How brilliant the past is, how dim the reality is.

In the real estate industry of China, the "Five Tigers of South China" has experienced ups and downs. Some people have been ashore, and some people have reached the edge of the cliff.

With the Vietnam War, Country Garden and Evergrande became the first and second in the whole real estate industry, and their transaction volume both ran trillions. Agile, Hesheng and R&F all fell into their own quagmire and racked their brains to extricate themselves.

Among the three tigers left behind, Agile is very representative, from the great personal crisis of Chen Zhuolin, the founder of the enterprise, to Waterloo, tourism real estate, where the enterprise gambled heavily, and now it is overwhelmed by huge debts.

Agile Dilemma is a collection of crisis combination sequences commonly used by real estate enterprises in China.

Unlike many real estate tycoons who were born in "mud legs", Chen Zhuolin, who was born in Zhongshan in 1962, obviously had a better life. Chen Zhuolin graduated from Hamilton University in the United States. 1985, Chen Zhuolin led his brother to set up a furniture factory in Zhongshan, his hometown-Zhongshan Times Furniture Factory, which is the founding company of Agile Group.

But there are rumors that the father of the Chen brothers played an important role in the process of wealth accumulation. There are even rumors that the initial capital accumulation of the Chen family was completed when their father was alive, and their father was the real founder of Agile.

The "Brother Company" composed of the five brothers Chen is unique in the real estate industry in China. Under the leadership of San Chen Zhuolin, the furniture factory of the five brothers grew bigger and bigger, and accumulated the first bucket of gold.

During the operation of the furniture factory, the Chen brothers moved to Hong Kong and Macao, keenly aware that people from Hong Kong and Macao went to the mainland to support the elderly, and the demand for home ownership was high.

From 65438 to 0992, the five Chen brothers began to set foot in the real estate industry and developed Agile Garden, the first project in Sanxiang, which became the starting point of Agile real estate.

Since then, Chen Zhuolin and Agile have been out of control and won many battles. Agile sponsored the Miss Hong Kong Beauty Contest 1993 to 1997. At that time, more than 90% of Agile owners came from Hong Kong and Macao.

Subsequently, the five Chen brothers successively developed projects such as Zhongshan Yongjingyuan. In its heyday, Agile even occupied 70% of the real estate market in Zhongshan.

1997 after the financial turmoil, the impact on the Hong Kong and Macao markets can be imagined. Chen Zhuolin turned Agile's battlefield to domestic sales, focusing on the Pearl River Delta market.

The China-Japan World Cup in 2002 inspired South Koreans. Also in this year, Guangzhou Agile Garden, the first project outside Agile Base Camp, opened. It is said that Chen Zhuolin personally drove his Mercedes-Benz to receive the owner's house.

In 2005, Chen Zhuolin ushered in another historic moment. Agile is officially listed on the main board of the Hong Kong Stock Exchange. At this time, Agile has opened the national market, and its properties are all over Zhongshan, Guangzhou, Foshan, Chengdu, Xi, Nanjing, Sanya, Chongqing and other 18 cities. Agile, one of the "Five Tigers of South China", has a good reputation.

In the following years, with the joint efforts of Chen Zhuoxian and his wife, Agile's nationalization and tourism real estate's development were in full swing and became an important force in the real estate industry.

Again, the most glamorous time is when the crisis is lurking.

In 20 12, Chen Zhuolin was caught in the case of "allegedly molesting a 28-year-old female subordinate" and made many mistakes that successful men should make. He was formally arrested by the police for indecency and was later allowed to go out with a cash guarantee of 5,000 yuan. This matter was tossed about for more than half a year, and it was not until March of the following year that Chen Zhuolin was dismissed, provided that he apologized to the victim in writing, paid the medical expenses and provided a letter of recommendation from the company.

This storm not only brought a big impact to Chen Zhuolin's personal reputation and face, but also brought a certain impact to Agile, and the company's market value evaporated by 2.8 billion.

20 14 Agile Tengchong Project was stopped by the National Development and Reform Commission and the Ministry of Land and Resources due to the illegal construction of golf courses. In the same year, being involved in the "anti-corruption in Yunnan officialdom" made Agile suffer a greater "heavy blow".

"Power" and "color" are still stumbling blocks for successful enterprises and entrepreneurs.

02

In the real estate industry, when it comes to agility, it must be Clear Water Bay.

The success of Clear Water Bay not only pushed the development of tourism real estate to a new height, but also found the direction and label for Agile's development model.

In 2006, Agile celebrated the first anniversary of its listing and put its chips on tourism real estate.

Chen Zhuolin, who has always been low-key, shows that in addition to rare high-profile handwriting, there is 1.5 million mu of land in Qingshui Bay under the Lingshui Circle, with a total area of about 9 million square meters, and the land price paid is 24 1.8 million yuan. Agile plans to invest 20 billion yuan to turn Clear Water Bay into a compound seaside resort.

Especially at that time, the proportion of land acquisition was extremely high, and the average floor price was only 242 yuan/square meter.

Since then, this hot-selling legend has caused a sensation throughout the country, becoming the focus of the media and creating many myths:

At the beginning of 2009, it sold 6.4 billion yuan, ranking first in Hainan property market for seven consecutive years, and won the national single-disc sales champion for many times.

Since its listing in 2009, Clear Water Bay has made a great contribution to Agile's annual sales, reaching one-third of the total sales at its peak, which has almost become a barometer of the company's sales performance.

Agile, which tasted the sweetness, further invested in several projects in Hainan, such as Wenchang Moon Bay, Wenchang Tongguling Starlight City, Haikou Jinsha Bay and Wanning Shanqin Bay, which made its soil reserves in Hainan continue to rise, accounting for 29.65% and 365.448% of the company's total soil reserves in 20 15-20 17 respectively.

Different from many head housing enterprises actively ploughing into the national core cities, Agile's "dangerous chess" finally brought an imaginable situation and result. With the promotion of the purchase restriction policy, the myth of Clear Water Bay came to an abrupt end.

According to the analysis of industry experts, the crisis of agile development is to some extent due to strategic positioning errors:

The success of over-reliance on tourism real estate and Qingshui Bay cannot be replicated, and the land structure is single.

Obviously, the external market has turned from prosperity to decline, and major internal corruption is also growing and spreading.

Chen Zhuolin swung the knife of anti-corruption at Hainan, and the investigation showed that Jian Yuping, president of Hainan Region, was seriously corrupt.

The notification document is described as follows: From 20 10 to 20 13, during his tenure as the head of Hainan's regional marketing department, Jian Yuping, president of Agile Group, repeatedly accepted huge bribes from outsiders, and took advantage of his position to illegally designate high-quality houses for resale to outsiders for profit. His behavior has seriously violated the company system, harmed the interests of the company, constituted a major violation of integrity discipline, and was suspected of a criminal offence.

The indifference of the market and the huge corruption of internal officials gave Chen Zhuolin two heavy blows.

Agile, which has been wandering for many years on the scale of 50 billion yuan, has seen the gap with other tigers in South China widening.

When the time came to 20 16, Agile finally breathed a sigh of relief, changing the dilemma that the performance in the past five years could not meet expectations, and the sales exceeded 50 billion for the first time.

But at this time, looking up at the top of the list, Evergrande and Country Garden both broke through the 300 billion mark.

03

According to statistics, Agile's compound annual growth rate from 2065,438+00 to 2065,438+08 is only 65,438+05.6%, which is far lower than that of peers of the same scale.

Seeing the gap, the "life-saving medicine" to catch up is the high turnover of debt.

Judging from the land acquisition, Agile's "desperate" is very obvious.

The data show that from 20 17 to 20 19, Agile added a lot of land through bidding, auction, listing and stock acquisition, and its newly added land reserves were 9.64 million m 2,11000 m2 and/kloc respectively.

In 20 19, Agile ushered in its own milestone and successfully entered the camp of 100 billion real estate clubs.

I am delighted to find that Agile's debt has reached its peak, its income has not increased, and its operating cash flow is very poor.

In April this year, rating agencies Moody's and Standard & Poor's both adjusted Agile's rating outlook from "stable" to "negative". In the view of rating agencies, they all mentioned Agile's debt problem. In 20 19, Agile's liabilities reached 207.895 billion yuan.

Standard & Poor's pointed out that Agile's real estate development business expanded slower than expected, which led to its weak profit growth after debt acquisition in the past two years. At the same time, Agile's profit margin may still face the downward pressure brought by rising land costs and Hainan's property market purchase restriction policy.

Another thing that hurts Chen Zhuolin more is agile's actual profitability.

Specifically, Agile achieved a net profit of 9.233 billion yuan in 20 19, which increased by 32.49%, 122.30%, 23.27% and10 from 20 16 to 20 19 respectively.

Among them, the net profit returned to the mother was 75 1.2 billion yuan, up 5.43% year-on-year, and the growth rate was also the lowest in the past four years.

Some insiders have a view that most of the profits will be eaten by debt interest.

At the same time, Agile achieved the "worst" operating net cash flow since its listing in 20 19.

In 20 19, the net cash flow generated by Agile's operating activities was-145438+0 billion yuan, a decrease of 653.69% compared with 20 18.

04

While high turnover rate has not brought fundamental changes to enterprises, the "complications" brought by high turnover rate have also emerged in agility.

Many projects have been protected by the owners, and Agile's projects have also experienced many engineering accidents and various violations.

20 1 in June, 2009, the website of the Ministry of Housing and Urban-Rural Development published an accident report, which showed that a1plot of xiuying district Agile (03383) Jinshawan Health Education New Town Project in Haikou City, Hainan Province had a fall accident and1person died.

In addition, Agile's Xilinshuang language project in Yunnan was also notified by the competent authorities for violation of regulations. According to the circular, Agile occupied 40.67 hectares (6 10.0 1 mu) of land in gasa town, Jinghong City without approval to build the Xishuanglin language project, forming a sales department, an artificial lake and landscape greening. Be put on file for investigation.

It is not a case that such violations are notified by the competent authorities.

More deadly than being notified of the violation of the project, Agile was recently punished in Suzhou for not taking land for three years, which is undoubtedly "worse" for Agile, who is now desperately trying to take land to scale.

Chen Zhuolin has a very unique hobby, such as Cantonese opera. He also released his own Cantonese music album "Xin Yun Ya Yun". Became the first entrepreneur in China to publish a Cantonese opera album.

To sing Cantonese opera well, it is important to pay attention to basic skills and sing local opera well, isn't it?