After moving to the joint office, Pan Shiyi's itinerary was full, but while running around the city for the SOHO 3Q platform, Pan Shiyi was also in full swing for the sale of existing projects.
Recently, the Shanghai volley SOHO, which was included in the list of sales, implemented the final buyer. The base capital from Hong Kong took over the SOHO China Hong Kong stock 00410 (00410) for a total price of 4.944 billion yuan. The initial consideration for the agreement sale was 2.954 billion yuan, and the bank loan principal was 1.99 billion yuan.
This is the fifth project Pan Shiyi sold in Shanghai. Since 2014, SOHO China has maintained the pace of selling at least one Shanghai project every year. SOHO Tianshan Square, Hongkou SOHO and Lingkong SOHO, which were previously on the sale schedule, are now only SOHO Tianshan Square has not been sold.
Pan Shiyi’s pace of selling assets is accelerating. As for SOHO Tianshan Square, it will not be sold this year. SOHO China said that it is still uncertain, and all official announcements will prevail.
The volley SOHO being sold
Pan Shiyi once said that there are two projects in SOHO China that will never be sold. One is the Bund SOHO with excellent location, and the other is Wangjing SOHO from the “Architectural Devil†Zaha. “Because it beautiful".
SOHO China and Zaha have more than one project, and the locomotive SOHO of the "locomotive" is also from its hands. But obviously, the volley SOHO can't use its "beauty" to impress Pan Shiyi. At the beginning of the project, the volley SOHO did not escape the fate of being sold.
Lingkong SOHO is located in Shanghai Hongqiao Linkong Economic Zone with a total construction area of ​​approximately 343,000 square meters. The total planned saleable and leaseable construction area is 228,300 square meters, including office space of 194,400 square meters and commercial property of 33,900 square meters. In August 2010, SOHO China acquired the land use rights for the project at a price of 1.562 billion yuan.
In September 2014, the volley SOHO, which had not officially opened, was pushed to the trading desk for the first time. SOHO China announced that it will sell the volcano SOHO 100,000 square meters of property to Ctrip for use in its future business development office with a transaction value of 3.05 billion yuan.
After the completion of the sale, SOHO China still holds the remaining area of ​​volley SOHO of 128,800 square meters as investment properties, including an office area of ​​approximately 103,000 square meters and a commercial area of ​​approximately 2.5 square meters.
In July this year, Pan Shiyi suddenly announced that he was preparing to sell two projects, Beijing Guanghua Road SOHO2 and Shanghai Lingkong SOHO. This news has made the industry somewhat wrong, because in the recent financial reports of SOHO China, the volley SOHO has always had a good performance.
Looking at SOHO China's previous annual report, we can see that in 2015 and 2016, the volley SOHO project recorded about 70 million yuan and 143 million yuan in rental income. In the first half of this year, the occupancy rate of the volley SOHO project was 97%, and the rental income was about 90 million yuan.
Although the decision to sell high-quality assets made Pan Shiyi controversial, he had already sold the game in a "high price" that had sold the building. An asset appraiser analyzed the financial analysis of the Times. The current average daily rent of the volley SOHO is about 4.3 yuan / square meter. According to the price of Pan Shiyi's transaction, the gross capitalization rate of the transaction is nearly 4%, which is slightly higher. In the market average.
"For Pan Shiyi, the result of this transaction is very good. The timing of his shot is very suitable. Just when the market is relatively high, the assets are thrown out, and the income is considerable." As it said, this time, SOHO China will Successfully cashed in 2.954 billion yuan in cash, and the expected profit reached 367 million yuan.
"Acceptor"
The capital of SOHO, which is volleyed by SOHO, is particularly good at “packaging and transformation†commercial projects. In their past investments, almost every one is bought at a low price, and adopts a deep-operating and strategic value-added operation mode to carry out transformation and upgrading. After the value is raised, it will be transferred at a high price. This also means that after taking over the volley SOHO, Gem Capital Capital will have a high probability to upgrade it and then transfer it twice.
For many years, Kehui Capital has been active in the commercial real estate market at home and abroad. As one of its concerned cities, Shanghai does not lack the successful case of “packaging transformationâ€.
In 2006, Keye Capital took over the East China Sea Building from Wenzhou merchants at a cost of 900 million yuan. Subsequently, Gem Capital invested a total of 400 million yuan to renovate the original Art Deco Art Deco building and reposition it as a fashion shopping mall, renamed it "353 Plaza" and opened in 2008.
After several years of operation, the popularity of 353 Square has gradually increased. In 2012, Gem Capital transferred 353 squares at a price of 2.4 billion yuan. Macquarie's real estate private equity investment company MGPA took over the project on behalf of the Abu Dhabi Investment Authority.
This is not the most representative transformation case of Kehui Capital in Shanghai. According to media reports, in March 2006, Gem Capital acquired a residential building in the Shuihu Tiandi project of the Shui On Group for 660 million yuan. After the overall design and renovation, the apartment became the first serviced apartment project in Shama. Named "Shama Luxe Xintiandi". In March 2008, Keye Capital transferred the project to Korea's future assets and sold it at a price of 900 million yuan.
Less than two years ago, 130% of annualized returns have stunned the industry, and the ability of Gem Capital to operate projects is amazing. But unlike the previous bear market takeover, the base capital won the volley SOHO at the market high, and it may not be easy to copy the success of 353 Plaza and Shama.
The aforementioned asset appraiser pointed out that the rent ceiling in the area where the volley soho is located is already very obvious. At present, the highest rent in the area is BenQ Plaza, which is very close to the subway station. Whether it is from the location, quality or office hardware standards, it is more than the volley SOHO. At a higher level, the daily rent is about 5.5~6 yuan/m2. It can be seen that the rent ceiling in the area is about 6 yuan/m2.
“If we refer to the current market level, the volley SOHO rent increase space is about one dollar, which means that JI Capital needs to strictly control the transformation cost to create profit. But volley SOHO is only one of the three years into the market. New projects have limited space for improvement."
Xue Jianxiong, chairman of Youtao City, also told Time Finance that the volley SOHO has no geographical advantage compared with the properties of other core business districts in Shanghai. Therefore, such properties need to be upgraded through long-term operation and continuous optimization to achieve rental growth. As far as the current status and rent of the volley SOHO is concerned, it is very unlikely that Gem Capital will achieve profitability in the short term.
Shanghai two or three things
Selling asset cash has become the norm in SOHO China. After the volley SOHO was sold, SOHO China, which has not recorded new projects for many years, has only 4 projects in Shanghai. From the strong sweeping of the goods to the subsequent sale, Pan Shiyi’s story in Shanghai over the years is intriguing.
In August 2009, Pan Shiyi, who had been mixed up in Beijing, began to “sweep the goods†in Shanghai. He took over the Donghai Square, which is known as “the first unfinished building in Shanghai†from Morgan Stanley for 2.45 billion yuan. In the next few years, the coming SOHO China quickly won more than ten projects in Shanghai, with a total cost of more than 28 billion yuan.
Among them, the most topical projects are the Bund 8-1 plots won in 2011. At the beginning of 2010, a total of 5.7 hectares of land on the Bund 8-1 plot was won by a humble real estate company, Shanghai Securities and Exchange Co., Ltd. at 00755 for a price of 9.22 billion yuan, creating the national total price of “land king†at that time. However, the Shanghai Securities Year's annual turnover was only 2 billion Hong Kong dollars, and the cash on hand was only 1 billion yuan, which could not afford the development cost of the project.
In desperation, Zhengda will bring Fosun and Greentown into the project, and the three parties will jointly establish a joint venture company, Shanghai Haizhimen Real Estate Management Co., Ltd., to undertake the financing task for the land. The first batch of shareholder loans exceeded 4.6 billion yuan, which can solve nearly half of the land of “Diwangâ€.
However, the entry of Fosun and Greentown still failed to change the financing difficulty of the Bund 8-1 plot. After the plot was idle for more than a year, the Zhengda began to seek a retreat, and Pan Shiyi became the pick-up man. In 2011, Zendai first sold part of the equity of the project company to Fosun, which enabled Fosun’s equity in the project to reach 50%. Then, Zendai and Greentown transferred the remaining 50% of the rights to Pan Shiyi's SOHO China.
Pan Shiyi, who got the land, couldn’t hide his joy. He once said, “The 8-1 project is indeed the crown jewel, and it is the best position.†After SOHO China’s intervention, the project’s shareholding structure formed Fosun and The situation of SOHO China's balance of power, which makes the first-in-coming Fosun somewhat dissatisfied.
On the second day after SOHO announced the acquisition, Fosun immediately announced that it was “surprised†about the transaction arrangement because it had “preemptive right†and said that it would take all appropriate legal measures to protect its rights and interests. In May 2012, Fosun brought all the companies involved in the equity transfer to court.
This "Bund of the Bund" was a three-year, four-month battle. In the end, Pan Shiyi retired from the lawsuit. According to the announcement at the time, Shanghai Haizhimen will sell the entire equity of Bund Real Estate to Fosun for 8.493 billion yuan. The Sea Gate will return the shareholder's loan with the proceeds from the sale, and the cash received by SOHO China is 4.585 billion yuan.
The storm of being in the Bund is just one of Pan Shiyi’s “talks†in Shanghai. Since SOHO China entered Shanghai in a big way, its projects such as SOHO Jing’an Square, SOHO Helen Square, Hongkou SOHO and SOHO Tianshan Square have been repeatedly questioned by development. There is even more saying that Pan Shiyi intends to follow Li Ka-shing's land.
The endless doubts made Pan Shiyi somewhat annoyed. In addition, the situation of the commercial real estate market was not good at the time, and the vacancy rate of office buildings in Shanghai continued to rise. In this context, SOHO China embarked on the road of asset sales.
In February 2014, SOHO China sold “SOHO Jing’an Square†and “SOHO Helen Square†to Financial Street Holdings for a consideration of 5.23 billion yuan; in September 2014, it sold half of the volley SOHO project to Ctrip.com. The consideration was approximately 3.05 billion yuan; in September 2015, SOHO China indirectly owned a 50% stake in Haizhimen, and sold the entire equity of the Bund 8.1 project to Fosun for 8.493 billion yuan; at the end of July 2016, in Shanghai SOHO Century Plaza sold to Guohua Hong Kong stocks 00370 life insurance for 3.297 billion yuan; in June this year, SOHO China sold Shanghai Hongkou SOHO for 3.573 billion yuan.
In addition to the 2.954 billion yuan in cash that was sold by the volley SOHO in the past few years, Pan Shiyi successfully cashed in about 26 billion yuan through the sale of the Shanghai project.
Pan Shiyi's "Second Venture"
SOHO China's strategy has been hesitant. In August 2012, Pan Shiyi announced that SOHO China has transformed from “development-sales†to “development-holdingâ€, and will bid farewell to the sale and sales, and gradually increase the proportion of self-sustaining properties.
The transformation brought SOHO China a low performance for four years, and its turnover fell to 995 million yuan in 2015. The continuous set of these years has now moderated the financial pressure of SOHO China to a considerable extent, and Pan Shiyi’s focus is no longer on “building a houseâ€. SOHO China’s “second venture†is aimed at joint office.
In 2015, 10 SOHO 3Q centers were completed in Beijing and Shanghai, and more than 10,000 seats were put into use. SOHO 3Q became China's largest shared office provider. Pan Shiyi expressed his determination to transform with the attitude of expansion, and also put the future of SOHO China on SOHO 3Q.
"Now our products business model, profit model all want to understand, according to the standard to open up the market, every 3Q is profitable." Pan Shiyi does not hide his ambition to do the domestic co-working "big boss", just like several years Like the expansion of the former SOHO China, SOHO 3Q is rapidly gaining market share.
In September, SOHO 3Q announced the first batch of three successful projects for urban expansion, namely Shanghai Real Estate Building, No. 9 East Lake Road, Shanghai Xindi Center, Sigma Plaza, Hangzhou Fortune Financial Center, with an area of ​​7,000 square meters and 6000 square meters respectively. And 8,000 square meters.
The first round of expansion projects has just settled, and SOHO 3Q immediately announced the second round of the expansion of bidding documents, delineating the location map. In the second round of expansion, cities will be added to Guangzhou, Shenzhen, Wuhan and Changsha on the basis of Beijing, Shanghai, Hangzhou and Nanjing.
“The biggest secret of my business is that it is very simple and can't be done too much. The positioning of SOHO 3Q is simply to provide a platform. From our calculations, the platform provides rental of workstations. The rental of the desk can make money."
SOHO 3Q chief operating officer Li Wei introduced that after more than two years of development, SOHO 3Q currently has 19 centers, more than 17,000 seats, and the occupancy rate is about 85%. Although the SOHO 3Q is huge, so far, its income situation is still a mystery. Pan Shiyi’s second venture is probably a long way to go. (Source: Times Finance)
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