孙宏斌：融创新烦恼

Yang hai：Melting innovation trouble

　　撇弃规模取胜的孙宏斌，接下来要考验更强的盈利能力。

The scale of the forsaken win Yang hai，To test the next more strong profitability。

　　东地产 童丹霞 报道

East real estate child danxia reported

　　这看上去是一个大家都满意的结果。融创从绿城手上拿下9个项目的50%股权，从原来的偏隅二三线，进发至一线，代价是支付给对方33.72亿元资金。

This looks like an all satisfied with the results。Melting and scored nine hand from green city on the project of 50% equity stake，From the original partial yu two third line，Trekking to a line，The price is 3.372 billion yuan of money paid to each other。

　　绿城的宋卫平和股东们应该感到高兴——在这笔交易后，绿城的资金链得以缓解，负债率降至100%以内。

The green city on the SongWeiPing and shareholders should be glad in the deal-after，Green city on the capital chain ease，Leverage within fall to 100% from。

　　但风生水起没几天，孙宏斌又面临着董事会的变动，袁一泓辞任独立董事。

But a few days wind，Yang hai and face the change of the board of directors，YuanYiHong resigned as independent directors。

　　这仅仅是小插曲，对于孙宏斌，对于融创，104%的负债率，如何得以降低？在房地产调控不见放松下，如何创造更强盈利能力？组建合营公司但任何一方不占绝对控股权，最后谁说了算？

This is only little episode，For Yang hai，To melt and，104% of leverage，How to be reduced？In real estate regulation under not relax，How to create more strong profitability？The joint venture company established but neither party is preponderantly controlling stake，Who's the boss finally？

　　合营不控股，谁说了算？ The joint venture not holding，Who's the boss？

　　6月22日宣布与绿城合作后，孙宏斌一直处于忙碌状态，今天飞无锡，明天回天津，后天又去了另一城市。他的部下称这就是老孙的每一天，永远都是在一线跑动。

June 22,, announced the cooperation with green city，Yang hai has been in busy，Today fly wuxi，Tianjin back tomorrow，The day after tomorrow and went to another city。His men say it is old each day，Never is running in a line。

　　孙宏斌是销售奇才，三落三起而东山再起的传奇人物，但即便如此，在合营过程中，谁都不占绝对控股，那最后该听谁？

Yang hai is selling the wizards，Three fell three up and start anew legend，But even so，In the process of the joint venture，Who are not accounted for absolute holdings，The last who should listen to？

　　按照孙宏斌的逻辑，在将来，合营或是融创发展的一个主要模式，抱团拿地、抱团开发、抱团销售、抱团获利，当然也抱团承担风险。

According to Yang hai logic，In the future，The joint venture or harmony and development of a main mode，BaoTuan give land、BaoTuan development、BaoTuan sales、BaoTuan profit，Of course also BaoTuan risk。

　　想法固然不错，但对于一个动辄销售回款上亿的项目，如何有机分配双方资源？

Admirable though it is，But for a free agent sales r hundreds of millions of project，How to organic distribution both sides resources？

　　对此，孙宏斌坦言也曾碰到质疑，“谈一合作，伙伴说融创是他见过唯一把控股看的不那么重要的。”

this，Yang hai said was in doubt，“Talk about cooperation，Melting and partner said he saw the only is the holding see less important。”

　　“我说咱们是51%对49%的合作，利益基本是一样的，绝对不可能谁控股就谁说了算，必须诚心诚意合作，发挥双方优势，保证双方利益，如此谁控股有啥关系？我以为优秀的治理结构的标准之一是你能否保证小股东的利益，不如此谁和你合作？谁给你投资？”

“I say let's is 51% to 49% of the cooperation，The basic interests are the same，Absolutely not who is holding who's the boss，Must be sincere cooperation，Play both sides advantage，Guarantee for both parties，So who holding have what relation？I think that good governance is one of the standard you can ensure that small shareholders，Not so who work with you？Who gave you investment？”

　　在商业社会中，孙宏斌显然选择了一种信义为上的方式。而在与绿城合作之前，其已与保利、方兴、首钢等房企组成联合体。

In a commercial society，Yang hai apparently took a faith for the way。And in cooperation with the green city on before，Its already and poly、FangXing、Shougang etc room enterprises to form a consortium。

　　仔细琢磨，孙宏斌在过去一年作出了太多重大决定，现在看上去都已取得成效。上市成功，虽然估值一直不高。北京与首钢合作的项目大卖，与绿城合作的首个项目大卖。融创的半年销售业绩也跃升至125亿元。

Closely studied，Yang hai in the past year made too many important decisions，Now it looks are already achievements have been made。Listed success，Although valuations have been is not high。Beijing shougang cooperation with the project to sell，And green city on the cooperation of the first project big sell。The melting and half a year sales also jumped to 12.5 billion yuan。

　　撇弃顺驰阶段的单枪匹马，融创的联合开发，用分析师的说法是，采用合作开发、降价销售的运作模式，提升资金使用效率。

ShunChi stage of the left alone，The joint development of melting and，With analysts says，The cooperative development、The mode of operation of the sales prices，Improve the service efficiency of funds。

　　但是，在这个过程当中，孙宏斌必须没有闪失，毕竟最近几笔交易的现金支出规模都相当庞大，孙宏斌不得不动用贷款及再融资等手段才能获取变大的筹码。

but，In this pursuit，Yang hai must not delay，After all recent deal of cash outlays are quite large，Yang hai had to dip into loans and refinance means to get bigger chips。

　　调控不放松，盈利如何创？ Regulation not to relax，Profit how to and？

　　面对投资者，孙宏斌被问及最多的问题之一是，房地产走势如何判断？

Investors face，Yang hai asked about one of the biggest is，Real estate situation how to judge？

　　对此，孙宏斌给出的答复是，今年房地产市场的走向取决于买房人的预期。今年调控政策肯定不会松动，但政策不松动不等于市场没变化。

this，Yang hai given answer is，This year the real estate market to buy room person depends on the expected。This year will not loose control policy，But don't loose policy is not equal to the market didn't change。

　　他认为，巿场走向取决于买房人的市场预期，就像去年政策一直没变，上半年市场不错，三季度尚可，四季度冰冻，那是因为买房人的预期在变化。你觉得还要降，等着；你觉得到底了，赶紧买。但等或买都得担风险。

He thinks，Marketing in the market expected to buy room person to depend on，As it was last year policy has been didn't change，Market good in the first half，Fair in the third quarter，The fourth quarter frozen，That's because buy room person to expected in change。You think will drop，Waiting for；What you think......，Hurriedly buy。But or buy all risks。

　　力图撬动市场变化、买方预期的孙宏斌，并不是采取大多开发商所运用的降价销售。尤其是与绿城合作后，孙宏斌不止一次提及，绿城项目价值被低估，这也就意味着，融创入股绿城后，将提高绿城项目价格。

Tried to move the market changes、The buyer expected Yang hai，And not taken by most developers sales prices。Especially with the cooperation of green city，Yang hai more than once mentioned，Green city on the value of the project be underestimated，This also means，Melting and after shareholder green city，Will improve green city on the project price。

　　这一点也得到了融创内部人士肯定。“在评估过绿城项目后，价格没有完全体现其价值，以上海绿城黄浦湾为例，依然与周边房价存在距离，将来在重新定位后，或将提高售价。”

It also get the harmony and insiders sure。“In the evaluated green city on the project，Price not fully reflect the value，With Shanghai green city on the HuangPuWan for example，Still in space with surrounding house prices，In the future to the localization，Or will raise price。”

　　不难发现，融创时代已非顺驰时代，房地产黄金十年不复存在，因此，融创走出了与顺驰不同的方向，在最艰难的时刻卖高端。

Is not difficult to find，Harmony has the ShunChi times and times，Real estate golden decade no longer exists，so，Melting and out of the ShunChi and different direction，In the most difficult time selling high-end。

　　而高端产品一旦解决销售周期困扰资金链问题，盈利能力并不低于低端产品。

And once the high-end product sales cycle troubled capital chain to solve problems，Profitability is not less than the low end products。

　　顺驰事件后，孙宏斌称，融创已经长记性了，一定会保证财务安全。“顺驰所犯的错误，让我牢牢记住了两点：第一，不能在很多城市铺开做房地产，要在几个地方深耕、深挖；第二，一定要保证现金流安全。”

ShunChi incident，Yang hai said，Melting and have long memories，Will ensure that financial security。“ShunChi made a mistake，Let me remember the two points：The first，Not in many cities spread out do real estate，In a few places to customers wholeheartedly、Dig deep；The second，Must assure safe cash flow。”

　　三落三起，挑战还在 Three fell three up，Challenge is still in

　　曾经为激进付出巨大代价的孙宏斌联手正在为激进付出代价的宋卫平，大起大落之后两者又是如何觉悟反思？

Once for radical at great cost to the Yang hai is for radical pay the price SongWeiPing，Both are how to consciousness after falling reflection？

　　宋卫平的反思落定在成本管控之上，他近日发飙指出，绿城的管控已经到了不能再容忍的地位。未来5年内，其将参与一线狠抓管理，在破产、收购徘徊边缘的绿城，在不断的呐喊声中咬牙挺过去。

SongWeiPing settled in the reflection of cost control on top，He recently pointed out that broke out，Green city on the control has arrived could no longer bear status。The next 5 years，It will participate in a line vigorously promotes the management，In bankruptcy、Around the edge of the green city on the acquisition，In constant NaHanSheng streaming in a past。

　　在力挺绿城，力挺宋卫平的选择下，孙宏斌显得更为从容，“置之死地而后生，将来我们会感激绝境带给我们的转变。”

In the force's green city on the，The choice of SongWeiPing hard，Yang hai appears more easy，“And after the desperate，In the future we will be grateful to our transformation of despair。”

　　孙宏斌的这句话不仅是指向绿城，更是对自己的一个解剖。“经历过很多事，坐牢、极度困难、一次又一次失败，没有人愿意经历这些，但是碰到了就坦然面对，经历了就把它们变成财富。人总是要死的，人本来就赤条条来赤条条去，所谓的成了败了又怎么样呢。活的精彩，值了。”

Yang hai of this sentence is not only a point to green city，But for one of his anatomy。“Through a lot of things，jail、Extremely difficult、Again and again fail，No one would like to experience these，But met will embrace，The experience will turn them into wealth。All men must die，Already naked will go to to naked will，The so-called became defeated it。Live wonderful，value。”

　　链接 link

　　孙宏斌的大佬脉络图 Yang hai elders who context figure

　　年轻时曾与柳传志反目成仇，创业后叫板王石却一败涂地，再创业后三次IPO夭折。孙宏斌抒写着60后房地产企业家传奇故事，一切才刚刚开始。

When she was younger and liu become his enemy，Since starting JiaoBan wang shi is hollow，Since starting again three IPO die young。Yang hai express after 60 real estate entrepreneur saga，Everything is just beginning。

　　30岁前，平步青云破格提拔为联想集团企业发展部的经理，但好景不长，因与柳传志矛盾，一纸诉讼成为“阶下囚”。出狱后，与柳传志一笑泯恩仇，借助其创立顺驰。2003年孙宏斌喊出要做全国第一，超过万科。同年，顺驰拿下北京黄村地王，开始在全国迅速扩张。

Before the age of 30，Reemergence abnormality is promoted to be the manager of lenovo group enterprise development，But short-lived，For liu and contradiction，A litigation as paper“prisoner”。After prison，Liu and a smile min EnQiu，With its ShunChi founded。In 2003, Yang hai called out to do the whole nation the first，More than China vanke。In the same year，ShunChi scored Beijing HuangCun royal，Start expands rapidly across the country。

　　40岁时，顺驰股份出售给路劲后，因天津公司的管理问题，而与路劲单伟豹“反目成仇”。之后一心扑在融创事业中，为拓展、为上市来回奔波，再创业后三次IPO夭折。

40，ShunChi shares sold to road after strength，For tianjin company management problem，And ChanWeiBao strength and road“Into beasts of burden”。After a heart rush toward on melting and cause，To develop、For listed commute，Since starting again three IPO die young。

　　50岁前，2010年，47岁的孙宏斌终于带领融创上市成功。2011年，融创销售192亿元，排名全国房企第18位。

Before the age of 50，2010 years，47 years old Yang hai finally led melts and listed success。2011 years，Melting and sales of 19.2 billion yuan，Ranking the room 18 in enterprises。

　　不久前，孙宏斌大举收购宋卫平旗下项目，借机重新布局一线城市。

Not long ago，Yang hai aggressively SongWeiPing acquisition under the project，Looking to layout a city。