After the news of the stoppage of the car factory in Nevada, USA, LeTV CEO Jia Yueting announced that he would use the new financing to support the construction of the US factory. As the largest money-burning section in LeTV's territory, there is more than one project for LeTV's urgent need for capital injection.
In the north of Deqing County, Zhejiang Province, there is a place called Sand Village 30 minutes from the city. LeTV's first factory in China will be settled there.
Deqing Wisdom Car Town renderings
According to public reports, on August 10th, the Zhejiang Provincial Government and LeEco LeTV held a press conference at the Great Hall of the People in Zhejiang Province, announcing the official launch of the cooperation projects between the two parties in the LeTV Supercar Eco-Experience Park, the Smart Auto Industry Fund and Internet Finance.
At the same time, the two sides also announced that the first LeTV Supercar Ecological Experience Park, which covers the advanced manufacturing, ecological display and sightseeing experience of smart Internet electric vehicles, officially settled in Moganshan, Deqing County, Zhejiang Province, with a total investment of 20 billion yuan. LeTV said it will be the world's first eco-car super factory.
Recently, the 澎湃News () reporter learned from the Deqing County government department that the LeTV Supercar Ecological Experience Park will be laid on December 27.
At the same time, according to the public information of Deqing County Land and Resources Bureau, a plot of land for industrial use in the automobile manufacturing industry was hanged on November 10, with a transfer area of ​​900,364 square meters and a starting price of 310 yuan per square meter. The auction date is December 9.
This means that in less than 20 days, LeTV will face a cost of 279 million yuan, which is not a small amount for LeTV, which has a tight capital chain.
A member of the Land Use Section of the Deqing County Land and Resources Bureau told the journalist that if LeTV failed to photograph the plot, the local investment cooperation would be another matter. However, many local government officials expressed their confidence in LeTV.
LeTV's funding gap
The LeEco Supercar Ecology Experience Park is planned to be located in a place once called Sand Village.
澎湃News reporter learned from the Deqing County Land and Resources Bureau that the LeTV Supercar Eco-Experience Park is planned to be located in a park called the Sand Village in the northern park of the Moganshan High-tech Zone in Huzhou.
According to the information disclosed by the Deqing County Land and Resources Bureau, on November 10th, an industrial land called “North of the Venture Building in the North Sand Village Block of Deqing Economic Development Zone†(hereinafter referred to as the “Sha Village†plot) was listed for sale. The planned use is for automobile manufacturing. The land transfer area is 900,364 square meters, the starting price is 310 yuan / square meter, and the total starting price is about 279 million yuan.
According to the announcement requirements, from November 30 to December 7 at 16:00, the registration time for the bidding, at the time of registration, the bidder must pay a bid bond of 60 million yuan, and the post-winning margin will be used to offset the land price; December 9 For the auction date.
For LeTV, the 279 million land transfer fees are only the first funding gap opened by the Deqing project. According to the requirements, construction must be started within 10 months after the land is transferred. At the same time, it is required to be completed within 36 months from the date of commencement of the contract.
LeTV Supercar Eco-Experience Park planned land
According to the previously announced cooperation plan between LeTV and Deqing County Government, according to the project plan, the first phase of the LeTV Supercar Ecological Experience Park will be planned to cover an area of ​​4,300 mu, with an annual output of 400,000 vehicles. Upon completion, the Experience Park will form a global eco-car super factory and theme amusement destination featuring LeEco's advanced manufacturing and sightseeing experience, integrating LeTV sports, music and music elements.
Among them, the LeTV super car production park will become the world's first eco-car super factory. The first phase of the plant will invest 6 billion yuan and the annual production capacity will be 200,000 vehicles. The second phase is planned to start construction within two years after the first phase of production, and the production capacity will be 200,000 vehicles. The project will invest 6 billion yuan. The business parks supporting the park mainly include administrative office areas and supporting facilities construction, with an investment of 2 billion yuan.
In contrast, Tesla's planned production in 2016 is only around 80,000.
A professional who is engaged in the planning of the automobile industry production line told the journalist that the production capacity of 400,000 is in the upper-middle level of the automobile industry. According to the target of 400,000 units per year, the construction cost of LeTV's automobile production line will be around 8 billion yuan. .
"This is still estimated at a preset automation level of more than 80%. If it does not reach such a high degree of automation, coupled with labor costs, construction and operation costs will be greater." The source said.
He also said that it takes a year and a half for a car production line to go from design to completion to production. During this period only inputs have no output.
On the other hand, LeTV’s funding situation is indeed not optimistic. On the one hand, there is news that LeTV's arrears to suppliers are tens of billions, and the other company's ongoing construction of Faraday Future, which is invested by LeTV, is also shut down because it can't pay the project. Jia Yueting also said in an open letter that LeTV is indeed facing difficulties in funding, and the company will bid farewell to the expansion of the money-burning model and focus on the existing ecology.
LeTV is the largest “blood loss†project in LeEco's ecology. According to reports, Jia Yueting himself invested heavily in the investment and operation of LeTV by pleasing the shares of LeTV and the cash. For example, Jia Yueting said in an open letter on November 6 that LeTV had invested heavily in the early stage and spent more than 10 billion of its own funds, which directly led to his personal financial support for LeEco.
On the afternoon of November 15th, Jia Yueting’s more than ten entrepreneurs and students at the Cheung Kong Graduate School of Business, “Snow in the Snowâ€, including the leaders of Haishu Group, Minhua Holdings, Yuyue Group, and Luye Group, signed with LeTV Holdings. The first phase of the $300 million investment agreement, which is mainly used for the LeTV project.
When LeEco was questioned by local government officials at the faraday future car factory in Nevada, a LeTV executive told the media that the company "is fully committed to transferring the money to the United States." Faraday's future project."
However, for the Deqing factory where the arrow is on the string and is about to start, LeTV has no more indications. Whether it is possible to build the world's first eco-car super factory in the future as LeTV is still unknown.
The land has not been picked, LeTV has begun to planRegarding the cooperation with LeTV, the relevant officials of the Deqing County Development and Reform Commission and the Deqing Moganshan High-tech Park Economic Development Bureau told the news that the LeTV project was progressing smoothly and did not receive any financial information.
A lot of contact with journalists found that although the land needed for the construction of LeTV has not yet been picked up, from the attitude of the local government, LeTV’s presence in Deqing seems to be a matter of course.
"LeTV will definitely take the land. On December 27th, the project will start construction." Zhu Guozhong, deputy director of the Economic Development Bureau of the Moganshan High-tech Industrial Development Zone Administrative Committee, told the journalist.
As for whether the LeTV capital chain is sufficient to support the normal progress of the project, Zhu Guozhong’s attitude is quite ambiguous: “LeTV’s funds are not tight. I don’t know. There is no problem with this money. It’s a matter of music. We are only responsible for the project. service."
"The project is what they did. First, they are going to take the land. We sold the land to them. After we took the land, we started construction. This is their business. Our county provides good services to them. The government's environment will be well established to ensure that their projects can progress smoothly in Deqing County; the second is to build the platform and assist enterprises to handle the relevant license procedures, which is what the government has to do." Zhu Guozhong said.
Another staff member in the Office of the Economic Development Bureau said: "How can we not get the land? LeTV has just planned in the conference room next door to us."
澎湃The journalist learned that the Deqing County government has vacated nine offices for the Lexus car planning team in the old park of the Moganshan High-tech Zone. At present, this team of LeTV is mainly planning the layout of the plant and the scope of the land.
Zhu Guozhong said that the pre-EIA work of the land has been commissioned by the unit and the geological survey has also entered.
However, the relevant personnel of the Deqing County Land and Resources Bureau provided another attitude. A staff member of the Land Use Section told the reporter that if LeTV failed to photograph the plot, the local investment cooperation would be another matter.
"Who told you that this land must be LeTV? Now this land has nothing to do with LeTV. The premise is that they are going to shoot the land. If you don't come to shoot, then you have to ask the county government for the next thing." In the face of reporters' questions, it seems a bit impatient. According to the process of national land bidding and auction, if there are multiple bidders, the price is higher on the basis of the starting price.
However, Zhu Guozhong told reporters that there are no prospective investors outside of LeTV.
As the industry of the sand village is limited to the automobile manufacturing industry, it is difficult for a number of automobile manufacturers to reach a cooperation intention with the government in the short term. Therefore, the sand village plot is more like a “tailor-made†land.
"In the jargon, this is called directional listing." An official who has been engaged in government investment for many years told reporters that "90% of industrial land is currently sold in such a way. It is called public listing. In fact, the government has already sought In order to ensure that the plot can be successfully traded to the designated next home, some very specific conditions will be set at the time of listing, such as production for a certain type of industry, or the investment amount is not lower than a certain amount. of."
For the worst results, many staff members of the government department expressed vagueness.
"If they don't take the land in the first phase, they will definitely have a bad influence on them. As a government, we will also consider it in our hearts. Our county party committee and county government, Deqing County, 430,000 people always have people who understand the project. We are on this project. Good or bad always have analytical capabilities. We will have our own risk control measures, but it is not convenient to disclose them." Zhu Guozhong said.
Zhao Fangzheng, director of the Deqing County Party Committee Propaganda Department, told reporters: "LeTV Sports and Zhejiang Daily Media also signed a cooperation agreement. If there is a problem with LeTV, Zhejiang News Media is the listed company and the first Chinese media. Why are they? Dare to do this. The project was introduced by the provincial government, and it is not only that we are reviewing, but also the provincial government will help us review it."
However, Zhu Guozhong also said that if LeTV really encounters financial problems and cannot complete the land acquisition process, the land will be processed according to the general procedures, and will not be postponed for LeTV. "Only until the next time you transfer."
Zhu Guozhong also said that if the auto project is going well, the local government and LeTV will cooperate well, and it is possible to introduce other LeEco industries in the future.
However, the reporter found in the exchanges that many Deqing County government staff are not aware of the relationship between LeTV's business segments, and even some staff believe that LeTV's financial tension is caused by the LeTV share price plunging, called LeTV and LeTV. There is no relationship in the network.
"Looking at the announcement of our cooperation news on August 7, LeTV's share price is down, indicating that LeTV has nothing to do with it," said a staff member of the Office of Economic Development.
However, in fact, LeTV's plunge was the result. It was because the unlisted formats such as LeTV and LeTV were exposed to serious financial problems. At the same time, Jia Yueting announced that he would stop the expansion of the money, which triggered investor panic.
Where does the money come from?Although the Deqing government strongly supports the LeTV Auto Ecological Park in the Moganshan High-tech Park, the funds are in the realm of LeTV.
The above-mentioned officials familiar with government investment have told reporters that the land transfer fee is not the biggest problem. “Generally speaking, most of the government-invested investment projects will stipulate some preferential terms in the agreement, and the land transfer fee will be refunded to a certain extent. There will be zero land price transfer in the past, but now it is less, and the government will The conditions return the transfer fee in stages. For example, if the factory cap is returned 10%, the total amount of investment reaches a certain amount and then returned 30%, etc. However, before these conditions are met, the company still needs to pay the transfer fee first."
The above officials said that if the company does have difficulties in funding, the government will generally arrange financing from a government-funded financing platform. "This is equivalent to using government credit loans."
Some analysts pointed out that LeTV can use the land to make mortgage loans after taking the land. Zhu Guozhong said that the starting point for cooperation with LeTV is to attract investment, not to sell land. The government will have its own countermeasures for various situations, but he did not disclose the specific content.
“Whether a company can mortgage land depends on the relationship between the government and the local bank, and the relationship between the bank and the company. Generally speaking, it is impossible to mortgage immediately after taking the land. Now the bank requires evaluable land on the mortgage. Buildings. However, it is not excluded that some areas where radical practices can assess the value of the land itself."
The official also told the 澎湃 journalist that in actual operation, the price of land acquired by the government-cooperative enterprises will generally be relatively low, and the bank will provide the company with a loan of 70% of the land market price, and sometimes even offset most or all of the loans. The transfer fee.
The reporter checked the announcement and found that the starting price of the sand village plot was 310 yuan / square meter, and the price of other industrial land sold during the same period from October to November was between 375-385 yuan / square meter. The above officials also told reporters that this land price is not high in Zhejiang, which is mountainous and landless.
LeTV continues the sand village to get rich dreams?The Lesha Town Sand Village, which is rooted in LeTV's plan, is a place in Deqing. According to local people, the sand village used to be a mountainous area, which is rich in a kind of blue stone. It is an excellent building material, so the surrounding villagers are all mining. Many people have made their homes here and embarked on the road to prosperity.
A local resident told reporters that at the earliest time, as long as tens of thousands of dollars would be able to contract quarrying in the sand village, the first batch of people who started mining had made a fortune, and then those who wanted to make money flocked, and the contract price was also Stir up, from tens of thousands to hundreds of thousands to millions. Every day, there are trucks loaded with sand and gravel from there.
It was not until more than three years ago that the sands of the sand village were exhausted and changed from mountain to flat. The place where the former machine roared was calmed down, and the surrounding residents gradually moved out. It became an inaccessible wasteland.
However, today's sand village obviously also entrusted the local government with greater expectations. In September 2012, Deqing County became the first pilot project for comprehensive development and utilization of abandoned mines in Zhejiang Province.
"Zhejiang Daily" reported on April 22, 2014 that through closed pit mine closure, cutting peaks and filling valleys, leveling earthwork, it took only one year to spawn 7500 new land, and the local government is so huge. The planning and utilization of the amount of stock land is full of expectations.
The report quoted the officials who thought that they were responsible for investment promotion at the time: "Our goal is to introduce large enterprises and large groups such as China and the world's top 500 and listed companies. There are about ten projects currently under discussion. The east side of the block will be added. A Hanging Expressway entrance and exit, which is a big plus for attracting enterprises to settle down."
Zhao Fang told reporters that the sand village had not started construction since the closure of the pit, in order to wait for the appropriate "big project." “There is a key project construction base in the province. As Deqing County, we cannot make a hasty decision.â€
A taxi driver from Deqing told reporters that there have been various sayings about the construction of the sand village: "There was a time when Hangzhou Steel (Hangzhou Iron and Steel) was coming over, but in the end, I didn't know what was going on."
LeTV is probably the "big project" from Deqing.
澎湃News reporters saw in the sand village, there are traces of quarries left there, and scattered stones are scattered everywhere. It is not convenient to walk in many places, and the cars are not open. The newly-built asphalt road, which is two meters wide and two meters wide, divides the sand village plot into several parts. At the crossroads of the road, these three striking exhibition plates are set up, proclaiming that the “Deqing Wisdom Car Town†will be built in the future.
According to the renderings of the Deqing Wisdom Car Town shown on the display panel, this area will be planned to become a mine theme park, an international smart interconnection center, a car culture theme park, a battery factory, a smart car manufacturing vehicle factory, etc. Different functional areas.
Zhu Guozhong said: "LeTV is a major project for the investment promotion of the Zhejiang Provincial Party Committee. Just as we have a large stock of land in the sand village, the provincial government chose Deqing. We have our geographical advantage and our ecological environment. And the concept of investment promotion may be consistent with Le Shi's ecology, so it has a feeling of love. Because the new energy vehicle is also the key project introduced by our county, we have promoted the cooperation direction between Deqing County and Leshi through the matchmaking of the provincial government."
It is understood that the Deqing government and LeTV have reached an investment intention in May and June this year. After several rounds of investigations by the company, the two parties formally signed a cooperation agreement in July and announced it on August 10.
Judging from the situation of the press conference on August 10th, this cooperation has been highly valued by Zhejiang Province. Zhejiang Provincial Governor Che Jun and Zhejiang Provincial Deputy Governor Yuan Jiajun all appeared.
It is understood that the marriage between LeTV and Zhejiang comes from the match of Shen Guojun, chairman of China Yintai Investment Co., Ltd. Prior to this, Shen Guojun once disclosed to the media that under his leadership, the efficient work efficiency of the Zhejiang region allowed the cooperation to reach an agreement within one month.
The taxi driver told reporters that as an ordinary Deqing people, he thought that LeTV's construction in Deqing was a good thing. "But the premise is that they can really come," the driver said.
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