer and integrator of regional business opportunities, and its industrial layout is mainly divided into three sectors: consumption, real estate and eco-tourism development.

In fact, an important reason for the suspension of this project is that Tian Xiang Holdings misappropriated the money. On February 7, 65438, this reason was also confirmed by Jianye at the face-to-face communication meeting between Jianye and the owners.

Moreover, "it's not a problem of millions", the representative of Jianye Group told the owner that after Tian Xiang Holdings mortgaged the land in this process, it transferred the funds in its account to other projects, which led to the break of the capital chain.

Li Naichao told City News: "It is normal for real estate developers to mortgage their land, and they will do the same for the normal operation of financing and other follow-up funds. For projects built on behalf of others like this, the developer must bear the main responsibility after the accident. But it also has a great impact on agents, such as reputation, brand and even legal risks. "

After more than a year of suspension, Jianye finally chose to take over. At the communication meeting, Ma Xiaoteng, general manager of Zhoukou Region, promised to the owners of Jianye 18 cities: "Jianye will take over the 18-city project in an all-round way and will not be unfinished."

Hu Baosen's "going out" strategy for Jianye Real Estate is to go out conditionally, that is, draw a radius from Henan to become the market in Central China, and adhere to the principle of 500 km radius.

In other words, Hu Baosen's "going out" is not really going out in the geographical sense, but more dependent on the "brand" of Jianye Real Estate and the "resources" of Henan.

Just like the 18 cities of Zhoukou Jianye mentioned above, relying on the brand premium of "Jianye", doing light asset business such as agency construction and making "easy" money. Everything has advantages and disadvantages, especially in exploring new business models, risks definitely exist.

Taking the road of light assets, Jianye dare not go too far.

At present, the core project of Zhongyuan Jianye is still in Henan, and Henan is still Jianye's biggest "food and clothing parents". By June 30, 2020, of the 182 projects managed by Zhongyuan Jianye, 174 projects were located in Henan Province, accounting for more than 90%.

Lu Wenxi told The Paper that as Jianye Real Estate, "if you want to go out, you must have the ability to grasp the project risks".

In addition, if you want to get out of Henan, you must not only walk solidly, but also walk steadily. Brand is a solid foundation, and it needs a lot of financial support to go steady and far. Lu Wenxi told the urban community: "A necessary condition for going out is the need for funds."

Judging from Jianye Real Estate, its debt pressure is not small. The asset-liability ratio of Jianye Real Estate increased from 87.04% in the first half of 20 18 to 92.02% in the first half of 2020, an increase of about 5 percentage points. By the first half of 2020, the total liabilities of Jianye Real Estate will reach 1, 5 1 100 million yuan.

Hu Baosen, who wants to leave Henan "conditionally", is facing considerable financial pressure. Now, how should Hu Baosen break this game?

(Author Zeng Jiayi Editor Han)