Nanchang Taihe real estate

Business is just like officialdom. Some people go back to their hometown, and some people rush to the examination room at night. Real estate enterprises such as Sunac, Shimao and Sunshine City continue to move forward; OCT, Taihe and Xincheng Holdings are all selling assets.

On September 10, Guangzhou Equity Exchange disclosed that Yuexiu Property intends to transfer 0/00% equity of its subsidiary Foshan Nanhai Yuexiu Property Development Co., Ltd.

On September 9th, Chongqing Equity Exchange disclosed that OCT intends to transfer 90%~ 100% equity of Xiangyang Wencheng Industrial Development Co., Ltd. ..

On September 4th, Tian Fang Development announced that it intends to publicly list and transfer its 5 1% equity of Suzhou Jin Xin * * * Chuang Real Estate Co., Ltd. through Tianjin Property Rights Exchange Center.

This is only a partial sample of the recent transfer of equity by real estate enterprises. According to the incomplete statistics of the reporter of China Real Estate News, since 20 19, many real estate enterprises, including Sunshine 100, OCT, Yuetai, Taihe Group, China Jinmao, Vantone Real Estate, Xincheng Holdings and so on, have transferred the equity of their subsidiaries or projects, or even directly sold their land.

Improving cash flow may be just one of the purposes. According to the data of housing enterprises that have disclosed the semi-annual report, the average asset-liability ratio of listed housing enterprises in TOP50 reached 8 1. 1%, and nearly 70% of them exceeded the red line of 80%, and some even climbed to 95%. The net debt ratio, which can better reflect the leverage level of housing enterprises, has become an "unspeakable secret" in this industry.

Sell projects and survive.

Huang Qisen, chairman of Taihe Group, publicly stated at a media meeting that the sales target of Taihe in 20 19 is150 billion yuan, but it is more important to pay back the money. This year's payment target is 1000 billion yuan. "I feel that Taihe has done a good job in recent years, not as bad as everyone thinks."

Huang Qisen responded to Taihe's "selling" move. At the end of 20 18, after the news that Taihe's capital chain was tight came out in the market, Taihe relied on the sale of several of its projects to withdraw funds to alleviate the company's cash flow tension. From March to May, Taihe successively sold part of the equity of seven projects in Hangzhou, Nanchang, Zhangzhou, Guangzhou, Foshan and Suzhou. On June 24th, Taihe sold 29% equity of Zengcheng Li Tao and Zengcheng Mo Lifeng to Minmetals Trust, with a return of 65.438+82.2 million yuan. Taihe previously sold 565.438+0% equity of the project to Shimao Real Estate. On June 29th, Taihe sold the Zhangqiu project in Jinan.

Taihe is not the only company that has withdrawn its capital through the transfer of assets.

On August 30th, Xincheng Holdings announced the transfer of its six real estate projects, involving a total transaction price of 3.292 billion yuan. Since July, Xincheng Holdings has transferred more than 20 projects, and the returned funds have exceeded10 billion yuan.

Bai Wenxi, vice chairman of China Enterprise Capital Alliance, believes that there is cash flow pressure on housing enterprises to sell projects, or directly realize the appreciation space of projects. Judging from this wave of housing transfer projects, there is a trend of rapid concentration to head enterprises. The financing environment of housing enterprises continues to deteriorate, and the situation of selling projects will become more and more frequent.

In June this year, SOHO China restarted the property sale plan and launched some properties for sale, involving the 13 project in Shanghai and Beijing, with total assets of about 7.8 billion yuan.

On August 30th, Pan Shiyi said at the semi-annual performance meeting of SOHO China 20 19: "The amount of office buildings we hold is very large, with assets of 60 billion and liabilities of only17.8 billion. Selling these scattered properties is a very rational consideration. "

However, behind this, SOHO China achieved a net profit of 567 million yuan in the first half of the year, which was about110 million yuan in the same period last year, down 48.9% year-on-year. After the transfer of these assets, SOHO China will pay attention to the land market opportunities in the core areas of first-tier cities. If there is no suitable land, the funds will be used to repay the loan.

Bunaxin, a senior securities market commentator, believes that housing enterprises continue to sell projects in order to strengthen cash withdrawal to cope with future uncertainty. This round of regulation has a long time and great strength, and the pressure on the capital turnover rate of housing enterprises is obvious.

To be an enterprise, you have to adapt to the environment.

History is always strikingly similar. In the early autumn of 20 19, as ten years ago, anxiety and confusion were written on the face of every real estate developer.

Zhu Jiusheng, president and CEO of Vanke Group, said: "Good students like difficult problems. For Vanke, try to be a good student and answer difficult questions. "

Wu Jianbin, executive vice president of Sunshine City, bluntly said that this was the most difficult year for him to raise funds since he started his career.

Sun Hongbin, Chairman of Sunac China Board of Directors, said that according to the current policy, it is normal to strictly control the financing side and the inflow of funds into real estate. Under this logic, the market will be greatly affected, the land market will decline and the sales of commercial housing will also be affected.

In the past August, the financing of housing enterprises showed a cliff-like decline. According to the data of 40 typical listed real estate enterprises monitored by Tongce Consulting Institute, the financing amount of real estate enterprises from 2065438 to August 2009 was equivalent to RMB 36.826 billion, down 5.8/kloc-0.5% from the previous month. This is the second lowest month for total monthly financing of housing enterprises. From 2065438 to May 2009, the total monthly financing of the above-mentioned housing enterprises was 36.8 billion yuan.

According to the data of the National Bureau of Statistics, from June 5438 to July, the funds in place of real estate development enterprises increased by 7% year-on-year, down 0.2 percentage points from the previous month, and the growth rate has dropped for three consecutive months.

Bunaxin believes that it is not difficult to understand the behavior of housing enterprises selling projects. In the short term, the realization of sales return is slow, and the sale of project equity is a better way to realize it.

From "taking land at a high price" to China Jinmao, which attracted the attention of peers, in less than a month, it has successively sold the project equity of 8 plots. Judging from the specific situation of these eight projects, four of them are sold in the form of introducing new shareholders, and the other four are directly listed for sale.

Since June 65438+ 10 last year, with the sale of OCT's assets, its listing has transferred the equity and creditor's rights of many companies in Shenzhen, Shanghai, Hainan, Xi and Chongqing. In 20 18, OCT transferred the equity of 18 subsidiary and 1 asset package, which was more than twice that of the previous year. OCT said that the transfer of assets is mainly to speed up the withdrawal of cash.

Chen Jun, Chairman of the Board of Directors of Greenland Hong Kong, believes that real estate has actually entered an era of venture capital. Every investment is full of risks, and it will also give some relatively stable companies opportunities.

During June 5-9 this year, Yuetai Company, which was deeply mired in debt crisis, signed five cooperative development agreements with Shimao Real Estate, and packaged and sold some shares of its five projects to Shimao Real Estate, with a total transaction price of 6.395 billion yuan. The person in charge of Shimao Real Estate said that two or three years ago, many housing enterprises issued a large number of corporate bonds, and many of these debts will expire one after another this year and next year. At present, it is difficult for such enterprises to refinance or issue bonds, so many housing enterprises have to choose to sell projects this year, and the opportunities for market mergers and acquisitions have increased accordingly. At present, Shimao has announced the acquisition amount of nearly 20 billion yuan, and the value of purchased goods is close to 200 billion yuan, which is close to 70% of the annual investment plan.

It is worth noting that real estate developers who have lost financial support have ushered in a new round of debt repayment peak. According to the data of Evergrande Research Institute, by the end of 20 18, the balance of interest-bearing liabilities of main channels of housing enterprises was 20.3 trillion yuan, and it is expected that 20 19 ~202 1 will expire, of which the maturity scale in 20 19 is as high as 6.8 trillion yuan.

Bai Wenxi believes that the core of the survival of housing enterprises is cash flow. From the perspective of industry environment, it is more difficult to obtain land and funds in the future. Small and medium-sized housing enterprises have been "caught by the throat of fate" and have no room to play. Most will go bankrupt or be merged; Some large and medium-sized housing enterprises with radical styles will also fall into a liquidity dilemma.