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Former real estate tycoon Wang Yonghong is saddled with $80 billion in debt. He actually spent more than 100 million to buy an antique vase to make the beauty smile. Then after cashing out 6.1 billion, he flew overseas with his star girlfriend, leaving his father and brother to face the problem. In this chaotic situation, he could not even return from his father's funeral.
Wang Yonghong's journey from a high-profile talent to a real estate giant has been full of ups and downs. However, he eventually fell into bankruptcy and liquidation, and was even forced to go to prison. So, what is Wang Yonghong's background? How did he turn a seemingly unbreakable situation into a failure?
The first time staggered into the stage of life
When it comes to real estate giants, we also think of characters with similar endings to Wang Yonghong, one of which is Xu Jiayin. Unlike Xu Jiayin, who came from an ordinary background, Wang Yonghong was born in a family that is envied by most people. Both parents work in the government and live a carefree life, and he has enjoyed a quality educational environment since he was a child.
In that era when college students were treasured, Wang Yonghong successfully entered the university and successfully entered a large company after graduation. However, he was not satisfied with this ordinary life, so he decided to go to the capital Beijing to break new ground. Although as a college student, he was sought after by major companies in Beijing, he did not choose to join them to start working.
He chose to work in a car wash, a decision that confused many around him. But deep down he had his own considerations. Only by experiencing the lowest level of life can we truly understand the needs of consumers. When a colleague who washed his car complained that he couldn't wash his car every day, he saw a business opportunity — the car service industry was in short supply.
With the improvement of people's living standards, the demand for automobiles will continue to grow, and this supply shortage will not be a short-term phenomenon. In 1995, he resolutely quit his job in car washing and founded Beijing Yongshunfa Auto Repair Company with his younger brother Wang Jihong, transforming from an ordinary car wash worker to a successful entrepreneur.
Unlike previous car washes, his shop offers a full range of services, including car cleaning, repair and maintenance. This diversified mode of operation brings greater convenience to customers with different needs. This unique business model has attracted many customers, making this already in short supply and profitable under his management.
However, instead of sticking to the industry, he chose to further develop into automotive-related fields, including gas stations. The decision proved wise, and the gas station brought him greater profits and made him a rising star in the business world.
His subsequent moves are further proof of his business talents. The considerable profits from the gas station did not disorient him, and he persevered. But after the state took over the oil industry in 1999, he decisively decided to sell all his gas stations to Sinopec.
Due to policy changes, gas stations could not continue to be profitable, but Wang Yonghong's decisive decision avoided this result and also made a huge profit of 45 million. At that time, it was already good to be a millionaire, but the young Wang Yonghong has become a multi-millionaire, and this huge amount of money has also become an opportunity for him to enter the real estate industry.
Explore the real estate sector
Even if I have a huge sum of 45 million at the moment, I can choose to go home and enjoy a comfortable life. However, Wang Yonghong is different from ordinary people. Ordinary people make money by saving, while rich people make money by investing to create more wealth for themselves.
In 2000, Wang Yonghong purchased 600 acres of land in the Fifth Ring Foreign Changying in Chaoyang District. At that time, many people thought that he did this because he had too much money and did not know how to spend it, so he bought a seemingly useless piece of land. At that time, Beijing had not yet grown to the size it is today, and land was not as rare as it is now, so many people thought that Wang Yonghong's actions were in vain.
Wang Yonghong founded Zhonghong Zhuoye Group and launched the first real estate project, Hong International Business Park, in 2001. However, instead of achieving impressive results, the project performed mediocre. On the contrary, the commercial street projects launched in the later period performed well.
Through his success on the street, he officially entered the real estate industry. 2008 became the first year that the mainland hosted the Olympic Games, and it was also the year that Wang Yonghong turned into the richest man in Jiangxi.
In the 21st century, the national economy has entered a stage of rapid development. The influx of young people into the big cities has led to an increasing population in the north drift. However, the original size of the city can no longer meet the needs of development. Especially in view of the Olympic Games that will be held in 2008, it is imperative to expand the size of the city. The 5th Ring Camp, once a remote location, is now the heart of the Central Business District.
Wang Yonghong is good at seizing opportunities and excels in this opportunity. He accurately met the affordable housing needs of the people in Beiqiao and launched 9,800 sets of cost-effective commercial housing. As soon as these houses were listed, they were snapped up by the North Ticket People. Wang Yonghong thus obtained a huge income of 5 billion yuan, becoming a giant in the real estate industry in Jiangxi Province and the richest man in the province.
Those who once laughed at him can no longer laugh at him, because no one can buy land in Beijing at the price it was eight years ago. Some people think he's lucky, but that's not entirely true. He recognized early on that Beijing's city size was not large enough to support its development, and sooner or later it would expand outward. In addition to some luck factors, his business acumen also played a crucial role.
Coming from a wealthy family, Wang Yonghong successfully completed her university studies and quickly rose to the top of her career. His life was full of success and smooth sailing. Perhaps because he was too unrestrained, he did not cherish all this. As a result, he lost his original intention and went further and further down the wrong path.
At the age of 40, Wang Yonghong was already a successful person. He began to try to enjoy life, living a life of luxury and indulgence. Suddenly, he became obsessed with an eighteen-tier starlet, fifteen years younger than himself. This little star stimulated his inner desire to become a prodigal son, so he pursued this little star.
This little star is Han Xiting. Perhaps many people are not familiar with her, but the audience who has seen "Jinling Thirteen" must know her, because she plays the role of Yichun. However, this character does not exist in the original book. It was Wang Yonghong who successfully squeezed into the crew directed by Zhang Yimou with her wit.
Wang Yonghong invested a lot of resources in this little star, and finally succeeded in capturing Han Xiting's heart. However, Wang Yonghong's incompetence is much more than that. Compared to his later behavior, the previous investment in resources for stars is simply negligible.
Over the course of his career, he, like many people seeking fame and fortune, was deluded by the prosperity of capital and eventually fell into the pursuit of wealth.
Since the acquisition of shell companies in 2010, Zhonghong has gained strong momentum, frequently carrying out mergers and acquisitions, and constantly expanding its business empire. His business empire spans multiple industries, including mining, tourism and even online game development companies.
Although he was involved in many industries, he did not devote himself to business, and these decisions were not based on his initial keen insight, but blindly followed the trend and did it as long as it was profitable. Since then, he has even formulated a strategy called "A+3 Plan" to acquire 3 overseas listed companies. When he announced the plan, he exaggerated and attracted many investors to buy stocks in the hope of following him for huge gains.
However, this time he managed to fool everyone. In 2016, a huge earthquake occurred in the stock market, Xu Xiang's suspected manipulation of 40 billion stocks was exposed, and 13 listed companies cooperated with Xu Xiang were exposed, and the actual controllers of these companies involved Wang Yonghong.
His so-called business blueprint is pure fiction, designed to deceive investors into creating good fantasies, but in reality just to get money from investors. After this incident was exposed, investors completely lost confidence in Zhonghong stock. Wang Yonghong was also fined 37 million yuan for his violations. His business empire is in jeopardy.
At this critical moment, Wang Yonghong still calmly took Han Xiting around Hong Kong, and even spent more than 100 million to buy an antique vase, just to make his beloved laugh, completely ignoring that he could no longer afford the cost, and finally returned it. was taken to court by the auction house.
After Wang Yonghong fled overseas, Zhonghong was forced to delist and undergo bankruptcy restructuring in 2018, but its liabilities still reached more than 80 billion. In order to avoid problems such as employees asking for wages, customers asking for refunds and check-outs, and creditors collecting arrears, he used the 6.1 billion stock funds cashed out before bankruptcy to take his celebrity girlfriend out of the country.
Wang Yonghong did not stay to take care of his elderly father and younger brother Wang Jihong, who faced these difficulties. In the end, my father suffered a huge blow and soon fell ill in bed and died less than a year later. His younger brother Wang Jihong contacted Wang Yonghong many times, hoping that he could come back to see his father for the last time, but Wang Yonghong never went back and did not even attend the funeral.
He was originally a talented and promising young man with a thriving career. However, in the end, he could not resist the temptation of money, embarked on a wrong path, and even abandoned family affection. Fortunately, the law showed no mercy to his men, and he was successfully captured shortly after fleeing.
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