Private investment Survey: Wenzhou Capital Indecision

As the most active private capital in China, the diversification choice of Wenzhou capital at the present stage is like a kind of indecisive temptation.　　Behind this temptation is the Song Qinghua of the Economic Outlook/"financial national weekly" reporters from Shanxi province, the Wenzhou people Zhang Law did not have too many delays and moved to Yunnan-another China is still in the development of coal large provinces. "Money always has to be invested. On the other end of the line, the Zhang Law, the honorary president of Zhenxiong County Wenzhou Chamber of Commerce, has established the largest coal washery in Zhenxiong.　　Over a period of time, small county Zhenxiong has gathered more than 3,000 Wenzhou businessmen, investment involved in coal, real estate development, hotels, supermarkets and many other fields. "Everyone is running for coal. "Along with Shanxi coal integration anticipation, Zhang Law and other people began in Zhenxiong layout."　　Zhenxiong is a large coal-producing county in Yunnan province, which occupies more than one-tenth of the 70 billion tons of coal reserves in Yunnan, and is mainly of high quality anthracite. At present, Wenzhou people have occupied the Zhenxiong coal market of the large half.　　In the existing 90 mines, Wenzhou capital control more than 40, in the Zhenxiong 6.5 million tons of annual coal size, Wenzhou people have nearly 5 million tons of shares. Wenzhou people have a natural desire for minerals.　　"While most of Wenzhou's capital has yet to find a place to invest, Wenzhou admits they are more willing to put capital into resources such as coal and minerals," he said. Win Bongyan, chairman of the Wen Shang Venture Capital Co., Ltd., who has turned around, is also consolidating funds to prepare for a mine in South America.　　He collaborated with Huang Jiannan, a former home of Wenzhou, who served as the first Deputy Minister of the U.S. Secretary of State. However, compared with Wenzhou's accumulated 800 billion yuan private capital and more than 550 billion yuan bank deposits, investment in the mineral sector is only the tip of the iceberg.　　Wenzhou SME Development Promotion Association president Dewen that Wenzhou Capital experienced a financial crisis since the trauma, has still not found investment highlights, Wenzhou Capital is still in the wandering period.　　Chen, executive director of Sino-Swiss Consortium Holdings Limited, believes that the investment in coal is only a test of Wenzhou capital, and such a temptation is extended to commercial real estate, finance and many other fields.　　Sino-Swiss Group is a joint-funded company by 9 Wenzhou Enterprises, its registered capital of 50 million yuan, can operate more than 10 billion yuan capital.　　Advance and retreat real estate with the property market since 2010 New deal, "Wenzhou fried housing Group" gradually fade out of public view. But from all kinds of signs can be seen, the early stage has entered the money basically did not exit. There are Wenzhou speculators introduced, "based on repeated property control failure, house prices will still be strong judgment, and Wenzhou people to withstand the ability of price fluctuations, speculation in the early investment has not withdrawn." "Even the" means "part of the people are still in the speculation room.　　Local people said, such as Guangxi, there are still Wenzhou fried Housing group figure. However, under the new deal, Wenzhou people as a whole to the real estate investment contraction. Compared with the declining profit margin of investment industry, the annual doubling of property speculation has made Wenzhou people find a new way to make a fortune.But now "this road is blocked". This view is corroborated by rising bank deposits. Chen that in the past, the continuous investment in the new capital into the bank, is a factor in the rising bank deposits in Wenzhou.　　In Wenzhou's past capital investment structure, real estate investment accounted for more than 50% of the share. For real estate development investment, Wenzhou Capital also gradually cautious. "The Sino-Swiss consortium will adjust its investment in real estate development according to the situation."　　"At the time of Chen's rise, the biggest difficulty is the judgment of the changing situation, especially the continuity of the government's regulatory policy."　　Compared with Chen, Yevidan is one of the few Wenzhou businessmen still bullish on real estate investment. Yevidan in 1997, the establishment of the Lang trillion real estate, Wenzhou real estate industry influential intermediary companies, in Wenzhou has a certain role in the vane. More than 10 years, Yevidan and other planning marketing projects more than 100, the agent sold a large number of high prices in Wenzhou real estate. Wenzhou residents even think that, to some extent, they have elevated the price of Wenzhou.　　At present, Wenzhou house prices exceed 30,000 yuan/square meters, much higher than other level two cities. "Now you can invest in high-end properties such as villas," Yevidan said. Because the country has banned the villa-type building land approval, so villas will become a rare resource; In addition, can also be moved to three or four or even five-line cities to invest in property, because the housing market is mainly to suppress the introduction of the New deal is one or two-line city housing prices, the impact on the three or four-line "It's also possible to move from a home to commercial property," he said, "because the regulation is aimed at residential property." "I also believe that commercial real estate has a bigger room to rise," said Mr Chan. "Shops have gone up very little in the past 10 years."　　He judged that more Wenzhou people would invest in commercial property.　　800 "Heroes" into PE now active Wenzhou businessmen from the beginning of the 890 's business, after more than 10 years of hard work, the turn of the century they began to tend to more profitable diversification of investment, including speculation, buy ore. Starting in 1989, Kingzhenio did not have the experience of speculation, coal, years of focus on industrial results is to create a considerable size of the footwear industry Group-----------------sun group. But Kingzhenio realized that he had missed the moment until his finances were overtaken by his former cousins.　　Such experience, but also let Kingzhenio sigh to do industry difficult. "Manufacturing costs are high and profits are low.　　It is difficult to sell, the market has not started ... "However, Kingzhenio that the main reason is missed the speculation room." Unwilling to Kingzhenio, began to look for opportunities to diversify investment.　　He and several friends venture capital company--Zhejiang business and Financial Venture Investment Co., Ltd. June 8 in Wenzhou City SAIC completed registration. Talk about the future, Kingzhenio said that they want to do finance, "Do PE (private equity investment), do private placement." For this he even let his son choose to study finance.　　In his plan, he could keep his main business in the future, and his son could help him with his investment. PE is becoming the future of Wenzhou business people yearning. Caijing National Weekly"Many of the Wenzhou businessmen interviewed by reporters, they have almost no exception to put into PE or PE as their future."　　According to Dewen, the latest data show that Wenzhou businessmen have been registered to set up more than 800 venture companies. Despite the great enthusiasm, Wenzhou merchants still have a long way to go in their dreams of finance. Wenzhou, a high-profile joint venture of eight entrepreneurs in the East China Sea has disintegrated, one of the Hu Xuxiang later joined the establishment of the universal venture. Local analysts believe that the main reason for the disintegration of the investors is difficult to reconcile the interests of the relationship, "they have had a successful entrepreneurial experience, for the same investment project, each investor will have their own judgment, if the failure of the inevitable conflict will arise."　　"Wenzhou's more than 800 VC companies are almost all of the local partnership set up, Wenzhou people believe that the running-in between partners and the future of the normative operation of their financial dream must solve the problem."　　For them, the challenge is more than that. VC to Wenzhou people more is limited to the concept.　　Wenzhou early set up a number of consortia, venture capital investment companies, more focused on real estate, minerals and other industries. The current uncertain economic situation has cast a shadow over Wenzhou's venture. There have been no investment projects since the establishment of the warm business venture investment. Chairman Win Bongyan said several of his concerns are still under investigation.　　Wenzhou businessman said, this is not a case, Wenzhou new hundreds of venture capital companies are actually on the sidelines, few investment projects. Indecisive "no investment bright spot. "has joined in Yunnan Fried coal Zhang Law, does not meet the current investment environment."　　Shanxi coal to change the huge impact of the dare to break the Zhang law cautious up, in Yunnan did not do their utmost. This prudence has permeated every area of Wenzhou's capital.　　In the past two years, the financial crisis on the export enterprises, Shanxi coal after the loss of nearly billions of people, Dubai crisis in the housing market impact, so that Wenzhou capital seems no longer brave. Wenzhou data from the Bureau of Statistics show that in May 2010, the balance of Wenzhou financial institutions has reached 569.321 billion yuan, the data of the violent growth occurred in the past two years.　　The data for the same period in 2007 was only $307.106 billion, with a deposit balance of $337.617 billion at the end of 2007. More than two years, more than 200 billion yuan of private capital has returned to Wenzhou bank savings, and this trend continues.　　For Wenzhou capital, which has a strong profit-driven character, this situation has never happened before.　　But in Chen's view, Wenzhou Capital will not stay in the bank for a long time, just do not find the right investment areas, they will continue to try in different areas, including the above minerals, real estate, finance.　　For businessmen who stick to their main business, although they cannot make a judgment on whether the macro-economy is two, they are well aware that the current market situation has not yet fully recovered. "Export-oriented footwear industry is almost dead, and domestic sales have not come out of difficulties." "Sun Tai Group Chairman Kingzhenio Introduction, Japan and Thailand setIn 2009, the regiment handled the 2008 inventory and the 2009 inventory has not yet been processed.　　Dewen the cause of Wenzhou's capital wandering is more due to the country into the people retreat, the government 4 trillion investment in the field of private capital investment squeeze and macro-policy on private capital restrictions. Profits industry has been basically seized by state-owned enterprises, the traditional meager profit industry has no competitive advantage to say, where and how to evade policy repression is always a difficult problem. Dewen that "Wenzhou Capital is trying to find investment opportunities, but they are worried about the uncertainty of policy." "Wenzhou people are very interested to know whether 2010 years can reverse the decline in two years, they even questioned whether" 2010 is a chance or a trap "– the financial sector began experimenting, commercial property is not in the area of repression, there are many other untapped resources outside Shanxi province, but at the same time, when the financial industry and whether fully open to private capital,　　Whether commercial real estate will also appear to suppress the New deal, Yunnan seems to have begun the coal consolidation ... The impulse to upgrade main industry and Wenzhou 500 billion yuan indecisive capital is different, Wenzhou micro-loan pilot 1.6 billion yuan has been borrowed.　　Although the magnitude of these two data cannot be compared, it can prove that Wenzhou capital is still active in some areas such as private lending. Chen that 500 billion yuan capital has no investment at the same time, the need for funds is difficult to borrow money from the bank.　　A large number of hot money nowhere to invest and the traditional industry upgrade lack of adequate financial support coexist.　　With the Yangtze River Delta, Pearl River Delta manufacturing industry by the strong support of different policies, Wenzhou's manufacturing industry almost all from its own development.　　Chen also believes that it is a critical period for Wenzhou's traditional industries to accelerate industrial upgrading. The impulse of escalation comes from the improvement of the recognition of industrial upgrading and brand strategy. "We have less than 5% profit margins and Philips can reach 200%," a local electrical manufacturer said. "The capital demand for industrial upgrading has allowed Wenzhou businessmen, who are not interested in capital markets, to start rushing to the market." Before 2010, Wenzhou only Zhejiang Dongri, huayi electrical appliances, Huafeng spandex, the Annunciation Bird 4 listed companies. At the beginning of 2010, Chint Group, which completed the IPO, was the fifth listed company in Wenzhou and opened the prelude to the listing of Wenzhou enterprises.　　Wenzhou Electrical appliance manufacturer Great Wall electrical appliances, people's electrical appliances also clear the listing schedule, have said that will be completed in 2010 years listing.　　Chen that only rely on capital markets to raise capital is still difficult to complete the industrial upgrading of Wenzhou, whether the 500 billion yuan private capital reasonable use, will determine the long-term future of Wenzhou. "Wenzhou People's concept is changing, instead of looking for investment projects everywhere, why not invest in our own main business?" Chen said that the alliance and the group may only upgrade the industry, the possibility of a bigger brand, and this is a good place for 500 billion yuan of private capital.