F REIGN TRADE - 中国国际贸易促进委员会

stay home for ten years. My children arevery happy, and I could share that timewith them. This is more important tome than anything else.”Innovation and focus: Thechallenge of starting a businessMore than ten years later, Leeshanwoke up one day to find herselfan entrepreneur. She had not intendedto start a business, but simply to helpher sister in Taiwan find a real estateinvestment in US. After significantanalysis and evaluation, they hadidentified a modest 18-unit apartmentbuilding located in South Orange, NJ,adjacent to Seton Hall University. Theyhad also identified a property manager,but just one day before the closingdate, the agreement with the managerfell through. Leeshan couldn’t sleepthat night. She did not want to losethe deposit and a good investment. Sowhen she woke on May 1, 1981, shehad made a sudden decision that wouldchange her destiny. Despite her completelack of business experience, shewould manage the property by herself.Working quickly, she arranged forher father to help them to buy out theproperty manager’s share. Then, bravely,Leeshan called her husband to jointhe closing at 4pm that day. James wasproud of her, but extremely busy in hisown firm, so she knew she would haveto manage her new real estate businesscompletely on her own.At the beginning, the revenue wasunstable and challenges significant. Theday after she took over the business,a tenant complained about necessaryrepairs. Leeshan called some names shefound in the phone book and quietlyobserved how they handled the repairs.After watching various repairs, shesoon started going to the hardware shopto buy materials and tools so that shewould handle similar problems, such asrepairing a toilet or leaking water, notasking for outside help unless absolutelynecessary.During the following five years,with financial assistance of James, Leeshanwas able to purchase more than ahundred apartment units, which laid thefoundation for the future Stone Mountainempire. The new acquisitions included28 units in Hoboken in 1982, which sheextensively renovated in 1984; 44 units inSouth Orange, New Jersey in 1983; and afurther 56 units in South Orange in 1985.Although the company was still smalland resources limited, Leeshan ran it welland the occupancy rate was high. Shealso made improvements, renovating theinteriors and exteriors, and profits pouredin due to increasing revenues and sensiblecost controls.Encouraged by her husband, whowould always tell Leeshan to think bigger,she seized on an exciting chance tomore than double the company assets in1985. A large apartment complex with133 units and 10 acres of land was forsale and conveniently located near theprimary school her youngest daughterattended. If she purchased the apartments,it would be easier for her to carefor her littlest one, and this part reallytempted Leeshan. However, the sellingprice was quite high for the companythen – nearly $10 million. And the additionalchallenges were significant:if they purchased the property, theywould have to spend more money tomake much-needed renovations; finally,the banks would only offer a 50% loan,thereby requiring an additional largecapital investment. From a conventionalreturn on investment analysis, the projectdid not seem worth it.Despite the challenges, and especiallyexcited by the possibility of morequality time with her little daughter,Leeshan decided to imagine the possibilities.She saw its growth potential,even though it was unclear to others,and she set to work trying to round upthe serious capital required to buy theapartment complex.Eventually she was able to gatherenough. Her agents gathered the seller,the buyer and their respective lawyersto see if a deal could be reached. After9 hours of negotiations, they finallysigned the deal. The agent offered tolend her the commission, and the selleroffered $2 million loan to Leeshan.But the rest of the $7.4 million had tobe funded through bank loans, andthe banks still had to be convinced toprovide the loans. Leeshan found experiencedreal estate experts to makeappraisals, and they pointed out thegreat potential value increase throughtheir analysis of the market, rental demand,and the community’s top schoolsystem. Leeshan approached the bankwith this appraisal report, arguing thatcurrent low rent would increase byabout $200 per unit to align with marketprices. Leeshan also promised torenovate the apartment with fundingfrom her husband’s successful career.She joked that the bank could easilyoversee the management and operationof the apartment as their offices overlookedit! Touched by Leeshan’s enthusiasmand persistence, as well as herlove for her daughter, the bank finallyagreed to issue a $6 million loan to her.Using money from the refinancingof her other properties in South Orangeand Hoboken, she was finally able toraise the rest of the capital to purchasethe property. Her innovation and focushad paid off. These apartments, ShortHills Terrace, have since served as theNJ headquarters for Stone MountainProperties. They are also a finesymbol of Leeshan’s brave efforts andSunBlossom Cottages Apartments Leasing office SunBlossom at Woodlake Apartments67