Chapter 837: Chapter 639: Cash Out and Walking on Two Legs
A few relatives from the hotown ca over, and it was Peng Ying who went to the train station to pick them up. These relatives were from the Peng family’s side.
Peng Ying is their cousin. Among them, one is over sixty years old, and the other is in their fifties.
The main reason for their visit this ti is due to the issue with their children.
They managed, after great difficulty, to gather all their savings to buy a house in the city, but the house hasn’t been delivered.
It’s not that it’s an abandoned building – it’s just that the construction site doesn’t have funding to continue operations.
When faced with such situations, what usually happens is endless delays.
They’ve looked for many people and tried every possible thod, but the result is still the sa: the bank loans must be repaid while the house remains undelivered.
Their only option now is to turn to Peng Ying for help.
Because they are distant relatives, and Chen Pingsheng hasn’t returned to the hotown for many years, he didn’t co back for this matter.
But after learning about the issue, he still asked Song Yanxi to handle it.
The rough plan was to purchase all the uncompleted apartnt units these relatives had bought.
Such a small sum of money ant nothing to him, but to these rural relatives, it was a matter of life and death.
They couldn’t even find a place to cry every day.
To be honest, for ordinary people, buying a house is extraordinarily difficult.
Let alone ending up with an uncompleted building.
His relatives from this side of the family are fortunate to have him step in, but for those rural folks without anyone to help, their plight would be truly tragic.
Chen Pingsheng took out more than 30 million RMB to buy up their properties. Since these weren’t houses in high-tier cities, several tens of millions were enough to help these impoverished rural relatives recover from this crisis.
This act could be considered as a great deed for his relatives. Though usually, he wouldn’t deliberately get close to relatives in difficulty,
When it cos to real issues, he would always do whatever he could to lend a hand.
In late October, when NVIDIA’s stock price surged to $680 billion, Chen Pingsheng decided not to wait further.
He directly cashed out 1.5%, ensuring at the very least that the principal he had invested was entirely recovered.
As for the rest, he’d decide later based on circumstances.
1.5% of $680 billion is no small number.
It was a massive cash-out worth hundreds of billions of US dollars, roughly equivalent to 70 billion RMB.
Chen Pingsheng had always ensured that Tengfei New Energy’s funding requirents for the next year were fully gathered in advance.
This year, thanks to Tesla’s three rounds of large-scale cash-outs, his investnts in the tech sector leaped significantly.
This ti, after cashing out, he allocated 30 billion RMB to Tengfei New Energy.
Adding in the previously invested 20 billion, the reserve funds for Tengfei New Energy, including Tengde Era, in 2021 reached a total of 50 billion RMB.
The funding needs for the upcoming year were fully covered.
The other sectors also remained sufficiently funded.
The reason for the cash-out was primarily that he didn’t want all his funds tied up to NVIDIA alone.
With 40 billion RMB remaining, plus the 8 billion RMB in liquid assets he already had, Chen Pingsheng held two days of etings at the headquarters before finally deciding to invest in Google.
Google’s current market valuation was approximately $700 billion, which converts to about 4.8 trillion RMB.
He invested 48 billion RMB, which only bought him 1% of the shares.
With the capital he currently had, he could only aim for these tech giants.
Smaller stocks were easy to enter but hard to exit.
An accidental move could collapse the stock price entirely.
But with Google, there was no need to worry about cash-out issues.
Just like before, once he invested, he wouldn’t cash out for at least two to three years.
If its value doubled in three years, that would be considered extraordinary gains.
As for dostic high-quality assets, they hadn’t yet reached a point of desperation. Despite facing difficulties, people still felt they could hold out a little longer.
As long as this ntality persisted, it wasn’t the best ti for him to take the plunge.
Only when people entirely abandoned any hopeful thinking would it be the perfect ti for him to enter.
It was already near the end of October, and the group had to begin compiling the third-quarter profit report.
As for their family, they also needed to start tallying up inco.
The family’s most stable source of revenue ca from investnts and the rent collected by Tengchao Comrcial Managent.
Chen Pingsheng invested nearly 10 billion RMB in Tengchao Comrcial Managent, and his investnt was made very early.
Annual net rental profits were approximately 3.5 billion RMB.
Additionally, Water Cloud Space was also a major contributor to cash inco. However, for reasons widely known, Water Cloud Space’s profits this year had dropped by at least 30% compared to last year.
The total annual revenue ended up being only 2.6 billion RMB.
Excluding investnts, these two segnts were considered the most reliable sources of family inco.
As for Tengying Group, it wouldn’t be distributing dividends for the next three years, so there was no space for calculations there.
After setting down the family’s financial report, Chen Pingsheng comnted, “We really need to save a bit more. On the surface, our family seems to be thriving, but excluding investnts, the stable annual inco is only a little over six billion RMB, which falls way short of expectations.”
The reason he didn’t count stock investnt inco was that it was considered risk-based revenue.
It might be high this year, but entirely unpredictable next year.
He didn’t even know whether NVIDIA, or Google which he had newly invested in, would rise or fall next year.
These uncertain assets couldn’t be treated as a source of stable family inco.
“That’s not bad, right? I think maintaining a stable annual inco of over six billion RMB right now is already very impressive.”
“True, but I still feel it’s a bit too low.”
Chen Pingsheng said, “The 20 billion RMB investnt in Singapore should generate stable inco of 700-800 million by next year. Once Tengfei New Energy truly starts taking off, it should experience another surge.”
Song Yanxi nodded, “I’ve invested over five billion RMB in Tongxin Family. Within two years, it should generate very decent returns.”
“Let’s wait and see. Right now, we’re nowhere near the peak period for our family’s wealth. My mom’s relatives should be visiting less frequently lately, right?”
“Much less.”
Song Yanxi replied, “Previously, you bought out their unfinished properties purely out of goodwill. Unfortunately, so people love treating us like fools, bringing a few broken bowls from their ho and claiming they were antique, asking for several million RMB apiece, and even claiming they had spent all their savings acquiring them.”
Chen Pingsheng shook his head and laughed, “So people are just like that. You give them a little sweetness, and they’ll jump at the chance to take advantage of you. They feel unbalanced thinking you helped others but not them. Don’t bother with people like that—next ti they co over, just have security kick them out.”
“That wouldn’t be right, would it? After all, we’re still relatives to so degree. Besides, your mom wouldn’t agree to it either.”
“You see them as relatives, but they see you as a sucker.”
Chen Pingsheng said, “Ignore these kinds of people. When it cos to the houses, there’s no choice—when ordinary people run into situations like this, it’s sothing they can’t overco in their lifeti. If we don’t lend a hand, they’d probably die with unresolved grievances. But everything else is different; they’re just trying to exploit us.”
Song Yanxi thought about it and agreed. These kinds of people are best ignored—they’re unpleasant to even look at.
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