Xia Haijun swept away billions and ran away, Evergrande's money finally knew where to go!

There are many financial stories

2024-06-09 18:34Published in Guangdong

Evergrande's "No. 2 person" Xia Haijun lost contact and ran away with billions of dollars, and Evergrande's money finally knew where to go.

Hundreds of billions owed to banks, hundreds of billions to investors, trillions to partners, hundreds of billions of regulatory funds for home buyers were misappropriated, hundreds of billions of revenues and tens of billions of profits were made in the previous year, and everyone is asking, where did Evergrande's money go? Now it's finally known.

Some time ago, the China Securities Regulatory Commission issued a penalty decision on Evergrande's financial fraud, and many executives, including Xu Jiayin, were fined, but only one person was missing, he was Evergrande's original "No. 2 person", Xia Haijun, president of the group. The SFC's statement is that it cannot be contacted and will be dealt with separately.

Judging from media reports, Xia Haijun is likely to have run away from abroad, because the last time he appeared in the public eye was in Hong Kong to deal with Evergrande's debt problem, and then he "evaporated". The SFC disclosed that Xia Haijun has Canadian citizenship, so it is highly likely that he is hiding in Canada.

Before losing contact, Xia Haijun sold his Evergrande dollar bonds at a discount in August 2021, one month after Evergrande exposed its debt difficulties, and reduced his holdings of shares in three listed companies of the "Evergrande system", cashing out more than one billion. Coupled with the billions of salaries he received from Evergrande before, he alone swept away billions of yuan.

In fact, if you think about it carefully, Evergrande is a "Ponzi scheme", and executives such as Xu Jiayin and Xia Haijun have been trying their best to hollow out Evergrande and put money in their pockets.

The first step is to give executives a "sky-high salary", Xia Haijun's salary has exceeded 200 million yuan for several consecutive years, ranking first in the real estate industry, and among the national workers, few have such a high salary. Let's ask Xia Haijun how much value he has created, and why he gets such a high salary. In addition to Xia Haijun, many other executives have an annual salary of tens of millions.

Even in 2021, which has exploded, these people still have not reduced their salaries, Xia Haijun's annual salary is 202 million yuan, Sean's annual salary is 44.14 million yuan, Shi Junping's annual salary is 19.691 million yuan, Pan Darong's annual salary is 16.388 million yuan, and Lai Lixin's annual salary is 13.957 million yuan.

The second step is to pay generous dividends, which is the main source of Xu Jiayin's wealth. Evergrande has paid dividends for more than ten consecutive years, and Xu Jiayin, as a major shareholder, has paid dividends of more than 50 billion yuan. Therefore, don't look at his annual salary of only 250,000 yuan, which is not as good as an ordinary employee of Evergrande, in fact, most of his salary is dividends.

In addition to Xu Jiayin, Xia Haijun and other senior management teams, they all own some shares of Evergrande, and they can also get some dividends every year.

Evergrande's dividends are too ruthless, in order to obtain huge wealth, it does not hesitate to inflate more than 560 billion revenue and 92 billion profits in 2019 and 2020, and dividends are distributed through fraudulent means.

The third step is the issuance of senior executive-only senior notes each year, which range in size from tens of millions to hundreds of millions of dollars, and yields ranging from 6.25% to 12%.

The simple understanding is that Xu Jiayin and the executives lent money to Evergrande, and the interest rate was set by themselves. With an interest rate of 12%, where to find bond products with such a high interest rate and stable interest rate. Xu Jiayin and others earned good interest, but Evergrande bore the high cost of borrowing.

The most important thing is the senior notes, which means that Evergrande has a problem and has to repay their money first. Therefore, even in 2022, which is in deep trouble, Xu Jiayin and Xia Haijun still received 40 million yuan and 58 million yuan of senior note interest from Evergrande respectively.

Evergrande is dying, and these people are still coming out of Evergrande to get money.

The fourth step is to release a wealth management product exclusive to Evergrande executives, with an annualized interest rate of as high as 25%, which is really stuffing a lot of Evergrande's money into your pocket.

The fifth step is to issue other wealth management products, with an annualized interest rate ranging from 5% to 10%. As a result, before the thunderstorm, the executives paid in advance, leaving a hole of 40 billion.

In addition to these, there are also means such as reducing shareholdings and cashing out, Xu Jiayin and the executives do not pay a penny, so that Evergrande borrows a lot of money, owes money to suppliers, embezzles money from buyers, and then uses various means to put it in their own pockets, anyway, the debts are all company, and there is no need for individuals to repay.

Some people may ask, Xia Haijun knows how to run, why doesn't Xu Jiayin run? To put it bluntly, Xu Jiayin is ready to sacrifice himself and protect the entire family.

Xu Jiayin performed in front of him to repay his debts and resume work in a performative manner, fooling everyone, so that his wife had the opportunity to transfer assets and run away. Not only Xia Haijun, Xu Jiayin also cashed out a lot of money, such as in November 2021, by reducing his holdings in China Evergrande, he cashed out HK $2.676 billion.

There are also Xu Jiayin's "iron fans" Hong Kong tycoons Liu Luanxiong and Chen Kaiyun and his wife, who would rather lose 10 billion Hong Kong dollars than liquidate Evergrande.

In fact, it's not just Xu Jiayin, all private real estate companies are doing this, it depends on who is more bold and who is more greedy. These rich people, except for being drunk and gold-obsessed, eating and waiting for death, have almost no dreams.

In the real estate feast, ordinary home buyers are the most miserable group, they empty their 6 wallets, bear a 30-year mortgage, dare not spend money, dare not resign, dare not cut off the supply, and even unfinished, and even can't get a house. Burdened with heavy debts, the wealthy families of Xu Jiayin have huge fortunes that they cannot spend for several generations.

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