The author | Cat brother
The source | Big Cat Finance
The industry's first stock, since the listing has fallen 97%, more tragically, has not been delisted, its companies continue to go bankrupt.
What's going on?
Recently, the Shanghai Third Intermediate People's Court ruled that Qingke Public Rental Housing Company was bankrupt and liquidated.
Qingke public rental housing company also brightened the bottom of the family, 750 million total assets, 1 billion total liabilities, serious insolvency, this company belongs to Qingke Apartment, 2019 Qingke Apartment listed, although the fame can not catch up with free, eggshell, but is a veritable "long-term rental apartment first stock", but the cumulative loss of more than 3.8 billion yuan in two years of listing.
The strange thing is that Jin Guangjie, as the legal person and actual controller of the company, revealed the information to the outside world, but he did not know about the bankruptcy of the company.
Why?
According to Jin Guangjie's account, in order to raise funds for Qingke, he borrowed 35 million US dollars from shareholders, but then the epidemic came, and the money could not be repaid, so the shareholders who borrowed money demanded that either repay the money or give it to the company, and Jin Guangjie, who could not get the money, transferred the company to the major shareholder.
By 2021, he should hand over the power, the resignation that should resign, say that the good point is to retreat from the whole body, and the ugly point is to be swept out of the door, and the rest is the matter of the major shareholder.
Subsequently, Qingke's companies went bankrupt one after another.
A number of Qingke companies, such as Qingke equipment leasing and Qingke apartment management, have been filed for bankruptcy liquidation, which also means that the most important business entities under Qingke Apartment are basically facing bankruptcy.
In this way, the stock price of Qingke Apartment naturally could not hold up, the original issue price of 17 US dollars, the highest share price rose to 20.44 US dollars, and now the stock price has been below 0.5 US dollars for a long time, and in more than two years, the stock price has evaporated by 97%.
Why is it so miserable?
Qingke has about 100,000 listings, as a "second landlord", the pressure of public opinion has been relatively large, especially to catch up with the epidemic, the operation of Qingke is also very confusing, they use losses as a reason, some of their listings are forced to reduce rents, one face landlord rent reduction, one face tenant rent increase, soon everyone will not do it.
Until now, the relevant rights protection has not stopped.
In this line, Qingke is far from being called the boss, but just dipped in the name of "the first share", and when the eggshell and the free competition for the boss were happy, they took the lead in the listing.
As early as the most popular 2018 of long-term rental apartments, the robbery war at that time really opened the eyes of many people, a set of 7500 yuan / month house was hard to be raised to 11,000 / month, even the landlord who was scrambled could not see it, lamenting that this capital was "to suck the blood of young people".
And this more than 10,000 / month house is divided into a number of rooms and then raised the unit price, which can still make a lot of money.
How does this industry achieve "blood sucking" and not making money?
Burn money!
At that time, if you want to get a listing, you have to spend money, and long-term rental apartments are like playing.
● Financing money, capital is afraid of missing this outlet, have to pay money, like the investment house of the young customer there is Morgan Stanley such a big coffee;
● The landlord collects money quarterly and the tenant pays on an annual basis, and the term mismatch can account for a lot of money;
● Tenants have no money and rent loans, and consumerism has been rolled into renting;
● Then the rental income right can also play another package, issue financial products such as ABS, and eat again.
Rich people eat meat, no money drink soup, and the market is full of fun.
But the matter of burning money, after all, some people will not be able to resist first.
Some small and medium-sized apartment brands have had accidents one after another, running away from the road, thunderstorms, and those with deep pockets dare to swallow small brands at this time, and then rush into the capital market to continue to rely on storytelling to make another profit.
Even after the cash-strapped YoungKe got a financing in July 2020, the first thing he thought about was to acquire another company and get 72,200 listings to expand his scale.
Such a capital game, in the winter of 2020, abruptly stopped, competing for the first "quasi-boss" eggshell, thunderstorm.
Landlords who did not get rent began to drive people away, tenants who had already paid rent, in that exceptionally cold winter, homeless, and what is more tragic is that many people are rent loan users, even if they are driven out, they have to repay the loan.
Even if it has reached 2022, the sequelae of eggshell thunderstorms are still not small, and many victims still have launched complaints on the complaint platform to defend their rights to eggshells.
However, at this time, the eggshell has been delisted, and although the company has not yet gone bankrupt, it has not been able to find anyone to pick up this mess.
What about the complaints of nearly 40,000 people?
No way.
There are only a few more such tragedies.
According to the data of Tianyancha Search, more than 40,000 enterprises established since 2012 and containing "apartments" and whose main business is leasing and commercial services have been revoked or cancelled, accounting for 34% of the total, while among the remaining more than 70,000 enterprises in business, there are 2,660 untrustworthy enterprises.
Even if many companies are still in business, they are also on the verge of collapse, such as eggshells, and then qingke, it is not too much to say that it is a major collapse of the whole industry.
There is a big trend here, which is strong regulation.
Some new industries on the "outlet" are often outside the supervision in the early days, and there are always some loopholes in the disorderly expansion, such as rental loans, and while adding leverage, they also bury a lot of mines.
Subsequently, the supervision was upgraded, and the "rent loan" could not be induced, and then the behavior of "high in, low out" and "long collection and short payment" was controlled, this road was blocked, many enterprises could not play the game, and death became an inevitable.
What is even more tragic is that the business model of "second landlord" now also has to face setbacks.
In August 2021, the Beijing Municipal Housing Rental Regulations (Draft for Comment) began to solicit public comments, and there are two interesting articles:
1. "Real estate brokerage agencies shall not provide sublease services";
2. "Real estate brokerage agencies and practitioners shall not collect and pay rent and deposits on behalf of them, and shall not earn the difference in rent".
What do you mean?
As soon as the draft opinion came out, there was news that "the chain home and I love my home will be prohibited from subleasing business", and the real estate agent cannot be the "second landlord", let alone earn the difference. Of course, the real focus is not on the chain family, but on the chain family closely related to the ease, the eggshell fell, free to be king, but obviously the supervision is still very concerned about this matter, if the relevant regulations land, the future of freedom is still difficult to say.
Chaos, the size of the rental market is still very large, there are data show that the rental population in 2030 will reach 260 million, is still a large demand.
When the actual demand meets the market that is easy to speculate, it is naturally easy to be targeted, and the housing is not speculated, and as an important branch of the real estate industry, it is natural that "rent is not speculated".
What about the rental market?
Long-term rental apartments, which have not gone smoothly, strengthened supervision, and projects with slow returns in the short term are slowly being stripped away, who will take over?
Everyone is looking forward to the national team.
For example, in 2020, CCB picked up 5,000 apartments in Hangzhou from Qingke. These 5,000 rooms are obviously just a small fight, and everyone's greater hope lies in the "use of collective construction land and idle land owned by enterprises and institutions to build rental housing" proposed by the state in early 2021, and the state provides relevant support for land, fiscal taxation, finance and other policies, such as no need to pay the land price, exemption from urban infrastructure supporting fees and so on.
If you have land and money, you can build your own rental community, of course, most of the people who have this condition are state-owned enterprises.
In Suzhou, Shanghai, Nanjing and other places, state-owned enterprises have become landlords, the project is very sought-after, the launch of many rental listings, the booking rate of 100%, even Free has stopped the pace of radical expansion, and actively look for state-owned enterprise cooperation to be a backer.
The entry of the national team has indeed given many tenants hope.
The price may not be satisfactory, but at least it has one benefit for the landlord of the state-owned enterprise, which is more stable.