Leju Finance and Economics Forest is originally from Nanchang.
In business, there are no eternal friends. Shell has drawn an ally from the "anti-shell alliance"-Central Real Estate, which is the truest portrayal.
Zuo Hui covets the initial scale of Zhongyuan Real Estate, while Liu Zhihai hopes to be with higher-level players. In this way, under the matchmaking of "interests", the two sides are in perfect harmony and come together.
Liu Zhihai is not so much a fan of Lao Zuo as a faithful believer of "Daoism". In the WeChat circle of friends, he will advocate and forward speeches and articles about long-termism.
In his view, the choice of shell has nothing to do with "shell", "because the values behind it represent a direction and a trend."
Liu Zhihai, who was originally low-key and rarely interviewed, seems to have gained more confidence and made more appearances.
1October 3, 165438, one year and four months after entering the bay, Central Real Estate held a 500-person strategy conference in Ning, which was unprecedented, but neither Zuo Hui nor Peng Yongdong appeared on the platform.
At the scene, Liu Zhihai launched the scale plan of "100 cities and 10,000 stores" and drew a pie: in the next five years, it will realize the coverage of 10,000 stores in the whole country 100 cities. However, at present, Central Real Estate only covers 30 cities across the country, with more than 3,000 stores and more than 20,000 brokers, which is far from the target.
As a new brokerage brand cooperated by Ke Holdings Inc, the most important KPI of Central Real Estate at present is to fight the "sinking war" of third-and fourth-tier cities and lobby local intermediary enterprises to join the shell. But don't forget, Deyou, another chain brand owned by Zuo Hui, is also concentrated in second and third tier cities.
When Shu was a "wild army in the rivers and lakes" in the central region, it met its own "regular army" Deyou, and a bitter battle has just begun.
Sell shells
Central real estate's commitment to Ke Holdings Inc is full of twists and turns. The object that Liu Zhihai wants to hold hands with is that I love my family.
20 18 12: I love my family. It is planned to issue shares to 0/9 shareholders of China Central Real Estate, such as Xiangrongrui Investment, Liu Zhibin and Liu Zhihai, and pay cash to purchase 0/00% equity of China Central Real Estate. In Liu Zhihai's view, there is actually an equity swap between Central Real Estate and I love my family.
However, I love my family's acquisition of central real estate, but there has been no following, and I have been stopped at the audit and evaluation of assets. More dramatically, the two sides just broke up during the period of 20 19.
During this period, Shenzhen Stock Exchange pointed out in an inquiry letter to me that I love my family that Central Real Estate was subjected to six administrative penalties from 20 16 to 20 17, with fines ranging from 200 yuan to 30,000 yuan. At the same time, there are two subsidiaries of Central Real Estate that have not been filed by real estate brokers, and there is a risk of being punished or restricted by relevant authorities.
According to the analysis of people close to me and those who love my family, the reason for M&A's failure lies in the fact that in the process of reconciliation and audit, the actual situation is quite different from the original expectation, and the internal management problems and norms in Central are not enough; In addition, in the process of performance betting, some terms have not been settled, so it is impossible for Central to evaluate the profit betting.
After the transaction ran aground, Liu Zhihai, the owner of Central Real Estate, still wanted to rely on the big platform. He warned himself, "To build a century-old brokerage brand, you need to be with a higher level of players."
Less than two months after the breakup, the plot took a shocking turn. Central real estate not only broke up with me and my family, but also defected to the "real estate alliance" and joined the branch holding company ..
In July last year, the scandal between the two sides was raging. At that time, the shareholders of Central Real Estate changed, 13 investors and institutions withdrew at the same time. Two corporate shareholders companies, Tianjin Yunju Real Estate Agency Co., Ltd. and Smart Linkage (HK) Co., Ltd., were added, holding 33.5438+0% and 28.4956% respectively.
Only from the equity relationship, we can't see the direct relationship between Tianjinyunju and Ruilian enterprises and Heke Holding Company ... But what is certain is that Liu Zhihai ceded the throne of major shareholder to a third party, and the shareholding ratio of him and his brother Liu Zhibin decreased to 18. 13% and 18.7 1% respectively.
At the same time, Central has also experienced a round of personnel changes.
According to the investigation, Liu Zhibin stepped down as chairman, Liu Huayu, Xie Lili and Liu Peng served as directors, Chen Bin served as chairman of the board of supervisors, and Jin Jianhui and Zhang Dongju served as supervisors. In the new management team, Liu Zhihai is the chairman and manager, Tan Yongxu and yu zhang are directors, and Liu Xu is the supervisor.
The difference between ordinary and ordinary
Then, on August 19, 2065438, Central Real Estate and Ke Holdings Inc reached a strategic cooperation and held a huge press conference. Although he didn't attend in person, he sent Zuo Donghua, CEO and vice president of Keke Holdings Limited, to the platform.
At the meeting, Liu Zhihai said, "Central Real Estate chose to maintain independent development. At present, I mainly do my own thing. Through the support provided by Ke Holdings Inc, central real estate expects to achieve the goal of 100-city stores, but does not rule out the possibility of being acquired by other companies in the future. "
This statement is quite intriguing. In other words, Central seems to use shells as a springboard. As long as the goal can be achieved, it doesn't matter who is Jin Dad.
On the one hand, central real estate and branch holding company entered the honeymoon period of love; On the other hand, "ex-girlfriend" I love my family, and I am not to be outdone.
I love Xie Yong, the chairman of my family, who shouted in his Mid-Autumn Festival speech in 20 19, "In August, 80 stores in Nanchang/KLOC-0 left the shell platform and joined Nanchang Ai Jia, making our offline stores in Nanchang reach 545, ranking first in Nanchang market."
According to Leju Finance, in addition to Nanchang, the former executives of Central in Wuhan, Zhengzhou, Chongqing and Kunming also resigned angrily and started businesses in succession. The shopkeeper flipped the card and turned to "shell-less system".
According to industry insiders, firstly, Deyou focuses on developing second-and third-tier cities, which will inevitably lead to competition with Central, and even push Central to fourth-tier cities; Secondly, in the management culture, the old chain is relatively strong, and the core executives of the company it controls will be replaced by their own people, and the old employees in Central will naturally feel uncomfortable; Third, after the listing of Shell, the scale of Central is not so attractive to it.
In addition, Central is a strong management model with specific system and management logic. The so-called empowerment shell is to join its management closed loop, which requires its system, trading background and management methods. To a large extent, Central has to give up many existing things, and the cost of management transition is also high. "
Is the real estate in central really good after the shell is added? This answer is only clear to Liu Zhibin.
He also reflected on the challenges he faced after entering the shell: for the headquarters, it takes a lot of time to change from the central system to the shell system, understand the authority and get familiar with the system; For stores, after the grid connection, the house rules and codes of conduct have become more detailed, and many people are not suitable.
Two months after the conference of "Entering the Bay", the shareholders of 20 19 10 2 1 changed again. Liu Zhihai (18. 13%), Liu Zhibin (18.7 1%), Liu Peng (0.39%), Qin Shuaihui (0.32%), Ma Tianyou (0.28%) and Bin Chen (0.28%). The newly-added Shibi Limited, Zhu Mei Limited and Mingke Limited hold 18.7 1%, 1.09% and 18. 13% respectively.
Of course, this round of equity change is still not over.
On the last day of 20 19, Tianjin Yunju and Ruilian enterprises withdrew from Central Real Estate at the same time and added Bondo Development (Hong Kong) Co., Ltd. (Shell Development (Hong Kong) Co., Ltd., hereinafter referred to as "Shell Development Hong Kong"), with a subscribed capital contribution of 56.7 million yuan.
Up to now, Shell Development Hong Kong, Shibi Limited, Mingke Limited and Zhu Mei Limited hold 62.07%, 18.7 1%, 18. 13% and 1.09% respectively. Since then, Central Real Estate has transformed from a Sino-foreign joint venture to a foreign joint venture.
Coincidentally, Shell Development Hong Kong currently holds shares in Central Real Estate, which is exactly equal to the sum of the shares of "mysterious shareholders" Tianjin Yunju (33.57%) and Ruilian Enterprise (28.50%) in July last year.
It can be seen that Shell Development Hong Kong was established in July 2065438+2008, and only invested in two companies, Central Real Estate and Pickup Shell (Tianjin) Technology Co., Ltd. It is worth noting that Shell Development Hong Kong did not appear in the shareholding structure of Keke Holding Company after listing.
In other words, although Shell owns the central real estate, it has not been put into its own listing system, while another brand, Deyou Real Estate Agency, has been put into it by Lao Zuo.
Central real estate finally failed to catch a ride on the shell IPO. /kloc-On the evening of August, 2003, when Lao Zuo and a group of senior officials rang the bell of listing, Liu Zhihai might have mixed feelings in his heart.
People familiar with the matter told Leju Finance, "Zuo Hui wants scale, and has not made a performance bet with Central. If Central is crowded with shells and consolidated, it may adversely affect the overall financial performance of the shells. "
Liu Zhihai's advance and retreat
Central Real Estate, headquartered in Nanchang, Jiangxi, is one of the earliest brokerage brands in China, although it is in a corner.
19 years ago, two brothers, Liu Zhihai and Liu Zhibin, founded Central Real Estate and opened the first central real estate store in Nanchang, becoming the first people to eat crabs in the real estate market.
In 2008, a global financial crisis overwhelmed Liu Zhihai, who was in charge of store rent and staff costs, and began to reduce the number of stores from a medium-sized brokerage company accumulated for seven years to 2 1.
A coin has two sides. It is also the outbreak of the financial crisis that made Liu Zhihai realize the disadvantages of the heavy direct selling model that the industry has always adhered to. "Only by letting the store be self-financing as an independent economy can the enthusiasm of the store be fully released."
The following year, Zhonghuan Real Estate launched the "platform aggregation model", which pioneered the franchise system and direct sales model in the real estate brokerage service track, and pioneered the "Chinese-style franchise" of real estate brokers. Driven by the new model, the number of stores in Central jumped from 2 1 to nearly 100 in just one year, becoming the first in Nanchang market.
From 20 12, central real estate went out of Nanchang and began to expand in the province; In 20 13 years, Liu Zhihai said, "Our trading performance can be 2 1 minute, which is called' central speed' in Nanchang. Before 20 10, there were only 2 1 stores in Central, but now it has grown to 2 10 stores, which will be realized within three years. 20 14 central real estate launches national strategy.
On April 25th, 20 16, Liu Zhihai ushered in the highlight of his life. Central Real Estate was listed on the New Third Board, becoming the first real estate brokerage brand to land in the capital market. At present, its stock is suspended.
Although the scale of central real estate is increasing year by year, the net profit has stopped. According to the data, in the first half of 20 16, 20 17 and 20 18, the central real estate revenue was 654.38+49 million yuan, 229 million yuan and 254 million yuan respectively, and the net profit was 318700 yuan, respectively.
In recent years, as a representative of "Chinese-style joining", the status of Central Real Estate in real estate agency has been declining.
People familiar with the matter pointed out that on the one hand, due to internal corporate governance, Liu Zhihai and Liu Zhibin are the only brothers, and the management holds less shares; On the other hand, because of the misjudgment of major strategies, despite the inherent advantages of strong joining, it did not build core competitiveness at the B end, nor did it iteratively optimize the science and technology system.
According to Leju Finance, the commission for new houses in Urumqi Central for two years could not be settled, and the store suffered serious losses.
Some internal employees even questioned Liu Zhihai, "Why did the central Urumqi branch drop from more than 200 stores in the past to less than 20 now? More words than deeds, too many promises, no cash, no commission for the new house, no refund of the joining deposit. I have a pair of money, what can you do? "
Up to now, there are 9 1 judgment documents involved in Central Real Estate, and the total amount of cases is 68 1 10,000 yuan, among which "house sales contract disputes" account for the highest proportion, reaching 5 1 copy.