Real estate developer Wang Yonghong may be facing the darkest moment in more than 20 years，Just like Wang Jianlin a year ago。

Wang Yonghong is described by the outside world as the richest real estate developer in Beijing，Zeng Huiyan started his career in real estate in a wasteland，Become a frequent visitor to various rich lists。

The success of the Beijing Pixel Project made him famous，He had “suffered” for eight years before，After that, his layout style became more radical，The controlled Zhonghong Group enters the field of cultural tourism real estate，Launch projects everywhere，And through upstream and downstream acquisitions，Combining light and heavy modes，Forming a closed loop of cultural tourism industry，Building a “Little Wanda”。

188bet Online Sports Betting and Casino While delivery is delayed、After a series of suspense，One year later，Wang Jianlin recently handed over all 13 cultural and tourism projects to Sunac Sun Hongbin。

Wang Yonghong bet on the right trend，But one leap to the top，A low point，The crisis is not far away yet。

The shed changes direction、Macroeconomic policy enhancement、The cost of acquiring land is high、Suppressed supply and demand...the real estate industry is entering its twilight years，The golden age is gone，When autumn or even winter is approaching，The banner of culture and tourism is raised high，The cultural tourism industry is booming，It’s heading towards its spring，The dawn of cultural tourism real estate is getting brighter。Wang Jianlin、Wang Yonghong adjusted his direction and rode quickly，But I never wanted to fail halfway。

Sun Hongbin、Kaisa Guo Yingcheng came on horseback，Become “save” Wang Jianlin respectively、Wang Yonghong’s White Knight，And move on，Open up territory for your own cultural tourism territory。And almost the same as the one being saved，Their style of play seems to be running wild、Radical momentum。 

The situation has changed，Quickly conquering cities and territories or a helpless or necessary move for survival or even development。But in this new "battlefield" of cultural tourism that is very different from traditional real estate，As newcomers，He will live up to the name of the white knight，Rescue people in distress，Achieve great fame and territory，Still reduced to a receiver，Harm one's career？

It is difficult to be “Eternally Red” and difficult to be “Wanda” in Wanda.

一

1998，China Housing Reform，The original welfare housing allocation system was abolished，The real real estate marketization journey begins。

One year in the future，Wang Shi resigned as general manager of Vanke，Served as chairman of the company，Initiated the organization "China Urban Real Estate Developers Collaboration Network"，and was elected as the first rotating chairman。Back in 1991，Vanke has been listed on the Shenzhen Stock Exchange，Become a demutualized company among many 188bet online sports betting real estate companies、The earliest early adopter on the market。

Vanke has become the “leading boss” of real estate companies，Many gold diggers have also arrived。

The year Wang Shi resigned as general manager，Xu Jiayin’s Evergrande finally emerged from more than 1,000 Guangzhou 188bet online sports betting real estate companies after three years of struggle，Ranked among the top 10 real estate companies in Guangzhou for the first time，The next year，Ranked to sixth place。

Same in 1999，Guo Yingcheng and his brother Guo Yingzhi、Guo Junwei and three people established Kaisa，Mainly focus on the Shenzhen real estate market where Wang Shi’s career began，Open the road to "King of Old Reform"。

15 years later，Guo Yingcheng encountered changes in his career，No sale of company properties、Share price plummets、Debt pressure、Many senior executives have resigned...When almost collapse，Sun Hongbin plans to acquire Kaisa，Almost became a white knight，But it failed in the end。

Four years later，Guo Yingcheng becomes the white knight who saves others，To help others when their career is in trouble。

The name of the rescued person is Wang Yonghong，Born in 1972 in a family of civil servants in Jiangxi，I came to Beijing to work hard when I was 20 years old，And at the age of 28, he sown the seeds of his future highlight moments。At that time, Beijing had not yet expanded to the Fourth Ring Road，But he bought 600 acres of land at a low price in Changying, outside the fifth ring road in Beijing，There are also corn and sorghum planted on it。

Wang Yonghong

Wang Jianlin also found the entrance to the road to glory。Wang Jianlin, who had more than 10 years of real estate experience at that time, was planning to enter the commercial real estate field。First entry into new fields，The first three years，He is involved in a lawsuit being sued by the owner of the shop he sold，Later, we explored a new model to achieve Wanda’s huge territory - urban complex，Become a business center，There is an office building next to it、Shopping streets and apartments，Apartments and offices provide cash flow，Shop self-operated。

At that time，Sun Hongbin who later became the white knight of Wang Jianlin’s career，The title is still the head of Sunchi，Still exploring the Tianjin market。It entered the Beijing market three years later, in 2003，And started a national expansion strategy。2004，He is on the Hurun Rich List，Ranked 91st。 

Same year，Duan Xiannian is serving as the director of Xi’an Qujiang New District Management Committee，Served as general manager of Xi'an Qujiang Cultural Industry Investment (Group) Co., Ltd.，Beginning to forge the "Qujiang model" of cultural tourism development: land enclosure - cultural and artistic hype - global bidding and planning - loans - infrastructure construction - investment promotion - land prices doubled or even doubled in magnitude - selling land to obtain funds - speculation on cultural concepts、Building a theme park—land value increases again。 

This model is for those who are short of money，But the local governments who want to increase tourism development and urban construction can learn from it。More than ten years later，This model was brought into OCT by Duan Xiannian，Further “conquering the city”。

The time is stretched to 2008，Beijing CBD eastward expansion，Land value in Changying area increases by 10 times，Wang Yonghong developed nearly 10,000 units of commercial housing in the former corn and sorghum field，The famous commercial and residential project Zhonghong·Beijing Pixel。

2009，The first phase of Beijing Pixel is open。Early 2010，Beijing launches residential purchase restrictions，"Commercial and residential use"、“Unlimited purchase” has become a big selling point，Provide a "ship ticket" for many North drifters。Only four years，Beijing pixel house sold out。Public opinion，Wang Yonghong made at least 5 billion yuan from this。

Zhonghong Co., Ltd. was also listed on the backdoor in 2010，Wang Yonghong was selected into the Hurun Report in the same year，Become a frequent visitor to various wealth lists in the following 188bet sports betting app download three years。Wang Yonghong is “red”。

Before and after this time，Real estate is still in its golden decade，188bet online sports betting real estate companies are flocking to the market，There are many real estate tycoons。

August 2007，Real estate company Rongsheng Development is listed on the Shenzhen Stock Exchange，The actual controller Geng Jianming’s net worth soared。Rongsheng Development was founded in 1996，Starts from Langfang, Hebei，Benefit from the integration of Beijing, Tianjin and Hebei，Expansion in size，Concentrate on layout in second and third tier cities。His style of play was once radical，Once the largest “landlord” in the Beijing-Tianjin-Hebei region，Known as the "King of Hebei"。

Sun Hongbin is no longer as unruly and radical as before。2008，Shunco is a thing of the past，Sun Hongbin once hoped to surpass Wang Shi’s ambition，Failed halfway，His new identity is Chairman of Sunac China，Steadiness becomes the main tone，Shrink the front to fight risks，Focus on first- and second-tier cities，Take the high-end boutique route。2010，Sunac listed。

Sun Hongbin

Slightly earlier，2009，China Evergrande is listed in Hong Kong；December of the same year，Kaisa is also listed in Hong Kong。

2013, the end of the golden age of real estate，This is also Wang Yonghong’s heyday，The net worth is considered to have reached tens of billions，Wang Jianlin became the richest man in China by Forbes，Evergrande Real Estate’s net profit increased by nearly half year-on-year，A record high in company history，Ranked first among 188bet online sports betting real estate companies in the country。

But the space left for pure real estate has gradually become smaller，Land prices continue to rise、The government has raised the threshold for real estate developers to obtain land、Increased macroeconomic control policies，Extensive real estate development has gradually been replaced by refined operation methods，Market concentration is getting higher and higher，Real estate development has gradually become a playground for giants，The space of small and medium-sized real estate developers like Zhonghong is already very limited，Urgent need to find a new way。

After the listing of Pixel He in Beijing pushed the career to a high level，Wang Yonghong is already thinking about building a larger territory。

2013-2015，Wang Yonghong has tried movies and TV shows、Mobile Games、Theme parks and tourism (cultural tourism) real estate and other businesses，The results are not as good as before，Cultural tourism real estate has become a key area of ​​betting。Back in 2012，Zhonghong won the Hainan reclamation and island building project - Ruyi Island project，Estimated investment exceeds 10 billion，In Jinan、Anji, Zhejiang and other places are also planning to lay out cultural tourism projects。

Wang Yonghong once launched the “A+3” model to build cultural tourism business，That is, Zhonghong’s cultural tourism real estate is the main line，Rely on Internet finance and online travel platforms to revitalize your life，And operate by acquiring some overseas companies，Form a complete closed loop。

A+3，That is, one A-share listed company plus three overseas listed companies。A-share listed company is an enterprise that comprehensively develops cultural tourism real estate，A heavy asset company；Three overseas listed companies are asset-light companies，Including a company doing property marketing around Internet finance，A listed online travel company and a brand operation management company。

Wang Yonghong’s final system includes: the listed company Zhonghong Co., Ltd. and its major shareholder Zhonghong Zhuoye Group；Zhongxi International、KEE Holdings (KEE)、Asian travel and high-end travel company A&K、21% stake 188bet app download in SeaWorld, an American theme park。Companies are either light or heavy，Laying out the upper, middle and lower reaches of the cultural tourism industry。

He once again bet on the trend, and the tourism industry is booming.

2016，Domestic tourism revenue 3.9 trillion yuan，14% year-on-year increase；Total number of domestic tourists: 44.400 million visitors，11% year-on-year increase。2017，Domestic tourism revenue 4.57 trillion yuan，15 year-on-year increase.9%；Number of domestic tourists: 50.0.1 billion people，12 year-on-year increase.8%。2018，The Ministry of Culture and Tourism was merged and established。

Another level,Local governments are happy to see cultural tourism projects bring land value appreciation，And bring broader and longer-term returns than residential real estate，Provide real estate developers with cheap land to develop cultural tourism real estate。This is where the conspiracy logic of industry comes from.

The market supply and demand, the government and real estate developers are all in perfect harmony.

Guo Yingcheng has already sensed the trend。End of November 2016，Kaisa Jinshawan International Park project with a total investment of nearly 30 billion yuan was officially launched，It is expected to be completed and opened around 2020。Comparing with Universal Studios and Disney。

Guo Yingcheng

Beyond this，Kaisa is based on the “Industry + Urbanization + Tourism” strategy，Mainly entering the field of characteristic towns，Has deployed multiple characteristic town projects across the country。

Geng Jianming began to develop cultural tourism in 2014。By the second half of 2016，Rongsheng Development is already in Qinhuangdao、Yesanpo、Chengde、Xingtai、Hengshui、Huangshan、Jiuhua Mountain、Shennongjia、Hainan、Chengdu、14 health and tourism projects have been deployed in Xi’an, Nanjing and other places。

From the end of March 2017 to the beginning of April 2018，One year，Rongsheng Development has (planned to) layout 28 cultural tourism projects，Planned investment (including some interested parties，Projects that have not yet been finalized) have an estimated budget of nearly 200 billion yuan。 

2016，Duan Xiannian has been appointed as Secretary of the Party Committee of OCT Group，Later also served as Chairman，Under the development strategy of “culture + tourism + urbanization” similar to the Qujiang model，The layout of cultural tourism projects in OCT has accelerated significantly。The proportion of OCT real estate business decreased，The proportion of cultural tourism business has increased，The proportions of the two main businesses are approaching。OCT plans to invest 238 billion yuan in Xi’an’s cultural tourism industry in 2017，The foreshadowing has been laid here。

More big names have entered the market that year。Xu Jiayin plans to spend 160 billion yuan to develop and build Hainan Haihua Island，Concentrated contract signing in Jiangsu、6 large-scale cultural tourism projects in Guizhou and other places，And plans to build a cultural tourism complex with Evergrande Children’s World as its main product。

Wang Jianlin is still proud of the spring breeze。Nanchang、Hefei Wanda City has opened，Chongqing、Guilin Wanda City starts construction，Changsha、Xi’an、Haikou “Wanda City” project signing，Wanda Cultural Tourism has basically completed its nationwide layout in 2016。Year，Wanda’s tourism revenue exceeds 17 billion yuan，A year-on-year increase of nearly 40%。 

The end of Wang Jianlin’s cultural journey came suddenly.

July 10, 2017，Wanda and Sunac jointly announced，Wanda will build 13 cultural tourism city projects (Nanchang、Hefei、Harbin、Wuxi and other places，188bet sports betting app download partially opened) was transferred to Sunac，Sunac to 335.9.5 billion yuan acquisition of 76 hotels in Wanda project (later taken over by R&F Real Estate)。

These Wanda cities were once regarded as the most important carriers for Wang Jianlin to establish Wanda culture，Wanda bears great expectations for its fourth transformation。

Wang Jianlin

But Wang Jianlin, a former soldier, was unwilling in every possible way，Still "bow down"。The reason he gave is，Transfer projects can significantly reduce Wanda Commercial’s liabilities，And further realize asset-light operations，All the funds recovered this time will be used to repay the loan，Wanda business plan within this year，Repay most of the bank loans。

Qian even "knocked down" Wang Yonghong.

Wang Yonghong took too big a step，His radical mergers and acquisitions and expansion and the layout of multiple tens of billions of cultural tourism projects，Make it heavily in debt。There is a hidden wind of Wanda，But he does not have Wanda’s financial strength，And the playing style is far inferior to Wanda，Not learned the essence of Wanda。

Huge investment in cultural tourism projects，Wang Yonghong is hard to find a helping hand。Zeng Zhonghong Co., Ltd. and China Railway invested a total of 3 billion yuan to win the Ruyi Island project，And established Ruyi Island Company，China Railway is the major shareholder。But later China Railway withdrew，Zhonghong Single Wood Support。 

Looking back at Wang Jianlin，It invested tens of billions to build the Changbai Mountain International Tourism Resort、Xishuangbanna Project，They all choose to join forces with multiple companies，Jointly invest in joint investment。

Changbaishan project from the start of construction to the opening of the first phase，Only one year of construction period，Phase 2、The same is true for the third phase project，This shows Wang Jianlin’s strong execution ability in military style。

The Ruyi Island project started from April 2014 to the end of 2017，The sea area will only pass the acceptance after the first phase is completed。March this year，In the environmental storm，The Ruyi Island project was asked to stop construction、Closed。A slap in the face，Directly delayed the opening of the first phase of the project to withdraw funds，The failure has been revealed。

With that came no money.

Wang Yonghong’s financial and capital operation layout has not accomplished much，The real estate sector where we started is also not satisfactory。2017 Beijing “3·17” New Deal for House Purchases，Give Wang Yonghong a “blow in the head”，The sales of his Yumafang and Xiagezhuang commercial projects have stalled，Loss of 1 billion yuan。Year，Zhonghong Co., Ltd.’s net profit loss exceeds 2.5 billion yuan，Continued to lose money in the first quarter of 2018 3.1.4 billion yuan。

Wang Yonghong faces multiple project shutdowns、The crisis of expanding overdue debt。As early as February 27 this year，All shares of Zhonghong Co., Ltd. held by Zhonghong Zhuoye, which he wholly controls, have been frozen by the judiciary for the 10th time。

July 19，Zhonghong Holdings Co., Ltd. issued an announcement，The total amount of overdue debt principal and interest of the company and its subsidiaries is 44.0.6 billion yuan，All types of loans。

Wang Yonghong once tried to save himself。February this year，China Harbor Bridge was expected to achieve reorganization with Zhonghong Zhuoye，Help the latter revitalize their assets、Pay off debt，But it failed in the end。End of June，Xinjiang Jialong plans to replace Zhonghong Group as the company’s controlling shareholder，But then the Shenzhen Stock Exchange inquired about the true relationship between Zhonghong Holdings and Xinjiang Jialong，Reorganization pending。

He finally decided to sell all the shares in the Ruyi Island project，Price 1.4 billion yuan，The buyer will compensate74.6.1 billion yuan debt，Kaisa takes over。

There were media reports that，Ruyi Island is expected to bring 224 after the completion of the first phase of the project.Total sales of 6.3 billion yuan，Achieve 57.0.2 billion net profit。

Wang Yonghong could not wait for this moment.

Yu Liang succeeded Wang Shi and became the chairman of Vanke’s board of directors，At Vanke’s 2017 Annual Shareholders’ Meeting on June 29，When talking about Vanke’s future plans，If Vanke is still a real estate company in ten years, it will be very bleak。He hopes for the next ten years，When I think of Vanke, I think of "good life"，Instead of three good houses。

Wang Shi leaves，Vanke, which once vowed to only focus on residential real estate development，Under the general trend，Also changed。

July last year，Vanke took over the development of the Fuxian Lake project from Yunnan City，Renamed China Fuxian Lake National Tourism Resort；October last year，Vanke and Chinese Cultural Fund signed a cooperation agreement on cultural real estate， 2 months later，Invested by a wholly-owned subsidiary10.500 million yuan to subscribe for part of the shares of the Chinese Cultural Fund。Early July this year，Chinese Culture’s A-round financing of nearly 10 billion，Vanke is one of the leading investors。

The playground of cultural tourism real estate is even more lively，The loser already，The winner has not yet been seen，Like Sun Hongbin、Guo Yingcheng，A white knight or a taker？

Due to environmental storm，Ruyi Island was fined 37.33 million yuan，Suspension to date，The right to use the 3.3 million square meters of sea area in the third phase has not yet been obtained；Sunac’s Riyue Bay project in Hainan was also asked to suspend construction，It is currently unknown whether work will resume。

To avoid Wang Jianlin’s fate again、Wang Yonghong’s mistakes，Sun Hongbin and others still need to solve the overwhelming debt problem。 

2017，Sunac debt ratio reaches 90.27%，Rongsheng Development’s asset-liability ratio is 84.68%，YoY growth 1.98 percentile；The balance of Kaisa’s interest-bearing liabilities is 111.1 billion yuan，about 221 of them.700 million yuan needs to be repaid within one year，The remaining 80% has a repayment period of 2-5 years。

Under the influence of the general trend，Expansion map，Even radical running，It will still be the main tone for real estate developers to deploy cultural tourism in the future，Just like the real estate battle before。If you encounter setbacks, move to another domain.

End of May this year，Duan Xiannian, who has a smooth layout in Xi'an，Sudden changes in the situation，The plan to acquire Qujiang Cultural Tourism was terminated，Nearly a year of hard work has been wasted，Its Xi’an cultural tourism map is missing an important corner。 

Although，OCT will then sign an industrial fund contract with Qujiang New District、Urban supporting and cultural tourism projects，Total investment 30 billion yuan。But the huge investment of 238 billion yuan was previously planned，It is difficult to continue writing as I wished。 

This is regarded as a challenge to the cultural tourism model of OCT，The competition for increasingly scarce land，Or one of the reasons。

However，Duan Xiannian’s cultural and tourism career shows no signs of slowing down，July only，Already in Sichuan、Wuxi、Jiangmen、Hengyang、Layout projects in Maoming and other places，Estimated investment exceeds 100 billion yuan。

A recent unfriendly phenomenon is，Oct.com’s multiple comprehensive tourism projects have generated ticket revenue、Falling number of tourists、Poor 188bet app download continuing operations and other issues。

This is Duan Xiannian’s real challenge，Sun Hongbin、Guo Yingcheng...the same is true。

Different from mature real estate development model，The development and operation of cultural tourism projects is a very different “new battlefield”。In this battlefield，It requires more than a huge amount of funds to provide endless "ammunition"，New trading methodology is needed、Theoretical deduction logic，Abandon the consistent decision-making system，Break through the thick barriers of the past。

And these，Exactly what the prosperous real estate giants currently lack。Before the dawn of cultural tourism real estate，Who will usher in his darkest moment？