Fighting for 500 million real estate and spreading the 4P scandal, the tens of billions of bigwigs started fighting again

Big Cat True Detective Agency

2024-06-27 19:42Creators in the field of finance and economics

Author | Cat brother

Source | Big Cat Finance Pro

Tens of billions of real estate companies issued announcements saying that they should not buy houses developed by themselves.

Strange, what's going on?

The property involved is Beihu No. 1 in Fangshan, Beijing, a villa area developed by the 10 billion real estate company Pomegranate Group, there were 220 units at the beginning, and 83 units were not sold, but these properties, Pomegranate Group said, were illegally occupied by Sang Chunhua, a former executive who has been fired, and now the gang is going to sell these houses.

The Pomegranate Group warns that if you buy a house, you do so at your own risk.

The average price of this project was 37,000 yuan at the opening, and a suite started at about 10 million, and if it is at this price, these 83 properties are about more than 800 million.

But within a few years, the entire area fell into the "property market tragedy", and the current second-hand housing fell very hard, with a minimum of only 21,000, a decrease of about 40%, that is, the value of these properties is about 500 million.

When was the house "occupied"? In 2023.

At that time, Cui Wei and Sang Chunhua, the two major shareholders of the Pomegranate Group, publicly turned their faces, which was originally an internal matter, but there was also a peachy incident in the middle.

In September 2023, a beautiful president of a financial company reported Sang Chunhua of the Pomegranate Group and invited "multi-person sports" 4P on the pretext of eating.

The beautiful president mocked, "You deserve not to grab the official seal."

The matter of snatching the official seal came from Sang Chunhua's complaint, saying that three months ago, Cui Wei gathered idle people in society to forcibly control the company, and then used the robbed official seal to fire Sang Chunhua, and the other two protagonists of the 4P incident, the two regional presidents of Shanghai, Zhejiang and Jiangsu, were expelled together.

The melon of the 4P incident was very lively for a while, and the two began to develop a conference and threw open letters to each other.

It's a complete public turnaround.

At the beginning, the two were also intimate.

When the pomegranate group was high, it was still called K2 Real Estate, and at that time, K2 was known as the "house price promoter".

Cui Wei and Sang Chunhua met in 1998, and in 2001, they jointly changed from an intermediary to Beijing, and established Huamei Real Estate, which was originally a consignment sales, and in 2007, Huamei Real Estate turned into K2 Real Estate and started residential development.

Although it is a Beijing real estate company, what made him an instant hit was in Shanghai.

In May 2013, Shanghai Changning sold the 71 neighborhood plot of Xinhua Road Street. The geographical location of the area where the plot is located is good, and those who come to grab the land are all well-founded, represented by Li Ka-shing's Hutchison Whampoa, as well as local state-owned assets in Shanghai. Everyone's vision is good, Changning later has a Golden Hongqiao International Center is very famous, is the third 10 billion tax building in Shanghai, Pinduoduo's Shanghai headquarters is there.

The auction started at 2.93 billion, and finally Beijing Furun Tiancheng broke out of the encirclement at a price of 4.6 billion and grabbed the land from the richest man.

Everyone is confused, who is this? I've never heard of it. After a check, it was found that Furun Tiancheng is K2 real estate, and a new problem has come again, can you afford 4.6 billion by developing small suburban markets?

After checking again, I found that I was worried about it again, people are associated with equity funds and engage in finance, can they have any money?

In 2016, K2 Real Estate entered the Zhengzhou market, focusing on urban reform, mainly by throwing money and grabbing land.

As a result, the developer in Zhengzhou quit.

Originally, there were unspoken rules for Zhengzhou's urban reform, and from the beginning of the demolition, local real estate companies intervened, mainly for the government, and of course, there were returns, that is, the net land after the demolition was sold to developers at a discount.

The government leveraged urban reform with a small amount of money, and developers acquired land at a small cost, so housing prices in urban areas were stable, and everyone was happy.

But K2 used money to stir up the situation, and every piece of land was auctioned, and it was bound to win, and that posture was aimed at taking the king of land.

As a result, many real estate companies began to learn K2, and those who invested before lost money, and those who took clean land earned death.

So the local developer in Zhengzhou demanded "K2, get out".

Under heavy pressure, K2 withdrew from the Zhengzhou market, of course, the unspoken rules were broken, trust was gone, land became more and more expensive, and housing prices naturally became higher and higher.

Also in 2016, K2 Real Estate changed its name to Pomegranate Group, and its development has also entered the fast lane.

In 2020, Pomegranate Group will have a revenue of 12.265 billion and a net profit of 1.131 billion, officially becoming one of the top 100 real estate companies.

Joy and joy to go public, miserable and miserable back.

The listing was not successful, the market was down, and the two partners, who were also teachers and friends, walked together for more than 20 years, and began to have contradictions.

In the end, the two still came to the step of separation.

The question is, what's the point of this?

Originally, after the equity penetration, Cui Wei held 58% of the shares and Sang Chunhua held 42%, and the assets, liabilities, cash flow and projects were divided proportionally, which was fair and reasonable.

As a result, the two said different things.

Sang Chunhua said that Cui Wei's distribution plan is either Cui Wei's share premium of 30%, holding 75.4% of the shares, and Sang Chunhua 24.6%, or directly giving the pomegranate group "white" to Cui Wei.

Cui Wei said that the 42% of the shares were "sent" at the beginning, and Sang did not contribute at all.

If they can't talk, they turn their faces, and then the two start attacking each other, and no one knows who is telling the truth.

Cui Wei said that he accused Sang Chunhua:

1. "Lose" wealth and bear huge personal debts;

2. The company's team was ganged and kinned by Sang;

2. In the name of the president, about 4P, affecting personal image;

3. Slandering "grabbing the official seal" and "seizing the company", fabricating facts, and impacting the normal operation of the group;

And Sang Chunhua counterattacked:

1. Cui Wei used a total of 8 billion funds to speculate on the stocks of Shougang shares, and lost a total of 6 billion;

2, personal debts are empty, and the peach-colored scandal is planned and framed by someone;

3. How did the shareholder expel the shareholder without grabbing the official seal?

4. Why not dismantle the overseas structure, where did the money taken in the name of the company go, whether the assets were transferred overseas, etc.

You come and go, so it's not lively.

After the failure of the listing, the problem began to erupt, with more and more complaints about the house, promises and serious water leakage, all fermenting on social media, and the builder also came out to say that the developer was in arrears on the project.

Cui Wei was in public, and when he was in love, he also knelt down and cried.

By 2023, Pomegranate Group will lose money for the first time in ten years, with a net profit loss of 1.366 billion and a net profit loss of 1.54 billion attributable to the parent company.

The infighting continues, the market is still down, and if it goes on like this, it will only be a matter of time before there is a thunderstorm.

View original image 142K

• 

• 

• 

• 

• 

• 

• 

• 

•