General Manager of Shimao Property

After all, Ping An has become the largest shareholder of Chinese happiness, although it is not voluntary.

But also comply with the regulatory rules of China Banking and Insurance Regulatory Commission.

Some time ago, the market rumored that "CBRC is investigating China Ping An's investment in the real estate market." This rumor caused an uproar, and China Ping An subsequently responded that Investment Gu has always strictly abided by relevant regulations and does not comment on unfounded market rumors.

Generally speaking, what makes capital desperate is higher profits; But Ma Mingzhe didn't expect that it was a bit unlucky to draw water with a sieve at the end of investing in Huaxia happiness.

Just a few days ago, Huaxia Happiness announced that China Ping An Asset Management Company and China Ping An Life Insurance Company of China Insurance Company became the largest shareholders of Huaxia Happiness due to the passive reduction of shares by Huaxia Holdings, the former largest shareholder.

It seems that every enterprise has its own embarrassment: Evergrande's creditors are forced to become shareholders, while China Ping An is forced to become the largest shareholder of Huaxia Happiness.

If this happened when Baoneng became the largest shareholder of Vanke, Mr. Yao would be ecstatic. But Ping An became the largest shareholder of Chinese happiness, and Ma Mingzhe could only feel sad.

Therefore, China Ping An immediately distanced himself from the relationship, saying: Wang, the actual controller of Huaxia Happiness, remains unchanged, and China Ping An Life Insurance Company of China Insurance Company, as the financial investor of Huaxia Happiness, will continue to actively participate in the relevant work of the Debt Committee.

Yes, it's a foregone conclusion. What the two sides can do now is to help the injured elephant Huaxia happiness, which has also become one of the stains in the history of Ping An investment. Whether you can get away with it is still unknown.

Since the explosion of happiness in China, the share price of Ping An in China has plummeted one after another this year. Small investors can't help but sigh, "How did you come down!" , the stock price from the highest point in recent years about 93 yuan/share fell to 49 yuan/share, almost halved.

This year, the life of listed real estate enterprises was very difficult. Ping An's "invisible landlord" status also makes its share price gradually "house-oriented", and the PE value given by the market has reached a low point in the past decade.

Peace and happiness are probably the two most auspicious words in China.

But after 202 1 year, China, which is safe and happy, will probably become synonymous with unlucky business marriage.

Stories of safety and failure

There are many stories about Ma Mingzhe's investment failure. In the early years, Ping An chose to enter the used car market, and the Ping An good car with an investment of over 654.38+0 billion finally left. This is a small amount, and the big investors are HSBC and Fortis Group, an international insurance company.

Among them, the floating loss of investment in HSBC stock exceeded HK$ 38 billion, which directly led to the decline of China Ping An's net profit in the current period.

As for Fortis Group, in 2008, China Ping An invested 23.8 billion yuan in shares. Fortis Group's financial situation is thunderous, and the stock has ushered in a wave of selling, which further led to a decline in the stock price, and Ping An suffered heavy losses, with a floating loss of more than 654.38+057 billion yuan.

This huge loss directly wiped out the net profit made by China Ping An in the middle of that year (the net profit in the middle of 2008 was 7 1 100 million yuan).

To this end, Ma Mingzhe also gave up tens of millions of annual salary "apology", calling it a "personal performance" of the company's profit decline.

Just the same thing happened to Ping An again ten years later. The difference is that the investment target is housing enterprises. On 20 18, Ma Mingzhe took a fancy to Huaxia Happiness and thought that Wang was "gifted" in industrial real estate, leading Ping An to "advance" the board of directors of Huaxia Happiness twice.

On July 8, 2065438, Huaxia Holdings, the controlling shareholder of Huaxia Happiness, transferred its 582 million shares to Ping An Asset Management, accounting for 19.7% of the total share capital and costing1377 million yuan.

The second time was 2019 65438+1October 3 1, and Ping An Asset Management once again spent 4.2 billion yuan to buy 1.7 1 billion shares of Huaxia Happiness. The two investments totaled179.7 billion yuan, which directly made China Ping An the second shareholder of Huaxia Happiness, accounting for 25.25% of the shares.

The share prices of Huaxia Happiness bought twice are not low, which are 23.655 yuan/share and 24.597 yuan/share respectively. Now the share price of Huaxia Happiness hovers around 3.9 yuan/share, with a discount of 20%, even lower than Ping An's share price. Ping An is really standing guard at a high position and has once again become the laughing stock of the investment community.

If you let him look back at this choice, it is estimated that he will only regret it. Compared with the attitude of 20 18 years, Ping An's attitude towards Chinese happiness has changed 360 degrees now, and it has become more ambiguous since March this year.

Even if it becomes the largest shareholder of Huaxia Happiness, Ping An has declared that it will no longer provide funds to support Huaxia Happiness, but only provide legal advice, experience and consultation to help Huaxia Happiness Du Jie.

But at this time, what China lacks in happiness is people who give advice?

Fortunately, in the past ten years, Ping An's net profit and revenue have been greatly improved. Even if Huaxia Happiness's loss impairment reaches 35.9 billion yuan (654.38+0.44 billion in stock assets and 265.438+0.5 billion in creditor's rights), it is not enough to make this financial and insurance giant go bankrupt, but the loss is still much visible to the naked eye.

China Ping An said in the interim results of 20021that the operating profit attributable to the mother increased by 10. 1% to 8183.6 billion yuan, but the net profit attributable to the mother decreased by 15.5% to 58.005 billion yuan, and the net profit attributable to the mother decreased by 9 billion yuan. The reason is self-evident.

Therefore, Ping An said that the combined rate of return of insurance funds is under pressure and it is very cautious about the provision for Huaxia Happiness. In other words, the provision for impairment losses is calculated under the very prudent circumstances of RMB 35.9 billion. If goodwill is included, the debt restructuring is not smooth, and the loss of Ping An investment can be more than this figure.

In June this year, China Ping An responded to investors' return on investment in recent ten years, saying that the average total return on investment and comprehensive return on investment of China Ping An in 201-2020 were 5.3% and 5.5% respectively, only slightly higher than that of bank wealth management products.

For reference, in 20 19, the return on investment of the National Social Security Fund reached 15.5%, and the return on investment of China Ping An was obviously lower than this value, which was hardly optimistic.

Investigating the current problems of Huaxia Happiness is actually no lighter than "one monopoly", and it can even give some enlightenment to developers who want to share a piece of industrial real estate.

China's happiness is "unhappy"

The weakness of Huaxia's happiness lies in the heavy warehouse around Beijing, and its operation mode is a combination of long-term investment promotion through industrial park development and short-term residential development through cooperation with the government. Once residential development encounters setbacks, it is easy to fall into short-term financial constraints.

Driven by favorable policies such as Beijing and xiong'an new area, in 20 16, Huaxia Happiness ushered in a high-light moment, with sales of120.3 billion reaching the eighth place among real estate enterprises, becoming one of the 100 billion real estate enterprises, followed by real estate enterprises such as China Resources Land, Gemdale, Shimao, China Merchants Shekou and Longhu.

In that year, Huaxia Happiness achieved a revenue of 53.82 billion yuan, of which nearly 90% came from the surrounding areas of Beijing, and the reputation of "Peacock City" was very famous.

It's also hard to get rid of its darkest hour because of its heavy position around Beijing. The real estate enterprises that fell in the area around Beijing in those years were not only Huaxia Happiness, but also Han Jing Real Estate (which has now changed hands in the Olympic Park).

In addition to the layout around Beijing, the financing cost of Huaxia Happiness is also in the middle and upper reaches of the industry. Even after Ping An was introduced on 20 18, the interest rate of Huaxia Happiness was still above 10%.

Snowballs are getting bigger and bigger. In the three years after the introduction of Ping An, Huaxia Happiness issued more bonds. Ping An's investment in Huaxia Happiness is 54 billion yuan, including 654.38+08 billion yuan in equity investment and 36 billion yuan in on-balance-sheet bonds.

When the layout around Beijing changed from an advantage to a fatal weakness, China's happiness broke out quickly.

Xie Yonglin, managing director and co-CEO of Ping An Group, once said that when he chose to invest in Huaxia Happiness, he took a fancy to its business model supporting the development of local governments, which was in line with the characteristics of venture capital. However, the regulation around Beijing-Tianjin-Hebei has become stricter, and the volume and price of residential buildings around Beijing have fallen, which has led to the break of the capital chain.

In addition, Huaxia Happiness's new regional expansion effect in recent years is not as good as expected, with rapid expansion and poor management. In addition, the "black swan" epidemic in COVID-19 aggravated the redemption risk and financial crisis of Huaxia Happiness.

This year's interim results show that Huaxia Happiness's revenue is 2168 million yuan, down 43.63% year-on-year. During the period, the loss was nearly 10 billion yuan, and the net profit returned to the mother was-948 million yuan, down 256.37% year-on-year.

There are two reasons for the loss during the period: first, the income and gross profit margin have fallen sharply. Secondly, the asset impairment loss and credit impairment loss of Huaxia during the happy period reached 210.45 billion yuan, nearly four times that of the same period last year, mainly due to the loss of inventory depreciation and the loss of contract performance cost of 6,543.84 billion yuan.

Huaxia Happiness's gross profit margin in the current period is only 5.29%, which is significantly lower than 45.67%, 48.73% and 46.93% in the same period of 20 18-2020. The very important reason for the low gross profit margin is that, while reducing revenue, operating costs have not only increased, but also increased slightly by 0.6 percentage points.

In terms of revenue cost, Huaxia Happiness has controlled three expenses, but only the financial expenses have more than doubled. In the first half of the year, only the financial expenses were 5.635 billion yuan, which was 3.3 billion yuan more than the same period of last year, up by 143% year-on-year, indicating that it was caused by the increase in financing interest in the first half of the year.

From this point of view, even if Ping An was originally launched for "cheaper" money and reduced interest costs, after the thunder broke out, birds and beasts dispersed and Huaxia happiness could not melt money, so it could only sell assets or lead a war. But this time of year, who will act as the "receiver"?

In this regard, the Shanghai Stock Exchange also asked it to supplement the disclosure of recent changes in stock debt and interest rates.

The happiness crisis of China people goes far beyond this. The reverse changes in sales scale and liabilities indicate that Huaxia Happiness will be difficult to get out of the quagmire in the future.

In the first half of this year, Huaxia Happiness's sales were only 65.438+03.968 billion yuan, down 66.69% year-on-year, ranking 65.438+000, and its sales performance directly regressed to 2065.438+03 (Huaxia Happiness's sales in the first half of this year were 2065.438+05.909 billion yuan).

Among them, the total sales of real estate is 7.489 billion yuan, the sales area is 6.965438+0.08 million yuan, and the carry-over income is 654.38+0.4965438+0.5506 million yuan, but the area to be carried forward is as high as 6.5438+0.32405 million yuan, which is not a good thing and leads to poor turnover.

As of June 30, 20021year, Huaxia Happiness's interest-bearing liabilities were18761900 million yuan, including 2.9136 billion yuan of short-term loans and bonds payable, 78.69 billion yuan of non-current liabilities (excluding lease liabilities) due within one year, and the short-term capital demand was at least/.

According to the latest data, as of the beginning of September, the total principal and interest of overdue debt of Huaxia Happiness reached 87.899 billion yuan. At the end of the first half of the year, the balance of the company's monetary funds was only13.98 billion yuan, of which 734 million yuan was available and13.246 billion yuan was restricted or restricted. Why?

What's more, Ma Mingzhe introduced Wu Xiangdong, who moved from China Resources Land to Huaxia Happiness, never imagined that her way of leaving was like this. At this critical moment, Wu Xiangdong's team left Huaxia Happiness, which also represented the positions of all parties.

Stop, maybe in a flash. Will Ping An short Huaxia Happiness? Who will be the savior of Chinese happiness?

Ping An's "Real Estate" Business

Everyone wants to be Buffett, but even Buffett will stumble one day. Ma Mingzhe overestimated the performance growth expectation of Huaxia Happiness and underestimated its risk coefficient.

In addition to Huaxia Happiness, Ping An has also invested in four listed real estate enterprises in China, namely Jinmao, Xuhui, Country Garden and Shi Lang Real Estate, all of which hold more than 5% of the shares, even the second shareholder seats.

Doing real estate needs money, and insurance, insurance+real estate, is considered to be the most powerful combination and business partner, but in this year's unpredictable real estate industry, this combination has also become shaky.

In addition to investing in real estate enterprises, Ping An has also made a lot of additional investments, including investment real estate, that is, commercial real estate, focusing on the stable long-term cash flow of commercial real estate.

For example, this year, China Ping An Life Insurance Company of China Insurance Company achieved great success in the field of commercial real estate. Purchased part of the equity of China Raffles portfolio of CapitaLand Group, with total assets of 46.7 billion yuan, and the total investment of China Ping An Life Insurance Company of China does not exceed 33 billion yuan. The transaction is expected to be completed in the third quarter of 2002/kloc-0.

Raffles assets include Shanghai Plaza, Beijing Raffles China, Ningbo raffles city, Chengdu raffles city, Changning raffles city and Hangzhou Raffles China. In addition, according to market information, China Ping An Life Insurance Company of China Insurance Company is negotiating to acquire Peking University resources, which owns 38 property development projects.

By the end of June, 20021year, there were 60.269 billion yuan of investment properties in the 6.89 trillion assets map of Ping An Group disclosed in its semi-annual report. The real estate empire is more than that.

Ping An Real Estate, a subsidiary of Ping An Group, mentioned in its annual report that it is estimated that by 2020, the maximum amount of real estate allocation of China Ping An Group will be 750 billion yuan. Real estate investment is not limited to property projects, but also includes commercial bodies, hotels, industrial logistics, pension real estate, overseas investment and so on.

Moreover, Ping An Real Estate not only does asset management business and invests in real estate, but also does equity investment business in real estate projects with third-party housing enterprises.

In short, Ping An not only directly engages in real estate business, but also collects interest by lending money to developers and paying dividends on real estate projects, which increases a lot of extra income.

This is why everyone calls it "real estate crocodile", the biggest invisible landlord, and the big financier behind the housing enterprises.