#头条讲真的#
Another richest man has been planted.
Che Jianxin, the founder of Red Star Macalline and the "former richest man in Changzhou", ranked 64th on the Forbes China Rich List in 2019 with a wealth of 33.23 billion yuan.
But recently, the former richest man has not had a good time:
Red Star Macalline announced that the 3.7 billion market value of Red Star Macalline held by Che Jianxin has been frozen.
Although the reason was not specified, according to an announcement issued by Red Star Holdings on January 11, the total amount of new unpaid debts due was 411 million yuan, indicating that it was mainly due to debt default.
The "former richest man in Changzhou", who is worth more than 30 billion, how can he have no money?
In fact, in order to repay the debt, Che Jianxin had already been forced to "sell, sell, sell":
Seven logistics companies and Red Star Real Estate were sold to Sino-Ocean Group, 80% of Macalline Property was sold to CIFI Yongsheng Services, and even at the beginning of last year, Che Jianxin also transferred 30% of Red Star Macalline to C&D Co., Ltd., losing control of Red Star Macalline.
It's just that although they have cashed out as much as 14 billion, the debt alarm of Che Jianxin and Red Star Macalline has not been eliminated, and the "former richest man" is also short of money.
The "former richest man" who does not play cards according to common sense
In 1986, Che Jianxin, a carpenter, scraped together 600 yuan to open a wood factory, embarking on the starting point of his entrepreneurial journey.
In the following years, although it has also tasted the hardships of entrepreneurship, with the vigorous development of the domestic real estate market, this small wood factory has transformed into a large-scale home furnishing store enterprise, and was listed on Hong Kong stocks and A-shares in 2015 and 2018 respectively, becoming the first A+H share home furnishing company in China.
It stands to reason that Red Star Macalline has become the head of a domestic home furnishing company, collecting management fees and leasing fees every year, and living a very nourishing life, how can it owe so much money?
The key is that Che Jianxin, as the boss of Red Star Macalline, never plays cards according to common sense - he prefers real estate.
In 2017, Red Star Macalline held an event, and Che Jianxin publicly stated:
"The home furnishing industry is very small, and it is difficult to achieve 100 billion yuan if you do tens of billions, but in the real estate industry, the top three are all more than 500 billion yuan. ”
"I think it's a mistake to specialize in our industry, experts asked me to specialize twenty years ago, which led me to start real estate in 2008, fifteen years late. ”
At that time, the domestic real estate industry was in full swing, and a number of real estate companies had unlimited scenery, so naturally, Che Jianxin accelerated towards the road of real estate and embarked on a "large and heavy" comprehensive development route.
But the problem is that Che Jianxin only sees the opportunities in the real estate industry, but does not see the hidden dangers behind them.
In the following years, the real estate industry took a sharp turn for the worse, and the cold winter hit, and Che Jianxin and his Red Star Macalline were in a deep crisis of life and death.
Debt is crushed, and the crisis is emerging
Since 2017, with the continuous expansion of the Red Star Land Acquisition, the debt ratio of Red Star Macalline has increased year after year, reaching 61.16% in 2020.
If the entire industry is in an upward cycle, then such an expansion method is not a big problem, and it can quickly spread out and get more powerful development.
But at this time, the "good days" are over, how crazy it was when it used to expand, and how embarrassed it is when it comes to paying off debts.
In 2020, the debt was pressed and the crisis began to appear, and Che Jianxin not only continued to finance the company, but also intensively sold assets and cashed out to repay debts.
In order to get out of the predicament, Che Jianxin even reluctantly gave up control of Red Star Macalline and transferred 30% of the equity to Xiamen state-owned assets - C&D shares.
It's just that the funding gap is huge, the debt crisis has not been resolved, and now all the shares of Che Jianxin Red Star have been frozen, which means that even the road of reducing holdings and repaying debts has been impossible.
Interestingly, in 2020, Jinke encountered a life and death crisis, and it was Che Jianxin who took out 4.7 billion yuan to help Huang Hongyun get out of the siege.
But now that Che Jianxin is facing a critical juncture, can he still usher in his own white knight?
The boasted cow has come to naught
The reason why Che Jianxin invested heavily in real estate and borrowed heavily to expand may be largely because it has gone too smoothly in the past.
From a carpenter to a boss with a net worth of tens of billions, from a wood factory to the furniture industry leader, with the help of the east wind of the times, Che Jianxin is invincible and has achieved unimaginable achievements.
However, the too smooth entrepreneurial road led to Che Jianxin's arrogant personality and open-mouthedness, and even brought it to commercial investment.
In 2018, when Che Jianxin was a guest on Wu Xiaobo's talk show, he said bluntly:
"I have a lot of friends who buy private jets, but I think they're stupid. ”
"I spent my money on it, and I bought 100 sets of this dress, all made to order. ”
"My car is a Leslaus, I like to buy a villa, that's all I spend. ”
Of course, as a billionaire, it is not a problem to have a lot of money, and it is not a problem to brag, but you must keep a clear head in business investment, otherwise you will have a moth.
Che Jianxin vowed how big he wanted to be in the real estate industry, but due to blind expansion, he and Red Star Macalline encountered a debt crisis, so they had to "cut their flesh to pay off their debts", which came to the point where they are now.
For example, in 2018, at the gong ceremony of Red Star Macalline's A-share listing, a "Lu Ban" dressed in ancient costumes came to the stage, and Che Jianxin bowed to show his respect for the Holy Ancestor of Hundred Workers.
At that time, Che Jianxin once made bold statements, saying that it would take 5 years to build Luban into a "world Internet celebrity".
Che Jianxin also had a live broadcast in the bathroom of his home, with two friends, three people sang about wine, so comfortable, he said at the time that it would take 10 years to solve the problem of tasteless in Chinese family bathrooms.
Now that 5 years have passed, Che Jianxin's first goal has broken his promise, and the second goal may be hopeless, and it is more important to pay off the account first.
Write at the end:
In fact, when the cold wind of the real estate industry was blowing, Che Jianxin led Red Star to try to save itself repeatedly, including turning to e-commerce platforms, live streaming and so on.
But it's a pity that the ship is difficult to turn around, the mines buried when Red Star expanded are too big, and the scale of debt is too high, just a few small fights, not enough to solve the fundamental problem.
Now that the debts of Che Jianxin and Red Star have begun to "snowball", how to quickly realize and complete self-help has become a top priority.