2020-11-19

I love my family and I am still uncomfortable. Tianliang Fund is the first to bet on the”crossing robbery” of Eggshell Apartments

By yqqlm yqqlm

Guide:Eggshell Apartment:I’m not bankrupt, and I’m not running away, don’t talk nonsense; A:I love my family and I will probably pick it up. B:I love my family and will not pick it up; I love my family (calm state):I have not received relevant notice.

Observer Net·Daju Finance News (Text/Editor Zhang Zhifeng/Yin Zhe) Recently, Eggshell Apartment Continued to fall into bankruptcy, rent redemption, and rights protection storms. Despite repeated”rumors”, crises such as the”running” of long-term rental apartments have attracted great attention from the society. The rumors of eggshell”bankruptcy” have intensified, giving people a desire to come. The sense of.

Under the rumors that I love my family is about to”take over”, the share price of Eggshell Apartments listed on the New York Stock Exchange changed from 1.4 to 1.4 during the two days from November 17 to 18. The U.S. dollar soared to 4.57 U.S. dollars one after another, an increase of 234%. The total market value was 830 million U.S. dollars (equivalent to 5.45 billion yuan). The turnover rate was as high as 509%. The total turnover reached 876 million U.S. dollars. It rose more than 14%before the market on November 19 .

In sharp contrast, the share price of Eggshell Apartments has been sluggish since its listing on January 17 to November 16, 2020, falling from the issue price of $13.5 to 1.37, a drop of nearly 90%. And the turnover of 211 trading days was 108 million U.S. dollars, with an average daily trading volume of only 500,000 U.S. dollars, and its stock daily trading volume was less than 100,000 U.S. dollars for a long time.

I love my family’s stock price also fluctuated accordingly. From November 17th to 19th, the three-day amplitude was close to 20%.

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K map of Eggshell Apartment listed today

On November 18, according to The Paper, I love my family is negotiating with Eggshell Apartment to take over, but it has not been finalized yet. ,”From the current progress of both parties, the takeover matters have made substantial progress, and the progress is going smoothly. The possibility of finalization is very high.”

However, CBN reported that due to the accumulation of eggshell apartments With a loss of over 6 billion, I love my family and most likely will not be willing to take over.

In this regard, I love my family side without comment, and only said to Observer.com:”I have not received any relevant notifications.” For a time, the news is difficult to distinguish between true and false, and Tianliang Fund preemptively placed bets.

At the same time, the Beijing Municipal Commission of Housing and Urban-Rural Development also responded to the eggshell apartment thunder, saying that a special team has been set up for the eggshell apartment, hoping to resolve the matter smoothly. Announce in time.

In an interview with Observer.com, a senior investment banker believed that the reason for the surge in Eggshell’s share price is not who the receiver is, but because it is more likely to be handled properly.

“First of all, although the company is stuck in the capital chain, it has a large market share and is very attractive to other long-term rental companies; secondly, the number of apartments operated by Eggshell in 2019 is 438,300 This is no longer a single company’s operating problem, but a social problem involving hundreds of thousands of ordinary tenants.” The above-mentioned person said frankly.

The beginning of the”bankruptcy” storm

In fact, since its listing in early 2020, the liquidity crisis on the Internet has never subsided. The supplier pays for the goods and defaults on the wages of the employees of the subsidiary, until the landlord fails to receive the rent paid by the eggshell and requires the house to be forcibly taken back from the tenant.

On October 14, the Beijing headquarters of Eggshell took place for the first time a large-scale gathering of people to defend rights. On the same day, Eggshell Apartment’s official Weibo posted a clarification, denying the “Eggshell’s runaway and bankruptcy” remarks, saying that the “rumor” was an excessive act taken by some of the partners due to commercial disputes with the company.

However, the result of the alarm has not yet appeared, and”rumors” are still raging.

On November 9, according to many media reports, including CCTV, hundreds of people once again gathered at Eggshell’s Beijing headquarters to defend their rights. There was even a physical conflict that broke the eggshell fig leaf.

Since then, the official Weibo of Eggshell Apartment has continued to refute rumors, saying that he is not bankrupt and will not run away. The Weibo comment area is almost all the voices of encouragement from the tenants, and kindly call the eggshells”Adan”,”Broken”,”Dangdan”,”Shell”,”Eggshell Baby” and so on.

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However, no matter whether the rumors flying over the sky are true or not, landlords, tenants, suppliers, cleaning and other personnel related to Eggshell, all went crazy to the Beijing headquarters of Eggshell to ask for a solution . Among them, owners and tenants have the largest number of rights defenders.

By the morning of November 17, Eggshell’s Beijing headquarters could no longer hold a human rights defender team, and there were so many people who defended human rights that they lined up a hundred meters long outside the building.

Not only Beijing, but also cities such as Shanghai, Hangzhou, Shenzhen, Wuhan, and Tianjin where Eggshells are stationed in different degrees of rights protection. In addition to owners and tenants, rights defenders also include suppliers, maintenance workers, cleaners, etc., covering almost the entire business chain of Eggshell.

It is worth mentioning that the seeds of contradiction between eggshells, owners and tenants were planted as early as the first half of the epidemic. Eggshell forced the landlord to increase the rent-free period, but gave less or even no rent-free to the tenants, which was accused of”taking both ends”.

The fuse that detonated the crisis was that the eggshell unilaterally changed the payment method of housing rent without negotiation recently.

In early October, the landlord who did not receive the quarterly rent on time called Eggshell, but was told that he had just received the company’s notice that all quarterly rent was changed to monthly payment; Eggshell asked the landlord The date of payment of the rent is generally delayed, and the owners have noticed that the corporate crisis has already occurred, and they have come to ask for cancellation of the contract.

As a result, the liquidity crisis of Eggshell Apartments has become completely public.

The dark thunder has long been planted

The capital story of the eggshell may have cracks from the beginning.

The Eggshell Apartment was established in 2015 and officially landed on the New York Stock Exchange on January 17, 2020.

Before the listing, Eggshell Apartment received a total of eight rounds of financing. Investors include Kaiwu Huadeng, Joy Capital, Chinese Culture, Gaorong Capital, Tiger Fund, etc., and the C round of financing once exceeded US$2 billion. .

However, the eggshell after the listing was abandoned by the capital market, and the stock price fell from $13.5 to $1.37 (closing price on November 16), a drop of nearly 90%.

It is worth noting that Eggshell has never made a profit since its establishment, and it has lost more and more.

Financial data shows that Eggshell Apartments produced net losses of 270 million yuan, 1.37 billion yuan and 2.52 billion yuan respectively in 2017-2019.

And Eggshell, which originally wanted to leverage the capital market, happened to encounter the epidemic at the beginning of the year. The entire long-term rental market was hit, and Eggshell Apartments were naturally not immune.

In the first quarter of 2020, the eggshell apartment occupancy rate was 75.6%, a decrease of 1 percentage point from 76.7%at the end of the previous year, but it fell sharply from 89%in the second quarter of last year; a net loss of 1.23 billion yuan in the first quarter, The loss expanded by more than 50%.

The reason for the loss is directly related to the”high-in-low-out” pattern common in decentralized long-term rental apartments.

According to Observer.com, in the year eggshell was established, the long-term rental apartment market has been divided into cakes by forces such as Freedom, YOU+, Rubik’s Cube, Xiangyu, and Aiwu Jiwu.”High-in, low-out” has naturally become a great weapon to seize market share—accepting the house from the landlord at a price higher than the market price, and then renting it out to the tenant at a lower price than the market.

A landlord in Pudong District, Shanghai, told Observer.com that in order to take over his house around 2017, Eggshell once raised the price of the house to 7000 yuan/month, and at that time he rented it out. The price is only about 5,000 yuan per month, but because”I am not willing to cut off the old house I have lived in for decades and re-specialize”, I refused.

However, regardless of high entry and low exit or separation, after all, it does not conform to market norms and is not a long-term solution.

In order to balance revenue and expenditure, eggshells only continuously introduce”living water” from the outside world.

So,”rental loans” came into being. As of the end of September 2019, the proportion of tenants using rental loans in Eggshell Apartments was as high as 67.9%.

Under the rental loan model, the tenant is equivalent to applying for a loan to WeBank, with a lump-sum advance payment The annual house rent and deposit will be paid by WeBank to Eggshell Apartment; the tenant will repay the loan from WeBank every month, and Eggshell will pay the rent to the landlord on a monthly basis.

However, the financial risks embedded in rental loans are even more serious than other risks, and they eventually become the last straw that crushes the eggshell.

Compared with who will become the”white knight” of the eggshell, tenants are more worried that if the operator is in trouble, they may be”homeless”, even in this case The next step is to repay the bank loan.

Just after the eggshell crisis broke out, WeBank responded publicly for the first time, saying that according to the”House Agency Lease Contract” signed by the tenant and the Eggshell Apartment, the tenant and the owner have formed a lease relationship, and The rent has been prepaid and the right to reside is legal. In addition, at least until March 31, 2021, customer credit investigations that have already applied for consumer loans for renting houses will not be affected.

In the view of the owner, according to the contract signed with the eggshell, if the rent is not received, he has the right to terminate the contract and take back the house. The contradiction between the two sides is almost irreconcilable.

Supervision is making up

Once as a blue ocean in the real estate field, a trillion-dollar market, with policy support behind it, the long-term rental market is very popular among all parties. A steady stream of capital has poured in.

Some analysts pointed out to Observer.com that only after operators have a certain scale can they attract more capital attention. The real estate of decentralized long-term rental apartments are in the hands of the landlord. If you want to take over the house from them for a long time, you must come up with a price that appeals to them, which is almost impossible without sufficient capital.

“This is a dead knot, so everyone uses the”high-in-low-out” approach to obtain housing, and then uses illegal reconstruction, rent loans and other methods to encourage maintenance, hoping to go further.” .

As early as 2018, Hu Jinghui, the vice president of I Love My Family Group, once asserted:”Long-term rental An apartment explosion must be more powerful than a P2P thunder explosion.”

Sure enough, after a short period of brutal growth, the long-term rental apartment left a lot of feathers. The eggshell apartment is not the first in”Thunderstorm”.

Since 2019, the well-known long-term rental apartment brands across the country, such as Lejia Apartment, Qingke Apartment, and Wole Apartment, have experienced similar large-scale rights protection events for landlords and tenants, most of which have been involved in” Risks such as “high-in-low-out” and “rent loans”.

In this context, long-term rental apartments have also ushered in a period of”strong supervision”, and relevant policies in many regions are gradually improving.

On July 8, 2019, Beijing released a new model renting contract, changing the partition room ban from the policy After rising to the law, Shanghai, Guangzhou, Suzhou, Jinan and other cities have also begun to regulate the partition of houses;

On December 25, 2019, the Ministry of Housing and Urban-Rural Development and other six departments jointly issued the”Six Departments on Rectifying and Regulating the Order of the Rental Market”Opinions”, strengthen the supervision of”high-in, low-out”, and require that the rental loan amount of leasing companies cannot exceed 30%of the rental income, and give companies a grace period of three years for rectification.

Since then, Shanghai, Guangzhou, Chengdu, Hefei, Chongqing, Haikou and other cities have successively issued”Reminders on Housing Leasing Risks”, conducted financial risk investigations for housing leasing companies, and issued new capital supervision regulations.

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On November 17, an excerpt from the”Emergency Notice on Effectively Regulating the Operation of Housing Rental Enterprises” by the Shenzhen Municipal Housing and Construction Bureau

and after this eggshell thunder, Shenzhen The Bureau of Housing and Urban-rural Development responded the most quickly. It issued an emergency notice as soon as possible, imposing a “ten prohibition” ban on the operation of housing leasing companies, especially for “high-in-low-out”, “long-term income and short-term payments”, “rental loans” and other methods. Make key provisions to protect the rights of tenants and landlords.

In the view of industry insiders, behind a series of regulatory measures, it reflects that issues related to long-term rental apartments are receiving attention from relevant departments. This may be a key node for the standardization and market classification of the long-term rental apartment industry. The era of its barbaric growth may be over, and industry norms are about to come.

This article is an exclusive manuscript of Observer.com, and may not be reproduced without authorization.