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2021-06-29
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After suffering a setback, Ping An Insurance invested heavily to acquire Raffles City! What do you mean?
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What do you mean?","url":"https://stock-news.laohu8.com/highlight/detail?id=1144232954","media":"杠杆游戏","summary":"6月28日，中国商业地产界有大事。\n凯德集团向中国平安人寿保险出售位于中国的6个来福士资产组合的部分股权。\n本次合作涉及项目包括上海来福士广场、北京来福士中心、宁波来福士广场、成都来福士广场、长宁来福","content":"<p>On June 28, something big happened in China's commercial real estate industry.</p><p><a href=\"https://laohu8.com/S/C31.SI\">CapitaLand Group</a>towards<a href=\"https://laohu8.com/S/601318\">Ping An</a>Life Insurance sold part of its equity stake in six Raffles City asset portfolios located in China.</p><p>The projects involved in this collaboration include Raffles City Shanghai, Raffles City Beijing, Raffles City Ningbo, Raffles City Chengdu, Raffles City Changning, and Raffles City Hangzhou, with a total asset value of RMB 46.7 billion.</p><p><img src=\"https://static.tigerbbs.com/e92f881e80c6d280ab25cdf65615abf8\" tg-width=\"1080\" tg-height=\"2337\" referrerpolicy=\"no-referrer\"></p><p>According to the agreement, Ping An will acquire a portion of the equity in the aforementioned asset portfolio. After the transaction is completed, CapitaLand's shareholding in each project will change from 30.7%-55% held through private equity funds before the transaction to 12.6%-30%, and it will continue to be responsible for the operation and asset management of the projects.</p><p>This marks CapitaLand's second substantial sale of assets, following its 2018 sale of 100% equity and corresponding liabilities in 20 shopping mall projects in China to Vanke's commercial real estate platform, InLi Group, through its wholly-owned subsidiary, CapitaLand Commercial, for S$1.7059 billion (RMB 8.365 billion).</p><p>This has sparked a lot of speculation and discussion, but of course, today's focus on leveraged games will not be on CapitaLand. Instead, let's talk about the tycoon who took over Ping An.</p><p>Many people say that the largest real estate company in China is not Hengbi One, but Ping An Group.</p><p>First, Ping An's commercial real estate is located in major cities across the country. As shown in the image below.</p><p><img src=\"https://static.tigerbbs.com/69dfd221b1eb13a93b9358e4aa071bed\" tg-width=\"550\" tg-height=\"567\" referrerpolicy=\"no-referrer\"></p><p>Chart source | Real Estate Explorer (with special thanks)</p><p>The sheer number of office and commercial buildings is simply amazing.</p><p>Secondly, Ping An has also cooperated with a large number of real estate companies and secured many real estate projects.</p><p>The most attention-grabbing aspect is undoubtedly investing in shares.<a href=\"https://laohu8.com/S/600340\">China Fortune Land Development</a>It became the second-largest shareholder because Ping An was in a predicament. At the same time, peace is still<a href=\"https://laohu8.com/S/02007\">Country Garden</a>The second largest shareholder,<a href=\"https://laohu8.com/S/00817\">China Jinmao</a>The second largest shareholder, the third largest shareholder of CIFI Holdings...</p><p>Yes, today I'll use Ping An's acquisition of six Raffles City assets to discuss the aforementioned large investments and how they're doing today.</p><p><b><i>1</i></b></p><p><b>After acquiring over 25% of China Fortune Land Development's shares for 18 billion yuan, China Fortune Land Development's total market capitalization is now only 20.6 billion yuan.</b></p><p>In 2018, China Fortune Land Development's controlling shareholder, China Fortune Land Development Jiyue Holdings Co., Ltd. (hereinafter referred to as \"China Fortune Holdings\"), signed a \"Share Transfer Agreement\" with Ping An Asset Management Co., Ltd., transferring 582,124,502 shares of China Fortune Land Development to Ping An Asset Management, accounting for 19.70% of China Fortune Land Development's total share capital.</p><p>At that time, the transfer price of the target shares was set at RMB 23.655 per share, with a total transfer price of approximately RMB 13.77 billion. This price was about 5% lower than the closing price of the trading day before the contract.</p><p>Of course, Ping An didn't buy shares for free.</p><p>At that time, China Fortune Land Development promised that, based on the company's net profit attributable to shareholders of the listed company in 2017, the net profit growth rates would be no less than 30%, 65%, and 105% in 2018, 2021, and 2020, respectively. That is, the net profit attributable to shareholders of the listed company in 2018, 2019, and 2020 would be no less than RMB 11.415 billion, RMB 14.488 billion, and RMB 18 billion, respectively.</p><p>Otherwise, China Fortune Land Development will provide cash compensation to Ping An Asset Management.</p><p>Later we learned that China Fortune Land Development encountered unprecedented difficulties.</p><p>In 2019, Huaxia Holdings further reduced its holdings of the company's shares by approximately 170 million shares to Ping An Asset Management through an agreement transfer. Ping An Asset Management further increased its holdings of the company's shares by approximately 170 million shares using the insurance funds it managed, accounting for 5.69% of the company's total share capital, at a price of RMB 24.597 per share, for a total transfer price of approximately RMB 4.203 billion.</p><p>China Fortune Land Development received approximately 18 billion yuan in funding through two transactions.</p><p>The story of China Fortune Land Development and Ping An Insurance will be skipped in the leverage game. Let's look directly at the current situation.</p><p><img src=\"https://static.tigerbbs.com/f6d02509ae9cbab60aeb7c0174f0c77a\" tg-width=\"1006\" tg-height=\"234\" referrerpolicy=\"no-referrer\"></p><p>As of June 15, 2021, Ping An's three insurance product shareholders held 980,328,766 shares of China Fortune Land Development, accounting for a total of 25.05%.</p><p>Next, looking at the market close on June 28, China Fortune Land Development's stock price closed at 5.26 yuan per share, with a total market capitalization of only 20.586 billion yuan.</p><p>In 2018 and 2019, Ping An acquired more than 25% of the shares of China Fortune Land Development, spending 18 billion yuan.</p><p>Based on the closing price on June 28, Ping An currently holds 980,328,766 shares, or 25.05%, of China Fortune Land Development, with a market value of only nearly 5.2 billion yuan.</p><p><b><i>2</i></b></p><p><b>Investing in Country Garden yields astonishing unrealized profits.</b></p><p>In 2015, Ping An Life Insurance purchased 2.236 billion shares of Country Garden at HK$2.82 per share, investing approximately RMB 6.295 billion, representing approximately 9.9% of Country Garden's total shares after the issuance.</p><p><a href=\"https://laohu8.com/S/02318\">Ping An</a>This made it the second largest shareholder of Country Garden.</p><p>The details of what happened over the next six years will not be discussed in detail. Jump directly to the present.</p><p>As of the end of 2020, Ping An held 1,947,066,000 shares of Country Garden, representing 8.8361%.</p><p>Let's next look at the closing price on June 28, which was HK$9 per share.</p><p>The corresponding Ping An shares are worth approximately HK$17.5 billion, representing a staggering unrealized profit.</p><p>Ping An had already cashed out a portion of its profits.</p><p>Ping An has demonstrated great success in Country Garden.</p><p><b><i>3</i></b></p><p><b>HK$4.8 made it the second-largest shareholder of China Jinmao, and today's share price is less than HK$2.7.</b></p><p>In the summer of 2019, China Jinmao issued an announcement:</p><p>Pursuant to the terms and conditions of the Ping An Agreement and the Xinhua Agreement, the controlling shareholder, Sinochem Group, sold 1.787 billion shares and 15.55 million shares to Ping An and Xinhua Life at a price of HK$4.8106 per share, respectively. It is worth noting that after subscribing for 1.787 billion shares, Ping An accounted for approximately 15.20% of the share capital, thus becoming the second largest shareholder.</p><p>Following the aforementioned transaction, China Jinmao's central state-owned enterprise status remained unchanged, and Sinochem Group's shareholding ratio decreased from 49.71% to 35.1%.</p><p>New China Life Insurance, which was previously the second largest shareholder of China Jinmao, still holds approximately 9.18% of the shares, ranking third among the shareholders.</p><p>In the spring of 2020, Jinmao announced that it had signed a financial services framework agreement with Ping An member companies, involving more than 21 billion yuan and a maximum annual loan limit of 10 billion yuan.</p><p>The announcement indicates that Jinmao will use financial services provided by Ping An member companies on a non-exclusive basis when needed.</p><p>For the three years ending December 31, 2022, Ping An will provide deposit services, loan services and financing factoring services under the Financial Services Framework Agreement, with respective annual caps of RMB8 billion, RMB10 billion and RMB3 billion, for a total of RMB21 billion.</p><p>This amount far exceeds the current historical transaction amount between Jinmao and Ping An member companies.</p><p>Without further ado, as of the end of 2020, Ping An held 1,787,077,435 shares of China Jinmao, accounting for 14.0314%. As shown in the image above.</p><p>As of the market close on June 28, China Jinmao's share price closed at HK$2.69. Leveraged game owners noted that after its stock price peaked in 2020, China Jinmao's stock price has been declining all the way down, resulting in a disastrous decline.</p><p>In the past period, we have rarely seen good news about China Jinmao in the media, and Leverage Games has also written about it before. This real estate company, a subsidiary of a state-owned enterprise, is not doing well.</p><p><b><i>4</i></b></p><p><b>Strategic investment in CIFI Holdings yields acceptable unrealized</b></p><p>Let's go back to the summer of four years ago.</p><p>On the evening of July 27, 2017, CIFI Holdings announced that it, Ping An Investment Manager, and Ping An investors had entered into a Ping An subscription agreement, under which CIFI Holdings would issue 545 million new shares to Ping An Investment Manager at a discount of approximately 12.94% to today's closing price at HK$3.5 per share, representing approximately 7.4% of the enlarged share capital.</p><p>The net proceeds from Ping An's subscription will be approximately HK$1.907 billion, which CIFI will use for its development or as general working capital for the group.</p><p>Previously, Ping An owned approximately 200 million shares of CIFI Holdings. After this increase in holdings, Ping An now owns more than 700 million shares of CIFI Holdings, accounting for about 10% of its issued share capital.</p><p>At the time, Lin Zhong, chairman of CIFI Group, stated at a communication meeting that CIFI would maintain rapid growth of over 40% over the next five years. \"We must enhance our competitive advantage of scale and leverage the ability of scale to allocate resources.\"</p><p>Strive to enter the top of the industry by 2020, with a sales target of 300 billion yuan.</p><p>Looking back now, CIFI Holdings' goal is far from being achieved, with total sales of only around 230 billion yuan in 2020.</p><p><img src=\"https://static.tigerbbs.com/a28d656c65daf003e37c917b1ff01eef\" tg-width=\"918\" tg-height=\"530\" referrerpolicy=\"no-referrer\"></p><p>As of the end of 2020, Ping An still held more than 500 million shares of CIFI Holdings through Ping An Life Insurance and Ping An Asset Management Hong Kong.</p><p>Based on the closing price of HK$6.1 on June 28, Ping An's holdings of CIFI shares are worth more than HK$3 billion, which would be a decent unrealized profit.</p><p><img src=\"https://static.tigerbbs.com/806dfd2ff35d34502fd3b543e0725b65\" tg-width=\"605\" tg-height=\"410\" referrerpolicy=\"no-referrer\"></p><p>There are many more stories of Ping An Insurance investing in real estate companies. For example, Sun Hongbin of Sunac once pledged some shares to Ping An, and he also invested in Landsea...</p><p>In general, there are big profits and huge losses.</p><p>Currently, the investment in China Fortune Land Development has become a hot potato, and China Jinmao is also having a tough time.</p><p>As for the future of the acquisition of Raffles City assets, remains to be seen.</p>","source":"lsy1574902984297","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>After suffering a setback, Ping An Insurance invested heavily to acquire Raffles City! 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What do you mean?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">杠杆游戏</strong><span class=\"h-time small\">2021-06-29 10:09</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On June 28, something big happened in China's commercial real estate industry.</p><p><a href=\"https://laohu8.com/S/C31.SI\">CapitaLand Group</a>towards<a href=\"https://laohu8.com/S/601318\">Ping An</a>Life Insurance sold part of its equity stake in six Raffles City asset portfolios located in China.</p><p>The projects involved in this collaboration include Raffles City Shanghai, Raffles City Beijing, Raffles City Ningbo, Raffles City Chengdu, Raffles City Changning, and Raffles City Hangzhou, with a total asset value of RMB 46.7 billion.</p><p><img src=\"https://static.tigerbbs.com/e92f881e80c6d280ab25cdf65615abf8\" tg-width=\"1080\" tg-height=\"2337\" referrerpolicy=\"no-referrer\"></p><p>According to the agreement, Ping An will acquire a portion of the equity in the aforementioned asset portfolio. After the transaction is completed, CapitaLand's shareholding in each project will change from 30.7%-55% held through private equity funds before the transaction to 12.6%-30%, and it will continue to be responsible for the operation and asset management of the projects.</p><p>This marks CapitaLand's second substantial sale of assets, following its 2018 sale of 100% equity and corresponding liabilities in 20 shopping mall projects in China to Vanke's commercial real estate platform, InLi Group, through its wholly-owned subsidiary, CapitaLand Commercial, for S$1.7059 billion (RMB 8.365 billion).</p><p>This has sparked a lot of speculation and discussion, but of course, today's focus on leveraged games will not be on CapitaLand. Instead, let's talk about the tycoon who took over Ping An.</p><p>Many people say that the largest real estate company in China is not Hengbi One, but Ping An Group.</p><p>First, Ping An's commercial real estate is located in major cities across the country. As shown in the image below.</p><p><img src=\"https://static.tigerbbs.com/69dfd221b1eb13a93b9358e4aa071bed\" tg-width=\"550\" tg-height=\"567\" referrerpolicy=\"no-referrer\"></p><p>Chart source | Real Estate Explorer (with special thanks)</p><p>The sheer number of office and commercial buildings is simply amazing.</p><p>Secondly, Ping An has also cooperated with a large number of real estate companies and secured many real estate projects.</p><p>The most attention-grabbing aspect is undoubtedly investing in shares.<a href=\"https://laohu8.com/S/600340\">China Fortune Land Development</a>It became the second-largest shareholder because Ping An was in a predicament. At the same time, peace is still<a href=\"https://laohu8.com/S/02007\">Country Garden</a>The second largest shareholder,<a href=\"https://laohu8.com/S/00817\">China Jinmao</a>The second largest shareholder, the third largest shareholder of CIFI Holdings...</p><p>Yes, today I'll use Ping An's acquisition of six Raffles City assets to discuss the aforementioned large investments and how they're doing today.</p><p><b><i>1</i></b></p><p><b>After acquiring over 25% of China Fortune Land Development's shares for 18 billion yuan, China Fortune Land Development's total market capitalization is now only 20.6 billion yuan.</b></p><p>In 2018, China Fortune Land Development's controlling shareholder, China Fortune Land Development Jiyue Holdings Co., Ltd. (hereinafter referred to as \"China Fortune Holdings\"), signed a \"Share Transfer Agreement\" with Ping An Asset Management Co., Ltd., transferring 582,124,502 shares of China Fortune Land Development to Ping An Asset Management, accounting for 19.70% of China Fortune Land Development's total share capital.</p><p>At that time, the transfer price of the target shares was set at RMB 23.655 per share, with a total transfer price of approximately RMB 13.77 billion. This price was about 5% lower than the closing price of the trading day before the contract.</p><p>Of course, Ping An didn't buy shares for free.</p><p>At that time, China Fortune Land Development promised that, based on the company's net profit attributable to shareholders of the listed company in 2017, the net profit growth rates would be no less than 30%, 65%, and 105% in 2018, 2021, and 2020, respectively. That is, the net profit attributable to shareholders of the listed company in 2018, 2019, and 2020 would be no less than RMB 11.415 billion, RMB 14.488 billion, and RMB 18 billion, respectively.</p><p>Otherwise, China Fortune Land Development will provide cash compensation to Ping An Asset Management.</p><p>Later we learned that China Fortune Land Development encountered unprecedented difficulties.</p><p>In 2019, Huaxia Holdings further reduced its holdings of the company's shares by approximately 170 million shares to Ping An Asset Management through an agreement transfer. Ping An Asset Management further increased its holdings of the company's shares by approximately 170 million shares using the insurance funds it managed, accounting for 5.69% of the company's total share capital, at a price of RMB 24.597 per share, for a total transfer price of approximately RMB 4.203 billion.</p><p>China Fortune Land Development received approximately 18 billion yuan in funding through two transactions.</p><p>The story of China Fortune Land Development and Ping An Insurance will be skipped in the leverage game. Let's look directly at the current situation.</p><p><img src=\"https://static.tigerbbs.com/f6d02509ae9cbab60aeb7c0174f0c77a\" tg-width=\"1006\" tg-height=\"234\" referrerpolicy=\"no-referrer\"></p><p>As of June 15, 2021, Ping An's three insurance product shareholders held 980,328,766 shares of China Fortune Land Development, accounting for a total of 25.05%.</p><p>Next, looking at the market close on June 28, China Fortune Land Development's stock price closed at 5.26 yuan per share, with a total market capitalization of only 20.586 billion yuan.</p><p>In 2018 and 2019, Ping An acquired more than 25% of the shares of China Fortune Land Development, spending 18 billion yuan.</p><p>Based on the closing price on June 28, Ping An currently holds 980,328,766 shares, or 25.05%, of China Fortune Land Development, with a market value of only nearly 5.2 billion yuan.</p><p><b><i>2</i></b></p><p><b>Investing in Country Garden yields astonishing unrealized profits.</b></p><p>In 2015, Ping An Life Insurance purchased 2.236 billion shares of Country Garden at HK$2.82 per share, investing approximately RMB 6.295 billion, representing approximately 9.9% of Country Garden's total shares after the issuance.</p><p><a href=\"https://laohu8.com/S/02318\">Ping An</a>This made it the second largest shareholder of Country Garden.</p><p>The details of what happened over the next six years will not be discussed in detail. Jump directly to the present.</p><p>As of the end of 2020, Ping An held 1,947,066,000 shares of Country Garden, representing 8.8361%.</p><p>Let's next look at the closing price on June 28, which was HK$9 per share.</p><p>The corresponding Ping An shares are worth approximately HK$17.5 billion, representing a staggering unrealized profit.</p><p>Ping An had already cashed out a portion of its profits.</p><p>Ping An has demonstrated great success in Country Garden.</p><p><b><i>3</i></b></p><p><b>HK$4.8 made it the second-largest shareholder of China Jinmao, and today's share price is less than HK$2.7.</b></p><p>In the summer of 2019, China Jinmao issued an announcement:</p><p>Pursuant to the terms and conditions of the Ping An Agreement and the Xinhua Agreement, the controlling shareholder, Sinochem Group, sold 1.787 billion shares and 15.55 million shares to Ping An and Xinhua Life at a price of HK$4.8106 per share, respectively. It is worth noting that after subscribing for 1.787 billion shares, Ping An accounted for approximately 15.20% of the share capital, thus becoming the second largest shareholder.</p><p>Following the aforementioned transaction, China Jinmao's central state-owned enterprise status remained unchanged, and Sinochem Group's shareholding ratio decreased from 49.71% to 35.1%.</p><p>New China Life Insurance, which was previously the second largest shareholder of China Jinmao, still holds approximately 9.18% of the shares, ranking third among the shareholders.</p><p>In the spring of 2020, Jinmao announced that it had signed a financial services framework agreement with Ping An member companies, involving more than 21 billion yuan and a maximum annual loan limit of 10 billion yuan.</p><p>The announcement indicates that Jinmao will use financial services provided by Ping An member companies on a non-exclusive basis when needed.</p><p>For the three years ending December 31, 2022, Ping An will provide deposit services, loan services and financing factoring services under the Financial Services Framework Agreement, with respective annual caps of RMB8 billion, RMB10 billion and RMB3 billion, for a total of RMB21 billion.</p><p>This amount far exceeds the current historical transaction amount between Jinmao and Ping An member companies.</p><p>Without further ado, as of the end of 2020, Ping An held 1,787,077,435 shares of China Jinmao, accounting for 14.0314%. As shown in the image above.</p><p>As of the market close on June 28, China Jinmao's share price closed at HK$2.69. Leveraged game owners noted that after its stock price peaked in 2020, China Jinmao's stock price has been declining all the way down, resulting in a disastrous decline.</p><p>In the past period, we have rarely seen good news about China Jinmao in the media, and Leverage Games has also written about it before. This real estate company, a subsidiary of a state-owned enterprise, is not doing well.</p><p><b><i>4</i></b></p><p><b>Strategic investment in CIFI Holdings yields acceptable unrealized</b></p><p>Let's go back to the summer of four years ago.</p><p>On the evening of July 27, 2017, CIFI Holdings announced that it, Ping An Investment Manager, and Ping An investors had entered into a Ping An subscription agreement, under which CIFI Holdings would issue 545 million new shares to Ping An Investment Manager at a discount of approximately 12.94% to today's closing price at HK$3.5 per share, representing approximately 7.4% of the enlarged share capital.</p><p>The net proceeds from Ping An's subscription will be approximately HK$1.907 billion, which CIFI will use for its development or as general working capital for the group.</p><p>Previously, Ping An owned approximately 200 million shares of CIFI Holdings. After this increase in holdings, Ping An now owns more than 700 million shares of CIFI Holdings, accounting for about 10% of its issued share capital.</p><p>At the time, Lin Zhong, chairman of CIFI Group, stated at a communication meeting that CIFI would maintain rapid growth of over 40% over the next five years. \"We must enhance our competitive advantage of scale and leverage the ability of scale to allocate resources.\"</p><p>Strive to enter the top of the industry by 2020, with a sales target of 300 billion yuan.</p><p>Looking back now, CIFI Holdings' goal is far from being achieved, with total sales of only around 230 billion yuan in 2020.</p><p><img src=\"https://static.tigerbbs.com/a28d656c65daf003e37c917b1ff01eef\" tg-width=\"918\" tg-height=\"530\" referrerpolicy=\"no-referrer\"></p><p>As of the end of 2020, Ping An still held more than 500 million shares of CIFI Holdings through Ping An Life Insurance and Ping An Asset Management Hong Kong.</p><p>Based on the closing price of HK$6.1 on June 28, Ping An's holdings of CIFI shares are worth more than HK$3 billion, which would be a decent unrealized profit.</p><p><img src=\"https://static.tigerbbs.com/806dfd2ff35d34502fd3b543e0725b65\" tg-width=\"605\" tg-height=\"410\" referrerpolicy=\"no-referrer\"></p><p>There are many more stories of Ping An Insurance investing in real estate companies. For example, Sun Hongbin of Sunac once pledged some shares to Ping An, and he also invested in Landsea...</p><p>In general, there are big profits and huge losses.</p><p>Currently, the investment in China Fortune Land Development has become a hot potato, and China Jinmao is also having a tough time.</p><p>As for the future of the acquisition of Raffles City assets, remains to be seen.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/pd2BfFeUP5fUOnSyCDzw0w\">杠杆游戏</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a4975bcb8e86837e1bea3ab798408b0a","relate_stocks":{"601318":"中国平安","02318":"中国平安","03145":"华夏亚洲高息股","LU":"陆金所"},"source_url":"https://mp.weixin.qq.com/s/pd2BfFeUP5fUOnSyCDzw0w","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1144232954","content_text":"6月28日，中国商业地产界有大事。\n凯德集团向中国平安人寿保险出售位于中国的6个来福士资产组合的部分股权。\n本次合作涉及项目包括上海来福士广场、北京来福士中心、宁波来福士广场、成都来福士广场、长宁来福士广场以及杭州来福士中心，该资产组合的总资产价值为467亿元人民币。\n\n按照协议，平安收购上述资产组合的部分股权，交易完成后，凯德在各项目中的持股比例，从交易前通过私募基金持有的30.7%-55%，变更为12.6%-30%，并继续负责项目的运营及资产管理。\n这是继2018年凯德集团通过旗下全资子公司凯德商用，向万科旗下商业地产平台印力集团，出售在中国20家购物中心项目的100%股权及相应负债，交易价格为17.059亿新元（83.65亿元人民币）后，凯德再次出售巨额资产。\n这引发了很多猜测和讨论，当然今天杠杆游戏重点不说凯德。而是要说说接盘大亨平安。\n很多人都说，中国最大的房企不是恒碧万，最大的大鳄是平安集团。\n首先，平安的商业地产遍布全国大城市。如下图。\n\n图表来源|楼市探索者（特此感谢）\n商务、商业楼宇之多，简直太厉害了。\n其次，平安还与大量的房企合作，并拿下很多的地产项目。\n最受关注的，莫过于入股华夏幸福，成为第二大股东，因为平安陷入窘境。与此同时，平安还是碧桂园第二大股东、中国金茂第二大股东、旭辉控股第三大股东……\n对，今天我借平安收购6座来福士资产，用数据谈谈上述此前的大投资，今天都怎么样了。\n1\n180亿元拿下华夏幸福25%+的股份，如今华夏幸福总市值仅剩下206亿元\n2018年，华夏幸福的控股股东华夏幸福基业控股股份公司（下文简称“华夏控股”），与平安资产管理有限责任公司签订《股份转让协议》，向平安资管转让5.82124502亿股华夏幸福股份，占华夏幸福总股本的19.70%。\n当时，标的股份的转让价格确定为23.655元/股，转让价款共计约137.7亿元，这一价格距离合约前一个交易日收盘折价约5%。\n当然，平安不是白给钱买股份。\n当时华夏幸福承诺，将以该公司2017年度归属于上市公司股东的净利润为基数，在2018年度、201年度、2020年度的净利润增长率分别不低于30%、65%、105%，即2018年度、2019年度、2020年度归属于上市公司股东的净利润分别不低于114.15亿元、144.88亿元、180亿元。\n否则，华夏幸福将对平安资管进行现金补偿。\n后来我们知道，华夏幸福遇到了前所未有的困难。\n2019年，华夏控股通过协议转让方式，再次向平安资管继续减持约1.7亿股公司股份，平安资管以其受托管理的保险资金继续增持约1.7亿股公司股份，占公司总股本的5.69%，每股价格为24.597元，转让价款共计约42.03亿元。\n两次交易，华夏幸福大概获得了180亿元资金。\n中间华夏幸福和平安的故事，杠杆游戏就跳过。直接看如今的情况。\n\n截至2021年6月15日的持股情况，平安旗下的3个保险产品股东，持有华夏幸福980,328,766股，合计占25.05%。\n然后接着看，6月28日收盘，华夏幸福股价报收5.26元/股，总市值仅有205.86亿元。\n2018、2019年，平安拿下华夏幸福25%+的股份，就花了180亿元。\n按照6月28日的收盘价，平安目前持有华夏幸福980,328,766股、25.05%的股份，市值仅为接近52亿元。\n2\n投资碧桂园，浮盈惊人\n2015年，平安人寿以每股2.82港元的价格，购买碧桂园22.36亿股股份，投资额约为人民币62.95亿元，约占发行后碧桂园总股份数的9.9%。\n中国平安于此成为碧桂园的第二大股东。\n此后6年发生的细节，杠杆游戏也不多谈。直接跳到当下。\n截至2020年末，平安持有碧桂园1,947,066,000股，占8.8361%。\n我们接着看6月28日的收盘价，9港币/股。\n对应的平安股份大概值175亿港币，浮盈惊人。\n此前平安，已经套现一部分。\n在碧桂园身上，平安表现得很成功。\n3\n4块8港币跻身中国金茂第二大股东，今天股价2块7港币不到\n2019年的夏天，中国金茂发布公告：\n\n 根据平安协议及新华协议之条款及条件，控股股东中化集团以每股4.8106港元价格分别向平安及新华人寿出售17.87亿股及1555万股股份。\n\n值得关注的是，平安认购17.87亿股股份后，占股本约15.20%，由此成为第二大股东。\n上述交易之后，中国金茂的央企属性未变，中化集团的持股比例由49.71%降至35.1。\n而此前作为中国金茂第二大股东的新华人寿，仍持股约9.18%，位列股东第三位。\n2020年春天，金茂公告称与平安成员企业签署了金融服务框架协议，涉及金额超过210亿元，年度最高贷款上限达100亿元。\n公告显示，金茂将在有需要时，使用平安成员企业以非独家方式提供的金融服务。\n截至2022年12月31日止三个年度，平安将在金融服务框架协议下提供存款服务、贷款服务及融资性保理服务，各自年度上限别为80亿元、100亿元和30亿元，总计210亿元。\n该额度，大大超过了目前金茂同平安成员企业之间的历史交易金额。\n不废话，截至2020年末，平安持有中国金茂1,787,077,435股，占14.0314%。如上图。\n截至6月28日收盘，中国金茂的股价报收2.69港币。杠杆游戏主注意到，2020年股价冲顶后，中国金茂总体一路往下，一个惨。\n过去一段时间，我们难得媒体上看到中国金茂的好消息，杠杆游戏此前也有写。这家央企旗下的地产公司，混得不好。\n4\n战略投资旭辉，浮盈还可以\n时间回到4年前的夏天。\n2017年7月27日晚间，旭辉公告称，该公司、平安投资管理人及平安投资者订立平安认购协议，旭辉将较今日收市价折让约12.94%按每股3.5港元向平安投资管理人增发5.45亿股股份，占扩大后股本约7.4%。\n此次交易平安认购所得款项净额将约为19.07亿港元，旭辉将用于其发展或用作集团一般营运资金。\n此前，平安共拥有旭辉控股约2亿股股份，经过此次增持，平安共拥有旭辉控股约7亿多股股份，占其已发行股本的10%左右。\n当时，旭辉集团董事长林中在一场沟通会上表示，未来五年旭辉要保持40%以上的快速增长。“要提高规模的竞争优势、发挥规模对资源的配置能力。”\n力争在2020年之前进入行业TOP8，3000亿元销售目标。\n如今回过头去看，旭辉的目标远没有实现，2020年全口径销售额只有2300亿元左右。\n\n截至2020年末，平安通过平安人寿、平安资管香港公司，仍旧持有旭辉5亿多股的股份。\n如果按照6月28日6.1港币的收盘价，平安持有的旭辉股票价值30多亿港币，浮盈也还可以。\n\n中国平安投资房企的故事还有很多，比如融创的孙宏斌曾经质押了一些股票给平安，还比如投资朗诗……\n总的来说，有大赚有“巨亏”。\n就目前来说，投资的华夏幸福成了一个烫手山芋，中国金茂的日子也不好过。\n至于收购来福士资产，未来如何，以后见分晓。","news_type":1,"symbols_score_info":{"601318":0.9,"02318":0.9,"03145":0.9,"PAImain":1,"LU":0.9}},"isVote":1,"tweetType":1,"viewCount":4486,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":159043363,"gmtCreate":1624932881852,"gmtModify":1703848255857,"author":{"id":"4087145964933790","authorId":"4087145964933790","name":"Tanks80","avatar":"https://static.tigerbbs.com/447247d52099943ccc022b020772bad1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087145964933790","authorIdStr":"4087145964933790"},"themes":[],"title":"","htmlText":"Good ","listText":"Good ","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/159043363","repostId":"1144232954","repostType":4,"repost":{"id":"1144232954","kind":"news","pubTimestamp":1624932546,"share":"https://ttm.financial/m/news/1144232954?lang=en_US&edition=fundamental","pubTime":"2021-06-29 10:09","market":"hk","language":"zh","title":"After suffering a setback, Ping An Insurance invested heavily to acquire Raffles City! What do you mean?","url":"https://stock-news.laohu8.com/highlight/detail?id=1144232954","media":"杠杆游戏","summary":"6月28日，中国商业地产界有大事。\n凯德集团向中国平安人寿保险出售位于中国的6个来福士资产组合的部分股权。\n本次合作涉及项目包括上海来福士广场、北京来福士中心、宁波来福士广场、成都来福士广场、长宁来福","content":"<p>On June 28, something big happened in China's commercial real estate industry.</p><p><a href=\"https://laohu8.com/S/C31.SI\">CapitaLand Group</a>towards<a href=\"https://laohu8.com/S/601318\">Ping An</a>Life Insurance sold part of its equity stake in six Raffles City asset portfolios located in China.</p><p>The projects involved in this collaboration include Raffles City Shanghai, Raffles City Beijing, Raffles City Ningbo, Raffles City Chengdu, Raffles City Changning, and Raffles City Hangzhou, with a total asset value of RMB 46.7 billion.</p><p><img src=\"https://static.tigerbbs.com/e92f881e80c6d280ab25cdf65615abf8\" tg-width=\"1080\" tg-height=\"2337\" referrerpolicy=\"no-referrer\"></p><p>According to the agreement, Ping An will acquire a portion of the equity in the aforementioned asset portfolio. After the transaction is completed, CapitaLand's shareholding in each project will change from 30.7%-55% held through private equity funds before the transaction to 12.6%-30%, and it will continue to be responsible for the operation and asset management of the projects.</p><p>This marks CapitaLand's second substantial sale of assets, following its 2018 sale of 100% equity and corresponding liabilities in 20 shopping mall projects in China to Vanke's commercial real estate platform, InLi Group, through its wholly-owned subsidiary, CapitaLand Commercial, for S$1.7059 billion (RMB 8.365 billion).</p><p>This has sparked a lot of speculation and discussion, but of course, today's focus on leveraged games will not be on CapitaLand. Instead, let's talk about the tycoon who took over Ping An.</p><p>Many people say that the largest real estate company in China is not Hengbi One, but Ping An Group.</p><p>First, Ping An's commercial real estate is located in major cities across the country. As shown in the image below.</p><p><img src=\"https://static.tigerbbs.com/69dfd221b1eb13a93b9358e4aa071bed\" tg-width=\"550\" tg-height=\"567\" referrerpolicy=\"no-referrer\"></p><p>Chart source | Real Estate Explorer (with special thanks)</p><p>The sheer number of office and commercial buildings is simply amazing.</p><p>Secondly, Ping An has also cooperated with a large number of real estate companies and secured many real estate projects.</p><p>The most attention-grabbing aspect is undoubtedly investing in shares.<a href=\"https://laohu8.com/S/600340\">China Fortune Land Development</a>It became the second-largest shareholder because Ping An was in a predicament. At the same time, peace is still<a href=\"https://laohu8.com/S/02007\">Country Garden</a>The second largest shareholder,<a href=\"https://laohu8.com/S/00817\">China Jinmao</a>The second largest shareholder, the third largest shareholder of CIFI Holdings...</p><p>Yes, today I'll use Ping An's acquisition of six Raffles City assets to discuss the aforementioned large investments and how they're doing today.</p><p><b><i>1</i></b></p><p><b>After acquiring over 25% of China Fortune Land Development's shares for 18 billion yuan, China Fortune Land Development's total market capitalization is now only 20.6 billion yuan.</b></p><p>In 2018, China Fortune Land Development's controlling shareholder, China Fortune Land Development Jiyue Holdings Co., Ltd. (hereinafter referred to as \"China Fortune Holdings\"), signed a \"Share Transfer Agreement\" with Ping An Asset Management Co., Ltd., transferring 582,124,502 shares of China Fortune Land Development to Ping An Asset Management, accounting for 19.70% of China Fortune Land Development's total share capital.</p><p>At that time, the transfer price of the target shares was set at RMB 23.655 per share, with a total transfer price of approximately RMB 13.77 billion. This price was about 5% lower than the closing price of the trading day before the contract.</p><p>Of course, Ping An didn't buy shares for free.</p><p>At that time, China Fortune Land Development promised that, based on the company's net profit attributable to shareholders of the listed company in 2017, the net profit growth rates would be no less than 30%, 65%, and 105% in 2018, 2021, and 2020, respectively. That is, the net profit attributable to shareholders of the listed company in 2018, 2019, and 2020 would be no less than RMB 11.415 billion, RMB 14.488 billion, and RMB 18 billion, respectively.</p><p>Otherwise, China Fortune Land Development will provide cash compensation to Ping An Asset Management.</p><p>Later we learned that China Fortune Land Development encountered unprecedented difficulties.</p><p>In 2019, Huaxia Holdings further reduced its holdings of the company's shares by approximately 170 million shares to Ping An Asset Management through an agreement transfer. Ping An Asset Management further increased its holdings of the company's shares by approximately 170 million shares using the insurance funds it managed, accounting for 5.69% of the company's total share capital, at a price of RMB 24.597 per share, for a total transfer price of approximately RMB 4.203 billion.</p><p>China Fortune Land Development received approximately 18 billion yuan in funding through two transactions.</p><p>The story of China Fortune Land Development and Ping An Insurance will be skipped in the leverage game. Let's look directly at the current situation.</p><p><img src=\"https://static.tigerbbs.com/f6d02509ae9cbab60aeb7c0174f0c77a\" tg-width=\"1006\" tg-height=\"234\" referrerpolicy=\"no-referrer\"></p><p>As of June 15, 2021, Ping An's three insurance product shareholders held 980,328,766 shares of China Fortune Land Development, accounting for a total of 25.05%.</p><p>Next, looking at the market close on June 28, China Fortune Land Development's stock price closed at 5.26 yuan per share, with a total market capitalization of only 20.586 billion yuan.</p><p>In 2018 and 2019, Ping An acquired more than 25% of the shares of China Fortune Land Development, spending 18 billion yuan.</p><p>Based on the closing price on June 28, Ping An currently holds 980,328,766 shares, or 25.05%, of China Fortune Land Development, with a market value of only nearly 5.2 billion yuan.</p><p><b><i>2</i></b></p><p><b>Investing in Country Garden yields astonishing unrealized profits.</b></p><p>In 2015, Ping An Life Insurance purchased 2.236 billion shares of Country Garden at HK$2.82 per share, investing approximately RMB 6.295 billion, representing approximately 9.9% of Country Garden's total shares after the issuance.</p><p><a href=\"https://laohu8.com/S/02318\">Ping An</a>This made it the second largest shareholder of Country Garden.</p><p>The details of what happened over the next six years will not be discussed in detail. Jump directly to the present.</p><p>As of the end of 2020, Ping An held 1,947,066,000 shares of Country Garden, representing 8.8361%.</p><p>Let's next look at the closing price on June 28, which was HK$9 per share.</p><p>The corresponding Ping An shares are worth approximately HK$17.5 billion, representing a staggering unrealized profit.</p><p>Ping An had already cashed out a portion of its profits.</p><p>Ping An has demonstrated great success in Country Garden.</p><p><b><i>3</i></b></p><p><b>HK$4.8 made it the second-largest shareholder of China Jinmao, and today's share price is less than HK$2.7.</b></p><p>In the summer of 2019, China Jinmao issued an announcement:</p><p>Pursuant to the terms and conditions of the Ping An Agreement and the Xinhua Agreement, the controlling shareholder, Sinochem Group, sold 1.787 billion shares and 15.55 million shares to Ping An and Xinhua Life at a price of HK$4.8106 per share, respectively. It is worth noting that after subscribing for 1.787 billion shares, Ping An accounted for approximately 15.20% of the share capital, thus becoming the second largest shareholder.</p><p>Following the aforementioned transaction, China Jinmao's central state-owned enterprise status remained unchanged, and Sinochem Group's shareholding ratio decreased from 49.71% to 35.1%.</p><p>New China Life Insurance, which was previously the second largest shareholder of China Jinmao, still holds approximately 9.18% of the shares, ranking third among the shareholders.</p><p>In the spring of 2020, Jinmao announced that it had signed a financial services framework agreement with Ping An member companies, involving more than 21 billion yuan and a maximum annual loan limit of 10 billion yuan.</p><p>The announcement indicates that Jinmao will use financial services provided by Ping An member companies on a non-exclusive basis when needed.</p><p>For the three years ending December 31, 2022, Ping An will provide deposit services, loan services and financing factoring services under the Financial Services Framework Agreement, with respective annual caps of RMB8 billion, RMB10 billion and RMB3 billion, for a total of RMB21 billion.</p><p>This amount far exceeds the current historical transaction amount between Jinmao and Ping An member companies.</p><p>Without further ado, as of the end of 2020, Ping An held 1,787,077,435 shares of China Jinmao, accounting for 14.0314%. As shown in the image above.</p><p>As of the market close on June 28, China Jinmao's share price closed at HK$2.69. Leveraged game owners noted that after its stock price peaked in 2020, China Jinmao's stock price has been declining all the way down, resulting in a disastrous decline.</p><p>In the past period, we have rarely seen good news about China Jinmao in the media, and Leverage Games has also written about it before. This real estate company, a subsidiary of a state-owned enterprise, is not doing well.</p><p><b><i>4</i></b></p><p><b>Strategic investment in CIFI Holdings yields acceptable unrealized</b></p><p>Let's go back to the summer of four years ago.</p><p>On the evening of July 27, 2017, CIFI Holdings announced that it, Ping An Investment Manager, and Ping An investors had entered into a Ping An subscription agreement, under which CIFI Holdings would issue 545 million new shares to Ping An Investment Manager at a discount of approximately 12.94% to today's closing price at HK$3.5 per share, representing approximately 7.4% of the enlarged share capital.</p><p>The net proceeds from Ping An's subscription will be approximately HK$1.907 billion, which CIFI will use for its development or as general working capital for the group.</p><p>Previously, Ping An owned approximately 200 million shares of CIFI Holdings. After this increase in holdings, Ping An now owns more than 700 million shares of CIFI Holdings, accounting for about 10% of its issued share capital.</p><p>At the time, Lin Zhong, chairman of CIFI Group, stated at a communication meeting that CIFI would maintain rapid growth of over 40% over the next five years. \"We must enhance our competitive advantage of scale and leverage the ability of scale to allocate resources.\"</p><p>Strive to enter the top of the industry by 2020, with a sales target of 300 billion yuan.</p><p>Looking back now, CIFI Holdings' goal is far from being achieved, with total sales of only around 230 billion yuan in 2020.</p><p><img src=\"https://static.tigerbbs.com/a28d656c65daf003e37c917b1ff01eef\" tg-width=\"918\" tg-height=\"530\" referrerpolicy=\"no-referrer\"></p><p>As of the end of 2020, Ping An still held more than 500 million shares of CIFI Holdings through Ping An Life Insurance and Ping An Asset Management Hong Kong.</p><p>Based on the closing price of HK$6.1 on June 28, Ping An's holdings of CIFI shares are worth more than HK$3 billion, which would be a decent unrealized profit.</p><p><img src=\"https://static.tigerbbs.com/806dfd2ff35d34502fd3b543e0725b65\" tg-width=\"605\" tg-height=\"410\" referrerpolicy=\"no-referrer\"></p><p>There are many more stories of Ping An Insurance investing in real estate companies. For example, Sun Hongbin of Sunac once pledged some shares to Ping An, and he also invested in Landsea...</p><p>In general, there are big profits and huge losses.</p><p>Currently, the investment in China Fortune Land Development has become a hot potato, and China Jinmao is also having a tough time.</p><p>As for the future of the acquisition of Raffles City assets, remains to be seen.</p>","source":"lsy1574902984297","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>After suffering a setback, Ping An Insurance invested heavily to acquire Raffles City! What do you mean?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAfter suffering a setback, Ping An Insurance invested heavily to acquire Raffles City! What do you mean?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">杠杆游戏</strong><span class=\"h-time small\">2021-06-29 10:09</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On June 28, something big happened in China's commercial real estate industry.</p><p><a href=\"https://laohu8.com/S/C31.SI\">CapitaLand Group</a>towards<a href=\"https://laohu8.com/S/601318\">Ping An</a>Life Insurance sold part of its equity stake in six Raffles City asset portfolios located in China.</p><p>The projects involved in this collaboration include Raffles City Shanghai, Raffles City Beijing, Raffles City Ningbo, Raffles City Chengdu, Raffles City Changning, and Raffles City Hangzhou, with a total asset value of RMB 46.7 billion.</p><p><img src=\"https://static.tigerbbs.com/e92f881e80c6d280ab25cdf65615abf8\" tg-width=\"1080\" tg-height=\"2337\" referrerpolicy=\"no-referrer\"></p><p>According to the agreement, Ping An will acquire a portion of the equity in the aforementioned asset portfolio. After the transaction is completed, CapitaLand's shareholding in each project will change from 30.7%-55% held through private equity funds before the transaction to 12.6%-30%, and it will continue to be responsible for the operation and asset management of the projects.</p><p>This marks CapitaLand's second substantial sale of assets, following its 2018 sale of 100% equity and corresponding liabilities in 20 shopping mall projects in China to Vanke's commercial real estate platform, InLi Group, through its wholly-owned subsidiary, CapitaLand Commercial, for S$1.7059 billion (RMB 8.365 billion).</p><p>This has sparked a lot of speculation and discussion, but of course, today's focus on leveraged games will not be on CapitaLand. Instead, let's talk about the tycoon who took over Ping An.</p><p>Many people say that the largest real estate company in China is not Hengbi One, but Ping An Group.</p><p>First, Ping An's commercial real estate is located in major cities across the country. As shown in the image below.</p><p><img src=\"https://static.tigerbbs.com/69dfd221b1eb13a93b9358e4aa071bed\" tg-width=\"550\" tg-height=\"567\" referrerpolicy=\"no-referrer\"></p><p>Chart source | Real Estate Explorer (with special thanks)</p><p>The sheer number of office and commercial buildings is simply amazing.</p><p>Secondly, Ping An has also cooperated with a large number of real estate companies and secured many real estate projects.</p><p>The most attention-grabbing aspect is undoubtedly investing in shares.<a href=\"https://laohu8.com/S/600340\">China Fortune Land Development</a>It became the second-largest shareholder because Ping An was in a predicament. At the same time, peace is still<a href=\"https://laohu8.com/S/02007\">Country Garden</a>The second largest shareholder,<a href=\"https://laohu8.com/S/00817\">China Jinmao</a>The second largest shareholder, the third largest shareholder of CIFI Holdings...</p><p>Yes, today I'll use Ping An's acquisition of six Raffles City assets to discuss the aforementioned large investments and how they're doing today.</p><p><b><i>1</i></b></p><p><b>After acquiring over 25% of China Fortune Land Development's shares for 18 billion yuan, China Fortune Land Development's total market capitalization is now only 20.6 billion yuan.</b></p><p>In 2018, China Fortune Land Development's controlling shareholder, China Fortune Land Development Jiyue Holdings Co., Ltd. (hereinafter referred to as \"China Fortune Holdings\"), signed a \"Share Transfer Agreement\" with Ping An Asset Management Co., Ltd., transferring 582,124,502 shares of China Fortune Land Development to Ping An Asset Management, accounting for 19.70% of China Fortune Land Development's total share capital.</p><p>At that time, the transfer price of the target shares was set at RMB 23.655 per share, with a total transfer price of approximately RMB 13.77 billion. This price was about 5% lower than the closing price of the trading day before the contract.</p><p>Of course, Ping An didn't buy shares for free.</p><p>At that time, China Fortune Land Development promised that, based on the company's net profit attributable to shareholders of the listed company in 2017, the net profit growth rates would be no less than 30%, 65%, and 105% in 2018, 2021, and 2020, respectively. That is, the net profit attributable to shareholders of the listed company in 2018, 2019, and 2020 would be no less than RMB 11.415 billion, RMB 14.488 billion, and RMB 18 billion, respectively.</p><p>Otherwise, China Fortune Land Development will provide cash compensation to Ping An Asset Management.</p><p>Later we learned that China Fortune Land Development encountered unprecedented difficulties.</p><p>In 2019, Huaxia Holdings further reduced its holdings of the company's shares by approximately 170 million shares to Ping An Asset Management through an agreement transfer. Ping An Asset Management further increased its holdings of the company's shares by approximately 170 million shares using the insurance funds it managed, accounting for 5.69% of the company's total share capital, at a price of RMB 24.597 per share, for a total transfer price of approximately RMB 4.203 billion.</p><p>China Fortune Land Development received approximately 18 billion yuan in funding through two transactions.</p><p>The story of China Fortune Land Development and Ping An Insurance will be skipped in the leverage game. Let's look directly at the current situation.</p><p><img src=\"https://static.tigerbbs.com/f6d02509ae9cbab60aeb7c0174f0c77a\" tg-width=\"1006\" tg-height=\"234\" referrerpolicy=\"no-referrer\"></p><p>As of June 15, 2021, Ping An's three insurance product shareholders held 980,328,766 shares of China Fortune Land Development, accounting for a total of 25.05%.</p><p>Next, looking at the market close on June 28, China Fortune Land Development's stock price closed at 5.26 yuan per share, with a total market capitalization of only 20.586 billion yuan.</p><p>In 2018 and 2019, Ping An acquired more than 25% of the shares of China Fortune Land Development, spending 18 billion yuan.</p><p>Based on the closing price on June 28, Ping An currently holds 980,328,766 shares, or 25.05%, of China Fortune Land Development, with a market value of only nearly 5.2 billion yuan.</p><p><b><i>2</i></b></p><p><b>Investing in Country Garden yields astonishing unrealized profits.</b></p><p>In 2015, Ping An Life Insurance purchased 2.236 billion shares of Country Garden at HK$2.82 per share, investing approximately RMB 6.295 billion, representing approximately 9.9% of Country Garden's total shares after the issuance.</p><p><a href=\"https://laohu8.com/S/02318\">Ping An</a>This made it the second largest shareholder of Country Garden.</p><p>The details of what happened over the next six years will not be discussed in detail. Jump directly to the present.</p><p>As of the end of 2020, Ping An held 1,947,066,000 shares of Country Garden, representing 8.8361%.</p><p>Let's next look at the closing price on June 28, which was HK$9 per share.</p><p>The corresponding Ping An shares are worth approximately HK$17.5 billion, representing a staggering unrealized profit.</p><p>Ping An had already cashed out a portion of its profits.</p><p>Ping An has demonstrated great success in Country Garden.</p><p><b><i>3</i></b></p><p><b>HK$4.8 made it the second-largest shareholder of China Jinmao, and today's share price is less than HK$2.7.</b></p><p>In the summer of 2019, China Jinmao issued an announcement:</p><p>Pursuant to the terms and conditions of the Ping An Agreement and the Xinhua Agreement, the controlling shareholder, Sinochem Group, sold 1.787 billion shares and 15.55 million shares to Ping An and Xinhua Life at a price of HK$4.8106 per share, respectively. It is worth noting that after subscribing for 1.787 billion shares, Ping An accounted for approximately 15.20% of the share capital, thus becoming the second largest shareholder.</p><p>Following the aforementioned transaction, China Jinmao's central state-owned enterprise status remained unchanged, and Sinochem Group's shareholding ratio decreased from 49.71% to 35.1%.</p><p>New China Life Insurance, which was previously the second largest shareholder of China Jinmao, still holds approximately 9.18% of the shares, ranking third among the shareholders.</p><p>In the spring of 2020, Jinmao announced that it had signed a financial services framework agreement with Ping An member companies, involving more than 21 billion yuan and a maximum annual loan limit of 10 billion yuan.</p><p>The announcement indicates that Jinmao will use financial services provided by Ping An member companies on a non-exclusive basis when needed.</p><p>For the three years ending December 31, 2022, Ping An will provide deposit services, loan services and financing factoring services under the Financial Services Framework Agreement, with respective annual caps of RMB8 billion, RMB10 billion and RMB3 billion, for a total of RMB21 billion.</p><p>This amount far exceeds the current historical transaction amount between Jinmao and Ping An member companies.</p><p>Without further ado, as of the end of 2020, Ping An held 1,787,077,435 shares of China Jinmao, accounting for 14.0314%. As shown in the image above.</p><p>As of the market close on June 28, China Jinmao's share price closed at HK$2.69. Leveraged game owners noted that after its stock price peaked in 2020, China Jinmao's stock price has been declining all the way down, resulting in a disastrous decline.</p><p>In the past period, we have rarely seen good news about China Jinmao in the media, and Leverage Games has also written about it before. This real estate company, a subsidiary of a state-owned enterprise, is not doing well.</p><p><b><i>4</i></b></p><p><b>Strategic investment in CIFI Holdings yields acceptable unrealized</b></p><p>Let's go back to the summer of four years ago.</p><p>On the evening of July 27, 2017, CIFI Holdings announced that it, Ping An Investment Manager, and Ping An investors had entered into a Ping An subscription agreement, under which CIFI Holdings would issue 545 million new shares to Ping An Investment Manager at a discount of approximately 12.94% to today's closing price at HK$3.5 per share, representing approximately 7.4% of the enlarged share capital.</p><p>The net proceeds from Ping An's subscription will be approximately HK$1.907 billion, which CIFI will use for its development or as general working capital for the group.</p><p>Previously, Ping An owned approximately 200 million shares of CIFI Holdings. After this increase in holdings, Ping An now owns more than 700 million shares of CIFI Holdings, accounting for about 10% of its issued share capital.</p><p>At the time, Lin Zhong, chairman of CIFI Group, stated at a communication meeting that CIFI would maintain rapid growth of over 40% over the next five years. \"We must enhance our competitive advantage of scale and leverage the ability of scale to allocate resources.\"</p><p>Strive to enter the top of the industry by 2020, with a sales target of 300 billion yuan.</p><p>Looking back now, CIFI Holdings' goal is far from being achieved, with total sales of only around 230 billion yuan in 2020.</p><p><img src=\"https://static.tigerbbs.com/a28d656c65daf003e37c917b1ff01eef\" tg-width=\"918\" tg-height=\"530\" referrerpolicy=\"no-referrer\"></p><p>As of the end of 2020, Ping An still held more than 500 million shares of CIFI Holdings through Ping An Life Insurance and Ping An Asset Management Hong Kong.</p><p>Based on the closing price of HK$6.1 on June 28, Ping An's holdings of CIFI shares are worth more than HK$3 billion, which would be a decent unrealized profit.</p><p><img src=\"https://static.tigerbbs.com/806dfd2ff35d34502fd3b543e0725b65\" tg-width=\"605\" tg-height=\"410\" referrerpolicy=\"no-referrer\"></p><p>There are many more stories of Ping An Insurance investing in real estate companies. For example, Sun Hongbin of Sunac once pledged some shares to Ping An, and he also invested in Landsea...</p><p>In general, there are big profits and huge losses.</p><p>Currently, the investment in China Fortune Land Development has become a hot potato, and China Jinmao is also having a tough time.</p><p>As for the future of the acquisition of Raffles City assets, remains to be seen.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/pd2BfFeUP5fUOnSyCDzw0w\">杠杆游戏</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a4975bcb8e86837e1bea3ab798408b0a","relate_stocks":{"601318":"中国平安","02318":"中国平安","03145":"华夏亚洲高息股","LU":"陆金所"},"source_url":"https://mp.weixin.qq.com/s/pd2BfFeUP5fUOnSyCDzw0w","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1144232954","content_text":"6月28日，中国商业地产界有大事。\n凯德集团向中国平安人寿保险出售位于中国的6个来福士资产组合的部分股权。\n本次合作涉及项目包括上海来福士广场、北京来福士中心、宁波来福士广场、成都来福士广场、长宁来福士广场以及杭州来福士中心，该资产组合的总资产价值为467亿元人民币。\n\n按照协议，平安收购上述资产组合的部分股权，交易完成后，凯德在各项目中的持股比例，从交易前通过私募基金持有的30.7%-55%，变更为12.6%-30%，并继续负责项目的运营及资产管理。\n这是继2018年凯德集团通过旗下全资子公司凯德商用，向万科旗下商业地产平台印力集团，出售在中国20家购物中心项目的100%股权及相应负债，交易价格为17.059亿新元（83.65亿元人民币）后，凯德再次出售巨额资产。\n这引发了很多猜测和讨论，当然今天杠杆游戏重点不说凯德。而是要说说接盘大亨平安。\n很多人都说，中国最大的房企不是恒碧万，最大的大鳄是平安集团。\n首先，平安的商业地产遍布全国大城市。如下图。\n\n图表来源|楼市探索者（特此感谢）\n商务、商业楼宇之多，简直太厉害了。\n其次，平安还与大量的房企合作，并拿下很多的地产项目。\n最受关注的，莫过于入股华夏幸福，成为第二大股东，因为平安陷入窘境。与此同时，平安还是碧桂园第二大股东、中国金茂第二大股东、旭辉控股第三大股东……\n对，今天我借平安收购6座来福士资产，用数据谈谈上述此前的大投资，今天都怎么样了。\n1\n180亿元拿下华夏幸福25%+的股份，如今华夏幸福总市值仅剩下206亿元\n2018年，华夏幸福的控股股东华夏幸福基业控股股份公司（下文简称“华夏控股”），与平安资产管理有限责任公司签订《股份转让协议》，向平安资管转让5.82124502亿股华夏幸福股份，占华夏幸福总股本的19.70%。\n当时，标的股份的转让价格确定为23.655元/股，转让价款共计约137.7亿元，这一价格距离合约前一个交易日收盘折价约5%。\n当然，平安不是白给钱买股份。\n当时华夏幸福承诺，将以该公司2017年度归属于上市公司股东的净利润为基数，在2018年度、201年度、2020年度的净利润增长率分别不低于30%、65%、105%，即2018年度、2019年度、2020年度归属于上市公司股东的净利润分别不低于114.15亿元、144.88亿元、180亿元。\n否则，华夏幸福将对平安资管进行现金补偿。\n后来我们知道，华夏幸福遇到了前所未有的困难。\n2019年，华夏控股通过协议转让方式，再次向平安资管继续减持约1.7亿股公司股份，平安资管以其受托管理的保险资金继续增持约1.7亿股公司股份，占公司总股本的5.69%，每股价格为24.597元，转让价款共计约42.03亿元。\n两次交易，华夏幸福大概获得了180亿元资金。\n中间华夏幸福和平安的故事，杠杆游戏就跳过。直接看如今的情况。\n\n截至2021年6月15日的持股情况，平安旗下的3个保险产品股东，持有华夏幸福980,328,766股，合计占25.05%。\n然后接着看，6月28日收盘，华夏幸福股价报收5.26元/股，总市值仅有205.86亿元。\n2018、2019年，平安拿下华夏幸福25%+的股份，就花了180亿元。\n按照6月28日的收盘价，平安目前持有华夏幸福980,328,766股、25.05%的股份，市值仅为接近52亿元。\n2\n投资碧桂园，浮盈惊人\n2015年，平安人寿以每股2.82港元的价格，购买碧桂园22.36亿股股份，投资额约为人民币62.95亿元，约占发行后碧桂园总股份数的9.9%。\n中国平安于此成为碧桂园的第二大股东。\n此后6年发生的细节，杠杆游戏也不多谈。直接跳到当下。\n截至2020年末，平安持有碧桂园1,947,066,000股，占8.8361%。\n我们接着看6月28日的收盘价，9港币/股。\n对应的平安股份大概值175亿港币，浮盈惊人。\n此前平安，已经套现一部分。\n在碧桂园身上，平安表现得很成功。\n3\n4块8港币跻身中国金茂第二大股东，今天股价2块7港币不到\n2019年的夏天，中国金茂发布公告：\n\n 根据平安协议及新华协议之条款及条件，控股股东中化集团以每股4.8106港元价格分别向平安及新华人寿出售17.87亿股及1555万股股份。\n\n值得关注的是，平安认购17.87亿股股份后，占股本约15.20%，由此成为第二大股东。\n上述交易之后，中国金茂的央企属性未变，中化集团的持股比例由49.71%降至35.1。\n而此前作为中国金茂第二大股东的新华人寿，仍持股约9.18%，位列股东第三位。\n2020年春天，金茂公告称与平安成员企业签署了金融服务框架协议，涉及金额超过210亿元，年度最高贷款上限达100亿元。\n公告显示，金茂将在有需要时，使用平安成员企业以非独家方式提供的金融服务。\n截至2022年12月31日止三个年度，平安将在金融服务框架协议下提供存款服务、贷款服务及融资性保理服务，各自年度上限别为80亿元、100亿元和30亿元，总计210亿元。\n该额度，大大超过了目前金茂同平安成员企业之间的历史交易金额。\n不废话，截至2020年末，平安持有中国金茂1,787,077,435股，占14.0314%。如上图。\n截至6月28日收盘，中国金茂的股价报收2.69港币。杠杆游戏主注意到，2020年股价冲顶后，中国金茂总体一路往下，一个惨。\n过去一段时间，我们难得媒体上看到中国金茂的好消息，杠杆游戏此前也有写。这家央企旗下的地产公司，混得不好。\n4\n战略投资旭辉，浮盈还可以\n时间回到4年前的夏天。\n2017年7月27日晚间，旭辉公告称，该公司、平安投资管理人及平安投资者订立平安认购协议，旭辉将较今日收市价折让约12.94%按每股3.5港元向平安投资管理人增发5.45亿股股份，占扩大后股本约7.4%。\n此次交易平安认购所得款项净额将约为19.07亿港元，旭辉将用于其发展或用作集团一般营运资金。\n此前，平安共拥有旭辉控股约2亿股股份，经过此次增持，平安共拥有旭辉控股约7亿多股股份，占其已发行股本的10%左右。\n当时，旭辉集团董事长林中在一场沟通会上表示，未来五年旭辉要保持40%以上的快速增长。“要提高规模的竞争优势、发挥规模对资源的配置能力。”\n力争在2020年之前进入行业TOP8，3000亿元销售目标。\n如今回过头去看，旭辉的目标远没有实现，2020年全口径销售额只有2300亿元左右。\n\n截至2020年末，平安通过平安人寿、平安资管香港公司，仍旧持有旭辉5亿多股的股份。\n如果按照6月28日6.1港币的收盘价，平安持有的旭辉股票价值30多亿港币，浮盈也还可以。\n\n中国平安投资房企的故事还有很多，比如融创的孙宏斌曾经质押了一些股票给平安，还比如投资朗诗……\n总的来说，有大赚有“巨亏”。\n就目前来说，投资的华夏幸福成了一个烫手山芋，中国金茂的日子也不好过。\n至于收购来福士资产，未来如何，以后见分晓。","news_type":1,"symbols_score_info":{"601318":0.9,"02318":0.9,"03145":0.9,"PAImain":1,"LU":0.9}},"isVote":1,"tweetType":1,"viewCount":4486,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
