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Introduction: I invested almost all my property, but I got nothing in return. If we add the influence of regulation, even if Yi Xiaodi didn't choose "Buddhism lies flat" this time and was forced to sell projects and properties, it still can't escape the thunder fate without fresh blood.

(Text/Zhang Zhifeng Editor/Ma Yuanyuan) The last time Yi Xiaodi's name appeared in public, it was when he and Li built Sunshine 100 China Snow Mountain Art Town. This marriage caused some sensation in the industry six years ago, but failed to bring him substantial benefits.

As one of the core figures of "Six Gentlemen of Wantong" who are equally famous with Feng Lun and Pan Shiyi, Yi Xiaodi became famous in the industry many years ago. However, after leaving Wantong, he kept a low profile and almost never stood out. Until recently, Sunshine 100 China defaulted on its explosive debt.

Yi Xiaodi probably wouldn't have thought that, as the "star" of the first generation of real estate, he became famous again after many years, which was actually caused by the explosion of listed real estate enterprises he founded.

Persistent real estate dream

Sunshine 100 Compared with the well-known Evergrande, China's reputation and scale are much smaller. The reason why it can attract social attention is largely due to the personal flow of the boss Yi Xiaodi.

According to public information, Yi Xiaodi 1964 was born in an ordinary family in Hunan. With my own efforts, I was admitted to the Department of Geography of Beijing Normal University and the Department of Planning of Renmin University of China successively, and obtained a master's degree in economics.

From 65438 to 0988, Yi Xiaodi, who graduated from two prestigious universities, was only 24 years old. It was when he was full of ambition that he was attracted by Feng Lun, who was working in the Economic Restructuring Commission of Hainan Provincial Committee at that time, and was invited to Hainan.

Here, he met Pan Shiyi, Feng Lun, Wang Gongquan, Liu Jun and Wang Qifu, and jointly founded Hainan Wantong, known as the "Six Gentlemen of Wantong".

Taking advantage of the east wind of the times, Hainan Wantong became one of the biggest beneficiaries of the gold rush in Hainan that year, and also created the earliest myth of the real estate industry.

Many years later, Pan Shiyi remembered those days and still lamented: Just like dreaming, one price at a time changed hands to millions.

However, due to the differences in the distribution of internal power and interests, the six people soon parted ways with their own "first bucket of gold".

After more than 30 years of real estate changes, Vantone is no longer a typical "big brother" Feng Lun monopoly real estate enterprise. Feng Lun gradually became keen on sharing stories and participating in talk shows.

Wang Qifu and Liu Jun retired from the background and turned to the investment field. One entered the sports industry and the other entered the agricultural science and technology industry.

The biggest contrast is Pan Shiyi, who started as the chief financial officer, and later founded SOHO China to sell office buildings alone, becoming the most famous of the six. But now that the east wind of the times has passed, it has quickly fallen to the bottom, and it is not allowed to clear assets and verify capital.

At this point, Yi Xiaodi is the only one who can consistently adhere to the real estate track.

1999, shortly after Yi Xiaodi left Vantone, he set off for Beijing to start a new stove and set out to build Sunshine 100 China to continue his real estate dream.

Later, Wang Gongquan, the former corporate partner and general manager of Hainan Wantong, went to the former assistant general manager after consulting the resumes of investors and professional managers. From August 3rd, 20 15 to present, Wang Gongquan served as the non-executive director of Sunshine 100 China.

Real Buddhist management

It is worth mentioning that the lightning explosion in Sunshine 100 China attracted great attention because of its failure, which was very different from previous enterprises.

Different from the aggressive expansion strategies of most highly leveraged real estate enterprises such as Taihe and R&F, Sunshine 100 China was founded earlier and won a "good brand" from the beginning, but the development process of the enterprise in the middle and late period can be called cautious.

After the successful development of Sunshine 100 International Apartment Project in Beijing CBD, Sunshine 100 China has successively developed more than 20 residential projects in more than ten cities including Tianjin, Chongqing, Changsha, Jinan and Nanning.

From 2004 to 2008, Sunshine 100 China ushered in a bright moment, ranking among the top real estate enterprises in China 100 for five consecutive years. At that time, a number of well-known private housing enterprises such as Evergrande, Country Garden, Longhu and Shimao were as unknown as Sunshine 100 China.

However, Yi Xiaodi, who was born in poverty, did not take the "conventional" route of crazy land acquisition, debt and expansion like other real estate enterprises, but showed great restraint.

Or because I witnessed the tragedy of the bursting of the Hainan property market bubble, Yi Xiaodi, who originally believed in Buddhism, is becoming a Buddhist sect, and Sunshine 100 China will never "rush" in its development.

In the choice of cities, Sunshine 100 China began to specialize in second-and third-tier cities, with "not taking the land king" as the bottom line, and the floor price of land acquisition in each city has strict standards.

In today's view, such excellent quality can be called an industry model. However, in the era of explosive growth of the industry, Yi Xiaodi's "caution" seems to be out of keeping with the times, which makes Sunshine 100 China miss the opportunity of primitive accumulation of capital in vain and finally be left far behind.

According to the data, in 2004, the sales of Sunshine 100 in China was 3 billion yuan. It was not until 20 14 that the annual sales of1/kloc-0 doubled to about 6.667 billion yuan.

In fact, everything is determined by personality. In Feng Lun's words, Pan Shiyi's belief in Buddhism is a deceptive trick, and Yi Xiaodi really believes in Buddhism.

At the same time, as a famous first-generation real estate developer, he is not ignorant of the industry trend, but also knows that his business strategy will miss the opportunity.

Yi Xiaodi said: "If the real estate continues to be crazy, it is estimated that people who take the land king can continue to make money, but I don't envy them because he took risks."

Wang Gongquan once commented on him: "If one day everyone fails, Yi Xiaodi has the strongest psychological resistance to contusion and will stand up earlier than others."

Pan Shiyi also wrote in the book: "When I encounter difficulties, my first thought will always be Yi Xiaodi. He may not give me much material help, but his speech will give me strength and courage to overcome difficulties. "

However, Yi Xiaodi, the most reassuring of the "six gentlemen", finally fell under the tide of the times.

Financing is cut off, self-destruction and default.

Even if lightning strikes, it is not difficult to see the Buddha's nature of Yi Xiaodi: all other housing enterprises were exposed by the news that creditors and suppliers defaulted, and only Sunshine 100 China "blew itself up".

On February 6th, 65438+ Sunshine 100 China announced that 65438+700 million +0 12.5% of the priority notes due on February 5th failed to be paid as scheduled, resulting in default.

Actually, this is not the first time that China has been struck by lightning in the sunshine of 100. As early as August this year, 1 1, Sunshine1China announced that it failed to pay the principal and premium of 202 1 bonds on the maturity date, resulting in an event of default. At the same time, the default also triggered the maturity in 2022 to be as high as $ 2. 196, and the interest rate was 13%.

At the same time, the default event will also trigger the cross-default of other debt instruments of the company, including this $654.38+700 million senior notes.

Sunshine 100 China pointed out in the announcement that the original financing plan of enterprises failed to meet expectations due to the strengthening of capital flow supervision and tightening of lending by financial institutions in China, and default incidents continued to occur.

It is worth mentioning that such a result has already appeared in the financial report disclosed in the middle of the year.

The data shows that as of June 30th this year, Sunshine 100 China has cash and cash equivalents131200 million yuan; The corresponding loans and borrowings of enterprises total 25.628 billion yuan, of which up to 654.38+02.628 billion yuan must be repaid within one year or as required.

However, before and after the happiness of Taihe and Huaxia, few people paid attention to Sunshine 100 China with sales of only 2.795 billion yuan in the first month.

It is generally believed in the industry that the failure of Sunshine 100 China as an established real estate enterprise is not only due to Yi Xiaodi's conservative character, but also directly related to the failure of enterprise transformation.

Different from Evergrande's high-profile and long-span car building, Sunshine 100 China has a high degree of relevance and a small span. The root of its failure is "opportunity".

Timing and strength are indispensable.

Since the listing of 20 14, Yi Xiaodi has also realized that setting up a stall in the residential sector is not a long-term solution. Just at the critical moment of the last round of real estate regulation and control, Sunshine 100 China announced its comprehensive transformation from a residential product developer to a commercial real estate operator.

In the planning of Yi Xiaodi, New Sunshine 100 China will break through three tracks, namely, the suburban compound residential area represented by Lv Wen Town in arles, the urban commercial complex represented by Phoenix Street, and the serviced apartment named Himalaya.

One of the most widely known projects is that it took over the project of Xueshan Town.

Around 20 15, Lijiang Snow Mountain Art Town, a 204,000-square-meter cultural tourism project developed by Li, encountered financial difficulties and was heavily in debt.

In Yi Xiaodi's view, Lv Wen town is a good way for real estate developers to transform their operations, with very broad prospects. Therefore, it did not hesitate to invest 65.438+94 billion yuan to acquire 565.438+0% equity of Xueshan Town Project, leading the subsequent operation of the project, with a view to revitalizing assets.

But at that time, there were few successful precedents in Lv Wen towns all over the country, and Sunshine 100 China could only cross the river by feeling the stones, so the sales and operation were not satisfactory.

During the five years from 20 15 to 2020, Xueshan Town * * * sold14,800 square meters, which was less than the acquisition area of110, and the sales unit price was also from 20151950.

I invested almost all my wealth but failed to get a return, and then superimposed the influence of regulation. Even though Yi Xiaodi didn't choose "The Buddha is Lying Flat" this time and was forced to sell projects and properties, he still couldn't escape the thunder fate without fresh blood.

According to the observer's analysis. Projects like Lv Wencheng and Commercial Complex have high cost, long payback period and extremely high requirements for operating experience. Even if powerful head companies such as Wanda and Sunac operate, the risks are not small, which cannot be grasped and borne by Sunshine 100, which is out of touch with the times and lacks strength.

You know, nowadays, no matter Longhu Tianjie, CR Vanguard, COFCO Joy City, or Sunac Lv Wen, which has a relatively successful commercial transformation, almost all of them have started to shrink the front line of the residential sector in recent years, seeking breakthroughs and transformation in the operation field and making great efforts to develop.

Ancient and modern, Chinese and foreign, the times make heroes. Therefore, in a sense, there is no problem for Yi Xiaodi developers to transform into commercial, cultural and tourism operators. The only mistake is that the timing is too advanced and the policy situation and its own strength are miscalculated. Looking back on the development of Sunshine 100 China, the missed outlet will not come again, and the cost of trial and error sinking in these years is too high. The road ahead is long and the fate is uncertain.

This article is the exclusive manuscript of The Observer. Unauthorized reproduction is not allowed.