How can Sunac and Yunnan Chengtou help themselves in the liquidity crisis?

The real estate market is still going through a difficult transition period.

Evergrande announced that the sales target of 654.38+000 billion yuan was 30% off nationwide, which was under the pressure of "three red lines". According to the report of beijing business today today, under the expectation of "three red lines", the financing of housing enterprises continues to blow out. Within 20 days after the symposium, real estate enterprises issued 65 bonds at home and abroad, the financing scale was equivalent to about 55.49 billion yuan, and the average financing cost rose to 5.53%. Some analysts believe that some housing enterprises are trying to seize the last financing window period when the influence of "three red lines" has not been fully reflected.

Yunnan Chengtou private placement bond Information

Earlier, according to the Shanghai Stock Exchange, Yunnan Chengtou 5 billion yuan corporate bonds were accepted on August 27, which was "Yunnan Chengtou Group's non-public issuance of corporate bonds in 2020", and the bond type was private debt. Last month, Yunnan Chengtou Group has issued a number of financing: on August 12, the Shanghai Stock Exchange revealed that Yunnan Chengtou Group's public offering of corporate bonds to professional investors in 2020 was accepted, and the planned issuance amount was1200 million yuan; On August 27th, the company's non-public offering of corporate bonds in 2020 was accepted by Shanghai Stock Exchange, with a planned issuance amount of 5 billion yuan.

The predicament of Yunnan Chengtou stems from the "vigorous acquisition" of 20 16. Aggressive investment acquisition led to the soaring debt of Yunnan Chengtou. The financial report shows that the company's total liabilities increased by 44.49% to 57.227 billion yuan in 20 16, and the value reached 83.325 billion yuan in three years!

In Dali, Yunnan Chengtou acquired a high-end tourism real estate project named "Dali Haidong International Tourism and Leisure Experience Zone" through two equity acquisitions, with a total investment of about 500 million yuan, which was later the "Haidong" project of Yunnan Chengtou. On March 28th, 2020, the project was immediately rectified by Dali Haidong Development and Management Committee due to the illegal villa construction, in which Haidong Sports Park (golf project) was cancelled, and the leased land of the project needed to be built into an ecological park by enterprises. As a result, it is difficult to recover the total investment and land rent of Yunnan City Investment in the early stage. Yunnan Chengtou's 20 19 annual report shows that several major holding companies of Yunnan Chengtou lost money last year, among which Yunnan Chengtou Haidong Investment Development Co., Ltd. lost 472 million yuan!

The Long-term Effect of Haidong

"Disaster begins with a small wall"

In May last year, Xu Lei, the former chairman of Yunnan Chengtou, voluntarily surrendered himself for disciplinary review and supervision investigation for being suspected of serious violation of the law. Since then, the financing amount of the company has dropped significantly. According to public information, the financing amount of Yunnan Chengtou in 20 19 decreased by 4 1% compared with 20 18!

"It never rains but it pours"

The performance of Yunnan Chengtou is also unsatisfactory. In 20 17, the company's operating income increased by 47.3% to 143.9 1 100 million, while in 20 19, the revenue was halved to 6.248 billion, and the net profit plummeted by 86.59% to-3.482 billion!

Semi-annual report of listed companies in Yunnan in 2020

It is precisely because of continuous losses that Yunnan Chengtou has sold the shares of several subsidiaries one after another this year. Among them, Yunnan Chengtou transferred 60% equity of Kunming Xinjiang Heda Urban Construction, with an estimated value of 49 1.25 million yuan, and the final transaction price was 49 1.25 million yuan; Yunnan Chengtou transferred 90% equity of Dongguan Yuntou Real Estate with an estimated value of 955,565,438+ten thousand yuan, and the final transaction price was 955,565,438+ten thousand yuan; The subsidiary company of Yunnan Chengtou transferred 80% equity of Xishuangbanna Hangtou Real Estate with the appraised value of 19 160600 yuan, and the final transaction price was 19 16500 yuan. Yunnan Chengtou transferred 5 1% equity of Xi Anyuncheng Real Estate with an estimated value of 82,807,600 yuan, and the final transaction price was 82,807,600 yuan. In addition, in 2020, Yunnan Chengtou initiated a major asset restructuring, and plans to transfer the equity of 65,438+08 subsidiaries such as Tianjin Yinrun held by Yunnan Chengtou to the Group. At present, the company and all parties are actively promoting the reorganization, and the asset audit and evaluation involved in this reorganization are being actively promoted.

How does Yunnan Chengtou save itself by selling land and converting shares?

On September 29th this year, the Jinghong Municipal Government of Yunnan, Xishuangbanna Global Sunac Tourism Company and Jinghong Investment Company, a subsidiary of Yunnan Chengtou, signed a strategic cooperation agreement, mainly involving the project of "Characteristic Town of Dai Water Village in Olive Dam of Lancang International Eco-cultural Tourism Resort". The cooperation announcement released on July 3rd1shows that 65,438% of Lv Wen in Cangjiang, Xishuangbanna, a subsidiary of Yunnan City Investment, and 565,438+in Yunchen Real Estate, Xishuangbanna.

As early as April of 17, Yunnan Chengtou disclosed two announcements on transferring the equity of Cangjiang Lv Wen and Yunchen Real Estate. The above cooperation projects are core assets. In the investigation report of China Times on this incident, an insider of Yunnan Chengtou confirmed to the reporter that "the advantage of us (Chengtou) is that there are many land resources and the procedures are complete". In the face of financial pressure, Yunnan Chengtou must first sell land and transfer its equity. Sun Hongbin, Chairman of Sunac China, has been very interested in Yunnan's cultural tourism industry recently, and has visited Yunnan for many times. Because the land resources held by Yunnan Chengtou Group have high development value, this cooperation has been successfully reached.

Signing ceremony site

When Yunnan Chengtou frequently issued bonds, sold land and converted shares, Sunac on the other side was still attacking the city and plundering the land. Sunac's 2020 interim report shows that Sunac China achieved revenue of 77.34 billion yuan, net profit attributable to 65.438+0.096 billion yuan and core profit of 65.438+0.304 billion yuan, up by 0.7%, 6.5% and 3.0% year-on-year. Compared with this, the stronger Sunac will be more "calm", but compared with last year.

In 20 19, the net debt ratio of Sunac China was 172%, the asset-liability ratio after excluding advance payment was 84%, and the short-term cash debt ratio was 0.93, which seriously exceeded the "three red lines". By the end of June 2020, Sunac China's asset-liability ratio was 86.56%, down 4.3 percentage points year-on-year; The net debt ratio 149% decreased by 23.3 percentage points year-on-year.

Sunac China's Interim Results in 2020: Profitability

Sunac China's Interim Results in 2020: Land Acquisition

It seems that Sunac China is also actively helping itself.

In the first half of 2020, Sunac China's property management and other income was 3.29 billion yuan, accounting for 4.2%; The income from urban construction and operation in Lv Wen is 980 million yuan, accounting for 65,438+0.3%; By the end of June 2020, Sunac had laid out 12 cultural tourist cities, 4 tourist resorts, 25 cultural tourist towns and 8 exhibition centers in China, covering 49 parks, 48 businesses and nearly 150 high-end hotels. However, such an unbalanced revenue ratio is obviously far from its vision of "collaborative empowerment".

Sun Hongbin once compared the investment in cultural tourism to "poetry and distance", and probably realized that the increase of holding property would slow down the cash withdrawal of enterprises, but it was not so much his love for the cultural tourism industry as his optimism about environmentally friendly, low-density and low-quality products. Although Sunac has rich management and abundant funds, compared with the traditional real estate development model, the cultural tourism industry still has the inherent disadvantages of "slow cycle" projects-high internal consumption and slow cash withdrawal. The huge debt requires Sunac China to maintain a high turnover, accelerate the carry-over and ensure the cash flow balance.

Under the influence of the "three red lines", the trend of the future real estate circle will be continuous integration. Whether it is external "returning blood", "making blood" or "selling blood", surviving is the most important thing.

By the end of 20 19, Yunnan Chengtou alone held 22 real estate reserve projects in 8 cities, holding 7389 mu of land. Besides buying land or transferring equity, how to cultivate sustainable profitability of Yunnan Chengtou Group deserves more attention.

As for Sunac China, how can Sun Hongbin get "more money, cheaper money, longer money, and money that can pass the cycle"? It depends on the balance between cultural tourism projects and residential commerce.