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Wu Yanzu, Hu Ge, Xu Zhengxi, Leonardo, who is the most handsome in 10 years of comparison

　　People’s Daily Online, Beijing, July 20 (Reporter Li Yan) In order to get rid of the burden of "pure idol school", many male stars in the entertainment industry insist on constantly challenging their acting skills, so that people are fascinated by their handsome appearance while also being impressed by their performance skills. Let’s take a look at these male gods who are obviously beautiful but have to rush their acting skills.

　　Wu Yanzu can be said to be a benchmark for the appearance of male stars in the entertainment industry. When he debuted with "Beautiful Youth Love", he conquered countless audiences with his flawless face and was the dream lover of thousands of women. In fact, he often deliberately chose some breakthrough characters to hone his acting skills. For example, in the movie "New Police Story", he played the arrogance and contempt of an extremely rich second generation to the fullest, so that everyone affirmed his acting skills and thoroughly remembered this high-value "powerful faction".

　　From Li Xiaoyao ten years ago to Mei Changsu ten years later, Hu Ge has undergone a perfect transformation from a boy to a man, and has also successfully transitioned from a beauty school to a acting school. After the broadcast of "Langya Bang", Hu Ge’s immersive interpretation has won repeated praise. After losing the burden of idols, he has allowed us to see the excellent acting skills that have been accumulated over the years.

　　Xu Zhengxi has always been depicted as a "affectionate knight", and his handsome appearance has brought him countless fan girls. In the movie "Bounty Hunter", he played the mad and perverted red-haired villain Tommy, with a crazy expression and exaggerated movements, making fans shout "too grandiose" but unable to stop loving him. This time, although his image has changed greatly, this reversal has also brought enough recognition to his acting skills, so that many people have labeled him a "powerful".

　　"Little Plum" Leonardo is really loved and hated. He, who used to be comparable to the atomic bomb, seems to feel that his high appearance covers up his acting skills. Gradually, his figure is out of shape and his face has changed shape, and he has completely become a "powerful person". Whether it is "The Wolf of Wall Street" or "Shutter Island", we can feel his powerful performance ability.

　　When it comes to Jack Gyllenhaal, the first thing we think of is his handsome appearance and lingering love in "Brokeback Mountain". In his early years, he entered the entertainment industry because of his handsome appearance and gradually became known. In the 13-year-old "Old Enemy", Gyllenhaal appeared in a decadent face full of hawthorn, wearing a wide suit and a pair of khaki trousers that lost muscles and bones, looking haggard. In the film, he played two roles alone, and his acting made everyone feel ashamed, creating a classic image for the acting career again.

Where is the difference in the ＂plastic reduction＂ of express takeaway？

　　Where is the difference in the "plastic reduction" of express takeaway?

　　The survey shows that China’s express delivery industry generates about 1.80 million tons of plastic waste every year. At the same time, food delivery is also the "hardest hit area" of plastic packaging, often "bag in bag". The "white waste" brought by express delivery has become a regulatory pain point.

　　—————

　　"Now the express delivery is piled up like a mountain, and half of the packaging is plastic." On November 12, Liu Shan (a pseudonym), a courier brother in Fengtai, Beijing, was worried about the resulting plastic waste pollution while running around for the seemingly endless express delivery.

　　The rapid development of online shopping has brought further prosperity to the express delivery industry. On November 11, on the day of the shopping carnival, with 675 million pieces of express delivery, there were 675 million express packages.

　　Zhang Deyuan, deputy director of the Research Office of the National Development and Reform Commission’s Institute of Macroeconomics and System Reform, said in an interview with a reporter from China Youth Daily and China Youth Network that the total number of express deliveries this year is expected to reach 80 billion, of which about 20% are packed in plastic bags. The "white waste" brought by online shopping has become a pain point for the supervision of the "plastic restriction order".

　　Where is the difficulty in implementing the "plastic restriction order"? According to a survey conducted by the official Weibo of China Youth Daily, 59.7% of respondents preferred "changing public habits", 16.8% of respondents believed that "it is difficult to develop and promote new materials", 12.7% of respondents chose "shopping costs increase", and 10.7% of respondents said that "new fields are difficult to supervise".

　　"Compared to cartons, plastic bags at 0.3 yuan each are cheaper"

　　Zhu Wen (a pseudonym), the brother of Beijing Express, said that among the more than 200 express deliveries he delivered on November 11, more than 100 were packaged in plastic, mainly some clothing, quilts, shoes, etc.

　　The reporter visited and found that the use of plastic packaging in the outer packaging of express deliveries delivered by many couriers accounted for 30% to 50%. Some express deliveries using carton packaging also place plastic fillers in the boxes to ensure the safety of goods transportation, and most of them are sealed with tape outside the boxes.

　　When the courier arrives in the hands of consumers, it often goes through multiple processes. In order to prevent damage, some merchants will choose to pack multiple layers or even over-pack before sending the courier. Most of these packaging materials are purchased nearby or at a low price. Search an e-commerce platform, 100 35 × 45cm courier packaging bags are 14.2 yuan, and in some stores a packaging bag is as low as 0.039 yuan.

　　In addition to express delivery, takeaway is also the "hardest hit area" of plastic packaging, and "bag in bag" situations often occur. According to the reporter’s observation, consumers order a rice noodle on the takeaway platform, and the powder and soup are packed in two plastic boxes separately. In order to prevent spillage, some merchants also wrap a layer of plastic wrap on the soup box, put it in a separate plastic bag, and then put everything in a large plastic bag.

　　Some couriers give preference to plastic bags. Zhu Wen said that when sending, he hardly uses cartons, and probably uses more than 10 bags a day to pack for consumers. On the one hand, plastic bags are portable, and on the other hand, they are based on cost considerations. For example, for a 12 yuan courier, he can get 2 yuan service fee, of which the packaging fee needs to be paid by himself. "Compared with cartons, plastic bags are generally cheaper at 0.3 yuan each."

　　"Plastic reduction" has a long way to go. According to the statistics of the Plastics Recycling Professional Committee of the China Plastics Association, our country uses about 3 billion plastic bags every day. As of 2019, the annual use of plastic bags exceeds 4 million tons. Another survey shows that China’s express delivery industry generates about 1.80 million tons of plastic waste every year.

　　Where is the difficulty of "plastic reduction" in the field of e-commerce?

　　Since the implementation of the "plastic restriction order" in 2008, "plastic reduction" has been running for 11 years. In recent years, as emerging business forms, e-commerce, takeaway and other fields have once become "blank areas" of the "plastic restriction order".

　　On January 19 this year, the "Opinions on Further Strengthening the Control of Plastic Pollution" (hereinafter referred to as the "Opinions"), known as the upgraded "Plastic Limit Order", was released, and the takeaway and e-commerce fields were officially included in the scope of the "Plastic Limit Order". The opinion also clearly states that by the end of 2022, postal express outlets in Beijing, Shanghai, Jiangsu and other provinces and cities will first ban the use of non-degradable plastic packaging bags, disposable plastic woven bags, etc., to reduce the use of non-degradable plastic tape. By the end of 2025, postal express outlets across the country will be covered.

　　In contrast to the huge amount of use, the collection rate of plastic bags is very low. On November 11 last year, the "Research Report on the Characteristics and Management of China’s Express Packaging Waste" jointly released by environmental protection organizations Greenpeace pointed out that in 2018, our country’s express delivery industry consumed a total of 851,800 tons of plastic packaging materials. Due to the difficulty of recycling plastic express packaging waste, high regeneration costs and low regeneration profits, about 99% of our country’s express packaging waste plastics (mass ratio) were mixed into domestic waste.

　　Consumers rarely pay directly for express packaging, which affects the "plastic reduction" in the field of express delivery. Some netizens said that most of the time online shopping is free shipping, compared with supermarket shopping, the feeling of using plastic bags is not obvious, and they rarely pay attention to plastic waste in the e-commerce field.

　　"The difficulty is that it is too scattered." Zhang Deyuan said that compared with ordinary supermarkets, the plastic packaging users in the e-commerce field are mostly small merchants. This group is large in number, scattered in main body, difficult to supervise and expensive to enforce.

　　At present, the alternative product Research & Development production of plastic packaging is still not mature enough, and the circulation efficiency of domestic express packaging is not high. Zhang Deyuan takes degradable plastic bags as an example. The cycle of domestic express packaging from procurement, warehousing to circulation is about 30 days, which is a certain gap compared with foreign countries. For example, Amazon’s logistics efficiency is about 13.5 days. Long storage time of degradable plastic bags may lead to performance degradation and affect the use effect.

　　Some netizens expressed that they wanted to do their part to reduce white pollution, but had to use plastic bags in the absence of suitable alternatives.

　　At the end of last year, an online poll conducted by China Youth Daily showed that 86.6% of respondents felt that there was a waste of plastic bags in the e-commerce sector. 53.0% of respondents said they were willing to pay a certain amount for e-commerce to use reusable environmentally friendly packaging.

　　Press the "acceleration button" for "plastic reduction" in many places.

　　Faced with the big problem of "white pollution", various places have continued to make efforts on "plastic reduction". So far, more than 20 provinces have issued an upgraded version of the "plastic restriction order", pressing the "acceleration button" for "plastic reduction".

　　Among them, six major industries such as food delivery and e-commerce have become the key "plastic reduction" objects of Beijing’s new version of the "plastic restriction order". On November 10, the "Beijing Plastic Pollution Control Action Plan (2020-2025) (exposure draft) " released by Beijing pointed out that by the end of this year, the city’s postal express and e-commerce distribution outlets will have a "slimming tape" packaging ratio of 90%. By the end of 2022, the city’s postal express outlets will ban the use of non-degradable plastic packaging bags, woven bags, etc. By the end of 2025, the city’s postal express outlets will ban the use of non-degradable plastic tape, and the responsibility will be implemented to specific units. This is also known as the "strictest plastic restriction order" by netizens.

　　The "plastic reduction" in the field of e-commerce is a systematic project that requires platforms, merchants, and consumers to work together to create a green logistics system from the production, procurement, use, and recycling of plastic packaging.

　　"Platform companies should be leaders in the control of plastic pollution." Zhang Deyuan believes that platform companies in the fields of e-commerce, express delivery, and takeaway should strengthen the management of merchants settled on the platform, formulate alternative implementation plans for reducing the amount of disposable plastic products, and implement "green merchant leadership plans" and "green packaging points activities" to encourage and guide merchants to take the initiative to reduce the use of disposable plastic packaging. The postal express industry should increase the use of green packaging and recyclable packaging. Operating merchants should be "executors" of green consumption patterns.

　　At the same time, the research and development of alternative products will usher in new opportunities. Zhang Deyuan suggested that express delivery companies and packaging material production and development companies should strengthen innovation. At present, some companies are developing degradable plastic bags.

　　On the consumer side, you can consider adopting a separate pricing and charging strategy. Zhang Deyuan said that consumers spend money and have a clear sense of use, which can indirectly enhance consumers’ environmental awareness. If plastic packaging is used, it should be classified for subsequent disposal and resource utilization.

　　In addition, Zhang Deyuan also suggested that while enjoying the convenience brought by modern business models, consumers should continuously raise their awareness of environmental protection and minimize the use of disposable plastic utensils when ordering takeout and online shopping.

China Hengda has been notified of the court lawsuit and has been recovered 2.15 billion

On the evening of December 5, China Evergrande announced on the Hong Kong Stock Exchange that the Company and three related subsidiaries have received a notice of litigation issued by the Intermediate People’s Court of Guangzhou City, Guangdong Province, China, and Jinbi Property has proposed to recover approximately RMB 1.9963125 billion and approximately RMB 152.0628 million from the Company and three related subsidiaries for the enforcement of its RMB 2 billion deposit certificate pledge guarantee by the bank.

Jackie Chan invites Lin Fengjiao to create a new song ＂Youth Story＂ and sing ＂Crying into a Family Class＂

1905 movie network news Those who are familiar with Jackie Chan know that this international superstar is famous all over the world for his good Chinese kung fu; behind him, there is a Jackie Chan international stunt team known for "not afraid of death" – Chengjiaban. On May 31, 2018, Jackie Chan launched his new song "Youth Story". The lyrics of this song are Jackie Chan’s inner monologue, describing his excitement and inevitable emotions on the eve of the 40th anniversary celebration of Chengjiaban. The lyrics are straight to the heart, and the feelings are delicate and full of true feelings. In order to sing their true feelings, Jackie Chan and his wife Lin Fengjiao personally participated in the composition, composed by the famous Chinese lyricist Wang Pingjiu and the famous Chinese musician Zhao Jialin. Jackie Chan said, "What should be said and what should be understood is all in the song."

On the last day of May, the song that has been written for many years finally stepped on the tail of spring and went online. Jackie Chan, who is 64 years old this year, also stood on the tail of his youth and told his fans the story of his youth. The netizens commented, "I dare not listen to this song. When I listen to it, I think of my best friend in college, but she is no longer there." "If there was a person who worked hard together in your youth, you will understand this song."

Jackie Chan invited Lin Fengjiao to participate in the creation, self-destructed, and lost sleep all night for the brothers’ party

The reason why a song is moving is not only because of the beautiful singing, but also because of the singer’s own life story. The original intention of "Youth Story" was not to make a music album, but a song specially produced by Jackie Chan for the 40th anniversary celebration of the family class. The song has a simple melody and simple lyrics, but it touches people’s hearts because it is full of true feelings.

When Jackie Chan started writing this song, he first thought of inviting his wife Lin Fengjiao to participate. It is not difficult to guess why: one is because Lin Fengjiao knows Jackie Chan best; the other is because she has the same deep feelings for these brothers as Jackie Chan. In fact, from the beginning of the establishment of the family class, Lin Fengjiao has taken care of all the brothers in the family class for forty years. After the song "Youth Story" was completed, Jackie Chan sang a cappella to his wife in person, and Lin Fengjiao once heard tears collapse.

"I woke up several times the night before we met/I have been grasping the past in my hand/I am afraid of missing the appointed time/A ticket takes my youth to wander/Back to the past", this is a lyric of Jackie Chan’s "Youth Story". Such a kung fu superstar who has traveled all over the world with his bare hands, such a screen hero who jumps down from a high-rise building without blinking his eyes, at that moment, he was sleepless because of a party. Many people who have been away from home for many years will have the feeling of timidity in their hometown, and Jackie Chan is the same. Since its establishment in 1976, Chengjia Class has been following Jackie Chan in the wind and rain, and today it is the eighth generation. For more than 40 years, the members of the older generation of Chengjia Class have had their own careers and have traveled all over the world.

Uneasy because of deep feelings, afraid of change because of missing. On the night before the reunion, Jackie Chan was very tormented. He couldn’t wait to see all his brothers, but he was also afraid that he would be estranged because of being separated for too long. "It’s been 40 years of traces/40 years of heart/How eager to meet you/See if it changes". Fortunately, at the 40th anniversary celebration of the family class the next day, all but five members of the family class from all over the world arrived, and these five members did not show up because they were no longer alive. As long as the heart is still there, neither time nor distance can change anything.

As June graduation season approaches, sing your youth story with Jackie Chan

"A goodbye won’t go far/Keep your eyes in your heart/Take another long-lost photo." Many people who heard this song at the 40th anniversary celebration of the Chengjia class said: "The Story of Youth, when I listen to it, I think of my youth, I think of my best friends in high school and college." Just as the graduation season in June, Jackie Chan’s "Story of Youth" is also very suitable for the theme of graduation parting. College students and high school students who are about to leave campus will definitely have a special feeling when they listen to this song. Indeed, just like the Chengjia class, after graduation, the classmates all go their separate ways, busy in the world, and many close friends never have the opportunity to see each other again. Jackie Chan chose to release his new song in the graduation season, and also wanted to use his life experience of more than 60 years to give a piece of advice to the newly graduated students: cherish your youth, cherish those who have worked hard and worked hard with you, because "no matter how wonderful life is/it is only a moment/having you is forever".

It is reported that after the launch of "Youth Story", Jackie Chan and his team will launch a series of online and offline activities with the theme of "Youth Story" in June. Jackie Chan hopes that by singing the song "Youth Story", more people can share their youth stories together and cherish the people around them more.

Tencent won the 12th ＂China Charity Award＂ Charity Project and Charitable Trust Award, Donation Enterprise Award

On September 5, the 12th "China Charity Award" selection and commendation conference was held in Beijing. Tencent won the "China Charity Award" – the donation enterprise award; recommended by the Ministry of Industry and Information Technology, led by the Ministry of Agriculture and Rural Affairs, Tencent’s government-enterprise cooperation, and jointly organized the implementation of the "Cultivator Revitalization Plan" won the "China Charity Award" – Charity Project and Charitable Trust Award.

The "China Charity Award" is awarded by the Ministry of Civil Affairs and is currently the highest government award in the field of public welfare and charity in our country. Since 2011, Tencent and related public welfare and charity projects have been honored in the "China Charity Award" for seven consecutive years.

In 2007, Tencent established the first public welfare foundation in the Internet industry, the Tencent Charity Charity Foundation, which continues to make donations in the fields of basic scientific research, poverty reduction and disaster relief, education assistance, ecological environmental protection and traditional culture protection, and established the Tencent Charity platform to provide digital support for charitable organizations to carry out public fundraising. It is understood that in the reference period of the 12th "China Charity Award", the total donation of Tencent from 2020 to 2021 exceeded 3.10 billion yuan. At the same time, under the guidance of the mission of "science and technology for good", many businesses and teams of Tencent actively, continuously and widely participate in various public welfare and charitable activities through donation of resources, co-construction projects, technical support, volunteer services and other means. In April 2021, Tencent put forward the "Sustainable Social Value Innovation" strategy, and over the past two years, it has continued to explore in the fields of basic scientific research, educational innovation, rural revitalization, ecological environment, public emergency response, adapting to the elderly and assisting the disabled, and public welfare digitalization.

As Tencent’s benchmark project to help rural revitalization, the "Cultivator Revitalization Plan" was officially launched in May 2021. It aims to focus on the training of rural governance backbones and leaders of new agricultural business entities, and to develop and provide digital tools for grassroots governance backbones for free to help rural talents explore the "golden key" of rural revitalization according to local conditions. After a year of pilot practice, in April 2022, the Ministry of Agriculture and Rural Affairs issued the "Notice on the Implementation of the" Cultivator "Revitalization Plan", which is promoted nationwide. It plans to use three years to achieve the goal of online training 1 million people and offline training 100,000 people through the combination of online and offline. It is understood that the plan is a national first in digitally assisting the construction of rural revitalization talent teams, and it is also the first nationwide and large-scale digital training project for rural talents.

So far, the "Cultivator Revitalization Plan" has been implemented in 30 provinces (autonomous regions and municipalities) across the country, with a total of 499 classes and a total of 240,000 people trained. The "Village-level Affairs Management Platform" designed and developed by the project covers 10,000 villages across the country, serving more than 7.36 million villagers. In cooperation with the provincial offices of Guangdong, Sichuan, Hubei, Qinghai, Fujian and other provinces, the personalized "Guangdong Governance Beauty" "Sichuan Good Governance" "Hubei Participation" "Qingsong Governance" "Fujian Governance" and other rural governance digital platforms have also been applied one after another, effectively improving the level of intelligent, refined and professional rural governance.

The comprehensive promotion of rural revitalization is a major decision and deployment made by the Party Central Committee, and a major historical task to promote the Chinese path to modernization. As a leading Chinese digital technology enterprise, Tencent has been actively involved in rural revitalization for a long time. Xiao Liming, vice-president of sustainable social value at Tencent and head of Tencent SSV Village Development Laboratory, said: "In the exploration of sustainable social value innovation in the rural field, Tencent adheres to the principle of’government-led, farmers-dominated, Tencent-assisted, and social co-creation ‘, and continues to explore systemic solutions for endogenous rural revitalization through product innovation, technological innovation, and model innovation."

Zhang Tianzuo, chief pastor of the Ministry of Agriculture and Rural Affairs and director of the Rural Cooperative Economic Guidance Department, pointed out: "The’Cultivator Revitalization Plan ‘is not only an important measure to implement the relevant decisions and arrangements of the central government, but also coordinated with Tencent’s’Sustainable Social Value Innovation’ Strategy and Development Direction, and more importantly, it is in line with the practical needs of rural governance and industrial development." He believes that the "Cultivator Revitalization Plan" is a successful case of social forces participating in rural revitalization.

The opening of MWC is imminent, and Meizu’s big moves are frequent! Flyme dual system attention is full

　　There are still 2 days left! This year’s annual event in the technology industry, the MWC Shanghai Mobile World Congress in 2023, is about to open. As an annual blockbuster conference in the technology industry, although it only lasts for three days from June 28 to 30, it can make the world’s technology enthusiasts focus on it in just three days. Therefore, the annual MWC is also a good opportunity for major technology companies to do their best to show their technologies and products to the world.

　　As the most high-profile Meizu in the first half of this year, it is not surprising to announce its participation in the exhibition. But it is worth noting that Meizu is not participating in the exhibition under the name of "Meizu Mobile Phone", but under the name of "Xingji Meizu Group". That is, at this exhibition, Meizu 20 series will be exhibited together with Flyme Auto.

　　The re-participation of Flyme Auto has also greatly aroused the attention of many professional car critics. After all, Flyme Auto has won praise from many netizens and fans since its debut at the Shanghai Auto Show at the beginning of the year. The user-friendly desktop selection, the highly intelligent option of air conditioning, the logic of car-machine interaction and the UI animation of one mirror to the end have all had an impact on the entire smart car field. Therefore, how much Flyme Auto can be upgraded and optimized at this MWC has also become the most concerned point in the entire new energy vehicle field.

　　In terms of smart end points, the Meizu 20 series, which continues to slaughter the list on the 618, will also become another highlight on MWC! The perfect combination of boundless aesthetics, powerful performance and Flyme10 can be called the embryonic form of future mobile phones.

　　In terms of appearance, the Meizu 20 series is adhering to the unbounded aesthetics and building the appearance. The screen uses extremely thin four-level narrow edges to minimize the boundaries of the screen, and uses narrow borders to further set off the visual perception of the screen. Let the narrow borders and high-quality screens complement each other to build a stronger visual impact.

　　And the back of the phone is also completely different from the dazzling lens group currently on the market. Meizu uses extreme simplicity to present an unbounded beauty, and cancels all the designs that affect the beauty of the back cover! Only the basic lens camera components are retained, and the simplest arrangement is used to build the most refreshing and refined unbounded beauty.

　　In terms of performance, the Meizu 20 series is equipped with a Snapdragon 8Gen2 processor. This chip is also the top flagship processor in the industry. Its performance is excellent, and it is TSMC’s 4-nanometer process. The advantages of low power consumption make the temperature control of the overall mobile phone particularly good. At the same time, the Meizu 20 series also uses a combination of LPDDR5X and UFS 4.0 storage, which greatly enhances the reading and writing speed of the mobile phone, making software and files open and run faster. After Meizu’s careful polishing of this set of performance configurations, it also easily ran out of a high score of 1.3 + million.

　　On the system, the Meizu 20 series comes standard with the Flyme10 operating system. As a software sector that Meizu has always been proud of, this time Flyme10 did not disappoint Meizu. This generation has upgraded the small window mode, Aicy screen recognition and OneMind, and the overall system convenience and smoothness are more convenient. And it can also achieve the background survival of 21 APPs at the same time, completely saying goodbye to killing the background! And it has also passed the test of the Thiel laboratory, which is certified to last for 48 months.

　　The simultaneous demise of the Meizu 20 series and Flyme Auto has filled many people’s expectations for Meizu’s MWC tour!

Xu I’s life is only for that ＂China star＂

Open the vast book of our country’s aerospace industry, "Dongfanghong No. 1", as the first monument in the history of our country’s aerospace, has been expressed and paid tribute in different forms by countless literati and writers.

Here, we see the group portraits of Chinese astronauts who are self-reliant, understand the firm belief in serving the country through science in difficult times, and thus remember the names of a group of patriotic scientists such as Qian Xuesen, Ren Xinmin, Sun Jiadong, and Qi Fa Qi.

Don’t forget to dig wells. For any cause or any project, the role of the founder, paving stone and lookout is undoubtedly the most important, and it is also easy to be forgotten by future generations. They need to have extraordinary wisdom, firm belief and a strong heart. In the initial stage of the development of our country’s first artificial satellite, there were two people who were close and far away from us. Speaking of near, because the launch of Dongfanghong No. 1 was less than 50 years ago, and we have a lot of information to consult and learn; speaking of far, they have long since left us.

They are all the pioneers and founders of our country’s space technology – Zhao Jiuzhang and Qian Ji.

One day at the end of July, under the recollection of Mr. Hu Qizheng, an 84-year-old member of the overall team of the Dongfanghong-1 satellite, the passionate years that had passed with Zhao Jiuzhang and Qian Ji were once again awakened.

The birthplace of Chinese satellite development –

No.1 West Garden Playground

At the behest of Chairperson Mao, "We also want to develop artificial earth satellites," in 1959, after graduating from the electrical engineering department of Tsinghua University, Hu Qizheng, 24, was assigned to a "mysterious unit" – Group 581, which was responsible for formulating satellite plans and organizing and coordinating satellite and rocket sounding operations. At No. 1 Xiyuan Playground, he met Qian Ji, the head of the office of Group 581, for the first time.

At that time, Qian Ji was actually the person in charge of the overall satellite technology. The first time they met, Qian Ji, who had few words and deep eyes, expressed three meanings to Hu Qizheng: first, welcome, second, pay attention to confidentiality, and third, we are engaged in space exploration, and we will do things in the future. Hu Qizheng was very excited when he heard it, and from then on, he started his aerospace career, and Qian Ji was also regarded by him as the leader of his aerospace career.

No. 1, Xiyuan Playground, a courtyard borrowed by the Chinese Academy of Sciences from Zhongzhi Xiyuan organs around 1954. According to Wu Zhicheng, Secretary of the Party Committee of the Institute of Space Physics of the Chinese Academy of Sciences (then in charge of the management of the 581 scientific research program), it was overgrown with weeds and simple conditions, but it was the birthplace of our country’s space industry: the proposal for the establishment of a national satellite project in our country was drafted here; the idea of our country’s first satellite was brewed and born here; the pre-research of the satellite was launched here; the meteorological rocket detection test was started here…

There is a three-story gray brick building on the north-south side of the hospital, which is used as a research laboratory. Then dozens of bungalows were built one after another, including administrative office rooms, machining workshops, glass workshops, equipment warehouses, garages, etc. Early developers also converted a dry toilet in the northwest corner into an environmental simulation laboratory. To make vacuum instruments, they also built their own earth gas generator, which is used for blowing glass and sealing vacuum tubes.

At that time, following the scientific policy of diligence and frugality, everything was simple. The eight research groups working here were fully engaged in rocket sounding research and satellite pre-research preparations.

At the beginning of the formation of the 581 group, Zhao Jiuzhang, Qian Ji, Yang Jiachi and his party went to the Soviet Union to observe the satellites with great interest, but they only took a look at the appearance of the satellites from a distance, let alone cooperation and technical assistance. Without learning the ability of satellite development, it inspired the fighting spirit of scientists: If you don’t let it learn, we will do it ourselves! It is proud that our country has developed the satellite business completely by self-reliance from scratch.

After investigating the industrial base at home and abroad, combined with the economic conditions and scientific research conditions of our country at that time, scientists in our country suggested that "the current satellite launch is not commensurate with national strength, and the space technology research mission should be adjusted." The 581 group then made adjustments and focused its research on sounding rockets.

In 1960, Chairperson Mao Zedong visited a sounding rocket

From 1959 to 1965, the research entities led by Zhao Jiuzhang, Wei Yiqing, and Qian Ji worked actively, and worked closely with the Shanghai Electromechanical Design Institute led by Yang Nansheng and Wang Xiji. From 1960 to 1965, more than 20 T7 and T7A sounding rockets were launched and tested, and meteorological data below 60 kilometers were obtained. Ionospheric, biological and other projects were tested. These have laid a certain technical foundation for satellite development.

From 1960 to 1962, China’s aerospace industry was a "difficult and progressive three-year period". It was difficult because the people of the whole country were facing the same problem: not having enough to eat. The astronauts were no exception. Qian Ji and Hu Qizheng had to spare two catties of food for their comrades who ate a lot. Zhao Jiuzhang and Qian ****** puffy legs due to malnutrition.

More difficult than not having enough to eat and no clothes to wear is the resistance at work, no clue. I have never done a satellite, and no one has done a satellite. Qian Ji said, don’t be afraid, we will do it ourselves. He led everyone to look up the literature, bit by bit, from scratch.

After studying, they found that compared with the Soviet Union, the literature reference value of the United States is better. But everyone’s English level is very limited, what should I do? So Mr. Qin Xinling and the English-speaking technicians took the initiative to teach you professional English.

When it comes to learning English and reading literature, Qian Ji is a famous English expert. Although he has no overseas study experience, he loves to learn and is eager to read literature. He has a special habit of making his own reading cards while studying. In his lifetime, he made nearly 20,000 reading cards, forming a huge and precious database. In the era without computers, these cards were the greatest intellectual support. Hu Qizheng fondly recalled: "Qian Ji taught us how to read books and how to read literature."

Qian Ji at work

At No. 1 Xiyuan Playground, although the days were hard, everyone was very motivated. Every night, the leaders came to urge the young people to turn off the lights and go back to rest early. Qian Ji always encouraged everyone: There must be a goal in life, otherwise there is no meaning in living. Under the leadership of Zhao Jiuzhang and Qian Ji, everyone basically figured out the composition, function and key technologies of the satellite, and figured out the way of satellite development in our country. "Application as traction" has become the guiding ideology of satellite research and development in our country.

1965 –

Our country restarts satellite development plan

In October 1964, Zhao Jiuzhang and Qian Ji visited Base 20 (now Jiuquan Satellite Launch Center) at the invitation of the National Defense Science and Technology Commission. After this visit, one night in early November 1964, Qian Xuesen came to Zhao Jiuzhang’s office. When Qian Xuesen met, he asked, "What is the impression of going to the base?" Zhao Jiuzhang said, "The harvest is very large, and the missile development progress is so fast, which is really unexpected." Zhao Jiuzhang believes that in another four or five years, the launch vehicle of about 100 kilograms of satellites may be developed, and the satellite development is also certain to be completed. Now the key is that the satellite development must be approved by the state.

Zhao Jiuzhang urgently felt that he should write a report to the central government to express the necessity and possibility of developing satellites. In January 1965, Qian Xuesen wrote to Nie Rongzhen, arguing that the conditions were now in place to consider the satellite issue.

Previously, the developers of No. 1 in Xiyuan Playground have been renamed from Group 581 to the Second Department of Geophysics. They have formed a professional satellite development team, and Qian Ji, deputy director of the Second Department, is the general technical director of the satellite. Satellite development in our country has thus embarked on the road of professional development.

In order to submit the report to the central government as soon as possible, the Academy of Sciences instructed a general team composed of He Zhenghua, Pan Houren, and Hu Qizheng, directly led by Qian Ji, to write the "Ten-year plan for the development of our country’s satellite industry" and the "Proposal for the development of our country’s artificial satellite work". Two reports, the plan was finally submitted to the central government by the Chinese Academy of Sciences. In August 1965, Zhang Jinfu, then the secretary of the Chinese Academy of Sciences Party Group, reported at the 13th meeting of the Central Special Committee and received a reply: Pass, execute! Since then, the satellite development project has been officially established, and the Chinese Academy of Sciences has listed this as the No. 1 task in 1965, code-named "651".

Musical installation of "The East is Red" with Chairperson Mao’s badge

From October 20 to November 30, 1965, the Science Hall of Beijing Friendship Hotel held our country’s first satellite demonstration. The meeting was chaired by Pei Lisheng, vice president of the Academy of Sciences, and there were more than 120 representatives. The experts fully discussed and reached consensus on many issues. The meeting lasted for 42 days.

The conference produced four documents on the overall plan, the main body plan, the vehicle plan, and the ground system plan for our country’s first satellite, and also prepared 27 special materials with a total of about 150,000 words. During the conference, Premier Zhou invited the delegates to the small auditorium of the Great Hall of the People to watch the performance of the party. This conference is very important in the history of aerospace in our country, and it clarified the idea of "a game of chess across the country" to build satellites.

During the meeting, Premier Zhou took the initiative to ask Qian Ji’s name when listening to the report, and said with a smile: "Your surname is Qian too! It seems that satellites are not short of money."

The Prime Minister’s words were a pun. There was Qian Xuesen in missiles, Qian Xuesen in atomic bombs, and Qian Ji in satellites now, so there was really no shortage of money. Another layer of meaning was that satellites cost a lot of money, just like atomic bombs and missiles. The Prime Minister asked Qian Ji how much it would cost, but Qian Ji did not answer, because there was no calculation in the preparation of satellite plans and demonstrations. The state wants to approve the satellite project, I don’t know how much it will cost, how to make a budget, and what to do with the approval procedures? This made the scientist surnamed Qian start to worry about money.

Hu Qizheng is still deeply impressed by this experience. Because of the work relationship, he and his colleagues have been fortunate to work with great scientists such as Zhao Jiuzhang, Yang Jiachi, Chen Fangyun, and Qian Ji. The academic aura and peace in life of great scientists, the indifference to fame and fortune, and the democratic and practical work style of great scientists have allowed the young Hu Qizheng to witness the "master style". He confessed that he was fortunate to benefit for a lifetime.

"Cultural Revolution" –

Satellite development is moving forward amidst difficulties

Scientists really wanted to put the first man-made satellite in the sky before the National Day in 1969. It was a great honor to release the first satellite 20 years after the founding of New China. According to everyone’s preparations at that time, there was no problem at all, but it was not realized.

Because the "Cultural Revolution" is here.

During the day and night, the barbaric and frenzied criticism and struggle ravaged the scientific researchers physically and mentally. Zhang Jinfu was seized from power, the party group of the Chinese Academy of Sciences collapsed, the grass-roots party organizations were paralyzed, and No. 1 Xiyuan Playground became the hardest hit area. Some were injured, some were killed in combat. Zhao Jiuzhang was persecuted to death in October 1968. In such a chaotic situation, comrades who can work are still working.

After Zhao Jiuzhang passed away, Qian Ji was also affected. After "stepping aside", he worked like an ordinary technician, but remained silent as always. Seeing the persecution of scientists who were once respected by people, everyone felt deeply helpless. The development of satellites is advancing slowly in difficult situations.

The staff is conducting Dongfanghong-1 satellite docking

Dongfanghong No.1 engine hoisting test

At the end of 1967, the country began to plan the establishment of a space technology research institute, and the office location was also moved from Xiyuan Playground No. 1 and Zhongguancun to Baishiqiao. Sun Jiadong was appointed as the general manager of Dongfanghong No. 1 when he was in danger. He brought more than 10 business backbones to integrate the engineering experience of missile development into satellite engineering. In that stormy era, everyone defied all difficulties and pushed the development of Dongfanghong No. 1 satellite forward steadily.

On April 24, 1970, the Dongfanghong-1 satellite spewed out, and the world was excited. The two founders who actively promoted the development of the satellite: Zhao Jiuzhang and Qian Ji, one was already wronged and could not witness this moment with his own eyes; the other could only look up silently from the open space of Baishi Bridge in Beijing. In the face of cheers and applause, without them, in that era, they would have been low to the dust.

People who like to watch the Dongfanghong-1 satellite fly overhead

Fast forward to 1999. On September 18 of this year, on the occasion of celebrating the 50th anniversary of the founding of the People’s Republic of China, the Party Central Committee, the State Council, and the Central Military Commission decided to commend 23 scientific and technological experts who had made outstanding contributions to the development of "two bombs and one star" that year, and awarded Yu Min, Wang Daheng, Wang Xiji, Zhu Guangya, Sun Jiadong, Ren Xinmin, Wu Ziliang, Chen Fangyun, Chen Nengkuan, Yang Jiachi, Zhou Guangzhao, Qian Xuesen, Tu Shoue, Huang Weilu, Cheng Kaijia, and Peng Huanwu the "Two Bombs and One Star Merit Medal", and posthumously awarded Wang Fanchang, Deng Jiaxian, Zhao Jiuzhang, Yao Tongbin, Qian Ji, Qian Sanqiang, and Guo Yonghuai the "Two Bombs and One Star Merit Medal" (the above rankings are based on surname strokes Order).

More than 60 years have passed, and few people walking in Xiyuan Playground A-1 now know that so many big scientists have come out from here to brew our country’s satellite research and development business. That period of time has become history. But our country’s satellite business has developed from "Dongfanghong No. 1" to bright stars, adding more light to the rising China.

September 4, 2019 "China Aerospace News" third edition

The pictures in this version are the information pictures of this newspaper.

Text/China Aerospace News reporter, Huang Xi

Editors/He Ximei, Zhang Xiaofan, Hao Chenxi (Interns)

Producer/Xu Bin

Pioneer evolution, intelligent driving and pushing! BYD Song L will launch a smart driving model, which will be officially listed in June.

BYD Song L Smart Driver debuted in auto china in 2024, equipped with DiPilot 100 "Eye of God" advanced intelligent driver assistance system, which is expected to be added in June. It is reported that the price of a new car may be around 250,000 yuan.

Since its listing, Song L has made great strides. In just four months, its sales volume has broken 34,000 vehicles, and its performance in the 200,000-level market is quite bright. It can achieve such a good result because Song L meets the comprehensive needs of users for face value, control, intelligence and space, and it is called the most worthwhile B-class pure electric SUV with a class of 200,000.

Avant-garde aesthetics, appearance must be the focus

Since its debut, Song L has gained the reputation of "the most beautiful hunting SUV". The appearance adopts the aesthetic design of "Pioneer Dragon Face", the body posture is vigorous, the tail shape is wide and full, and the hunting temperament is very recognizable. The adaptive electric tail and frameless door are both aesthetic and functional, and they are also matched with narrow front tires and wide rear tires that are only available in luxury cars. The interior is inspired by the "Chinese knot" and builds a layered, light and surrounding spatial order, which not only shows the oriental charm, but also integrates modern trends and scientific and technological elements. Song L’s design is pioneering but not curious, and his personality is not niche, which has been widely favored by the intellectuals and middle class.

Star technology blessing, strength breaks through the upper limit

"E-platform 3.0, CTB, Yunqi -C" three star technical blessings, so that Song L is not only more attractive, but also a powerful faction with the ultimate control.

Based on E-platform 3.0, Song L has four characteristics of "safety, high efficiency, intelligence and aesthetics", which not only achieves the maximum output power of 380kW and zero acceleration of 4.3 seconds, but also has the longest cruising range of 662 kilometers. Under the blessing of CTB battery body integration technology, the torsional stiffness of Song L’s body is 40,400 Nm/kWh, comparable to that of millions of luxury cars; "Space utilization rate" and "energy density" have also been greatly improved, and you can have both low-lying modeling and spacious space. Yunqi -C intelligent damping body control system has millisecond damping adjustment speed, accelerates sudden braking and has no obvious pitching. High-speed cornering, stable handling, perfect balance of comfort and handling.

The appearance of Song L broke the inherent impression that "cars under 200,000 are not worthy of manipulation" in the automobile circle.

Pioneers continue to evolve and push higher-level intellectual driving.

At this year’s Beijing Auto Show, BYD Dynasty announced that Song L’s smart driving model will be promoted in June, and the pioneer will continue to evolve to build a smarter travel life for users.

Song L Smart Driving will be equipped with DiPilot 100 "Eye of God" advanced intelligent driving assistance system, with up to 12 ultrasonic radars, 5 millimeter-wave radars and 11 cameras, providing high-speed navigation (high-speed navigation-assisted driving), automatic parking assistance (APA), mobile phone remote parking (RPA), short-range parking service (AVP), lever change (ILCA) and automatic emergency braking (automatic emergency braking). Provide users with a safer, more comfortable and more efficient intelligent travel experience.

Since its listing, Song L has brought enough surprises to the market, and the subsequent promotion of smart driving is bound to be even more powerful, once again breaking through the upper limit of performance and experience and reshaping the new benchmark of B-class pure electric SUV value.

Source: Correspondent Feng Wei

Editor: Ding Yi

Proofreading: Xiong Xiangning

Audit: Cang Shujun

Hengda liquidation, what game is China’s real estate facing？

The following article is based on Bottom Line Thinking, by Lu Ming

Bottom line thinking.

Observer network commentary column

Luming

Political letter financial practitioner, freelance writer

At the moment, any disturbance in Chinese real estate will not lack an audience.

In the beginning of 2024, the news of a "Hong Kong High Court order for China Evergrande to be liquidated" caused heated debate in the market. The debate was about how much assets could be liquidated and whether the liquidation was the best for Evergrande’s creditors. The Hong Kong Special Administrative Region government and the Chinese mainland High Court signed the "Minutes of the Talks on Mutual Recognition and Assistance in Bankruptcy Proceedings between the Mainland and the Hong Kong Special Administrative Region Courts" and the "Opinions on Launching the Pilot Work on Recognition and Assistance in Bankruptcy Proceedings in the Hong Kong Special Administrative Region" issued by the High Court, which seemed to block the impact of the liquidation order on Evergrande’s assets and business in the mainland.

In just two days, rumors of "Country Garden creditors applying for liquidation" spread like wildfire, and the creditors of real estate companies flared up. Although Country Garden refuted the rumors on February 1, the haze of "being liquidated" still hangs over Chinese real estate companies. On February 16, Longguang Group announced that the Hong Kong High Court had ordered the liquidation petition to be withdrawn; this was because Longguang Group had agreed on a workout plan with the creditor group of US dollar bonds and its advisers a month ago.

However, by the end of February, Country Garden was in the news again. Ever Credit Limited filed a winding-up petition against Country Garden in the Hong Kong High Court on February 27, involving about 1.60 billion Hong Kong dollars of outstanding loans. Country Garden’s latest response said that it firmly opposes the winding-up petition and will seek legal advice, take all necessary actions, and actively and properly defend with the advisory team.

Whether to choose to liquidate, continue to believe, or lie flat, deserves careful consideration by real estate company creditors. Although many people are eagerly looking forward to the stability and recovery of the real estate market, the market is still dead; such "calm" cannot help but wonder: Has the real estate industry become a thing of the past?

Yesterday, China Evergrande, today’s debt is "constant"

The "Evergrande myth" came to an end last September when Xu Jiayin, chairperson of Evergrande’s board, was taken into coercive measures on suspicion of illegal crimes.

Since then, the news about Hengda has continued to appear in the coverage, mainly about the progress of the property, the listed company’s valuation decline and suspension, workout and asset sale, until January 29 this year, Hengda creditors postponed the seventh liquidation petition hearing expired.

But during this period, the public seems to have "forgotten" Evergrande. Rather than "disappointment", it is better to call it "rational". Rationally view the evolution of Evergrande’s events, rationally think about the present and future of the property market, rationally respond to variables that appear at any time, and strive to solve practical problems related to themselves.

Figure 1 is a concise map of the business empire created by Xu Jiayin and his wife, which is controlled by China Evergrande Group (abbreviation: China Evergrande, stock code: 03333.HK), Evergrande Property Group Co., Ltd. (abbreviation: Evergrande Property, stock code: 06666.HK), China Evergrande New Energy Group Co., Ltd. (abbreviation: Evergrande Automobile, stock code: 00708.HK) and Evergrande Real Estate Group Co., Ltd. (abbreviation: Evergrande Real Estate).

Figure 1 (Source of information: According to the query information of Enterprise Early Warning)

China Evergrande is registered in the Cayman Islands, Evergrande Property and Evergrande Auto are registered in Hong Kong, and Evergrande Group and Evergrande Real Estate are both registered in Shenzhen. Evergrande Group is the main commercial entity of China Evergrande except real estate business, covering high-tech, finance, Internet, modern agriculture, health industry, education technology, think tanks, sports, amusement parks, restaurants, hotels and other sectors.

According to the 2023 interim report of China Evergrande and its subsidiary Evergrande Real Estate, Evergrande Group’s consolidated caliber total assets are 1.743997 trillion yuan, consolidated caliber liabilities are 2.3882 trillion yuan, and consolidated caliber owner’s equity is -644.203 billion yuan, which is seriously insolvent. Consolidated caliber interest-bearing debt [Interest-bearing debt includes senior notes, corporate bonds, convertible bonds, bank loans and trusts and other non-standard financing.] The total amount is 624.765 billion yuan, and Evergrande Real Estate accounts for about 70.87%, which is 442.754 billion yuan.

Among them, the amount of interest-bearing debt denominated in US dollars and Hong Kong dollars is equivalent to RMB 157.896 billion yuan and 6.239 billion yuan respectively, accounting for 26.37% of the total interest-bearing debt of Evergrande Group. There are 14 Chinese dollar bonds, totaling 19.5454 billion yuan: 10 Chinese Evergrande headquarters, totaling 14.3104 billion yuan; 4 Hengda real estate, totaling 5.2314 billion yuan.

It can be seen that Evergrande (hereinafter referred to as "Evergrande" to refer to the enterprise group composed of China Evergrande and its subsidiaries) has a relatively low proportion of overseas debt, and mainly uses indirect financing methods.

Evergrande has a debt of 2.40 trillion yuan, of which interest-bearing debt is only a quarter. Other liabilities mainly include: payments due to suppliers (including real estate and trading businesses, etc.), accounting for about a quarter; advance payments from home buyers, accounting for about a quarter; payables from third-party lending, partners’ upfront investment, acquisition of land use rights and project company equity, accounting for about one-eighth; and deferred income tax liabilities, accounting for about one-eighth.

The "Updated Announcement on Hengda Real Estate Involving Major Litigation and Failure to Liquidate Due Debts" released on December 29, 2023 shows that as of the end of November 2023, Hengda Real Estate had involved a total of approximately 316.391 billion yuan in unliquidated due debts, and a total of approximately 205.537 billion yuan in overdue commercial tickets.

The above data is only financing data. Payments due to suppliers, partners’ upfront investment, and other payables are scattered among thousands of pending lawsuits and cases of dishonest enforcers. The balance of prepaid house purchases by house buyers is slowly reduced along with the "guaranteed buildings" one by one.

Domestic debt "is not debt", foreign debt will "kill"

Figure 2 shows the change curve of relevant indicators drawn by the author according to the statistics of the State Administration of Foreign Exchange’s "China’s External Debt, National Economy and Foreign Exchange Earnings, 1985-2022".

From the graph, it can be seen that the growth rate curve of external debt balance and the growth rate curve of foreign exchange income have the same trend; the GDP growth rate curve has a strong correlation with the debt ratio curve, and both are relatively flat.

According to the data of the State Administration of Foreign Exchange, in 2001, China’s foreign exchange income was 299.40 billion US dollars, and the balance of foreign debt was 203.30 billion US dollars. Before 2001, the annual foreign exchange income was slightly higher than the balance of foreign debt. After 2001, thanks to China’s accession to the WTO, the annual foreign exchange income and the balance of foreign debt quickly widened. By 2022, China’s foreign exchange income 3.5552 trillion US dollars, and the balance of foreign debt 2.74656 trillion US dollars.

The rapid growth of foreign debt and foreign exports is the best example of China’s export-oriented economy in the past 20 years. The perfect match between the debt ratio and the GDP growth rate further confirms the good effect of using foreign debt to promote economic growth.

Figure 2 (Note: 1. Debt ratio refers to the ratio of the balance of foreign debt at the end of the year to the GDP of the year; 2. Foreign exchange income refers to the export income of goods and services on the basis of the balance of payments.)

Figure 3 shows the stock amount of Chinese dollar bonds issued by enterprises in various industries and the relevant statistics. Among them, financial enterprises issued the most, followed by real estate enterprises.

As of February 21, 2024, the balance of US dollar bonds issued by real estate enterprises was 57.542 billion US dollars, a decrease of 31.49% from the US $83.993 billion at the end of 2022. It is expected that the repayment tide of US dollar bonds of real estate enterprises will continue. Since 2023, the number of new US dollar bonds issued by real estate enterprises has dropped to single digits. In addition to leading real estate enterprises such as Shanghai Jinmao, Yuexiu Real Estate, Wanda Commercial, and Swire Real Estate, only a few urban investment companies with real estate as their main business are left.

Figure 3 (Data source: Enterprise Early Warning)

According to Evergrande’s interest-bearing debt structure data, its foreign debt accounts for less than 30%. But it can be said that it is precisely because of this small amount of foreign debt that Evergrande has been "guillotined".

Why are Hengda’s domestic debt creditors, including home buyers, suppliers, partners, and Financial Institution Group, willing to give Xu Jiayin and Hengda some time, while foreign creditors are impatient and even want to take advantage of the fire? Not to mention that there are very few left after the liquidation of Hengda, even if according to the order of debt repayment, foreign creditors are not preferred.

Perhaps it is because foreign creditors handle economic affairs strictly in accordance with the concept of "rule of law" and business habits; perhaps it is because domestic creditors have a more accurate grasp of the current economic environment and economic situation, and optimistic expectations dominate; perhaps some people take the opportunity to short Chinese real estate and play arbitrage games… At present, there is not enough evidence to verify the above speculation.

But there is one point that deserves the attention of domestic enterprises, that is, they must reasonably and moderately borrow foreign debt for production and operation based on the needs of the enterprise’s operation, and at the same time deal with creditors in accordance with the market economy system and rules. For the content of reasonable and moderate borrowing, readers can refer to the author’s previous article "Private enterprises lack money, what else is missing?" on the relevant discussion of "the advantages and disadvantages of equity financing and debt financing".

We must not handle and treat foreign affairs with the concept and style of handling domestic debts, that is, "politicization of economic issues". The political structure must be necessary, but it can only be used as a means of backing the bottom line, and it should not be overused, so as not to cause "discredit" and cause pessimistic expectations. Borrowing foreign debt involves a wide range of aspects. The State Administration of Foreign Exchange, the National Development and Reform Commission, and the Ministry of Commerce of China and other departments will participate in the guidance to varying degrees according to the amount and purpose of borrowing foreign debt. Rashly imposing administrative intervention is not only contrary to commercial credit, but also will damage the image of our country’s socialist market economic system and cause a series of adverse reactions.

External debt is sensitive to factors such as exchange rates, interest rates and geopolitics, and the variables are large. A little carelessness will trigger the liquidity risk of the borrower, which will cause a debt crisis and disrupt the rhythm of production and operation. If the industry risk is superimposed, the borrower will fall into the abyss, just like Evergrande.

Will Hengda’s liquidation be followed?

The liquidation of China Evergrande is the end for Xu Jiayin and his business empire. But is this wave of liquidation just beginning for China’s real estate industry?

The following table is based on the announcements of some well-known real estate enterprises and their related parties. It is not difficult to find that there are not a few real estate enterprises that have been liquidated by creditors of overseas debts. The first liquidation petition is concentrated in 2022, and the first application for liquidation of individual real estate enterprises occurs in 2023 and 2024.

Judging from the judgments of the Hong Kong High Court and the Grand Court of the Cayman Islands on the winding-up petition, there are four orders: dismissal, adjournment, revocation, and enforcement. Each order is issued prudently, and is based on the actual situation of the real estate enterprise, the feasibility of the workout, and the approval of creditors. The legal details are left to legal experts to interpret, which will not be covered in this article for the time being.

Table 1 (Note: The above information is collated according to the announcements of each company, and the relevant date is the announcement date or the content of the excerpted announcement.)

However, one thing worth noting is that whether the company chooses to lie down or save itself determines the sooner or later the liquidation petition will be executed. Among the real estate companies that have been liquidated, Sunshine City is undoubtedly the flattest. The first application for liquidation was executed without even a trace of struggle. How can we talk about self-rescue, let alone sincerity?

Sony Holdings was liquidated in December 2022, and the Stock Exchange cancelled its status as a superior company on April 13, 2023. The progress and details of its liquidation cannot be obtained through public channels for the time being. Jiayuan International was liquidated in May 2023, and the liquidation work is still in progress, during which the stock continued to be suspended.

According to the "Latest Information on the Group’s Business Operations and Proposed Restructuring" released by Jiayuan International on January 30, 2024, it is time-consuming and laborious to sort out its domestic and foreign debts. Not only does the liquidation require financial support from creditors, but the remaining rights and interests cannot be fully protected when the restructuring is completed. The following is an excerpt of the original text:

"The Liquidator believes that the proposed protective action may be an arrangement made by the onshore creditors and/or the local government to facilitate the completion and delivery of the housing project and/or the segregated protection of the value of the Qingdao Real Estate Development Project…. As of the date of this announcement, the outstanding principal amount (excluding any accrued interest) payable to the Lender by Cheung Yuen Properties (an indirect wholly-owned subsidiary in Macau) under the financing agreement is approximately HK $3.20 billion. As a result of the appointment of the Receiver, the Group no longer has any power or authority to dispose of Bright Ocean shares and all assets of Bright Ocean, including the interest in Xiangyuan Real Estate…. On January 19, 2024, Guangyuan Mining (an indirect wholly-owned subsidiary in Cambodia) received a reminder notice from CITIC Xinhui to repay its debts totaling US $129,620,620.35 by January 26, 2024, otherwise CITIC Xinhui indicated that further legal action may be taken against Guangyuan Mining…. It is expected that the impact of the above-mentioned development of the company’s domestic and overseas operations will result in a significant decrease in the net asset value of the Group compared to the net asset value disclosed in the recently published consolidated statement of financial position as at June 30, 2022…. There is no doubt that in the absence of sufficient funds, it will not be possible to Achieving a successful restructuring… The liquidator seeks the continued support of all the company’s creditors and their patience throughout the process. "

Looking back at Hengda, the company and its executives, as well as the actual controller Xu Jiayin, have been actively communicating with creditors, local governments and people from all walks of life. Sorting out Hengda’s announcements and related information reports, most of them are workout progress, property protection, and asset sale. It can be seen that Hengda has not been lying flat, and it is Hengda’s full sincerity and active self-rescue actions that have repeatedly postponed the liquidation petition.

So, is it because of a series of events such as Xu Jiayin’s technical divorce, filing for bankruptcy protection in the United States, and being forced to take coercive measures that creditors have lost patience and confidence, accelerating the arrival of liquidation? The author believes that it is not unrelated, but it should be mostly rational. After creditors have a deep understanding of Evergrande, they have combined the real estate industry, domestic economy, and international environment to make a comprehensive evaluation of "the lesser of two evils".

Petitioning for liquidation is not an end, but a means for creditors to fight for their rights and interests. It is a helpless move to negotiate fruitlessly. Whether foreign creditors of other real estate companies will petition for liquidation one after another depends on whether real estate companies really want to be liquidated.

For domestic creditors, it seems that the option of applying for liquidation is missing, but it is actually abandoning the forced negotiation measure of "breaking the jar". After all, the problems currently encountered by real estate enterprises are similar. It is not so much a debt crisis caused by excessive debt, but an inevitable outcome of the industry’s risk clearing.

Thousands of sails pass by the side of the sunken boat

According to the above-mentioned cases of several real estate companies that have been ordered to be liquidated by the Hong Kong High Court or overseas courts, Evergrande’s liquidation will take a long time. After all, Evergrande’s volume is very large, involving a lot of business and a wide range of regions. Moreover, the task of protecting the property in China is still arduous, and litigation and enforcement have yet to be realized. Recently, Sean, CEO of Evergrande Group, said that the management and operation system of domestic and foreign subsidiaries of Evergrande Group and other independent legal entities remains unchanged, and key tasks such as protecting the property are steadily promoted.

Standing at the current point, Evergrande’s liquidation has caused the market to feel the "cold spring", and foreign creditors have launched a wave of "counterattack" in response to the cold snap – on February 16, 2024, Hongyang Real Estate (1996.HK) issued an announcement, and Bank of New York Mellon London Branch submitted a liquidation petition to the Hong Kong High Court, involving financial obligations of not less than 228,500,000 US dollars, which has not yet entered the hearing.

Other foreign real estate creditors are also waiting for an opportunity. What are they waiting for? Presumably not to petition for liquidation. Maybe it is waiting for the company to cut meat and sell assets cheaply; maybe it is aiming at the opportunity of bottom fishing and preemptively occupying land; of course, it may also be purely to rip off. But these actions are beyond reproach in the end. As for the market, compliance can be done.

The market is rational, and all parties are pursuing maximum profits. Only by withstanding the test of liquidation can we proceed steadily and far in the next real estate cycle.

Infographic/Dongfang IC

Can real estate become a breakthrough for economic boost again?

Since November last year, the People’s Bank of China and other eight departments jointly issued the "Notice on Strengthening Financial Support Measures to Help the Development and Growth of the Private Economy", real estate enterprises have received financing support from commercial banks and other Financial Institutions Groups to varying degrees.

It is reported that as of February 20, 214 cities in 29 provinces across the country have established a real estate financing coordination mechanism, and put forward a "whitelist" of real estate projects that can be supported by financing in batches and pushed to commercial banks, involving a total of 5349 projects; 162 projects in 57 cities have received bank financing for a total of 29.43 billion yuan, an increase of 11.30 billion yuan compared with before the Spring Festival holiday.

There are many opinions that at this stage, for real estate enterprises, they should first focus on the resolution of their own debt crisis. Get cash flow through high-quality asset disposal, and the strong man will break his wrist; or through other business sectors, or even the real estate sector compensated by the actual controller’s private assets, seek balance… The above-mentioned debt schemes are correct, but they cannot solve the fundamental hematopoietic problem. Short-sighted solutions to problems will not only dampen the enthusiasm of creditors, but also dampen the enthusiasm of a large number of enterprise managers.

Housing enterprises self-rescue blood, Financial Institution Group blood transfusion, is a top priority, help boost market confidence. However, the real estate enterprise debt high this drawback, in the process of rapid development of the real estate industry, eventually led to the debt crisis. Therefore, the solution should also be found in the continued development.

Since the beginning of this year, many first-tier and super-first-tier cities have relaxed their residential purchase restrictions. At the same time, monetary policy has also been actively implemented: on January 24, the People’s Bank of China announced that the deposit reserve ratio of the Financial Institution Group will be reduced by 0.5 percentage points from February 5, 2024 (excluding the Financial Institution Group that has implemented the 5% deposit reserve ratio); on February 20, the People’s Bank of China authorized the National Interbank Offered Center to announce the loan market quotation rate (LPR): The market quotation rate (LPR) for loans with a maturity of more than five years was reduced from 4.20% to 3.95%, a decrease of 25 basis points from the previous value.

Zhang Xu, an analyst at Everbright Securities, said, "This is not only the first LPR decline since August 2023, but also the first time since May 2022 that the LPR decline formed by the active compression of the MLF (medium-term lending facility) interest rate remains unchanged. It is also the largest single decline since the LPR reform, and it is a single decline that far exceeds market expectations… It will help support the stable and healthy development of the real estate market."

All eyes are on the real estate market, and most of the good news has been given. Can the real estate industry become the engine of stable economic growth in the "post-epidemic era"?

Pessimists are right, optimists move forward. With the implementation of monetary policy, debt risk will be transferred from the real estate industry to the commercial banking sector, and to a certain extent, it will be borne by the residential sector. It is necessary to pay attention to the local risks exposed in the process of risk transfer, such as the risk of excessive bad debt ratio of small and medium-sized banks. AMC institutions may be able to cover it to a certain extent.

In addition, fiscal policy should be more active. Advancing the construction of affordable housing, "dual-use" public infrastructure, and "three major projects" for the renovation of urban villages can help the real estate market stabilize and recover, and real estate enterprises can achieve appropriate replenishment. In the future, whether the development of housing rental market and commodity housing market can shine greatly depends on whether the macro economy can continue to improve.

Source | Bottom line thinking

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What is the difference between Mercedes-Benz e300 and e200？

What’s the difference between Mercedes E300 and E200?

There are obvious differences between E200 and E300 in price, powertrain and configuration. First of all, E300 is more advanced and more expensive than E200. The official quotation of E300 fashion model is 465,800 yuan, which is 40,000 yuan higher than E200 sports model (basic model) of 425,800 yuan. Even the gap between E200′ s 4MATIC sports model (the highest configuration) and E300′ s fashion model is almost 20,000 yuan. Secondly, E300′ s powertrain is more powerful than E200′ s, and it is equipped with a 2.0T high-power engine with a maximum power of 190KW and a maximum torque of 370Nm, while E200 is equipped with a 2.0T low-power engine with a maximum power of 135KW and a maximum torque of 300Nm. Both engines are equipped with 264 920 models. Finally, E300 has more comprehensive configurations than E200, such as keyless entry of the whole vehicle, 360-degree panoramic image and steering wheel memory function, which are standard in E300. Therefore, if you want a better driving experience and more comprehensive configuration, you can choose E300.

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