“China Happiness” debt as high as 180 billion, but the boss “no intention to pay back the money”, cash 10 billion?

2022-06-13 0 By

Introduction In the heyday of real estate development, many people made a lot of money, but now the real estate market has entered a winter stage, especially in September and October 2021, the sales of the real estate market is very bleak, and many real estate tycoons have become pennillion.For example, Xu Jiayin is the case, Xu jiayin owed debts as high as 1.97 trillion yuan, in addition, China Fortune also produced a crisis.It can also be seen that almost all real estate companies more or less will face a crisis.Most of the reasons for the crisis are the fracture of capital chain. Without sufficient capital, houses cannot be built at all. However, bank lending is very strict, and no matter how big the company is, it cannot solve the problem of building houses.As of November 2021, CFNA owed 101.3 billion yuan in debt, but its controller, Wang Wenxue, cashed out 13.1 billion yuan, leading many to call CFNA the second Evergrande.Wang Wenxue founded China Fortune in 1988, in fact, many real estate market tycoons are relatively high education, but Wang Wenxue does not have a high education, but he is very business vision.When he started his business, he had already made his first fortune in his life by building dormitory buildings. Through this, he also saw the prospect of future real estate development.So in the second year has been founded with real estate related property company, at that time in our country many enterprises do not have property management business.After the 21st century, China Fortune developed rapidly. When the housing price in Beijing was not very high, Wang Wenxue took the opportunity to buy a lot of land in the suburbs of Beijing, so China Fortune developed faster.China Fortune reached its peak in 2018, when sales reached 160 billion yuan and Wang was listed on the Forbes list.Everything has its development peak and recession, so does China Fortune. It is reported that by The end of August 2021, the turnover of China Fortune decreased by 46.63 percent compared with that of August 2020, with a loss of 9.4 billion yuan.Although the epidemic was well controlled in 2021 and development had been restored every month, CFLD’s turnover was still not significant.So why does this happen?Many real estate tycoons invest not just in real estate but in other industries, so that even in a downturn, they can generate profits from other industries.CFLD is a traditional real estate company with a small industry scale. Therefore, when it focuses on the development of real estate, coupled with China’s strict restrictions on loans, its performance will naturally decline.CFLD does not have a lot of cash to support the operation of the real estate business, so the natural capital chain was broken.Through the above introduction, we have learned that if there is only real estate business, there is really no way to obtain funds through other channels once funds are trapped by real estate business.Even Wang Wenxue has started to solve this problem through a variety of methods, but because the overall industry is not as prosperous as before, so the crisis of China happiness is getting bigger and bigger.By The end of August 2021, Wang wenxue had debts of more than 180 billion yuan, 5.7 billion yuan in interest payments alone.When Evergrande was in debt of 1.97 trillion yuan, Xu jiayin was still a representative of Evergrande even though he resigned as chairman, so he did not do anything excessive after the crisis.Not only that, Xu also tried to pay off debts, it is understood that he has sold his mansion, but compared to the high debt, this is only the tip of the iceberg.Even so, Xu Jiayin is also admirable, after all, encountered difficulties, he did not retreat.But Wang Wenxue is far worse than Xu Jiayin, he has no sense of enterprise honor and responsibility, not only did not worry about how to return high debt, but also cash.In fact, Wang Wenxue’s net worth is already 24.5 billion yuan, but he cashed out more than 10 billion yuan in less than a year, which really chilled his employees.Summary Wang Wenxue’s behavior let the outside world began to talk, so Wang Wenxue said in public, he will cooperate with the government to pay back the money, but just talk not to do what is the use?It has been a long time now and wang Wenxue still hasn’t made good on his promises.Hot discussion today: “China Happiness” debt as high as 180 billion, but the boss “no intention to pay back the money”, cash ten billion?