Wen/Yue Jia
Sun Hongbin Chi Jiating, Sunac China spent nearly 15 billion yuan to invest in high-profile shares of LeTV, LeTV Zhixin and LeTV, but Beijing Time "Mirror" was exclusively informed that Sunac Subsidiary "Chongqing Rongchuang Jiye Real Estate Development Co., Ltd." ( (hereinafter referred to as Chongqing Rongchuang) also took part in Chongqing LeTV Real Estate Development Co., Ltd. (hereinafter referred to as “Chongqing Chongqing Real Estateâ€) jointly controlled by Jia Yueting’s older sister. The two parties or jointly developed 382 acres of Liangjiang New District Longxing, which was awarded RMB 420 million by LeTV in November 2015. Piece.
The land has not started construction so far and has passed the contractual deadline for construction and entered the "land reclamation phase." The local management committee said that it does not rule out the possibility of the land and resources department recovering land. Both listed companies Sunac China and LeTV did not disclose this property cooperation.
In March 2017, at the same time as Sunac China became a shareholder in LeTV, LeTV Zhixin and LeTV, LeTV Chongqing increased its capital and shares, and Chongqing Rongchuang invested 5 million yuan, holding 50% of the shares. Both Sunac China and LeTV did not disclose the reorganization of the real estate company. Both of them jointly held Levision Chongqing Real Estate as one of the developers of Chongqing Liangjiang New District.
LeTV's layout in Chongqing Liangjiang New Area began in 2015. On November 9, 2015, LeTV Chongqing Property acquired a total of 382 mu of land in the Longxing Group of Chongqing Liangjiang New District. Beijing Time’s “Mirror of Finance†was informed by the Chongqing Land Exchange Center that 195 mu of residential land was used for 293 mu of land, the transaction price was 292.38 million yuan, and 187 mu of land for productive service, commercial, and commercial use were sold at a price of 198.04 million yuan. The transaction price was listed. Starting price, a total of 421 million yuan, the average floor price of 1041 yuan / square meter.
Image Source: Chongqing Land and Resources Bureau Website
Image Source: Baidu Map and Fang Tianxia
Beijing Time's “Financial Mirror†survey found that LeCheng’s home ownership company was incorporated only 20 days before the acquisition and the initial shareholder was LeTV Investment Management (Beijing) Co., Ltd. Prior to changing the business registration information on May 11, 2017, LeTV Investment had been held as a legal person shareholder by LeTV Holdings and later changed to 99.99% by natural person shareholder Jia Yuefang. Jia Yuefang is the sister of Jia Yueting and also a shareholder of LeTV, a listed company.
Leshi Longxing Plot is under the jurisdiction of the Administrative Committee of Longxing Industrial Park. A person in charge of the industrial park stated to Beijing Time’s “Mirror of Finance†on the phone: “The Levin took off the plot and did not start construction. It has exceeded the contract for land transfer. The commencement period of the year does not preclude the possibility of land resumption.†According to the “Lands of Disposal of Idle Lands†of the Ministry of Land and Resources, the “finance mirror†of Beijing Time understands that due to the enterprise’s own reasons, the land is idle for more than one year and less than two years. An idle fee must be levied; it must be withdrawn after being idle for more than two years.
LeTV Chongqing home phone no answer. Beijing Time "Financial Mirror" contacted Sunac, China's top secret secretary of the board of directors, and he declined to comment on the cooperation between Sunac and LeTV Chongqing Real Estate. A salesman from Sunac Southwest China Regional Company disclosed to Beijing Time, “The financial case was only in Lexing Town, Longxing Town, Liangjiang District, Chongqing, but there was no information on the construction or pre-sale.â€
“At present, there is no construction plan for LeTV. It is not clear whether the township project exists or not.†The aforementioned person in charge of the Longxing Industrial Park said: “Longxing plans to focus on manufacturing, and it already has movie thematic tourism projects. SAIC GM and Beijing Hyundai have also been introduced, but these are not LeTV's investments."
The acquisition of land is only part of the cooperation between LeTV and the Chongqing government. Jia Yueting also registered several subsidiaries of its subsidiaries in Chongqing. Business registration information shows that Chongqing Leshi Sports Industry Development Co., Ltd. was incorporated in Chongqing in August 2015 with a registered capital of 10 million yuan. On March 24 of the following year, Chongqing Leshi Microfinance Co., Ltd. was also in Jiangbeizui, Chongqing. The Financial City was officially opened on the 3rd with a registered capital of 300 million yuan. LeTV Cloud is also registered in Chongqing.
Different from LeSco's fast and ecologically-based approach, Sunac focuses on the Chongqing real estate market and has been deeply plowed for a long time. The "2016 Chongqing Housing Enterprise Sales Rankings" released by the third-party consulting agency "Keruiru" shows that Sunac China ranked first in Chongqing housing enterprises with 11.645 billion yuan in sales. This is the second time in three years for Rongchuang to become the sales champion of Chongqing property market. In 2014, the nation's property market sluggishly, and Sunac, which mainly focuses on high-end villas, still topped sales of Chongqing housing enterprises with sales of 11.4 billion yuan.
At present, Sun Hongbin is busy maintaining its dominance in the property market in Chongqing. On May 31, 2017, Chongqing Sunac Real Estate Development Co., Ltd. and a local architectural planning and design consultancy company announced that they will acquire 95% of the shares and related claims of Chongqing Huacheng Fuli Real Estate Development Company. The company’s main acquisition company is located in the Jiangbeizui International Finance Center project, which is the “highest building in the westâ€. After the completion of the acquisition, Chongqing Sunac Real Estate Development Co., Ltd. holds 60% of the shares of Huacheng Furui. The total cost is 1.86 billion yuan, of which the share price is only 190 million yuan, and the debt cost is as high as 1.67 billion yuan.
Chongqing Liangjiang New District is a modern service base for China’s inland China supported by the State Council, a comprehensive pilot city for the modern service industry of the Ministry of Finance and the Ministry of Commerce, and a pilot project for innovative development of national service trade. Each year, projects with a scale of more than 10 billion yuan are contracted. . On the other hand, land transfer policies are tightening. The Chongqing Municipal Party Committee and Municipal Government proposed in 2016 “Chongqing City to Promote Supply-side Structural Reform Work Program†to reduce the scale of land supply by 10% year-on-year within two years. With this as a premise, in 2016, the area of ​​commercial and residential land transactions was 10.09 million square meters, which was a decrease of 9.4% year-on-year.
Industrial policy agglomeration effect superimposed land supply market demand and supply in short supply, living and commercial land in the two rivers new area can be occupied, rising. In April 2017, the area of ​​the parcel C11-2/05 of the standard zone C21-2/05 of the Liangjiang New District of Liangjiang New Area was sold to 66,600 square meters, which was won by Shougang. The transaction price was 780 million yuan and the floor price was 11,700 yuan per square meter. It is the first time that the floor price of the Liangjiang New Area has broken ten thousand yuan. Chongqing Land Exchange Center official website data shows that in 2016, Yuzhong District, the average floor price of 6836 yuan / square meter, ranked first in the district, Jiangbei District and Liangjiang New District to 5306 yuan / square meter and 4674 yuan / square meter average floor The price is divided into two or three.
Image Source: Baidu map and Fang Tianxia
Levision Chongqing Real Estate Block is located in Longsheng Industrial Zone, planned by the Liangjiang New District. Image Source: Liangjiang New Area Network
However, the Longxing Group of the Liangjiang New District where LeTV holds its land is located at the equipment manufacturing base, and land prices have not risen along with the market. Beijing Time’s “Mirror of Finance†learned from the Chongqing Land Exchange Center that on December 29, 2016, the F section of the Longxing Group of the Liangjiang New District was won by an unknown property with a transaction price of 349 million yuan and a floor price of 1346 yuan/square. Meter. According to a year ago, the average floor price of LeTV was 1041 yuan per square meter. This price is far lower than the average floor price of Liangjiang New District.
LeTV is not a one-way investment in Chongqing. The semi-official fund, which was jointly funded and set up by the Chongqing Municipal Government’s industry-directed equity investment agency and the municipal state-owned enterprises, was once the gold medal of LeTV. In March 2016, LeTV Cloud Computing Co., Ltd. completed the A round of RMB 1 billion financing, which was led by the Chongqing Strategic Emerging Industry Equity Investment Fund. The fund was also involved in LP (Limited Partnership) Shenzhen Xin in November 2015. Roots the next generation of disruptive technology investment funds, received 108 million shares of LeTV, Jia Yueting’s hands, and RMB3.2 billion for LeTV. However, LeTV.com's stock price continued to decline. The Xingen Fund gradually reduced its holdings in 2017 and withdrew from LeTV.com's top ten shareholders. The Chongqing 80 billion fund was also uselessly retained in the list of top ten shareholders.
The premium of land acquired was not high, the realization period of the town was long, investment funds gradually withdrew, and Jia Yueting was unable to obtain financial support in Chongqing. After resigning as CEO of LeTV, he was the chairman of LeTV and was raising A round of financing, and he would not hesitate to sell the gold plot.
Beijing Time’s “Mirror of Finance†was informed by a senior management of LeTV Holdings that the company is looking for a buyer for its “Shimao Gongsan†commercial real estate. The old Shimao shares of Sunac and Shimao Industrial III are interested, but the price is still Did not talk. “The acquisition cost in 2016 was approximately RMB 3 billion, and the current asking price has doubled.†The news was not confirmed by Sunac and the WTO, but Shimao Gongsan is still operated by the existing property company and after reaching a deal with Shimao , Leshi Holdings only changed the company's shareholding structure and legal person and did not participate in management.
Sun Hongbin had previously stated that he would like to build a car, sports and movie town together with LeTV. However, in the Moganshan Automobile Town project and Ningbo Sports Town project, Sunac China did not participate in the participation.
In response to Beijing Time's “Mirror of Finance†interview, LeTV’s public relations department said it was unaware of the small town in Chongqing, saying that the movie town project did not start. It is still unclear what kind of music-creating small town the Chongqing Longxing Land in the Liangjiang New District will be born.
Letv real estate reserve list:
(Based on public information)
- Beijing Shimao Industry Co., Ltd. covers an area of ​​nearly 40,000 square meters, including nearly 30,000 square meters of construction land and a total construction area of ​​212,000 square meters.
- The LeTV network audiovisual industry base in Tongzhou, Beijing, with a construction area of ​​326 acres and a construction scale of 270,000 square meters, with a total investment of 4.5 billion yuan.
- Beijing Hongcheng Xintai Building, which was purchased by LeTV Holdings in 2014 from Beijing Badachu Real Estate Development Group Co., Ltd., mainly for LeTV.
- Beijing Yizhuang Leshi Automotive Land, Sun Hongbin revealed at the strategic cooperation conference that the project covers an area of ​​about 5,000 acres.
-Moganshan Automobile Town in Deqing County, Zhejiang Province with a total investment of 20 billion yuan, a total planning of 7300 mu and a land area of ​​4000 mu in the first phase.
- Leyuan Super Eco City, Tianjin, Tianjin, with a total investment of 40 billion yuan, and the area is unknown.
- Linyi "Letuo ecological agriculture" industrial park, covers an area of ​​about 3,000 acres, from the "Lusic ecological industrial park" and "net wine network wine industry base" together constitute.
- LeTV US$1.7 billion purchases 49 acres of Yahoo land in Santa Clara, California.
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