Source: The boundary of the Star City Sea
"The house near my house has been reduced by 2 million yuan per house." My colleague told me when he was at work today.
avalanche is a word that has often been circulated in the second-hand housing market recently.
Almost every week, we can see a developer having cash flow problems, and the beginning of the crisis was the bond repayment default incident of Da Group.
The former generation of heroes is no longer in glory. No wonder, the person who met Xu Jiayin recently said:
"He is thin, but now he is lean and thin. In this way, he looks useless."
At this critical moment, "Xu's richest man" ushered in a life-saving straw - the mortgage loan of the consortium Orix.
November 10, according to media reports, China Evergrande (03333), Chairman Xu Jiayin mortgaged the , a luxury house , located on the top of the mountain in Hong Kong, to the international consortium Orix, which can cash out at least HK$800 million.
On November 11, China Evergrande had three bond interest rates reached the grace period, with a total bond interest of more than US$148 million. Unexpectedly, many holders confirmed to reporters that they had received the interest rate for the bond.
Grass snake gray line, a leaf knows autumn, when Hong Kong is in a panic for real estate developers, the mysterious Oris extended a helping hand to the core of the storm, which can be described as a "life-saving straw".
Olix, for those who are far away from the capital market, it has a low presence and is not as well known as consortiums such as Morgan .
But I am not unfamiliar with it. In the previous analysis, there were 6.53 billion major transactions! Haichang may have been reborn from the ashes, and I noticed the important role of Orix as a strategic shareholder.
In fact, to create a brand new "Disney" in Asia, only Olix may be able to do such a grand situation.
Let’s study this mysterious Japanese consortium to answer a question:
Why can Olix become the "lender of last resort" for real estate wealthy people in the credit crisis of general lack of money?
I will talk about a few simple points:
1. ORIX Group is currently one of the world's largest diversified financial groups. ranks 292nd in the Forbes Global Enterprise Top 2000 , and has been listed on New York Stock Exchange and East Exchange . The company's main businesses include banking, insurance, asset management, investment banking, financial leasing, operating leasing, aircraft leasing, , environmental protection new energy, real estate, tourism, etc. has more than US$700 billion in balance sheet .
From this paragraph, it can be seen that Olix is an international large-scale full-licensed consortium, similar to Morgan/Blackstone /CITIC /China Resources , and its size is also at the same level of .
checked the data on the scale of asset management. The longest history of Morgan corresponds to 2 trillion + US dollars. The rising star Blackstone is more than 500 billion US dollars, and the asset management of CITIC Optical Securities Company is 200 billion US dollars (the group data does not have). It can be seen that Olix's AUM of more than 700 billion US dollars is already at the mid-level of top consortiums.
2. Olix was founded in Japan in 1964. In addition to the year of its business, it has achieved profitability for 54 consecutive years. The sentence
looks simple, but it contains a lot of information.
As a company in the financial industry, naturally has the attributes of high leverage. Agent risks and joint risks are like shadows . Chinese insurance bosses like China Ping An all suffered substantial losses in 2008.
For fifty-four years, it is very difficult to bring returns to shareholders.
What's more, we consider that Olix is an international company started in Japan. After the shocking bubble in Japan, countless giants fell after the bursting of the bubble. It can still maintain profitability and continue to expand its scale steadily.
This reflects excellent risk control and strategic capabilities, and is also what Old Money really values.
has some data to support it. Olix's debt/equity ratio is only 1.5, and it is still declining. In contrast, top European and American consortiums such as Goldman Sachs are generally around 3, which is twice as aggressive.
3. Orix's English name is ORIX, which means Original (starting point) + X (everything is possible) .
Starting from leasing, Orix can be said to be the ancestor of the leasing industry . For example, , China's first financing leasing company, -China Oriental Leasing Co., Ltd., is jointly established by ORIX and CITIC.
The one who introduced the financial leasing business model to China was Orix. At that time, the investment loan was more than 800 million US dollars, accounting for 5% of the entire Chinese foreign investment introduction.
Based on the stable cash flow of leasing, Orix is constantly expanding new businesses, from PE investment to real estate, from insurance to environmentally friendly energy, from banking to venture capital .
It is worth noting that this company has always adhered to the principle of risk control first, and each step of expansion is along the accumulation and endowment of the past, so we see that venture capital is a business that Olix has only recently started.
In addition to playing finance, the operation of the industry is also an excellent business grown by Orix X - environmental protection, airports, hotels, real estate, logistics, tourism...Sumida Aquarium under the Sky Tree in Tokyo is one of the most popular attractions for couples traveling around the world. This work is written by ORIX.
4. Olix is good at seizing the bottom of the economic cycle to buy the bottom assets, so he often plays the role of White Knight , saving people from danger, and helping others in time rather than adding icing on the cake.
This year, China COSCO Ocean Control is very popular. In fact, Olix has been collecting ships in the past few years to prepare for the blooming of fireworks.
This time, real estate wealthy people have exposed cash flow problems, and Orix is also actively assisting them in solving their funding problems.
Many people want to be white knights, but willingness is one thing, ability is another.
Olix relies on the extremely low financing cost. The interest rate in Japan is only 0.2%, and the international and overseas interest rate is also around 3%.
The reason is:
Bank of Japan has long been negative interest rate , with extremely low capital costs, providing Olix with a solid base.
At the same time, with long-term and stable operating performance and positive capital market image, has brought a high international credit rating , thus bringing a steady stream of vitality.
5. Olix entered China in 1981 and widely carried out financial businesses such as financing leasing, equipment leasing, etc. As of May 2020, its asset scale reached 3.5 billion US dollars and has more than 700 employees.
Compared with financial operations, its PE investment business started late, but it has developed a unique feature.
ORIX advocates the " deep incubation and post-investment " model, with the goal of accompanying the long-term growth of the company, grafting Olix's advantages in leasing finance and Asia to the invested companies, thereby achieving sustainable and win-win development.
ORIX has participated in three important equity investments in the Hong Kong stock market in recent years. excludes dividends and does not look at them. The average IRR also exceeds 41% - patient long-distance running is in exchange for excellent investment results.
In addition to the traditional fields of finance and infrastructure, ORIX is constantly breaking through the circle of capabilities and moving towards a new direction of the times. BYD and Horizon are both well-known projects invested in in recent years.
It is an interesting process to study a consortium with a long history.
From it I see: The wheels of the era, the traces of time, the invisible power that controls the world. In my spare time, I will make some systematic analysis of the capital behind the world that has been standing for many years.
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