Pan Shiyi couple flashes

Lightly described, but had a long conspiracy.

Wen 丨 Chinese Shang Tao Lue

When SOHO was listed in 2007, Pan Shiyi and his wife reached 50 billion yuan. In March of this year, the Hurun Global Rich List showed that this number had dropped to 21 billion yuan.

With 15 years of withdrawal, wealth has shrunk by more than half, but compared to many of the ambitions and only competing for their peers, their ending so far is still too strong.

[Both husband and wife return home]

"Always say that I am running away, it's all rumors."

Pan Shiyi, who has been selling assets and denied that she wants to "run", finally, the assets cannot be sold, and people must "flash" first.

At noon today (September 7), SOHO China announced on the Hong Kong Stock Exchange. Pan Shiyi has resigned from the position of the chairman of the board of directors, the chairman of the nomination committee and the chairman of the ESG committee. His wife Pan Zhangxin has also resigned as the company's Chief Executive (CEO).

This means that Pan Shiyi and Zhang Xin will bid farewell to SOHO together, "the husband and wife will return the home."

It can also be seen from the announcement that SOHO China is deliberately diluted the influence of the two founders' departure. The announcement name is just a few words:

Management and board changes.

But this is a long -planning leaving.

Since 2019, the market has reported the news of the Pan Shiyi couple "Golden Pan washing" many times.

In October 2019, it is reported that SOHO China is considering selling its rights and interests of 8 office buildings in China, with a total value of about 50 billion to 60 billion yuan. But soon, the news was gone.

In March 2020, during the most severe epidemic, SOHO China took the initiative to announce that Blackstone plans to privatize SOHO China. The total transaction price is about $ 4 billion, but the epidemic continued and the transaction was soaked in soup.

Even so, Pan Shiyi is still "the sky is going to rain, the mother is going to marry, and he wants to sell the company."

On June 16, 2021, SOHO China issued another announcement. On behalf of Blackstone, Goldman Sachs issued a full acquisition offer to complete its privatization at the price of 5 Hong Kong dollars/share. Calculated, this price was 1 billion US dollars less than the previous year.

Pan Shiyi and his wife held SOHO 63.93%of the equity of China, and it was also less than 10 million yuan a day in the past year. However, Pan Shiyi still has to sell, but it is still not sold.

Less than two months later, the General Administration of Market Supervision issued a notice to submit an official filing review of the contractor in accordance with the "China Anti -Monopoly Law".

Pan Shiyi, who is known as "Smile Tiger" in the circle, is behind a harmless man and animals. The real estate environment in these years, and his personal environment has become more and more unfriendly, so that his true face of Lushan can no longer be hidden, so it takes time to close it. On the plan.

Prior to the overall sale, Pan Shiyi and Zhang Xin had ducklings average, and sold a large number of non -core properties little by little. According to statistics, from 2014 to 2019, SOHO China has sold a total of about 29.3 billion yuan.

The income of the building was finally transformed into a generous dividend. From 2006 to 2020, SOHO China scored 12 times with a total of 20.778 billion yuan. According to the calculation of the share ratio of the Pan Zhang and his wife, the couple obtained a total of about 13.3 billion yuan in dividend cash.

If SOHO China is compared to a cow, and after the Pan Zhang's continuous milking, SOHO China not only gets thinner, but also leaves the core assets, and the value -added space in the short term is almost the same.

From 2012 to 2019, SOHO China revenue shrunk from 15.305 billion yuan to 1.847 billion yuan, and there was no left.

SOHO China Financial Index over the years

Correspondingly, SOHO China no longer develops new projects, but just takes the rent to collect rent.

By 2019, when it was decided to pack it to Blackstone, SOHO China still has the eight landmarks of the eight landmarks of the eight landmarks of the eight landmarks of the eight landmarks of the eight landmarks in Wangjing SOHO, Guanghua Road SOHO, Lize SOHO, Qianmen Street project, and Shanghai's Bund SOHO, Tianshan Plaza, Fuxing Plaza and Gubei SOHO Projects ... all of the geographical location and topic conditions of the soil and gold.

But as many people feel the common feelings, SOHO China buildings often look at it but they are not used, and their rental prices have not been worthy of the superiority of the location. In 2019, its total assets were nearly 70 billion yuan, net profit was only 1.331 billion, and the return rate of assets was less than 2%.

For such a low return, Pan Shiyi was dissatisfied, and he basically could not operate improvement in the short term.

On the other side, by the end of 2019, SOHO China still has a total liabilities of 32.612 billion yuan, of which 1.632 billion yuan in debt due within one year, only 1.2 billion yuan in cash and equivalents during the same period, cannot cover short debt.

I do n’t make much money, and I often worry about money. The most important thing is that I have no shortage of money, so I ’m going to sell it and sell it lightly. But in the end, the relevant departments did not let go, and even were counted as new accounts and old accounts.

On December 2, 2021, seven property companies under SOHO China were fined a total of about 86.64 million yuan by the market supervision department of Shanghai in many places for power prices.

On December 7, 2021, SOHO China announced that its subsidiaries Beijing Jianhua Land Co., Ltd. (hereinafter referred to as "Jianhua Land") received the "Tax Treatment Decision Book" and "Taxation Decision" made by the Beijing Municipal Taxation Bureau Inspection Bureau "Administrative Penalty Decision", eventually required to pay taxes, late fees and fines of RMB 709 million. In March 2022, 15 branches including Beijing Souhou Property Management Co., Ltd. Chaoyangmen Second Branch, Haidian Huangzhuang Branch, Qianmen Branch, Sanlitun Branch, Wangjing Branch, etc. The Beijing Multi -District Market Supervision and Administration Bureau was punished and fined, and a total of more than 115 million yuan was fined.

In the same month, SOHO China ’s annual performance report showed that shareholders should have a loss of 131 million yuan at that time, and the main reason for losses included a one -time tax expenditure of about 439 million yuan.

After half a year, the company did not sell it, and the building was still there, but people had to run away first.

I wanted to go public in Hong Kong and wearing the glory and aura of successful entrepreneurs.

It was Lu Yao who knew horsepower, and only when he saw him just talking about it.

[Making money is the only standard]

Founded in 1995, SOHO, known for its low -cost land, is famous for its high -value office building project.

Pan Shiyi's land investment vision, coupled with the design aesthetics and integration capabilities of Zhangxin Wall Street elite, has created a number of landmark buildings such as Beijing SOHO Modern City, Sanlitun SOHO, Zhongguancun SOHO and other landmark buildings.

At the time of fullness, SOHO once occupied nearly half of the sales of Beijing CBD regions.

Sanlitun SOHO building complex

In order to sell the building, Pan Shiyi once made movies, hosted, and wrote books, and made himself a real estate entertainment star, and then ran to Shanxi and Inner Mongolia with a successful entrepreneur aura to sell SOHO Wangpu to the coal bosses.

"Beijing's most valuable office building", "As long as you buy my house, I will provide services to him", "People who buy a house with money as God ..."

In those years, Pan Shiyi gradually became a Volkswagen idol and turned it into a realization influence: According to the news, customers who bought more than 50 million yuan at that time could have a meal with him, like "Chinese version of Buffett's lunch".

Even because of the popularity, the threshold for meal tickets quickly rose to 100 million.

In 2005, the average price of commercial housing in Beijing was 6725 yuan/㎡. Pan Shiyi took 700 million from Shanxi people at a unit price of 20,000/㎡. The ultra -high pricing of the market has also made SOHO a golden chicken.

In 2007, SOHO China, which was listed in Hong Kong stocks, set a record for the largest commercial real estate IPO in Asia that year. At that time, Pan Shiyi and his wife Zeng Lizhi would exceed 100 billion and Super Vanke within five years.

Moreover, they did work hard.

Three years later, SOHO China with an annual revenue of 18.423 billion yuan, the volume surpassed Evergrande, almost three times that of Sunac.

But now looking back, the pose of hard work is not right.

SOHO, which expands at full speed, broke out the property quality and management chaos in the split light.

In 2010, Beijing SOHO still had hundreds of owners' rights protection incidents with SOHO. The merchants reported that SOHO lacked a unified plan for the property, the format was chaotic, and the hot pot restaurant was foot therapy. Foreign language teaching, nail shops and gymnasis were on the same floor as neighbors.

Shanxi bosses, which spent a lot of money, also discovered a huge gap. The so -called golden shop, some could not be rented for two or three years. The cost is at least 28 years.

Popular idols are broken into one ground. In the winter season, dozens of foreign owners wearing capital "tragic" T -shirts, shouted in front of the SOHO office building, "Pan Shiyi, big liar!"

Under the pressure, Pan Shiyi decided to transform.

In 2012, SOHO China began to change from the release model to its own property model, that is, just renting and not selling. Pan Shiyi's abacus is that he can not only enjoy the value of the house, but also has a good cost. He judged at the time that the rental return of the office building:

It can be at least 10%.

However, SOHO's early high -priced hype and "refund door" overdrawn the market trust. Excessive marketing reflection+practical flaw+Chinese office building economy is immature, which has caused SOHO rental returns to last 3%.

Seeing that this road was unreasonable, Pan Shiyi quickly turned the bow again, from only to rent or not to a large wholesale.

From 2014 to 2019, Pan Shiyi sells assets in a large number of hair styles every year:

Shanghai SOHO Hemon Plaza and Jing'an Plaza are sold to Financial Street; half of Shanghai SOHO SOHO properties are sold to Ctrip, 50%equity of Shanghai Bund's 8-1 plot is sold to Fosun, Shanghai SOHO Century Plaza is sold to Guohua Life, Shanghai Hongkou SOHO is sold Give German Andlian Insurance and Singapore Grandma, 13 projects in Beijing and Shanghai, and a total of 2583 parking spaces are all packaged and sold ...

In 2019, the increasingly clear SOHO China dropped to 259 in the list of housing companies.

Some people sigh that a generation of commercial kings are no longer, but Pan Shiyi believes: "Low buying and high sale is the eternal law of doing business." Ms. Zhang Xin is more straightforward: whether to buy and sell, the only criterion is whether it can make money. Jobs once said: "I hate a kind of person. They call themselves 'entrepreneurs'. In fact, what I really want to do is to create a company and sell it or go public, they can realize it."

"They are unwilling to do the work that they need to do to create a real company is the most difficult job in the business field ... To create a handed down company, not just to make money."

I do n’t know if I have seen the ending of China's real estate today, or I am tired of the real estate when I walk. It is really just "realizing it." The Pan Shiyi and his wife have basically lacked the enthusiasm of creating a real company.

SOHO's houses are generally poorly used in houses and are almost recognized in the industry. Including the newly dominated buildings, and the project itself, it has been repeatedly criticized.

In Beijing, SOHO, which shows the "super -modern concept", is called "Chinese but not real bird cage".

Song Dandan once called Ban Pan Shiyi on Weibo: "Such a good location on the south of Chang'an Street, you have covered such an ugly cheap building (SOHO), destroying the scenery of Beijing enough, don't build it again, please don't build it. is you."

In Shanghai, the Bund SOHO was also questioned and destroyed the urban architectural style because of the pursuit of a high volume ratio.

But sometimes, personal efforts really need to combine the historical process. In the past three years, fishing and two days have been exposed to the net. From the facts so far, even if the Pan Shiyi couple's ending is not satisfied, it is acceptable.

When many hard -working colleagues fell into a huge debt crisis, they had long been stunned to save financial and strength.

With 15 years of withdrawal, wealth has shrunk by more than half, but compared to many of the ambitions and only competing for their peers, their ending so far is still too strong.

For example, on the 2022 New Fortune 500 Rich List, Xu Jiayin's latest value is only 13.1 billion.

But none of them can be kept, nor can they go.

[Both husbands and wives are ghosts and ghosts]

Pan Shiyi, who has long been deliberately low -key, still has more than 18 million fans Weibo.

In the years of popularity, he was not only a successful entrepreneur, but also a big Internet celebrity.

He filmed movies, hosted, carpentry, photography, learning programming, writing, paying attention to haze, and even sending Pan coins.

In 2012, with a Weibo with more than 300 million users, it released a Chinese Weibo Opinion Leader Ranking. The first place is Pan Shiyi, which is higher than Ma Yun, higher than Li Kaifu, Lang Xianping, Fang Zhouzi and other celebrities. Essence

On Weibo, Pan Shiyi is not only popular, but also high. What topic can speak, what topic must be seen without seeing, what must be Tai Chi gossip and mud, he is clear than many old revolutions.

For a long time, in the gesture of human and animal harmless, many netizens also sent him a name:

Xiao Pan Pan.

Behind this beyond immortality is Pan Shiyi with a successful person's image and entertainment marketing. With his own power, SOHO China saves a large amount of publicity costs: the promotion cost of other real estate is 3 ~ 5%, and SOHO as long as SOHO is less than less than not. Seven thousandths.

In 2018, the pressure of "don't let Pan Shiyi run away" was increasing, and the ancestral tomb of Pan Shiyi's hometown was picked up.

The public opinion was aggressive, and Lao Pan suddenly sincerely said at a press conference: The money we make is enough. The problem now is how to spend these money and spend it to the most needed points in the society.

However, the most well -known public welfare project of the Pan Zhang is a very controversial donation of $ 100 million to set up a school aid. He put money into overseas famous universities such as Harvard and Yale to fund Chinese students to study overseas.

After the donation, Pan Shiyi's two sons attended Yale and Harvard.

Cao Dewang once meant that this charity was deeply evaluated:

"All the existences make sense. Pan Shiyi and his wife are all ghosts and ghosts."

Not only is the donation "going global". In the past 10 years, Pan Shiyi and his wife have been investing in "going out".

While continuously clearing the Mainland, they made a series of buying and buying abroad.

In 2011, it spent $ 700 million and bought the office building of the Hong Kong Director of the Hong Kong Director next to Manhattan Plaza in New York; in 2012, spent $ 600 million, acquired 49%of the equity of the Park Avenue Plaza in Manhattan;

In 2013, Zhang Xin jointly teamed up with the Brazilian Safra family to acquire 40%of the equity of GM Building in the United States for $ 1.4 billion. The transaction became one of the largest Chinese investors in the United States in the United States.

In addition, Pan Rui, one of Pan Shiyi's eldest son and one of the "Four Four Young Institute in Beijing," also established a real estate company in the UK to win multiple real estate projects in the local area, including the first British student apartment brand Uninn, led by the Chinese.

On the one hand, Pan Shiyi and Zhang Xin, who were questioned by overseas clearance, have explained that the funds invested overseas are from family trusts and have nothing to do with SOHO China.

But it is this family trust holding Pan Shiyi and Zhang Xin's 3.324 billion shares in SOHO China, 63.93%of the shares.

Many years ago, Pan Shiyi, who was still "Xiao Pan Pan", said that when he talked about his dream, what he was particularly yearn for his heart was to return to his northwest hometown, live in the cave and let go of sheep. People scolded me ... "After the news of Soho China was about to sell, someone had ran to Pan Shiyi to ask him if he was" really going ", and some people called him" old thief ", but Pan Dong was used to it. Big battle, as always listening to songs and tea tasting, did not respond.

Now that "flashing people" come true, he left a word: "Focusing on supporting art and charity."

It is quite dramatic that SOHO China, the founder of the announcement of the announcement, has soared in a straight line, up to 17.65%, and the closing increase is still as high as 11%.

I wonder if this is good?

【Reference Information】

[1] "Pan Shiyi's coal owner idol is said to have bought a house over 100 million yuan, but eat with him" First Financial Daily 2013-02

[2] "SOHO Shang both opened two years of rent now, the owner of the cabbage price for 28 years before returning to the book" Business Daily reporter Wang Ying Lai Minister 2009-12

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