Thematic visits
Written by: Lin Leqian
2020-06-22 07:45
Last update date: 2020-06-22 07:45In recent years, we have talked about the leading exhibition (0823), and it is inevitable to mention his overseas trips. Without him, he managed the leading exhibitions of more than 90 people's livelihood malls in Hong Kong. Over the years, he continued to renovate malls to improve returns. However, when the move was "exhausted", the group had to "jump out" of the estate and bring the gold-absorbing model to the mainland and overseas market.
It's just that, for every acquisition project that cost hundreds of millions of dollars, how can it be like buying a catty? Ling Chiu's chief strategy director Qiu Zhaoqi gave an interview with "Hong Kong 01" in detail, and led the exhibition to take the road to Hong Kong. He has inspected more than 200 projects in the Mainland in the past 5 years, and only 5 of them have been acquired from it. ! "It's hard to do things" in the prosperous world of Taiping. The difficulty in the epidemic naturally increases, but the "military division" is still optimistic. "The global economy is frustrated, and owners in many regions have sold suitable properties!"
Link Exhibition has been involved in properties in Mainland China since 2015. Currently, there are 5 shopping malls and office projects in Beijing, Shanghai, Guangzhou and Shenzhen. Mainland assets account for approximately 13% of the overall RMB218 billion asset portfolio. Leading Link has also gained success overseas. Last year, it spent more than 3.6 billion yuan to acquire an office building in Sydney, Australia. The aggressive pace should not be underestimated.
The Link Renovation Mall has seen no breakthrough in recent years, so I have to go out from the estate mall to bring the "Link Mode" to markets outside Hong Kong. (Profile picture)
Finding a good time for new projects under the epidemic
Affected by the pneumonia epidemic, "seal customs" in various places imposed travel restrictions. Qiu Zhaoqi admitted that he could not travel around the world in person, making it more difficult for M&A projects, and he could only rely on the assistance of local experts. Due to the global economic setback, owners in many regions have sold suitable properties, especially in Japan, Singapore, Australia and the United Kingdom, which is considered a good time to lead new projects. However, it was very difficult for him to acquire new properties. In the past five years, he inspected more than 200 projects in mainland China, and finally bought only five of them. In the same year, it was the first time in mainland China.
"It is necessary to fly to meet shareholders all over the world to explain the latest business of the group one by one, often stepping on 3 or 4 cities a day, without food and unconsciousness, it is really hard work." He mentioned that the leader in 2015 Exhibiting 6.6 billion yuan to acquire two Grade A office buildings from Ruian, only shareholders are worried about the pressure on the mainland economy and do not trust its decision. "Later, many European investors have admitted that it is wrong."
Qiu Zhaoqi said frankly that due to external factors, the group may adjust the target of the proportion of related assets, emphasizing that "it is not possible to get old through a book". (Profile picture)
Affected by external factors may adjust the acquisition target
It is not difficult to find that the M&A projects of Link Exhibition mainly focus on the first-tier cities in the Mainland. Qiu Zhaoqi believes that these cities are guaranteed, the construction of new buildings is slower, and he is more confident about the surrounding competition. He will evaluate the property flow, location, and supporting facilities. When it is suitable, negotiate with the owner for price, and then conduct a detailed due diligence. "Zhang Deqi is not clean? The property accounts are the same as the historical points? Are there any leaks in the building itself? Even the machine room and elevator must be inspected in detail. The acquisition process will take several months to a year, which is like a post-mortem examination."
In the early years, the group set a goal of planning Hong Kong properties to account for approximately 70% to 75% of total assets, Mainland properties to approximately 20%, and overseas properties to approximately 10%. He said frankly that due to external factors, the group may adjust the relevant goals, emphasizing that "there is no way to get old through a book." "At present, the global economy is in the doldrums, many department stores are holding their hands, and many people feel that office buildings are risky. However, we always think that office buildings still have demand, and we must choose more stable tenants." It has not seen much impact on the investment climate.
Qiu Zhaoqi believes that there is still demand in the office market, and he needs to choose more stable tenants. (Profile picture)
Chuanling Exhibition negotiates the purchase of the London office project The Cabot for a price of HK$3.9 billion
Linklink's total distributable last year was 5.965 billion yuan. The final distribution of each fund was 145.72 cents, an increase of 3.7%.
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