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相卫集团突变:开发商转型地产基金(图)

来源: 南方日报网络版     时间: 2018年12月12日 22:59:20
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(本)(报)(记)(者)(徐)(晓)(上)(海)(报)(道)(  2011年)(,在)(政)(策)(对)(开)(发)(商)(贷)(款)(进)(一)(步)(限)(制)(后)(,不)(少)(地)(产)(商)(转)(战)(地)(产)(基)(金)(,有)(的)(是)(在)(自)(己)(的)(商)(业)(版)(图)(上)(另)(外)(开)(拓)(一)(块)(业)(务)(,但)(从)(温)(州)(搬)(至)(上)(海)(的)(相)(卫)(集)(团)(发)(展)(有)(限)(公)(司)((以)(下)(简)(称)(“相)(卫)(集)(团)(”),却)(是)(异)(常)(坚)(定)(的)(转)(型)(:处)(置)(过)(往)(开)(发)(的)(楼)(盘)(,专)(注)(于)(私)(募)(投)(资)(。  对)(此)(,相)(卫)(集)(团)(总)(裁)(黄)(相)(文)(的)(解)(释)(是)(:“房)(地)(产)(行)(业)(生)(产)(周)(期)(长)(,拿)(地)(以)(后)(的)(开)(发)(到)(销)(售)(完)(成)(,是)(行)(业)(中)(最)(为)(市)(场)(化)(的)(一)(部)(分)(,我)(们)(希)(望)(退)(出)(这)(一)(领)(域)(,专)(注)(于)(做)(房)(地)(产)(基)(金)(,与)(开)(发)(商)(合)(作)(。”  相)(卫)(集)(团)(2009年)(开)(始)(转)(型)(,甚)(至)(早)(在)(2007年)(就)(进)(行)(私)(募)(股)(权)(投)(资)(,但)(它)(最)(终)(是)(2012年)(借)(上)(地)(产)(基)(金)(迅)(猛)(发)(展)(的)(东)(风)(,彻)(底)(转)(型)(为)(投)(资)(集)(团)(。  初)(涉)(“地)(产)(基)(金)(”  早)(在)(2009年)(,相)(卫)(集)(团)(就)(做)(过)(准)(“地)(产)(基)(金)(”的)(投)(资)(案)(例)(。  当)(时)(有)(个)(未)(上)(市)(房)(企)(,在)(常)(州)(有)(个)(项)(目)(非)(常)(缺)(钱)(。这)(家)(企)(业)(通)(过)(黄)(相)(文)(的)(银)(行)(朋)(友)(找)(到)(相)(卫)(集)(团)(,集)(团)(风)(控)(团)(队)(在)(看)(过)(这)(个)(项)(目)(后)(,觉)(得)(风)(险)(可)(控)(,决)(定)(投)(资)(;与)(此)(同)(时)(,黄)(相)(文)(与)(其)(他)(有)(意)(向)(的)(潜)(在)(投)(资)(人)(沟)(通)(,大)(家)(商)(量)(后)(,投)(资)(方)(案)(出)(台)(了)(。  最)(终)(,相)(卫)(集)(团)(与)(其)(他)(几)(家)(公)(司)(合)(作)(,以)(股)(权)(的)(形)(式)(投)(资)(这)(个)(项)(目)(1.2亿)(元)(,这)(1.2亿)(元)(占)(整)(个)(项)(目)(50%的)(股)(权)(;其)(中)(,相)(卫)(集)(团)(出)(资)(6000万)(元)(,即)(占)(项)(目)(总)(投)(资)(比)(例)(的)(25%,相)(当)(于)(是)(“基)(石)(投)(资)(人)(”;此)(外)(,开)(发)(商)(对)(相)(卫)(集)(团)(有)(投)(入)(资)(金)(年)(化)(18%的)(保)(底)(承)(诺)(,即)(未)(达)(到)(年)(化)(18%的)(收)(益)(,则)(由)(开)(发)(商)(补)(齐)(。  2012年)(,相)(卫)(集)(团)(与)(当)(初)(合)(资)(入)(股)(的)(几)(家)(公)(司)(,各)(自)(卖)(掉)(自)(己)(持)(有)(股)(权)(的)(一)(半)(。由)(于)(这)(个)(项)(目)(有)(年)(化)(30%的)(收)(益)(,所)(以)(相)(当)(于)(几)(家)(股)(东)(拿)(回)(了)(略)(高)(于)(当)(初)(投)(入)(的)(资)(金)(,还)(持)(有)(项)(目)(25%的)(股)(份)(—这)(是)(这)(笔)(投)(资)(的)(净)(利)(润)(。  黄)(相)(文)(告)(诉)(记)(者)(,当)(时)(做)(这)(个)(项)(目)(时)(,并)(没)(有)(想)(到)(要)(做)(成)(“地)(产)(基)(金)(”,只)(是)(单)(纯)(地)(想)(做)(地)(产)(开)(发)(中)(间)(那)(一)(段)(,即)(既)(不)(拿)(地)(、也)(不)(介)(入)(销)(售)(完)(成)(之)(后)(的)(事)(情)(,所)(以)(就)(以)(这)(种)(方)(式)(介)(入)(项)(目)(。而)(在)(今)(天)(看)(来)(,这)(个)(项)(目)(是)(一)(个)(股)(债)(结)(合)(的)(“地)(产)(基)(金)(”。  为)(何)(转)(型)(?  黄)(相)(文)(曾)(创)(业)(做)(过)(外)(贸)(,也)(曾)(在)(国)(有)(银)(行)(担)(任)(过)(支)(行)(行)(长)(。2006年)(,因)(为)(一)(些)(原)(因)(,他)(放)(弃)(这)(些)(,加)(入)(相)(卫)(集)(团)(  携)(银)(行)(背)(景)(和)(企)(业)(管)(理)(经)(验)(,黄)(相)(文)(带)(领)(管)(理)(团)(队)(,开)(始)(相)(卫)(集)(团)(坚)(定)(转)(型)(,企)(业)(内)(部)(称)(作)(为)(:“基)(因)(突)(变)(的)(自)(我)(升)(级)(”。  然)(而)(,实)(际)(上)(,相)(卫)(集)(团)(之)(所)(以)(转)(型)(地)(产)(基)(金)(,还)(有)(其)(他)(真)(实)(朴)(素)(的)(原)(因)(。  黄)(相)(文)(算)(过)(一)(笔)(账)(:“一)(个)(项)(目)(,我)(们)(投)(了)(5000万)(,合)(作)(方)(投)(了)(5000万)(,这)(个)(项)(目)(赚)(了)(4000万)(,他)(们)(分)(走)(2000万)(,我)(们)(拿)(2000万)(。他)(们)(拿)(走)(的)(2000万)(是)(净)(利)(润)(,我)(们)(拿)(走)(的)(2000万)(其)(中)(还)(有)(500万)(的)(费)(用)(。比)(如)(做)(尽)(职)(调)(查)(等)(,与)(其)(这)(样)(我)(还)(不)(如)(以)(基)(金)(的)(方)(式)(做)(。所)(以)(我)(们)(开)(始)(做)(专)(门)(的)(地)(产)(基)(金)(,集)(团)(公)(司)(自)(己)(投)(时)(,也)(当)(成)(是)(一)(个)(客)(户)(,以)(集)(团)(名)(义)(的)(投)(资)(同)(样)(收)(取)(管)(理)(费)(用)(。”  于)(是)(,2009年)(,有)(限)(责)(任)(企)(业)(上)(海)(相)(卫)(投)(资)(管)(理)(有)(限)(公)(司)((以)(下)(简)(称)(“相)(卫)(投)(资)(”)成)(立)(了)(,它)(是)(相)(卫)(集)(团)(的)(全)(资)(子)(公)(司)(。  黄)(相)(文)(口)(中)(的)(“管)(理)(费)(”,是)(指)(利)(润)(分)(成)(。即)(一)(个)(项)(目)(赚)(的)(净)(利)(润)(,相)(卫)(投)(资)(根)(据)(事)(先)(合)(同)(的)(约)(定)(,拿)(其)(中)(的)(10%-25%不)(等)(;如)(果)(这)(个)(项)(目)(不)(赚)(钱)(,那)(么)(相)(卫)(投)(资)(则)(不)(拿)(管)(理)(费)(。  而)(相)(卫)(集)(团)(利)(润)(的)(重)(要)(来)(源)(,不)(是)(靠)(管)(理)(费)(,而)(是)(自)(己)(兼)(做)(LP获)(得)(的)(回)(报)(。据)(黄)(相)(文)(介)(绍)(,相)(卫)(投)(资)(以)(往)(的)(大)(部)(分)(基)(金)(中)(,相)(卫)(集)(团)(平)(均)(出)(资)(额)(高)(达)(30%。“如)(果)(我)(们)(都)(不)(相)(信)(自)(己)(所)(投)(资)(的)(项)(目)(,那)(么)(投)(资)(人)(就)(更)(不)(会)(相)(信)(我)(们)(。”  相)(卫)(投)(资)(比)(较)(典)(型)(的)(地)(产)(基)(金)(有)(两)(种)(,第)(一)(种)(是)(最)(简)(单)(的)(结)(构)(,无)(优)(先)(劣)(后)(的)(区)(分)(。开)(发)(商)(向)(相)(卫)(投)(资)(承)(诺)(一)(个)(年)(化)(收)(益)(的)(回)(报)(,相)(卫)(投)(资)(再)(向)(LP承)(诺)(一)(个)(年)(化)(收)(益)(的)(回)(报)(,两)(者)(之)(间)(的)(差)(价)(就)(是)(相)(卫)(投)(资)(的)(利)(润)(。  第)(二)(种)(则)(是)(有)(优)(先)(和)(劣)(后)(,在)(募)(资)(时)(,LP可)(以)(选)(择)(优)(先)(,也)(可)(以)(选)(择)(做)(劣)(后)(投)(资)(人)(,而)(相)(卫)(集)(团)(通)(常)(会)(出)(一)(部)(分)(资)(金)(做)(劣)(后)(。优)(先)(投)(资)(人)(可)(以)(获)(得)(稳)(定)(的)(预)(期)(回)(报)(,而)(劣)(后)(投)(资)(人)(承)(担)(更)(大)(的)(风)(险)(,但)(也)(获)(得)(更)(高)(的)(收)(益)(。  比)(如)(,相)(卫)(投)(资)(去)(年)(做)(过)(一)(个)(第)(二)(种)(方)(式)(的)(基)(金)(。有)(个)(开)(发)(商)(的)(信)(托)(资)(金)(到)(期)(了)(,但)(销)(售)(款)(还)(没)(有)(全)(部)(到)(位)(,需)(要)(融)(资)(偿)(还)(信)(托)(。相)(卫)(投)(资)(给)(它)(做)(了)(一)(只)(期)(限)(6个)(月)(的)(基)(金)(,相)(卫)(集)(团)(出)(资)(一)(半)(自)(己)(作)(为)(劣)(后)(投)(资)(人)(。最)(终)(,劣)(后)(投)(资)(人)(的)(年)(化)(回)(报)(,高)(于)(优)(先)(投)(资)(人)(十)(几)(个)(百)(分)(点)(。  速)(度)(还)(是)(规)(模)(?  相)(卫)(集)(团)(的)(这)(种)(方)(式)(,获)(得)(了)(一)(群)(忠)(实)(的)(LP。  上)(海)(的)(一)(位)(民)(营)(企)(业)(家)(陈)(诗)((化)(名)(),已)(经)(投)(资)(了)(三)(期)(相)(卫)(集)(团)(的)(基)(金)(,他)(最)(先)(投)(相)(卫)(投)(资)(的)(产)(品)(,是)(自)(己)(有)(朋)(友)(买)(了)(后)(回)(报)(不)(错)(,就)(介)(绍)(了)(他)(过)(来)(。他)(平)(时)(不)(买)(债)(券)(、基)(金)(和)(信)(托)(产)(品)(,而)(更)(偏)(好)(相)(卫)(集)(团)(的)(这)(种)(私)(募)(产)(品)(:一)(是)(因)(为)(相)(卫)(集)(团)(投)(资)(时)(,都)(会)(拿)(地)(作)(为)(抵)(押)(;二)(是)(因)(为)(,与)(信)(托)(公)(司)(不)(同)(的)(是)(,相)(卫)(集)(团)(愿)(意)(做)(劣)(后)(承)(担)(风)(险)(。他)(也)(认)(为)(目)(前)(的)(地)(产)(形)(势)(看)(不)(清)(楚)(,“我)(不)(买)(超)(过)(一)(年)(的)(产)(品)(,我)(觉)(得)(房)(价)(不)(会)(一)(年)(内)(跌)(去)(一)(半)(,那)(相)(卫)(集)(团)(的)(投)(资)(就)(是)(安)(全)(的)(。”  相)(卫)(集)(团)(的)(员)(工)(也)(有)(很)(多)(买)(了)(公)(司)(的)(产)(品)(。一)(位)(杭)(州)(的)(员)(工)(除)(了)(自)(己)(买)(,还)(发)(动)(亲)(戚)(朋)(友)(买)(,理)(由)(与)(陈)(诗)(的)(接)(近)(。他)(认)(为)(,相)(卫)(集)(团)(的)(产)(品)(,最)(坏)(的)(情)(况)(,还)(有)(房)(子)(和)(地)(,所)(以)(“本)(金)(是)(安)(全)(的)(,投)(资)(嘛)(最)(好)(是)(能)(赚)(钱)(,最)(坏)(的)(情)(况)(下)(能)(保)(住)(本)(金)(。”由)(于)(相)(卫)(集)(团)(投)(资)(项)(目)(时)(,主)(要)(融)(资)(渠)(道)(是)(集)(团)(自)(有)(资)(金)(与)(过)(往)(熟)(悉)(的)(LP,所)(以)(,相)(卫)(投)(资)(资)(金)(到)(位)(非)(常)(快)(。  黄)(相)(文)(告)(诉)(记)(者)(,过)(往)(做)(过)(的)(最)(快)(的)(项)(目)(,从)(接)(到)(开)(发)(商)(的)(融)(资)(需)(求)(,到)(相)(卫)(集)(团)(在)(第)(三)(方)(协)(助)(下)(做)(完)(尽)(调)(与)(放)(款)(,只)(用)(了)(62个)(小)(时)(。这)(样)(的)(速)(度)(,让)(相)(卫)(集)(团)(可)(以)(接)(到)(一)(些)(回)(报)(率)(很)(高)(的)(项)(目)(—帮)(开)(发)(商)(解)(燃)(眉)(之)(急)(的)(资)(金)(,方)(能)(获)(得)(超)(额)(回)(报)(。为)(此)(,相)(卫)(集)(团)(今)(年)(获)(得)(超)(过)(年)(化)(19%的)(回)(报)(率)(,略)(高)(于)(去)(年)(。  当)(日)(历)(翻)(到)(2013年)(,地)(产)(基)(金)(大)(热)(。由)(于)(大)(量)(资)(金)(的)(加)(入)(,地)(产)(基)(金)(的)(行)(业)(回)(报)(率)(在)(下)(滑)(。而)(这)(对)(资)(金)(规)(模)(稍)(小)(的)(相)(卫)(集)(团)(来)(说)(,则)(可)(谓)(挑)(战)(。  相)(卫)(集)(团)(市)(场)(部)(人)(士)(告)(诉)(记)(者)(,截)(止)(到)(10月)(底)(,相)(卫)(集)(团)(管)(理)(过)(的)(地)(产)(基)(金)(的)(总)(规)(模)(接)(近)(20亿)(。  其)(实)(,相)(卫)(集)(团)(也)(曾)(考)(虑)(,“是)(否)(再)(激)(进)(一)(些)(,寻)(求)(更)(多)(的)(募)(资)(渠)(道)(?”但)(那)(样)(势)(必)(带)(来)(两)(种)(结)(果)(:一)(是)(,募)(资)(成)(本)(提)(高)(;二)(是)(募)(资)(时)(间)(拉)(长)(,投)(资)(项)(目)(时)(速)(度)(会)(慢)(下)(来)(,或)(许)(就)(会)(错)(过)(部)(分)(风)(险)(可)(控)(但)(回)(报)(率)(高)(的)(项)(目)(。对)(于)(相)(卫)(集)(团)(来)(说)(,这)(是)(个)(问)(题)(。  这)(个)(问)(题)(给)(相)(卫)(管)(理)(团)(队)(提)(出)(了)(挑)(战)(。相)(卫)(集)(团)(是)(否)(需)(要)(将)(规)(模)(做)(大)(,从)(而)(杀)(入)(红)(海)(市)(场)(?还)(是)(要)(稳)(扎)(稳)(打)(,做)(好)(自)(己)(的)(细)(分)(市)(场)(,作)(为)(中)(小)(企)(业)(全)(面)(资)(本)(解)(决)(方)(案)(的)(提)(供)(方)(?黄)(相)(文)(认)(为)(,相)(卫)(集)(团)(需)(要)(不)(断)(调)(整)(自)(己)(以)(满)(足)(客)(户)(的)(需)(要)(,所)(以)(不)(会)(有)(一)(个)(最)(终)(的)(答)(案)(。  与)(此)(同)(时)(,相)(卫)(集)(团)(加)(快)(了)(风)(险)(投)(资)(领)(域)(的)(尝)(试)(,并)(投)(资)(了)(一)(些)(TMT、高)(新)(科)(技)(领)(域)(的)(企)(业)(。(编)(辑)(段)(晓)(燕)()  作)(者)(:徐)(晓)(
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