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Xinyuan Real Estate Co., Ltd. Message Board

  • star_hominid star_hominid Nov 18, 2012 12:57 PM Flag

    Blue Ridge Capital LLC

    The entities that owned XIN was Blue Ridge China Partner's limited partners who put up a minimum investment. BR China Partners II had a $5 million minimum per limited unit...seems like the were a hundred or more limited partners. Blue Ridge Capital Ltd was the general partner to the partnership holding XIN's shares. BR Capital Ltd did get a fee for being the general partner....and had to file because they had "shared voting power" and made the "investment decisions".

    Generally no one puts money into a limited partnership without the ability to get their money back in a reasonable amount of time...usually with a legal framework set up beforehand.
    Usually the general partner holds some limited ownership units.

    Blue Ridge China Partners could well have a sunset clause or wound down for whatever reason.....and BR Capital Ltd continued on as an entity.

    BR China Partners may have sold XIN because...

    They did not like being public...except for 2008 financial meltdown they would have been gone from XIN long ago?
    They do not like China real estate long term?
    They do not like USA real estate?
    They wish to book profits this year because of lower tax rates? To offset losses taken this year?
    The limited partners thought "JAG"s fees were much too high?
    ETC. Etc. Etc.

    Two reasons that do not make my list are.
    1) Penny-ante differences in timing of dividends.
    2) BR Ltd haveing any inside information....which they don't. Their insider has been gone almost two years and may never have been on good terms with each other.

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    • Star, let's try to figure this out.

      You say: "The entities that owned XIN was Blue Ridge China Partner's limited partners who put up a minimum investment." I have a few questions:

      1. When you say "Blue Ridge China Partner," do you mean the same fund I've been calling "LLC"? If not, then how did LLC come to own those 11 million shares by June 30th, 2012? Did they buy them from "Blue Ridge China Partner"?

      2. You say: "Blue Ridge Capital Ltd was the general partner to the partnership holding XIN's shares." Is, therefore, "the partnership holding XIN's shares" the same fund I've been calling LLC?

      3. Can we at least agree that LLC owned 11 million shares of XIN on June 30th, which it sold by Sept 30th? Evidence:

      Here's the SEC filings to confirm LLC's holdings. Go to SEC's website and copy and paste the following after the "gov" part to see LLC's Schedule 13F for its June 30th holdings:

      /Archives/edgar/data/1062589/000090266412001111/p12-1440form13fhr.txt

      And copy and paste this one to see LLC's 13F for its Sept 30th holdings (which no longer contain XIN):

      /Archives/edgar/data/1062589/000090266412001456/p12-1812form13fhr.txt

      3. If you believe a different fund from LLC actually owned those shares, can you please provide the SEC link to that fund's 13F for its June 30 holdings, so I can see that for myself?

      4. When those 11 million shares of XIN were sold, which fund do you believe received the money?

      5. Is there any evidence whatsoever -- an SEC filing, a press release, a LINK to a fund's bylaws showing the death date, or any other evidence of any kind -- to suggest that any of the funds you've cited are actually winding down?

      • 1 Reply to hmmm26
      • 3) 13F..........

        I understood that you filed a 13F because you exercised investment discretion...not because you owned a security. Typically the general partner of a limited partnership exercises sole investment discretion.

        *** An institutional investment manager that uses the U.S. mail (or other means or instrumentality of interstate commerce) in the course of its business, and exercises investment discretion over $100 million or more in Section 13(f) securities (explained below) must report its holdings on Form 13F with the Securities and Exchange Commission (SEC).

        In general, an institutional investment manager is: (1) an entity that invests in, or buys and sells, securities for its own account; or (2) a natural person or an entity that exercises investment discretion over the account of any other natural person or entity. Institutional investment managers can include investment advisers, banks, insurance companies, broker-dealers, pension funds, and corporations. ***

        4) Who gets the cash(XIN securities if not sold for cash).....

        I believe whoever owns the limited partnership units get the money...whoever they are. There were 127 limited partners for Blue Ridge China Partners II...each of whom invested over $5 million. I didn't see how many limited partners there were for the BR China Partners that owned XIN.

 
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