There was an uproar about the thunderstorm of eggshells last year, which must have been noted by everyone.

I rented it at that time.Eggshell apartmentThe young people experienced the first beating from society.

The tenants obviously spent real gold and silver to rent the house, but they were driven out by the landlord in various ways, and even dared to cut off water and electricity.

Because the operation mode of eggshell is "rent loan", the tenant signs not only a rent contract, but also a "rent loan" contract.

This leads to a big problem. Even if the tenant is evicted from the house, the online loan that has been phased out still has to be repaid.

Since the eggshell capital chain is broken, it can not solve the problem, its "rent loan" partner WeBank will have to clean up the mess.

The tenant's loan no longer has to be repaid, and the loss is all borne by WeBank. This is the end of the matter.

A few days ago, Xiao Lei saw a new news about the eggshell apartment.

The company, which sucks human blood with capital, is finally about to be suspended from trading and delisted.

Wuhu, Xiao Lei gives a thumbs up and likes directly!

In fact, the eggshell apartment has not been completely dead in the past six months, at least its stock is a normally traded.

At this time, as long as investors are willing to spend a lot of money on financing, the eggshell may be able to lift the coffin and continue to suck blood.

But the suspension of trading by the New York Stock Exchange means that eggshell apartments can no longer get enough cash flow for a short time.

It is impossible to borrow capital to reincarnate again.

Quick listing and faster delisting

Xiao Lei saw from the sky that the eggshell was invested in an angel round by Shen Boyang, president of LinkedIn China, when it was first established in 15 years.

In July of the same year, the eggshell received tens of millions of RMB A round financing from Kaiwu Investment.

With huge financing twice a year, what is the dream start of TM?

In the following years, there was a steady stream of capital financing eggshells, including the familiar Ant Financial Services Group.

In 2020, eggshell landed on the New York Stock Exchange under the trading symbol "DNK", becoming the second long-term rental apartment brand listed in the United States.

Oh, yeah? It took only five years for a company to go public, which sounds like a good development.

Indeed, with so much capital financing in the early stage, the eggshell with sufficient cash flow expands very quickly.

In 2015, eggshells operated only more than 2000 apartments, but by 2020, it had increased almost 200-fold, operating more than 400000 apartments.

This rate of expansion. The sows in the production team are not as diligent as eggshells.

But as it expands faster and faster, the eggshell finds that there is not enough money to burn.

From 17 to 19, the eggshell loss added up to more than 5 billion yuan, every year is a double loss, who can withstand this.

The speed of apartment rental can not keep up with the speed of expansion, profit can not catch up with the cost, no wonder it is not a loss.

Expanded apartments still need to burn money to maintain, if the funds can not keep up, thunder will automatically find the door.

So, eggshells are not listed because of a lot of money. On the contrary, they are listed for investment because they are really short of money.

After listing, the company does get a lot of cash flow to mitigate losses.

However, in the face of the sudden epidemic, the demand for rental housing fell off the cliff, and the problem that the eggshell was originally covered up by money could not be hidden at last.

In November last year, the eggshell apartment was protected by hundreds of people, obviously the tenant paid the rent, but the landlord was slow to get the rent, and the eggshell thunderstorm officially began.

Hissing. No, the tenant has paid the money, and the landlord hasn't got the money yet, so the money is spent by the eggshell himself.

In a sense, it was taken by the eggshell for private use.

Because eggshells are using other people's money to expand apartments, many long-term rental apartments are the same as eggshells.

Long-term rental apartment as an intermediary, first find the landlord to sign the contract, and agree to pay the rent on a quarterly basis.

And in order to make a happy deal, the rent paid to the landlord is generally slightly higher than the market price.

Then the long-term rental apartment will go to the tenant to rent and tell the tenant that there will be a discount if he signs directly for one year.

For example, renting for one year and one month's rent is very attractive to young people who have just graduated, and most of them decide to sign a contract on the spot.

In fact, this rental is still a "rent loan" contract, and the long-term rental apartment can take the money out of the bank at any time.

On the other hand, the long-rent apartment gets the tenant's rent for a whole year, and then pays the landlord three months' rent, leaving nine months' rent in cash.

All the money has been set up, so it would be a pity not to develop a few more landlords.

So the long-term rental apartment uses the tenant's nine-month rent to sign a contract with another landlord, and after a few rounds, the cash in his hand doubles.

Eggshell can expand so fast, in addition to early financing, this "rent loan" model has also helped the eggshell a lot.

The most important thing is that the eggshell does not have to spend a penny, after all, it is the tenant's money that is expanding.

After a frenzied expansion, eggshells do occupy a lot of housing in the rental market.

If you have market share, you have bargaining power, and if you really don't have enough money, it's not bad to raise prices for tenants.

Although the eggshell is losing money every year, So, has managed to survive in a variety of ways.

It's just that no one thought the epidemic would come all of a sudden, silencing the rental market in an instant.

The capital chain breaks in an instant, and this expansion model, which is no different from financial leverage, also makes the eggshell "dried bamboo shoots explode".

If you can't take out the money to pay the rent to the landlord, the tenant will also suffer, and the war for safeguarding rights has officially begun.

So far, the company, which took only five years to go public, lasted only 445 days before trading was suspended by the New York Stock Exchange.

The problem is still unsolved, and the army of defenders is miserable.

Although WeBank is willing to eat this dumb loss, the goal of debt collection is transferred from the user to the eggshell.

But Xiao Lei can still see on Weibo that many tenants don't get back the rent they deserve.

The first Weibo post with netizens in the year of the Ox is hoping that the eggshell apartment will be repaid.

The greater the amount of rent, the angrier the heart will be. How can you rent a room and be cut with leeks?

People can not live in this society without food, clothing, housing and transportation.

Renting, as a safe place for young people to work outside, can be used by rental companies to play with leveraged cash, and they are desperate for money.

The leverage ratio of the "peak" eggshell is even 80%, several times higher than the "no more than 30%" required by the Ministry of Housing and Construction.

With such a high leverage ratio, it is difficult to save the market even if it goes public.

It took 5 years for eggshell to appear on the market quickly, but it was delisted at the speed of light 445 days after listing. Listing is a miracle, and delisting deserves it.