Vol 6 Chapter 626: Daegu

On the last day of September, Blackstone sold the Hilton Group and dealt with the news of part of the commercial real estate it held, shaking the entire Wall Street.

Some people are shocked by Blackstone's decisive decision. You must know that after emergency consultations between all parties, Paulson's rescue plan will once again pass through the House of Representatives on the 2nd.

Some people were shocked by Blackstone's loss. No matter how important and significance Su Shiming said this sale was, everyone could see their loss on the Hilton project.

When it was acquired more than ten months ago, it was $26 billion, but now it is only worth $5.6 billion!

Over 20.4 billion US dollars was lost!

Those who know the details of the original acquisition think that the sale price is very interesting, because isn't this the part of the funds that Blackstone gave out when it originally acquired Hilton?

Some people were shocked by Blackstone's skills. At such a time, they were able to relieve the bank group that had loaned them for this project by 3 billion US dollars in debt.

This is equivalent to reducing their losses by $3 billion.

More people who don't know the inside story are shocked by the depth of the impact of this crisis. It turned out that even companies like Blackstone can't support it now, so have to rush to sell their assets?

Also, will commercial real estate become a taboo for investment from now on? Lehman died on this, and Blackstone, who had never missed anything in this regard, actually suffered such a big loss.

Regarding this statement, Su Shiming really wanted to shed a handful of sad old tears. Who thinks, who thinks so, is it because Goldman Sachs, a young man, and outsiders in the industry come to bully people? ...

But in any case, if there is action, it will naturally have an impact. Blackstone's vigorous effort to relieve the burden of debt relief has quickly been affirmed by the market. After the news came out, their stock price quickly rose by more than 7%!

…………

On the Goldman Sachs cruise ship on the Hudson River, Lauder and Gary Cohen went to the office building in New Jersey to sit in the open-air seats at the stern.

From this perspective, Manhattan under the blue sky and white clouds is just as spectacular and beautiful as many people dream of.

But the two of them didn't look there at all.

Gary Cohn put down the newspaper in his hand, threw the briefcase on it, and smiled happily, "Blackstone really spent a lot of effort on public relations this time."

Lauder touched his head with little hair. "This is completely predictable. Didn't you find that Su Shiming has no lower limit?"

For the two of them who fully knew the inside story, the news disclosed in the newspaper, including the terms of the agreement, was really quite different from the actual situation.

In fact, Feng Yiping’s final purchase price was a bit higher than 17%, but it was only 5 billion US dollars. In order to explain to shareholders, Su Shiming at least kept the company’s initial investment quota and allowed them to increase it to 5.6 billion US dollars.

And this extra 600 million US dollars, it is certainly impossible for Feng Yiping to pay, but they also proposed a solution, which is deducted from those commercial real estate for Feng Yiping.

He was able to do this because in February last year, their other acquisition project, which spent nearly $39 billion to acquire EOP, the nation's largest commercial real estate company, was already profitable.

In the four months after the acquisition of EOP, Blackstone sold half of the commercial real estate held by EOP through a quick spin-off, and has recovered $28 billion.

They sold properties worth more than 19 billion U.S. dollars for a high price of 28 billion U.S. dollars, or, after processing only half of the assets, they recovered more than 70% of the investment... No matter what accounting standards they follow, they are all one A profitable project.

However, considering that the remaining half of EOP’s real estate is still an asset that no one cares about. On the basis of profitability, sell these non-realizable assets to reduce the company’s debt. Some of the plans proposed by Su Shiming, for example, at current prices It’s obviously not difficult to get the board’s approval...

This can also be regarded as a win-win workaround. Su Shiming won face and Feng Yiping won Lizi.

Cohen looked at the boss and suggested, "How about I call the TV station and ask them to find some experts to talk about the impact of selling Hilton on Blackstone's investment strategy in the hotel industry?"

If Su Shiming knew Cohen's plan at this time, he would immediately jump from the sky in a helicopter and fight him desperately.

Because Hilton is the most important part of Blackstone's layout in the hotel industry.

LXR luxury resorts are too high-end and target limited users, while the economy chain LaQuinta has many users, but because of the low prices, the profit is limited.

Luxury hotels like Hilton are not only an important link in the improvement of Blackstone's high-, middle- and low-end chain in the hotel industry, but also their main source of income in the hotel industry.

And they sold Hilton, which naturally meant a failure in integrating the hotel industry.

If the market interprets such information, then Blackstone's stock price may not have risen by 7%, but may have fallen by 8%.

In this series of transactions, Su Shiming, who actually didn't take any advantage, could accept such a result?

Lauder thought for a moment, then shook his head, "Forget it,"

Cohen quickly understood the boss's meaning, "Yes, at this time, such an analysis cannot completely knock down Blackstone."

The current situation is that Blackstone's stock price has risen by more than 7%, which is to spread the remarks that Blackstone has failed to integrate the hotel industry. Generally speaking, Blackstone's stock price may be the same as its original level.

Considering that the rescue plan is being intensively advanced, it is unrealistic to use this to knock Blackstone down on the road to the dawn of victory.

And Cohen also knows the boss's skill well, and in a simple summary, it is either not to do it, to do it, to kill the opponent to avoid future troubles.

If not, hit this one today and attack the other one tomorrow. Although it has had a certain impact on their strength, it did not completely end the family. The final result is that they are all enemies on all sides, that is, even if Goldman Sachs strength No matter how strong it is, no matter how strong it is in the political world, it is afraid that it will be hard to beat four hands.

So, if you want to do it, you have to do it with Bear Stearns and Lehman not long ago, and make a small hand according to the situation. The movements are not big, but they are all on their dead spots. , So that they will never recover, even the possibility of revenge against Goldman Sachs does not exist.

Lauder shook the newspapers in his hand, took another look, rolled them into a roll, and threw them into the trash can on the side. "Don't you think that in this crisis, Feng, is more than the people on Wall Street who appeared on the scene? Want more?"

Cohen can't hold the boss' pulse this time. What does this mean? Does the boss have to deal with Feng Yiping?

But at least for now, we are in the same boat.

So he said something that can’t be wrong, “Feng’s gains in this crisis really make us feel ashamed and jealous.”

Lauder nodded when he heard the words, that was really jealous!

CDS contract, Feng Yiping's joint fund income, more than 20 billion US dollars-this is still not considered in the case of subsequent income.

For example, Lauder knows that Goldman Sachs's shares in ICBC that have been transferred to Feng Yiping will definitely appreciate in the future.

And this time the benefits of acquiring Hilton also made him jealous.

First of all, Hilton, which was worth $26 billion last year, was bought by him for $5 billion.

Secondly, he acquired the US$20.5 billion loan from the bank consortium, with an average of less than 40% off, that is, no more than 12 billion US dollars at most. In the end, he only gave Blackstone a reduction of 3 billion US dollars, which is also worth 17.5 billion US dollars. This piece of income is another 5.5 billion US dollars.

But to say that this piece is more than 5.5 billion U.S. dollars, because if there is no such loan, then the joint fund's original contract, some of the proceeds, may not be able to collect back.

Secondly, the real estate of EOP that was taken over from Blackstone is so low that it will appreciate next year.

Of course, the main gain is Hilton.

If you calculate from the book ~www.wuxiaspot.com~ to acquire Hilton, Feng Yiping earned at least 10 billion U.S. dollars. Blackstone originally acquired Hilton at a 40% premium, which was then worth $15.6 billion.

But in the long run, it's much more than that.

After the crisis is over, Hilton will be IPO again. The gain at that time is more than 10 billion US dollars?

So the total sum of these zeros and zeros, as far as they know, in this crisis, Feng Yiping's harvest is 50 billion US dollars, but it will never be less than 40 billion US dollars!

I have to admire, so I have to be vigilant.

Seeing that Su Shiming had no power to fight back under Feng Yiping's arrangement, Lauder was happy, but in fact there was a bit of sorrow and sorrow.

He turned his head, and Blackstone's office building in New Jersey was right in front of him. With a sigh, he quietly dissipated in the wind of the Hudson River...

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