Changsha's 9.2 billion land kings bear the growth reflection of the state-owned Beichen.

Since Wang Di Cake in Changsha was swallowed by 9.2 billion yuan in 2007, Changsha project has become the key word of Beichen Industry, and once became the focus of criticism in the industry. Such a large-scale project is difficult to develop due to lack of funds.

From 20 12 to 20 13, Changsha beichen delta project has become the top priority of Beichen Industry and the key to its success.

Some people even joked that the weight of Changsha has made Beichen Headquarters unable to control it. In other words, Beijing Headquarters cannot control Changsha Branch.

On the other hand, Beichen Industry, which led the project, also faded from the glory of building the Beijing Asian Games Village in that year and became a local state-owned enterprise that only developed projects in Changsha, Beijing, with annual sales not exceeding 5 billion yuan.

At the time of brilliant performance, it once became one of the largest real estate comprehensive operation enterprises in China, and its net assets ranked second among listed companies in the industry in 2006. Investment property+retail business+development property? Our model once became the benchmark of the industry, but in less than 10 years, everything has changed.

housing shortage

As the birthplace of Beijing, Beichen has few sales projects here, only Beichen Luxiang, Bihai Ark, Ma Shunyi Treasure Project and Changhe Yushu have little contribution to the company.

At the performance meeting held in Hong Kong on March 2 1, He Jiangchuan, the chairman of Beichen Industry, revealed that among the contracted sales of 3.75 billion yuan last year, there were 2.03 billion yuan in Changsha project and 855 million yuan in the second phase of Bihai Ark Villa, and the sales of other projects in Beijing were not involved.

In reality, the sales of Beichen Industrial Beijing project are really unsatisfactory. Although Bihai Ark Phase II invested 855 million yuan, 14 sets of 2 1 sets of houses have been sold, and there are not many goods left. However, new products have not been launched after the adjustment planning of Changhe Yushu later project.

As its main project in Beijing-Beichen Luxiang, according to the website of Beijing Municipal Commission of Housing and Urban-Rural Development on March 27th, it obtained four existing home sales certificates on 20 10, 201* *, and the project under sale is Building 1- 16.

It is worth noting that the final average transaction price is also around 1.9-2. 1 10,000 yuan/square meter, with little fluctuation. This is a miracle in Beijing, where house prices are changing with each passing day.

According to the project staff, the project is currently selling more than 220 square meters of jumps, with an average price of 25,000 yuan/square meter and more than 70 remaining houses. However, the project price has not fluctuated much, indicating that it is not understood.

A person familiar with the matter pointed out that the price of Beichen Luxiang has not risen since 2009. There are two reasons: first, the project is close to the space city, located in the northwest sixth ring road, and the traffic is inconvenient. To go to the project, you have to go through Xiangshan, and you can only take the crowded Badaling Expressway or Beiqing Expressway. Now it is said that a mountain-crossing highway will be built, and the completion of this road will improve the prospect of this project. The highway project has been approved, but the specific implementation may not be completed until 20 16.

Secondly, there is no small apartment in Beichen Luxiang. Main unit 140- 150 square meters, with more than 200 square meters. Although the price is 2 10000-23000 yuan/square meter, the total price is still high for those who just need it. At present, the customers of this project are mostly office workers in Yongfeng Science and Technology Park in the north, with a straight line distance of 5- 10km.

According to an institution in Beijing, at present, the weekly turnover of Beichen Luxiang is about 5 sets, which is relatively good.

It is worth noting that near the foothills of Beichenxiang Mountain, Lin Yu of Poly Xishan, which opened late, has already been sold out. What is the latest source? Shang Feng Shangshui has also sold more than 1000 sets, and the average price of the last two sets is around 30,000 yuan/square meter, much higher than that of Beichen Luxiang.

The dismal operation of the Beijing project has enabled Beichen Industrial to pin all its hopes on the Changsha Delta project.

He Jiangchuan, chairman of Beichen Industry, gave such a set of data:? In terms of saleable area, in 20 12, the saleable area was 620,000 square meters, but in 20 13, the total saleable area increased to10.06 million square meters, an increase of 440,000 square meters, mainly for Changsha projects. ?

Some people familiar with the matter also said that the sales of the Beichen Changsha project this year are expected to be 6-7 billion yuan. In 20 13, the sales target of Beichen industrial is 5.27 billion yuan. According to the research report of a brokerage firm, if the Changsha project is sold smoothly, it is estimated that the property development part of Beichen Industry is expected to achieve 6 billion yuan in sales in 20 13 years. ?

According to statistics, since 20 10 entered the market, the residential areas D2, D3 and E5 of beichen delta Project have been put on sale one after another, with a total of 46 17 houses, and 36 15 houses have been sold so far, with an overall removal rate of 78.3%.

In view of this, Beichen Industry has reason to believe that with more goods entering the market, the Delta project will bring more achievements to the company, but at the same time, He Jiangchuan also has his own concerns.

In 20 13, the contracted sales area of Beichen industrial plan was 370,000 square meters, mainly due to the large sales volume of Changsha project. But when this plan was made, it didn't exist? Five new articles? The introduction of this policy, as well as the detailed rules of the Changsha version in the future, will definitely have a certain impact on the Changsha market, because beichen delta's product line is aimed at small and medium-sized units.

Some insiders pointed out that Changsha's previous purchase restriction was aimed at large-sized units of more than 90 square meters, while Beichen Industrial used to mainly sell small and medium-sized units that were not within the scope of purchase restriction. However, Article 5 of the State requires all products to join the restricted purchase team, which will definitely have a certain negative impact on Beichen.

Some analysts predict that if the purchase restriction in Changsha is tightened, it may bring 20%-30% impact to the Beichen project. As a result, the performance of Beichen Industrial 20 13 faces more uncertainty from the policy level.

Mourning of capital

In Beichen's operating income of 5.735 billion yuan in 20/0/2, the contribution of developing properties (selling properties) was 3.206 billion yuan, up 90.35% year-on-year. The business income from investment property (including hotels) was 2.038 billion yuan, up 158 1% year-on-year.

However, commercial real estate has declined for two or three consecutive years.

The data shows that in 20 12, the operating income of Beichen industrial and commercial property was 380 million yuan, down 6 17% year-on-year. Due to the intensified market competition and the fact that the new project is still in the operation and cultivation period, the pre-tax profit is 7.532 million yuan, down 79.66% year-on-year.

This is another content that He Jiangchuan emphasized at the performance meeting on March 2 1 day. The performance of our business last year was not as good as that of the year before, and it has been declining for two or three years? .

According to him, the current situation of Beichen commercial property is that the operating income and profit of the old shopping center are declining year by year. The famous property of Media Village and Beichen Shopping Center are climbing, but the climbing situation is not good.

Mingmen Property is held by Beichen Industry 100%. Although it is a joint venture with a company in Hong Kong, the operating company is losing money in commercial retail. Although the company has some rental income, it is flat as a whole, but the business itself is still losing money. Store B5 next to Media Village lost180,000 the year before, and lost 36 million last year. The turnover of 20 12 is lower than 20 1 1, and the rental income is also lowered.

? These businesses can reflect the business situation in Beijing. First of all, competition has intensified. In the Asian Games Village and Beijing, the number of suppliers in the commercial retail industry has increased. It turns out that the business in the north is mainly ours, so the profit of our shopping center was 60 million at the peak, and now it is only 35 million to 40 million, which leads to a decline in gross profit margin? He Jiangchuan explained this.

According to industry insiders, the loss of commercial property mentioned by He Jiangchuan should be included in the depreciation part, not from the perspective of cash flow. As far as the commercial part is concerned, its rental income of 20 12 years can cover all the operating costs of the headquarters, and there is still a balance.

But on the other hand, the commercial real estate situation in Beichen is really time to change.

He Jiangchuan hopes that the next step can be to consider overall strategic cooperation or restructuring to reverse this situation and solve the problems of the commercial sector, because this piece accounts for a very small total of Beichen, totaling 6.5438+0.5 million square meters.

According to sources, Beichen Industry is currently looking for a number of insurance companies to cooperate, hoping to do some asset securitization projects, which is also a disguised form of financing. A specialized commercial company can be set up to manage these properties.

Need financing in this way, Beichen Industry is also forced to help. By the end of last year, Beichen Industrial had a book cash of 2.6 billion yuan, but only/kloc-0.0 billion yuan could be used independently. At the same time, Beichen undertakes11600 million liabilities, including 4.3 billion short-term debts and 7.3 billion long-term debts.

In 20 13 years, the capital expenditure of Beichen industry was 5 10/00000, and the three expenses and taxes were about 500 million yuan. Therefore, some brokers predict that Beichen will have a cash outflow of about 9.8 billion yuan this year.

According to He Jiangchuan's introduction, Beichen Industry seems to have no good source of repayment except sales receipts and real estate mortgage loans. It is reported that its current financing cost is 15 points higher than the benchmark interest rate.

Therefore, in 20 13 years, Beichen plans to use? Headquarters financing? The advantages of the model focus on strengthening the rational allocation and use of monetary funds.

In addition, Beichen also hopes to broaden the financing channels, and realize the scale expansion and the promotion of sustainable development ability through the research on emerging real estate businesses such as pension and cultural tourism and the exploration of low-cost expansion models.

The tight cash flow and unbalanced development seem to be something that state-owned enterprises should not have, but it really happened in Beichen Industrial Company.