How to finance the backdoor listing of real estate

Backdoor listing of real estate companies has become a trend in the last two years, and the development of these companies after their successful listing has also become the focus of investors' attention. Recently, the reporter participated in the strategic development seminar of Guangzhou Evergrande Real Estate. Researchers and investment managers from more than 65,438+00 securities companies and fund companies attended the meeting and expressed their opinions on the development strategies of listed companies. Industry experts generally believe that the two major elements of the development of real estate enterprises are capital and land reserve. Now the land is subject to the policy of public bidding, auction and hanging, and the land reserve capacity ultimately depends on the financial strength; However, there are not many sources of development funds for China real estate companies. Bank loans, advance payments and self-owned funds are the three main sources. In recent years, the banking system attaches great importance to the possible real estate credit risk, and the threshold of real estate pre-sale permit is getting higher and higher. Backdoor listing and refinancing have become an ideal channel for real estate enterprises to seek development. According to statistics, in recent years, there are 24 companies whose actual controlling shareholders have changed and the new controlling shareholders have developed in the real estate industry, of which only 4 companies have issued additional shares and 2 companies have obtained rights issues, which means that 75% of shell companies have not yet achieved the financing purpose. Experts attending the meeting believe that the main reasons for this situation are as follows: First, China's capital market has strict requirements for refinancing of listed companies, and the performance of real estate companies fluctuates greatly, with high debts, which makes it difficult to meet the requirements. Secondly, the backdoor listing time of most companies is not long. The trend of backdoor listing of real estate companies in China was at the end of 20001early 2000. It has only been more than a year now, and the shortest time for listed real estate companies to refinance is 2.2 years. Real estate researchers of various securities companies believe that the real estate industry is prone to performance fluctuations due to the "development-sales" cycle, and its management structure is not in line with the requirements of listed companies. To achieve refinancing, the most important thing is to maintain stable performance and standardize governance according to the requirements of listed companies. To solve this problem, we should mainly start from the following aspects. First, it is necessary to formulate a long-term strategy for its own development, so as to keep the development projects connected, thus maintaining stable performance. For example, the project developed by Shenzhen Vanke has the characteristics of full connection, which has reached a virtuous circle of listed companies' annual start-up and hot sales, enabling the company to maintain stable and high-quality performance and continuous refinancing ability, and finally become a large and strong real estate stock with excellent performance. Second, we can do some legal technical treatment. In revenue recognition, real estate enterprises can adjust the completion time to make the distribution of sales revenue more reasonable. In financial treatment, it is also beneficial to do some technical operations on three accounting subjects: inventory, accrued expenses and intangible assets. Third, you can operate or lease some of your own properties, get a fixed income every year, and achieve the goal of stable performance. For example, after the backdoor listing of Beijing Financial Street, due to stable property rental income and certain land development, the annual return on net assets remained above 10%, and in 2002, it successfully refinanced 40 10/00000 yuan. For another example, Longfa Co., Ltd. has stabilized the company's income by purchasing the rental property of Tianyu Garden, a prime location in Guangzhou with the most stable income. In terms of standardized governance, real estate companies must increase the intensity of standardized governance after the company's backdoor listing. A good public image is of great significance to listed companies, and the key to shaping a good capital market image is to disclose information well and establish a good investor relationship. The most important thing is to standardize the governance of the company itself. Including the standardization of the company's daily decision-making management, the clarity of the incentive mechanism and restraint mechanism, and the readjustment of the development strategy to meet the requirements of the capital market.