本帖最后由 楚之游侠 于 2021-2-8 17:01 编辑
中信集团武汉长江新城项目路演文稿
路演主旨
展示武汉长江新城项目具有高投资回报率和创新性投融资结构的明星项目,对公司布局长江经济带,打开华中市场具有重大的经济与政治意义。同时介绍面对疫情如何运用 “金点子”解决项目落地将遇到的各种困难。
路演要点
主要从项目与众不同的亮点,投标过程中将面临的重点难点以及独辟蹊径的解决方案三部分介绍了武汉长江新城项目从前期跟踪到促进落地全过程展望。
首先,阐述了武汉长江新城项目整体的重要性以及起步区在长江新城项目中的核心地位,通过数据直观展示其拥有高投资回报率和优质投融资结构的独特优势,实现小投资撬动大工程。
其次,项目将面临四个重难点:项目包装难(ZF缺乏独立财政,难以包装),投融资难(传统银团模式弊端),竞争压力大(当地央企强势)以及年初新冠疫情带来的影响(进度)。
最后,针对重难点研发出对症下药的特色解决方案:1)对接武汉市财政局,打包成PPP项目;2)创新性引进长江大保护基金和松散银团模式;3)联合六家行业顶尖企业并发挥旗舰作用;4)发扬中信精神,各岗位疫情时期各司其职,完美完成任务。
CITIC Lights Yangtze River
Firstly, I will introduce the background information The planning and construction of Yangtze River New City is based on advanced concepts and global vision. The Yangtze River New City will be built as an exhibition area for the highest achievement of urban development and a demonstration area for future cities. It will become an important carrier to support Wuhan's transformation from middle and late industrialization to the post-industrialization.
And now, Yangtze River New City has been declared as a state-level new area, which is similar to Xiong’an New area. This project has great regional influence, strong social attention, wide coverage of industries and high investment and construction standards. This project is of strategic significance for CITIC Construction and CITIC Group. It is helpful to develop infrastructure business and build CITIC brand.
The starting area project is important for the construction of Yangtze River New City; it is the largest PPP project supported by Wuhan Finance Bureau over the years. And now, the starting area project has become the primary reconstruction project in Hubei Province and Wuhan City after the COVID-19. This project can bring substantial benefits while responding to the national call for reconstruction.
CITIC Construction has invested less than¥200 million, but obtained this 4 billion project, and the income of project management fee is nearly¥500 million. The cost can be recovered at the end of the construction period, realizing the concept of leveraging large project with small investments.
And next, my teammate Zhang Li will introduce the possible difficulties.
We briefly summarize the difficulties into four aspects:
The first difficulty is project packaging. Yangtze River New City hasn’t become a national district, which doesn’t have independent finance. Although the funds can be gathered through selling lands, it will slow down the development of new district dramatically.
And the second difficulties are investment and financing. In terms of investment, a strong financial investor with low cost of capital is required to fulfil the investment demand. As for financing, the traditional syndicate model will reduce the project return rate significantly. And its management process is inefficient.
The next difficulty is the pressure from external competitors. Local construction enterprises such as China Construction Third Engineering Bureau, Gezhouba Group and China Railway Construction have controlled Hubei market for many years. So, it is more like “pull a tooth out of tiger’s mouth” if we want to stand out and acquire this project in the market full of fierce competition.
The last difficulty is the influence of COVID-19. As the center of domestic epidemic in this year, Wuhan, this heroic city, was totally closed from January 23rd to April 8th to prevent the spread of Corona Virus. As we all know, this virus not only influence the global and China economy, but also bring massive uncertain troubles to this project. So, these are the four main problem we meet. Now please let me introduce my colleague Xie Boyang to tell you how we use the “golden ideas” to solve these problems. Thank you.
Thanks to my colleague Zhang Li for point out the difficulties we faced in this project. To solve them, we summarize the experience from the other projects and overcome the challenge with golden ideas. First of all, pack it as PPP project. I explored the core needs of our clients, we knew that Changjiang River New City does not have independent finance. So, that means they cannot use the traditional EPC model to set up this new project. So we innovatively pack three individual projects into one PPP project by using Wuhan Finance Bureau as the repayment source to solve this problem.
Secondly, it is to optimize investment and financing structure. In terms of capital, we take the advantage of characteristics of this project include a recycling water plant. So we introduce Changjiang River Protection Fund and raised 700 million with very low cost. As for financing, instead of syndicate banking, we contact multiple banks individually, which is like an open bidding for banks. So, it helps us to reduce the loan interest rate dramatically.
The third one is combined fleet model. According to the feature of this project, six joint members are all the leaders in their industries, are selected to form a combination. Some of them are good at tunnel and bridge construction, some of them are good at urban road construction, some of them are good at urban planning, and some of them are the top one in the water treatment. So, CITIC plays the role as a flagship to enable these six joint members to work as a team. As a result, we achieve six combinations are larger than six.
Finally, it is the CITIC sprit. In face of Wuhan COVID-19 in this year, as employees of CITIC, we did not back off. Colleagues outside Wuhan worked at home, colleagues in Wuhan tried their best to use resources to finish the schedule.
Q&A
Ben Phone: Hi guys, I would say that thank you for your presentation, and I did not predict that you guys so young, you know, but the confidence you demonstrated very impressive. Regarding when Wuhan team during COVID-19 time, pretty much amazing. Today my question for your presentation, I get two questions, one shorter one, another one is longer one. So, you mentioned CITIC spirit right? What is exactly the CITIC Spirit.
Xie Boyang: Thank you for your question. Actually when COVID-19 spread in Wuhan, the roads were blocked, cars were banned. Some of the local Wuhan colleagues, they rode bicycles and walked on feet for more than 10km to visit government and institutions. That spirit makes sure that when we back to Wuhan after April 8th, that is the end of blocked of Wuhan, so we make it one month earlier than other competitors. That spirit makes sure that we win the bid.
Ben Phone: That’s very fantastic. And second one, the longer one, in your presentation, you also mentioned that “pull a tooth from a tiger’s mouth” right? can you elaborate how you made it?
Xie Boyang: Basically, to summarize three points. Firstly, we have pre-service, we provide the service to government, not only at this start of the project bidding. Actually is two years ago when the project even not exist. So we helped government to solve the problem of setting up this project. So we can earn the trust from government earlier than our competitors. The second one is lower cost, because we optimize our investment and financing structure. The third one is CITIC spirit, as I have said earlier. More importantly, we really want to show our great sincerely gratitude to companies, leaders and colleagues for supporting us all the time. We gotta to do a better job. Thank you very much. Thank you!
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