Chapter 61 Sunco Memorabilia
In March 1994, Sun Hongbin took the 500,000 yuan lent to him by Liu Chuanzhi, and went to Tianjin to establish Sunco Real Estate Sales Agency Company.
At the beginning of 1995, Sunco and Lenovo jointly invested in the development of the Champs Elysees Community.
In August 2000, Sunco defeated many rivals and won two popular plots in Tianjin at a price of 172 million yuan, causing a sensation in Tianjin.
From 2000 to 2003, Sunco opened 60 chain stores in Tianjin successively, covering almost the entire Tianjin market, and also set up China's first Internet-based real estate service network www.tjhouse.com.Sunco is far ahead of its peers in terms of real estate recommendation and customer resource development.
By the end of 2002, the fast-growing Sunco had developed a total of 30 projects in Tianjin, with a construction area of several million square meters, accounting for 20% of the total real estate development in Tianjin.
In July 2003, Sun Hongbin challenged Wang Shi face to face at a forum held by Zhongchengfang.com: "Our mid-to-long-term strategy is to be number one in the country, that is, to surpass everyone here, including Mr. Wang."
On December 8, 2003, Sunco entered Beijing and won the No. 1 land in the North District of Huangcun Satellite City, Daxing District, with a price of 905 million yuan.
From September 2003 to August 2004, Sunco raced across the country like a whirlwind, purchased more than 10 pieces of land with a construction area of nearly 10 million square meters, and won the nickname of "Sky Price Maker". In 2003, Sunco achieved sales of 4.5 billion yuan.
From March to May of 2004, the state launched a series of severe control measures, and the winter of the real estate industry came suddenly. On May 3, Sunco held a leadership team meeting and urgently ordered to stop land acquisition.
On August 7, 2004, the National Real Estate Forum was held in Boao, Hainan. Wang Shi named and commented on Sunco: "This kind of dark horse is actually a black sheep that destroys the competition rules of the industry."
In November 2004, Sunco's listing plan in Hong Kong was shelved.
In October 2005, the private placement negotiations between Sunco and the US investment bank Morgan failed.Sunco carried out a large-scale personnel adjustment and laid off 20% of its staff.
At the beginning of 2006, the media revealed that Shunco's arrears of land fees plus bank loan balance totaled as high as 4.6 billion yuan.
On September 5, 2006, Sunco signed an equity transfer agreement with Hong Kong Road King Infrastructure Company.Sun Hongbin sold 55% of the equity at a price of 1.28 billion yuan, and basically lost control of Sunco.Instead he focused on an operating business called Sunac Group (SUNAC).
On January 26, 2007, Road King Infrastructure announced the acquisition of the remaining equity held by Sun Hongbin, increasing the total shareholding to 94.7%.