Skyworth's boss bitterly criticized Xu Jiayin, and did not say the facts and truth behind it
Text/Wang Xinxi
On October 2, Skyworth founder Huang Hongsheng released a video to expose the truth of Evergrande. He bitterly criticized Xu Jiayin for "openly taking the Chinese people as enemies" and "deceiving the country and deceiving the people," and said that many of his friends had been deceived by Evergrande.
He introduced that Xu Jiayin once used the gimmick of Evergrande's "king of real estate" to propose that Huang Hongsheng's friend deposit money with Evergrande, promising an annual return rate of up to 15%. As a result, not only could not get a penny of interest, but even the principal disappeared and was destroyed.
Huang Hongsheng mentioned that when Evergrande fell into various legal disputes in 21 years, the state specially protected it, and handed over Evergrande's real estate disputes and payment with suppliers to a certain court for acceptance. However, Xu Jiayin tried to "unwind" the US through the "bankruptcy protection" of the United States, throwing debts in China and leaving assets in the United States, and using the US regime and its confrontation with China to "untie the trap".
Judging from the information revealed by Skyworth's boss's bitter criticism, it revealed a lot of facts and truths, that is, Xu Jiayin did not only cut the leeks of the poor, but also cut the leeks of the rich, Xu Jiayin owed three 700 billion, banks 700 billion, suppliers 700 billion, and owners 700 billion.
According to Huang Hongsheng, a friend of his, who is also the founder of a well-known group, lectured on morality, and when he heard that Evergrande was in difficulty, Xu Jiayin was in difficulty, he threw 20 billion yuan to help Evergrande get through the difficulties, but the final result was that his group was also bankrupt.
How does debt roll over more and more? Xu Jiayin took advantage of people's fears about his bankruptcy
The fact that Skyworth's boss did not explain is that what is bankruptcy protection, and how did he transfer his property?
This starts with Evergrande's debts abroad, and Evergrande has borrowed a lot of debts abroad, and these debts are mortgaged by domestic houses. It needs domestic banks to come in as guarantees, and those foreign banks, after receiving guarantees from domestic banks, lend money to Evergrande and deposit dollars directly into Evergrande's overseas accounts.
According to industry insiders, after Evergrande got the money, it directly issued high-interest US dollar bonds abroad, with an interest rate of 13.75%. Although these debts have high interest rates, these debts cannot be bought by ordinary people, and can only be bought by Xu Jiayin and those related to his family. The company issues bonds and buys them itself, which is equivalent to putting the company's money into its own pocket. In addition, Evergrande has also lost a lot of money doing business overseas. As for how it was lost, whether it was lost in business, and it went into whose sea-view mansion and private account. Then you have to ask Xu Jiayin. Anyway, all the borrowed money was spent.
In fact, we know that one of the purposes of the United States' continuous interest rate hikes is actually to burst the debt thunder of China's real estate industry, thereby causing social order instability in China. Then Evergrande filed for bankruptcy protection in the United States in this case, then those foreign banks can only find guarantors - banks for money.
According to the insider, the solution to this situation is for domestic banks to dispose of the houses that Evergrande mortgaged and return the money from foreign banks. But the problem is: this house is not Evergrande, but belongs to thousands of owners who have emptied 6 wallets and saved money. Now everywhere is shouting for guaranteeing the handover of buildings, and banks do not dare to touch these houses. Then the banks that had guaranteed him would have to bear the debt.
This is actually a typical internal guarantee and foreign loan, the domestic bank takes the house provided by Xu Jiayin as a mortgage, to Xu Jiayin as a guarantee, before the house is not sold, the developer can indeed take it to mortgage, but the mortgaged house can no longer be signed online. Now the same house of Evergrande is both mortgaged to the bank and signed online, which is equivalent to selling more than one house.
Therefore, why does Evergrande use other people's things as collateral, if the property right is Evergrande, why should the buyer bear the risk, if the property right is not Evergrande, why should it take the owner's house as a guarantee?
How did this loophole mechanism of loan collateral happen? Xu Jiayin's unreasonable internal guarantee and external loans actually reflect what Ma Yun once said: You borrow 100,000 yuan from the bank, you are afraid of the bank; Borrow 10 million, you and the bank are a little panicked; Borrow 1000 million, the bank is afraid of you.
After all, two years ago, many institutions thought that Evergrande was going to be finished, but Evergrande not only did not finish, but also supported it for two whole years, and major financial institutions did not collectively attack Evergrande. As a result, in July 2023, Evergrande announced its financial reports for 2021 and 2022, which shocked the world as soon as it was announced! Evergrande's two-year net loss was 812.03 billion yuan, and the total accumulated liabilities were as high as 2.44 trillion yuan!
Evergrande's registered capital is only 3.9 billion, if the bank does not help him, if it does not give him time, I am afraid that he will go bankrupt, and the registered capital of 3.9 billion is only a drop in the bucket compared to the debt of more than 2 trillion yuan, and it is more practical to let him return the money than to arrest him, so this panic about Xu Jiayin's bankruptcy was used by Xu Jiayin.
In fact, from the practice of the past two years, Xu Jiayin is also clear, he took advantage of people's worries and panic about his bankruptcy, brazenly transferred assets, "used dividends to cash out 50 billion yuan to the family", divorced his wife technically, set up a trust fund for his son, and filed for bankruptcy protection in the United States, which also indirectly led to Xu Jiayin's debts piling up bigger and bigger.
The lessons of Evergrande and the root causes to be solved behind it
Therefore, the lesson of Evergrande is also very profound, Evergrande lying flat thunderstorm pit how many buyers six wallets of savings, but this is not the most important bad impact, Xu family print pattern renovation of the transfer of assets, pattern renovation of the continuous borrowing of money lending, the essence is to take advantage of the panic of financial institutions about his bankruptcy, the more debt, the more people are afraid of him accident, hope that he is well, what he wants, just satisfy him, it can be said that this kind of human panic was pinched by Xu Jiayin.
If this practice of leaving debt to the whole society to spread evenly is successful, and thousands of real estate companies do the same, it will collapse that day.
Therefore, how the lending loopholes in this are, how they arise, how they are getting bigger and bigger, how the setting of the system restricts the greed of human nature, and how to make up and modify them, may be the major problems that need to be solved next.
If this kind of institutional loophole is exploited by people who have no sense of home and country and are greedy to the extreme, it will bring a huge hole. Huang Hongwen said that Xu Jiayin's openly hostile to the Chinese people can be described as hitting the nail on the head. He has many friends who have been scammed, and some of them have been scammed by 4 billion! Are the rich so miserable? And what about the hard-earned money of ordinary people? Now that the money is gone, the house is in ruins, and monthly payments are required, this is a very serious and very difficult social problem.
If Evergrande's unfinished building is not solved, it will become a major culprit that undermines the healthy development of China's real estate industry, and even the trust system of the current off-plan sales system is a huge damage and destruction.
According to the current situation of China's real estate, if there is no off-plan housing sales system, they will all engage in existing house sales, with the foundation of domestic real estate developers, how can they have the money to take land to build houses? The development of the real estate industry has stagnated, so the government has repeatedly asked Xu Jiayin to guarantee the handover of the building, which is the foundation for maintaining the sustainable development of the real estate industry.
How did Xu Jiayin borrow more than 2 trillion? This may be the root of the problem, after all, the result of Evergrande is not personally promoted by Evergrande or Xu Jiayin, how to avoid the birth of the next Xu Jiayin, this is also the root cause problem to be solved and completely eliminated by all walks of life in the future.
Author: Wang Xinxi TMT Senior Reviewer This article is not reprinted without permission