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Interview with Wu, Deputy General Manager of excellence group.

Excellence group began to disseminate listing information in 2007, and appointed Morgan Stanley and UBS Group AG to assist in its IPO. It is estimated to raise 654.38+73 million US dollars. Hong Kong, where excellence group is registered, is preparing to land in Hong Kong stocks through red-chip channels. However, the listing process has been delayed. Recently, Li Hua, Chairman of the Board of Directors of excellence group, did not disclose the specific timetable for listing to the media, only said that whether to go public depends on business needs. At present, the investment atmosphere in Hong Kong's financing market is relatively calm. A good listing plan may be

Wu Fengbang, deputy general manager of excellence group, accepted an exclusive interview with our reporter at Boao 2 1 Century Real Estate Forum.

2 1 century: what do you think the market is paying attention to at present under the macro-control environment?

Wu: I think what we are most concerned about at present is market confidence. Since March, China's savings deposits have continued to grow, indicating that there is no shortage of funds for market purchases, but what is lacking is market confidence. We used to say that the real estate cycle has high and low, but now the cycle pays more attention to the confidence cycle.

The market is becoming more and more reasonable. We can't regard housing as the main social pressure of our future people. The income-to-house ratio in the United States is now about 2.8 times, and that in China is now 20 times. I dare not say that to reach the level of the United States, at least it should be reasonable, so that housing does not pose a greater pressure on the consumption expenditure of ordinary people. Just like eating and dressing every day, housing is the same.

265438+20th century: What do you think are the main sources of funds for real estate developers? Has the cost changed?

Wu: As far as brand real estate developers are concerned, there is not much change in the source of goods. Originally, they took money from the bank or from the bank, but the cost increased compared with the past. There are two main factors: first, the interest rate was adjusted eight times last year; Second, due to the supply and demand of funds, the bank raised the benchmark interest rate by about 30%. For example, the benchmark interest rate in the market for one to three years is 7.56, and now it is 7.56.

"265438+20th century": There is a saying that when banks lend to medium-sized enterprises, when the brand is not particularly big, they will sign a financial fee agreement to raise the interest rate to 12% in disguise. Is it possible?

Wu: Some banks may think that they are not long-term investment targets. For brand owners, I believe this situation will hardly happen.

The problem for banks is that even if the whole credit scale is adjusted, they need to increase their profits. Because it is a listed company, banks will increase their intermediary business income through various channels.

Of course, there are also reasons for corporate debt ratio. If the debt ratio is considered, banks will also increase their risk return.

2 1 century: what level do you expect the debt ratio to reach? It used to be said that 60% is more reasonable for a real estate developer.

Wu: Now the debt ratio of real estate developers will increase by 10%-20%. The bigger the real estate company, the higher the debt ratio.

2 1 century: under such high-debt operation, do real estate developers have new financing breakthroughs?

Wu: At present, all offshore transactions are conducted overseas. Houses do not need to be sold in the domestic market, but the shares of the project can be sold directly abroad through offshore transactions.

265438+20th century: Excellence owns a large number of commercial real estate. How can we avoid the financial problems caused by holding investment real estate?

Wu: The growth of commercial real estate is relatively slow, the construction period is relatively long, and the capital cost is relatively high. The rate of return is not high in the short term, but it will get better and better in the long term, because once the house price rises, it will also participate in the rent increase. It's just that ordinary small companies have great risks in doing commercial real estate and must have sufficient financial strength.

The listed companies in Chinese mainland, including red-chip companies in Hong Kong, have the biggest risk compared with the time-honored companies in Hong Kong, that is, our boss has no money and all his assets are in listed companies.