From Debt 3000 To 2 Billion

On November, 01 days, 3000 yuan borrowed to build a huge jewellery kingdom to invest in real estate. The failure of "three ups and three falls" was once bankrupt.

Xie Ruilin, 68 years old, has had ups and downs in his life.

After bankruptcy in 2000, there were several twists and turns.

After a while, "death comes back to life", and the news of arrestment will be pmitted later.

Xie Ruilin, 68 years old, was born in the South China Sea in Guangdong. In 1945, his family moved to Hongkong and lived in the poorest wooden house area. He was forced to drop out of school because of his poor family and only two years of primary school.

Heels follow his father to collect waste products for a living.

At the age of 13, in order to let him have a skill, he sent him to a gold shop as a apprentice. After 5 years of apprenticeship, Xie Ruilin felt that he was not enough. So he was determined to learn western style jewellery, and he had been studying for ten years.

Xie Ruilin said that the greatest consolation at that time was to save a little change and then go to the theater of the great light.

At the age of 23, Xie Ruilin received a boss's appreciation and lent him 3000 yuan.

When the scale of the company is gradually on the right track and its business scope is expanding, Xie Ruilin is bent on stepping out of the jewelry industry and marching into the huge profit real estate industry.

In 1981 and 1982, Xie Ruilin earned money from jewelry business to buy shops and properties.

At this time, Hongkong encountered the confidence storm triggered by the Sino British negotiations, and real estate prices fell sharply, and Xie Ruilin was defeated.

After licking blood, he reinvested in his old jewelry business. Under hard management, Xie Ruilin jewellery was officially launched in 1987.

When he reviewed the experience of failure, Xie himself did not admit that he was lacking in investment vision, but because he did not give me time.

His stubborn character has enabled him to secure his predicament, but also made it difficult for him to escape the same fate.

Shortly after the listing of the company in 1987, the ambition that had been suppressed for several years made him a little eager for quick success.

In 1990, he succeeded in winning the control of Yuxing real estate company as the flagship of the group's investment in real estate.

He bought a big a target= "_blank" at the moment, and the 40% interest rate was 70 million yuan.

Under heavy debts, Xie Ruilin had to find ways to reduce the debt. So he sold Yu Hing shares together with Wan Chai land for 200 million yuan in June of the same year, and sold it to Yang Shoucheng, chairman of the British group.

Unexpectedly, the government of the Hong Kong and the British government and the mainland side became more and more clear about the new airport negotiations. In the middle of that year, a memorandum of understanding for the new airport was signed. In the middle of the year, property prices rose like a rocket. As a result, Yang Shoucheng built the imperial group center on the site with a total value of about 2 billion yuan, while Xie Ruilin could only look at the "fat roast chicken" falling into the mouth of others.

It's only three.

Xie Ruilin fully "character decides destiny". On the eve of the financial crisis in June 1997, when the Hongkong property market approached its peak, Xie Rui Lin spent 500 million yuan to buy the Baoli commercial building in baoler lane, Tsim Sha Tsui, and he also lost many stock investments.

So in 1997/1998, the group's liabilities rose to the highest level, amounting to 1 billion 340 million yuan, and the debt ratio rose to the highest level since 1992, reaching 100%.

In order to alleviate the financial pressure of the group, since 1998, the group has continued to sell assets and reduce debt.

Many of these properties were pferred at a large loss.

In addition to the sale of assets and debt reduction, Xie Ruilin also launched the "1 billion yuan diamond dumping" in June 1998, which brought nearly 300 million yuan of funds to the group in two months, but it was still useless.

In the end, Xie Ruilin applied for bankruptcy in 2000 because he owed Suez Asian holding debt more than 50 million yuan, and other creditors also joined in debt recovery.

In September 25, 2000, Xie Ruilin was formally bankrupt by the court.

At that time, some people described Xie Ruilin's bankruptcy as the most serious bankruptcy case which caught the attention of the industry.

Although the blind investment in debt, but many senior jewelry industry in Hongkong said that Xie Ruilin himself in the jewelry industry still enjoys high status, many jewelry suppliers and experts support him, has not heard of Xie Ruilin's "not looking for numbers" (not paying back).

Of course, the company Xie has already made arrangements.

On the eve of bankruptcy in March 2000, he pferred the controlling stake of listed company Xie Ruilin jewelry to the eldest son Xie Dafeng, so the company's business could still function as usual after he went bankrupt.

After bankruptcy, Xie Ruilin was once depressed. He once claimed that "bankruptcy is a blot in my life".

In the early days of bankruptcy, he often suffered from insomnia, and the whole people lost their glory.

However, since 2003, the "self help tour" has brought new opportunities to the jewelry industry in Hongkong.

Since its launch in July 2003, more than 2 million 600 thousand mainland customers have come to Hongkong in a year to provide tourism revenue of about 14 billion 400 million yuan, and Hongkong's jewelry industry has been greatly benefited.

Xie Ruilin relies on cooperation with travel agencies to make business flourishing.

Last year, the turnover amounted to HK $470 million, and the results were gratifying.

Encouraged by the big situation, Xie Ruilin himself, after bankruptcy, began to actively negotiate with creditors.

According to expert analysis, even if he does not propose debt restructuring, his 4 year bankruptcy order will be lifted soon.

By then, if no one has applied to extend his bankruptcy date, Xie will not have to continue paying his debts.

But he thought, "I owe my money, and I have to pay it back in my lifetime", so I chose to solve it by "voluntary arrangement". This method can completely eliminate the record of bankruptcy.

Xie has been negotiating with creditors about repayment schemes over the past 4 years. The two sides finally reached a consensus. Xie only needs to repay 6% of his total debt, that is, about 13800000, and all debts can be written off.

Finally, he washed the bottom 22 days before the bankruptcy order expired.

In addition, Xie also repeatedly stressed that the jewelry industry is the most honest, so even if the bankruptcy order has been officially lifted, he will actively try to pay off all the arrears.

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Xie Ruilin, who returned to freedom, revealed that after bankruptcy, he had been a jewelry consultant and insisted on returning to work.

After Xie Ruilin was declared bankrupt by the judge of the high court of Hongkong, it was commented that although he had experienced "three ups and three falls", he was very tough in the economic circles. "Now he was asked to take up a job," but "this time he was asked to go bankrupt, he may return to the soul and be weak, and he will die in Hongkong shopping mall".

Xie had not been able to stand still.

According to insiders, Xie's jewelry business has been making money, with exports in addition to local and domestic businesses.

Moreover, more than 10 years ago, he was among the first group of jewellers selling tour jewellery, and it was very successful, and established fame in tourism industry in Europe, America, Southeast Asia, China, Japan and Taiwan.

From the annual report, in the 2004 fiscal year, Xie Ruilin's sales revenue was 956 million yuan, and the profit was 7 million 500 thousand yuan, which was the first profit in recent years.

But this time, the "ICAC arrest" incident involves Xie Ruilin's core business and prospects.

According to Xie Ruilin's staff, even if Xie Gui is the chairman of a listed company, he still has the habit of working hard and can work 365 days a year, because he likes to assess his achievements by making money. Maybe because he paid too much money, he couldn't extricate himself from the Gold Rush Game of real estate. Even if he had been rolling in the jewelry industry for 40 years and enjoyed a lofty "status" in the industry, he could not get out of the shackles of his personality.