Xu Jiayin was officially arrested, and his youngest son has been arrested. But his wife, Ding Yumei, had left Hong Kong three months ago.
It had to be said that Xu Jiayin was also very alert. His wife had been staying in Hong Kong and had not returned to the mainland. Three months ago, a rich man was detained by the border because of Xu Jiayin, so Ding Yumei immediately felt that something was wrong and left Hong Kong.
The whereabouts of Xu Jiayin’s eldest son, Xu Zhijian, are also unknown. Ding Yumei has Canadian citizenship, and Xu Zhijian also has Canadian permanent residency.
Skyworth’s founder Huang Hongsheng’s online bombardment of Xu Jiayin also resonated with many people. He directly blamed Xu Jiayin for being sorry for the country and the people, and openly hostile to the people.
Xu Jiayin is actually a "legend". He harvested 600 billion from the poor and more than 100 billion from the rich. Evergrande currently has a total of 2.30 trillion liabilities, of which 600 billion are contractual liabilities alone.
This is the 600 billion that Xu Jiayin harvested from the poor. The contract debt bought Hengda’s house, and then Hengda has not handed over the house to the buyer.
At the end of last year, a total of more than 700,000 houses were in arrears, and more than 120,000 were handed over in the first half of this year, which means that there should be 500,000 or 600,000 houses that have not been delivered.
These people all worked hard to save money to buy houses, but they were harvested by Xu Jiayin. Xu Jiayin relied on crazy football and charity in his early years, so that people all over China thought that Evergrande was rich and Xu Jiayin was rich. As a result, who would have thought that Xu Jiayin and Evergrande turned out to be empty shells.
In fact, the short-selling agency in the United States broke the problem of Evergrande in 2012, but it was bitten by Xu Jiayin. In the past ten years, every time there has been a negative thing about Evergrande, it has eventually become a rumor without exception.
So how did Xu Jiayin harvest so many poor people? Evergrande went public in 2009, and Evergrande spent 100 million to acquire the Guangzhou football team in the same year. After that, Xu Jiayin began to spend money on football. They stole a lot of international players, and at the same time bought a lot of high-priced foreign aid.
Evergrande football has begun to sweep the Chinese football world. With the name of Evergrande football, Evergrande real estate has also begun to attack cities and plunder land all over the country. In fact, those who have bought Evergrande houses know that Evergrande has many routines, including decoration coupons, electrical coupons, and even cash rebates. There are also double contracts, decoration loans, and so on.
To put it bluntly, there are various ways to avoid supervision. Doing so much is naturally to keep sales going. You know, around 2012, Evergrande actually took a lot of land at a very low cost. At that time, the prices of many third- and fourth-tier cities did not rise. If Evergrande develops well, it can definitely make money.
But in order to pursue scale, Xu Jiayin is crazy about high turnover. Because selling fast, you can have more money to get more land, get more land to sell more houses, and sell more houses to have more money. You think Xu Jiayin doesn’t know that this is bad, you think Xu Jiayin doesn’t know that disorderly expansion will lead to collapse. Now you know too much.
It is not enough to harvest the poor, Xu Jiayin also focuses on the rich. In 2009, Evergrande went public, and Xu Jiayin first tried the power of capital markets. At that time, Xu Jiayin successfully met bosses such as Zheng Yutong, Liu Luanxiong, and Zhang Songqiao. With the support of these powerful bosses in Hong Kong, Xu Jiayin’s career developed faster.
From 2012 to 2015, Xu Jiayin had a lot of cooperation with these bosses. In 2015, Xu Jiayin bought a total of more than 50 billion yuan in support from Hong Kong billionaires such as Zheng Yutong, Joseph Lau, and Zhang Songqiao. Evergrande’s land reserves skyrocketed.
In 2017, Xu Jiayin began an unprecedented harvest. Xu Jiayin took a total of 3 rounds of financing 130 billion that year. This 130 billion financing was funded by dozens of bosses. At that time, Xu Jiayin promised to return to class A share with Evergrande. If it cannot return to the A stock market, Evergrande will buy back all the shares in 2020.
At the same time, Xu Jiayin also promised performance and dividends in 2018, 2019 and 2020. Xu Jiayin’s means are also powerful, so many big shots gave 130 billion real money to Evergrande. At that time, they gave a very high valuation, reaching 400 billion.
The valuation of real estate companies has actually been very low. If you look at the four major real estate companies in Hong Kong, you will know that the basic market value is only about one-third of the net assets. The key Hong Kong real estate company’s debt ratio and cash flow are much healthier. If you compare it from this perspective, Evergrande’s market value at that time could not be 400 billion high.
But these rich people were fooled by Xu Jiayin. Everyone thought that Evergrande’s strength was in order. Even if the listing failed, they could still get a lot of dividends from Evergrande every year.
After taking this 130 billion of financing, Xu Jiayin began his own capital magic. The first step was to split Hengda Property to go public. Before going public, Hengda Property also got 23.50 billion strategic investment, with a valuation of more than 80 billion. In fact, the valuation of a property company is so high that it is unreasonable. But at that time everyone felt that Hengda Group was developing rapidly.
After Xu Jiayin smashed more than 20 billion, established Hengda Automobile, and then injected Hengda Automobile into Hengda Health to achieve backdoor listing. At the same time, Xu Jiayin used Hengda Automobile to get more than 20 billion in financing. After Xu Jiayin established Hengda RV Treasure and got 16.40 billion financing. At that time, Xu Jiayin also bet with investors to go public within 1 year.
Hengda property, Hengda car, Hengda RV treasure total investment of millions, basically Xu Jiayin Moments investment, such as Joseph Lau invested in Hengda property 4.50 billion, invested in Hengda car 3 billion. Zheng Yutong’s son Zheng Jiachun invested in Hengda property 500 million, invested in Hengda RV treasure 500 million. Xu Jiayin’s friend Ma Yun invested in Hengda football 1.20 billion, his Yunfeng fund invested in Hengda property 1.50 billion.
Xu Jiayin was indeed conscientious. Whether he had money or not, he treated them all equally, and they were all harvested by him together. Back then, Jia Yueting harvested the rich, while Xu Jiayin harvested the rich and the poor together.
Back then, Xu Jiayin wanted to start a car business, so he went to the United States to meet Jia Yueting. After the news of Evergrande’s investment in Jia Yueting came out, many people found it strange. The whole world knew that Jia Yueting was a liar, so why did Xu Jiayin still invest in him?
But who knew that Xu Jiayin and Jia Yueting were just the difference between a small liar and a big liar. Jia Yueting planned to run fast, but now that he was happy in the United States, the country would definitely not let Xu Jiayin become the second Jia Yueting.
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