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In the fog of finance, the role of Xu Jiayin is not worthless. Despite the uproar caused by his downfall and the revelation of collusion with the top, let's get rid of the traditional lens and see that Xu Jiayin may have left some mark in some ways. At least, there are three areas where he is clearly a man in a league of his own.
First of all, Xu Jiayin seems to have unveiled a veil of mystery about the financial system. Cao Dewang once questioned: "Xu Jiayin only has 3.9 billion funds on hand, how can he leverage 2 trillion funds?" At an internal meeting, Xu Jiayin generously revealed his operating methods: "If there is no money to buy land, we borrow 5 million yuan from the bank to pay a deposit for the land in advance; if there is no money for construction, we let the construction company advance funds; after the construction reaches the pre-sale conditions, we open at a loss and quickly return the funds!" This seems to be an industry benchmark of "empty gloves and white wolves".
Xu Jiayin's huge debt also reveals the mystery of bank lending. The State Administration of Supervision is currently wielding a knife to slash those responsible for illegal lending and poor post-loan management. This anti-corruption storm has not only frightened large real estate developers, but even raised concerns in the entire financial community. After Xu Jiayin "drank tea", a large number of bank executives also "joined in the fun", and the financial system seemed to have stepped into a war of self-reshuffle.
Second, Xu Jiayin may have accelerated the end of the real estate pre-sale system. The pre-sale system was once a huge veil in the real estate sector, but it has long been full of loopholes. Real estate developers acquire land through loans, use the pre-sale system to obtain funds quickly, and then use supplier payments as cash machines, using tactics to delay payments while constantly pushing forward with new projects. Xu Jiayin has been successful with this model repeatedly, and can still enjoy huge dividends even in the case of losses. His thunderstorm may have forced the entire industry to reflect on itself and no longer burden ordinary people with unbearable burdens.
Third, Xu Jiayin carried out a series of charity activities in his hometown. As early as the beginning of the business, he generously donated 1 million, and later built three schools in his hometown and established a people's hospital. To thank Xu Jiayin for his kindness, the villagers even erected a monument of merit for him. His donation of 2.8 billion yuan between 2019 and 2020 made him the first philanthropist in China.
However, these acts of kindness cannot hide Xu Jiayin's crazy operation in the real estate industry. He touted Evergrande Group to the sky, but in the end pushed it into the abyss of bankruptcy, owing a debt of up to 2.58 trillion. On the balance of money and morality, Xu Jiayin may not have been able to keep his bottom line. Despite his glory days, he stumbled in the financial maelstrom and was eventually made a scapegoat.
This history will become a financial storm, and Xu Jiayin's role in it may trigger profound changes in the entire industry. His name will be etched into the pages of history.
Xu Jiayin played multiple roles in this financial turmoil, and his story also makes us reflect on the problems of the financial system. Perhaps, it is in this process that we have the opportunity to push for reforms to make the financial system more transparent and fair.
The financial manipulation revealed by Xu Jiayin is not an individual case, but an unspoken rule in the entire industry. The revelation of these tactics has forced regulators to conduct in-depth investigations into bank lending to prevent similar incidents from happening again. The entire financial community was also shaken by this storm, and they began to reflect on themselves, strengthen internal management, and ensure the normal operation of funds to avoid future crises.
The end of the pre-sale system will also be a major change in the industry. The pre-sale model, which was full of loopholes in the past, may usher in a more standardized and fair development. The turmoil has prompted the industry to re-examine its own operating methods and accelerate deep thinking about market mechanisms. Perhaps, this is also a step that individual investors will get more protection when buying a home.
In addition, Xu Jiayin's charitable activities in his hometown, although to a certain extent make up for his lack of business, cannot hide his various problems at the economic level. Behind the charity, we should pay more attention to whether he has truly fulfilled his social responsibilities and whether this is a kind of "moral whitewashing" of previous business behaviors.
This history is destined to become a landscape in our memory, and Xu Jiayin will also be engraved in the memory of the times with a multi-faceted image. Behind this storm, we should perhaps be more vigilant, not only focusing on the gains and losses of individual individuals, but also examining the loopholes in the entire system, in order to build a healthier and more stable financial ecosystem.
This series of events will leave a deep imprint in the long river of history, and the fate of Xu Jiayin will also be remembered. And we should also look at this rapidly changing financial world with a more sensible eye. Perhaps, it is by taking stock of the past that we can better meet the challenges of the future and build a more just and transparent society.