The egg is broken. Who will clean up the shell on the floor?


Written by Li juomace
After a series of twists and turns, such as arrears, CEO being investigated, disconnection of the network, difficulty in cash withdrawal, and hundreds of people gathering in the headquarters to ask for salary, eggshell apartment’s falling stock price suddenly ushered in a turnaround.
On November 17, eggshell apartment’s share price changed from declining for several months to close up 75%. As the news changed, the price of eggshell also fluctuated. On November 18, the intraday rise exceeded 100%, and the two-day cumulative increase was 233%. The turnover rate was as high as 509%, closing at $4.57/share.
In these two short days, I love the news that my family will “dish up” the eggshell apartment.
Previously, I love my family’s official response to AI financial news agency: “no relevant notice has been received at present.” But just a day later, media reports said that I love my family’s negotiations on the acquisition of eggshells have made substantial progress.
No matter how the dust settles, it is an indisputable fact that the owners, tenants and suppliers related to eggshell apartments are eagerly looking forward to this straw.
Since the outbreak of the eggshell apartment financial crisis in February this year, the eggshell apartment owners, tenants and partners have carried out a number of aggressive activities. In the face of repeated criticisms and doubts, eggshell also denies it one by one in the way of micro blog response. On November 16, when the incident broke out, eggshell still insisted that “there is no bankruptcy and there will be no running away.”
As a result, the whole long-term apartment business has to face the credit crisis. In this story of success and failure, there is no winner.
“We should give young people who are working outside a warm home. “This was the original wish of eggshell apartment. Under the protection of tens of thousands of young tenants, this slogan is particularly eye-catching.
Who will save the eggshell?
At noon on November 18, with the first autumn rain in Beijing, an umbrella was put up at the gate of eggshell apartment Beijing headquarters. Under the umbrella, there were a group of dignified young people. The men, with numbers in their hands, formed a long line at the entrance to the eggshell apartment building.
They are all the tenants and owners of eggshell apartments who come to register for the cancellation or cancellation of the contract.
Map / registration site
The rain pattered down for a day, which added a chill to the hearts of those who came to ask for a statement. The key point is that the situation is more serious than they think. A tenant who had been waiting for nearly two hours to register successfully said, “after arriving at the number, they will register personal information such as telephone number and residence, but the refund claim has not been solved.”
Eggshell mediators told them that the eggshell had filed for bankruptcy but had not been approved. “Even the money on the account can’t be moved at will, and relevant departments have intervened.”
Communication is fruitless and there is no way to ask for money. Many tenants have decided to sue for their rights in the near future, and “they have to be prepared with both hands.”.
A week ago, another large-scale protest took place here. In a similar scenario, there are more suppliers, cleaners and maintenance personnel in the debt collection team. Because of the slow progress, there was a physical conflict at the scene. According to the supplier who participated in the rights protection on the spot to AI financial news agency, only the financial director of eggshell came forward and said that he was waiting for the financing party to make payment, otherwise there was no money. “This reply means that our repayment is not expected.”
After the outbreak of rights protection in Beijing headquarters, the victims of eggshell apartments all over the country decided to set off a wave of centralized rights protection. AI financial news agency learned that on November 17, a wave of eggshell tenants and partners from Shenzhen gathered in eggshell apartment Shenzhen company to ask for opinions. But the final response is still perfunctory.
The eggshell wasn’t the first one to explode. Before this, the news that long-term apartments are in danger has happened from time to time. According to incomplete statistics, in 2020, 26 parents’ apartment companies have exploded, or they have been taken over or bankrupt. Second, the number of people involved in the industry has also been affected by a large number of people. So many relevant departments including Beijing, Shenzhen, Hangzhou and other places have been involved.
In Beijing, the relevant departments also announced recently that eggshell tenants and owners should go through the housing process at the corresponding reception points according to the location of the house. According to people familiar with the matter, at present, each sub district office provides a registration window, which can provide termination registration or rent cancellation information registration, but there is no way to directly refund the rent.
Although some people have intervened in mediation, it still needs a “knight in white” to lend a helping hand to revive the crisis of eggshell.
According to the economic observer, Xie Yong, the chairman and President of my family, and other senior executives of my love family have started to discuss taking over the eggshell apartment in recent weeks. At present, I love my family’s financial cost. At the same time, the report said, “invited by the relevant departments in Beijing, many parents, including free and Xiangyu, rent apartments to discuss taking over the eggshell.” Before that, it was rumored that eggshell apartment was the biggest supplier.
Xiangyu is a long-term rental apartment brand of my family, ranking second only to free and eggshell. For my love family, if there is eggshell large-scale housing intervention, it will further increase its business advantages in the long-term apartment market. And for the free, has also taken over the long-term rental apartment Dingjia thunderstorm treatment experience. When Dingjia’s warehouse burst in August 2018, the company has solved the problem of receiving and settling some tenants.
But in the face of considerable housing and customer demand, what makes them hesitant is the excessive debt scale. According to a person familiar with the situation, “because the eggshell debt is too large, laissez faire has been hesitant.” According to media reports, my main concern about my family’s serving eggshells is that “after financial cost accounting, this account is not fair, unless there is any other way to make the account even.”
What is the debt scale of eggshell? According to the eggshell announcement, as of the first quarter of 2020, the eggshell cash and cash equivalents were 826 million yuan, but the total liabilities reached 9.027 billion yuan, and the asset liability ratio was as high as 97.06%. Compared with the revenue of 1.872 billion yuan in 2019 of my family’s long-term rental apartment business, this debt figure is even more alarming.

At the same time of stabilizing the panic of tenants and owners, it is the focus of current public opinion to deal with the debt scale of eggshell and the interests of buyers. An industry person said, “there will definitely be someone to take the offer, and it will take the conditions. In the long run, there is a reason why I love my house to take over the offer. There must be someone in the long-term rental apartment industry, but I love my family. Since eggshell and chain family have grown up freely, they have been basically excluded. If they want to become a heavyweight player again, I think they will probably take over. But now that the eggshell is insolvent, there must be other conditions to take over. ”
There’s not much time left for eggshells. AI financial news agency learned that the signboard of eggshell apartment Hangzhou branch has been removed, and only a small number of employees are responsible for registering tenants who come to ask for opinions. On November 19, the Beijing Municipal Commission of housing and urban rural development said it had set up a special group for eggshell apartments, hoping to solve the problem smoothly, and the follow-up treatment plan will be announced in time.
Bad rent loan
The day before eggshell apartment publicly denied bankruptcy rumors, Weizhong bank, the main partner of eggshell “rent loan” business, first issued a statement.
For the tenants who were retreated and forced to move away from the shell apartment, the micro public bank said that these tenants could register information through the official account. After verification and confirmation, the micro public banks will assist tenants to settle the lease disputes and arrange for the loan matters appropriately, and indicate that the tenants will not be affected until March 31st next year.
Weizhong bank is the main partner of eggshell apartment in the financial field. Even if the wechat declaration is prior, the validity period of the “credit protection” left to the tenants is not long, which is only more than four months. And for a large number of tenants, compared with the problem of rent cancellation, the rent loan which is still difficult to repay is another problem.
According to the eggshell apartment prospectus, as of the end of the third quarter of 2019, about 67.9% of eggshell tenants have used rental loans. AI financial news agency learned that if the tenant fails to fulfill the rent loan on time during the credit protection period, the loan interest will also rise to 9.5%.
The so-called rent loan is that after the tenant signs a rent loan contract, the financial platform will pay the rent to the apartment party within the term of the tenant contract at one time, while the tenant only needs to pay the rent to the financial platform on a monthly or quarterly basis. In this process, the apartment side can get all the rent of the tenant at one time, but for the landlord, it only needs to pay monthly. The fund precipitation formed in the middle has become the capital pool of the apartment side and an important tool for the rapid expansion of eggshells.
In the long-term apartment industry, rental loan business is not new. For a long time, the parties of long-term apartments are lack of smooth financing channels, and through the way of rent loans, long-term apartments can obtain funds at lower cost for market expansion.
“There must be a very high proportion of rental loans used by enterprises, resulting in the risk of business operation. But in essence, it’s also a very good innovation. ” Free CEO Xiong Lin said in an interview with AI financial news agency. “The overdue rate and bad debt rate of rental customers are very low. For investors, it’s a low-risk, very good product choice, and it’s true in nature. ”
Although the rent loan does not carry the original sin, when the leverage increases, the risk will also come. Once the market fluctuates, such as the expansion is not smooth, the occupancy rate is not up to standard, or large-scale tenant check-out occurs, the long-term rental apartment will face the risk of capital chain fracture.
From 2017 to 2019, the number of operating rooms in eggshell apartments soared nearly 30 times, according to the data. During this period, in order to compete for market share, eggshell crazily subsidized users, made advertising marketing, and promoted follow-up business. At the other end, in order to expand the business scale, eggshell will not hesitate to collect housing resources at high prices, resulting in low occupancy rate and difficult to recover the cost.
According to eggshell’s publicity materials, eggshell apartments manage more than 400000 houses and more than 1 million users. But behind the 400000 housing supply, it is difficult to maintain the operating pressure. According to the eggshell prospectus, on average, it takes 12 to 20 months to recover the cost of each new home.
“For this industry, how to treat it with some innovative financial instruments? It’s not good to beat it to death, but it’s not good to let it grow savagely regardless of it.” Bear woods have the same entanglement.
The illegal use of eggshell rental loan has taught the whole industry a lesson. On November 17, Shenzhen housing and Construction Bureau issued a notice, requiring housing rental enterprises not to use “rent loans” in violation of regulations, and not to infringe upon the legitimate rights and interests of obligees by means of “high in, low out” and “long-term receipt and short payment”.
According to AI finance and economics news agency from insiders, despite the same negative and bad reputation, one of its employees claimed that the proportion of free rent loans has been at a low level, “at present, the proportion of rent loans is about less than 20%.”
This is not the crime of long-term renting an apartment
Is long-term apartment still a good business?
Free CEO Xiong Lin said in a recent interview that the general direction of China’s leasing industry will not change. “Because the needs of tenants and owners have not changed. After removing some unhealthy factors and participants, the industry will surely become more rational. ”
These words seem familiar. It’s no violation to deduct them directly to group buying, o2o, online car hailing and bike sharing.
Long rental apartments are just another industry that has gone through a brutal development, blowing bubbles and lowering tide to shuffle cards. Specifically, the development of long-term rental apartments can be roughly divided into four stages: around 2010, it sprouted in China, and famous brands such as Qingke and Xinyi were established at this time. Since then, it has gradually stepped into a period of high-speed development, policy dividend and capital inflow, reaching the “first year of the great leap forward” in 2015. In 2017, the head advantage is obvious, but the competition is becoming more and more intense.
The ebb began in 2018. Since the beginning of this year, long-term apartments have been plagued by negative factors, such as excessive formaldehyde, high-priced housing, high rent, and thunder, making it a demonized existence. The dream of dignity and dignity of millions of young people wandering in cities to rent houses has been broken down again and again, replaced by a long road to protect their rights.

According to an employee’s statistics, from the beginning of 2018 to the end of 2019, there are as many as 13 well-known long-term apartment operators that are still closed down, and nearly 80% of them died of “capital chain fracture”.
This seems to be the fate of eggshell.
In 2014, there were many skeletons in the death tide of o2o. Gao Jing received a phone call from the old leader of the former glutinous rice network, and was pushed to start a second business like a duck on the shelf. Gao Jing successively worked for many companies, such as, Baidu,, and later made an Internet advertising platform. His Internet experience and group buying experience have shaped his ability map.
Gao Jing is a talent with internet gene implanted in his bones, that is, the founder of eggshell apartment. What is commendable is that he is also very good at big data and intelligent computing which is extremely hot now. “Data driven” is also claimed as the core means to enhance the value of eggshell.
According to past reports, Shen Boyang, the former leader who called him, promised to invest money to encourage him to start a business without any project ideas. This shows how much he values and cherishes the talent in front of him.
According to Gao Jing’s earlier statement to the media, his original intention was to do some practical things for the “migrant workers”, especially the modern young people. “Let young people live in the city with dignity.” But he and his eggshell started late. In 2015, the company has been working for four years.
The lesson that lagging behind will be beaten is deeply engraved in the blood of Internet Group buyers. Moreover, Gao Jing judges that in the future, only two or three enterprises will become the super unicorn and leading enterprise in the field of long-term rental apartments. He wanted “eggshell apartments to be part of it.”.
Such ambition or vision laid the foundation for eggshell’s radical strategy of pursuing scale later. Even in 2018, eggshell has broken through the encirclement and become the leading apartment brand in the industry, and the number of employees is rapidly expanding. Gao Jing still sets the strategic goal of “year of scale” as the starting point.
“At present, according to the law of business, especially the law of enterprise development in the Internet era, the most important thing is to rapidly expand the scale.” He has always known that it is a slow business.
He believes that compared with the intermediary system, eggshell has the advantage of rapid rise, flexible change and easy formation of radiation surface. But the disadvantages are also relatively obvious: scattered housing resources, inconvenient for large-scale design and centralized construction, and it is not easy to provide public facilities in the later stage.
In contrast, the freedom of relying on chain owners is like a “rich second generation”, with rich housing resources and mature agent team, but “relying too much on human experience, the ability to copy and expand will be restricted.”.
In an interview with AI finance and economics news agency, Zi Zi Xiong Lin once expressed such a view: “under this social background, the generations of entrepreneurs close to us are used to seizing many marginal opportunities and reconstructing many things in the process of rapid change. But when you look at yourself, you often find that the technology, marketing and product teams are very strong, but there is a lack of strong people in terms of quality and quality. ”
The implication is that these trendsetters shaped by the Internet are excessively pursuing marketing, scale and growth rate, while neglecting the attention to service itself.
However, Xiong Lin’s words are far from being able to explain how well she has done in terms of quality and quality. He was born in IBM, a traditional IT enterprise, but in fact, he is also an enterprise that is hard to balance the scale and quality. “Quality without scale is meaningless, and scale without quality seems to have no meaning.” He told AI finance and economics.
A practitioner make complaints about the long rental apartments that are not so good looking. At present, there is a scale trap in this industry due to its low return and high empty rent rate.
The practitioner said that life is becoming more and more difficult, and the price difference is constantly decreasing. “In the past, 1000 yuan was taken and 3000 yuan was sold, but now it is 1500 yuan, and only 2500 yuan can be sold.”. Another data reveals the problem of large investment and slow return. “The investment cost of a single room is 70000, and it may take six or seven years to return to the current period.”
A co-founder of a rental enterprise told AI finance and economics news agency that long-term rental apartments are not purely Internet products. Generally, Internet products rely on rapid and large-scale development to share the low cost. However, the larger the scale, the more houses you control, the higher the cost, and the more difficult it is to manage.
“For enterprises, the biggest problem is that when you grow in size, the expansion of the organization is always one of your biggest challenges.” “You can go from a single city organization to a national organization, from a single line to a matrix management, from a single product to a multi product, and all of these can be very challenging,” he says
It is not difficult to see that the eggshell problem is not a sudden outbreak, but has been existing and has not been improved in time. Some people evaluate that many long-term rental apartment enterprises are not incompetent, but have too much desire and want too much.
In 2015, Gao Jing started to explore the leasing market as an outsider with the first three small partners. He got up early and late at night, and personally signed the first house of eggshell by the bridge of Ciyun Temple. In the middle of the night, I worked with the decorators to carry the furniture and decorate the room in the dark. At that time, he showed awe for the new industry.
Five years later, everything is on a different path. The promise to the young people in the city has become an endless complaint. In June this year, eggshell apartment disclosed a new personnel appointment, and revealed that Gao Jing was investigated due to economic problems, and eggshell also brought herself into a dead end. The high light on the market, the low ebb of falling, is like a dream.
The cruel reality is that the urban drifters can not escape the siege of long-term rental apartment enterprises. Rental housing is a real demand with great pain points. Tenants are suffering from the chaos of the industry. “The development of the industry has brought progress. We should see the positive side.” The above-mentioned enterprise personage appraisal, lacks only the enterprise which has more responsibilities.