The listing tide of housing enterprises splitting real estate is expected to continue.

Recently, the capitalization of property companies has been frequent, and the tide of listing in Hong Kong has continued. Jianfa Co., Ltd. and Ocean Shipping Group recently announced the split share structure proposal, and the property companies that submitted the forms earlier, such as Shoufu and WTO, announced the progress of listing applications.

Experts believe that factors such as meeting financing needs, reducing debt ratio and seeking diversified development have become the "kinetic energy" to promote housing enterprises to split the property sector and go public. At present, the property management industry is still in a period of rapid development with low concentration. It is expected that the listing tide of housing enterprises will continue.

The continuation of the tide of division

Jianfa Co., Ltd. recently announced that Jianfa International Group, an overseas subsidiary of Jianfa Real Estate Group Co., Ltd., a holding subsidiary of the company, intends to propose to split its subsidiary Jianfa Property and list it on the Hong Kong Stock Exchange independently by way of introduction. The Hong Kong Stock Exchange has confirmed that China Development International Group can carry out the proposed spin-off. Jianfa materials have submitted an application form for listing on the Hong Kong Stock Exchange.

Evergrande Real Estate submitted a prospectus on the Hong Kong Stock Exchange, and China Evergrande held 765,438+0.94% interest in Evergrande Real Estate. After the listing, Evergrande Real Estate will remain a subsidiary of China Evergrande.

Ocean Shipping Group recently announced a plan to spin off ocean shipping services and list them in Hong Kong. Ocean Shipping Group announced that it holds about 90. 1% interest in ocean shipping services. According to the plan, after the planned split listing is completed, the company will own no less than 50% of the rights and interests of Ocean Service, and Ocean Service will remain a subsidiary of the company.

Many property companies that submitted listing applications earlier also announced new developments. 1October 5 10, serving the HKEx hearing for the first time, and submitting the data set after the hearing; 10 On June 6, Shimao Group determined that the benchmark date for eligible shareholders to obtain the guarantee amount of Shimao Service shares in the preferential sale was June 2020 10+09.

On the whole, in the second half of the year, housing enterprises continued the wave of property splitting in the first half of the year, and applications for listing have been submitted, including China Resources Vientiane Life, Sunac Service and Jinke Smart Service.

"2065438+March 2008, the Ministry of Housing and Urban-Rural Development issued the Measures on Cancelling the Qualification Management of Property Service Enterprises, which cancelled the administrative control over the property industry and the industry entered a stage of rapid development." He Miannan, chief analyst of the real estate industry of Everbright Securities, said that from 20 18 to May 2020, there were 2 1 property companies listed through IPO or restructuring.

Diversification is the main reason.

"There are three main considerations for housing enterprises to split the property sector and go public: first, to issue new shares to withdraw funds, meet financing needs, increase owners' rights and interests, and achieve the purpose of reducing debts; Second, all or part of the listed shares can be distributed to shareholders in kind to increase the return on investment of shareholders; Third, the listing of property companies can promote their development and motivate management teams. " Liu, a real estate industry analyst at Zhongtai International, said.

As far as the purpose of debt reduction by financing is concerned, taking China Evergrande as an example, the company adheres to the development strategy of "high growth, stable scale and debt reduction". At the interim results meeting in 2020, Xia Haijun, vice-chairman and president of China Evergrande Board of Directors, made it clear that the specific measures to reduce debt include splitting its assets and listing them to realize the growth of the group's rights and interests.

He said that the company introduced HK$ 23.5 billion to Evergrande Real Estate, and it is estimated that the net debt ratio will be reduced by 65,438+09 percentage points. He also said, "strive to realize the listing of Jinbi Real Estate in Hong Kong this year and carefully review the spin-off of superior assets."

At the interim results meeting in 2020, the management of China Resources Land said that the company is considering packaging and listing the property and business management together, and it is considered to strengthen the balance sheet of China Resources Land.

At the same time, the diversified business exploration of housing enterprises is also an important factor in the split. "In the process of diversification of the real estate industry chain, the performance of property services is relatively successful. By splitting the property sector and listing related companies, the business scale can be expanded. " He Miannan told reporters that from the perspective of fund-raising purposes disclosed in the prospectus of property companies, nearly 60% of property companies have the demand for mergers and acquisitions and scale expansion.

Among the 29 listed real estate enterprises counted by reporters, 25 companies achieved double-digit growth in revenue and net profit in the first half of the year, accounting for more than 80%; Many companies have achieved substantial growth in the field of management and continue to expand the form of management projects.

Ke Rui Securities Research Institute predicted the PE values of typical real estate companies in 2020 and 20021year. The results show that the average PE value of 2 1 typical property companies in 2020 is 32. 1, and the median is 28.5. 202 1 typical property management company 2 1 The average PE value is 23.3 and the median is 20.7.

According to the research report of Guo Xin Securities, the performance growth of the real estate industry is highly certain, and the gross profit margin per unit area has room for imagination. These factors support the high valuation of the real estate industry.

Great development potential

Guosen Securities pointed out that incremental development, promoting basic property fees and deepening value-added services for owners will drive the scale of the property management industry to increase in the next decade. It is estimated that the scale of the industry is expected to reach 3.2 trillion yuan in 2030.

At the same time, according to the research report, the basic property income of non-residential property management of the top 500 property companies in 20 18 accounted for 52.4% of the basic service income. According to this ratio, the space of non-residential property management industry is expected to reach 13 129 billion yuan in 2030.

According to the statistics of Ke Rui Real Estate Research Center, as of the end of September, there were 14 companies owned by real estate enterprises waiting for IPO on the Hong Kong Stock Exchange. On the whole, the listing tide of housing enterprises splitting property or business management plate continues.

"The property management industry is still in a period of rapid development, with relatively low industry concentration and large room for enterprise growth. It is expected that it will continue to attract investors in the next 1-3 years. " Liu said that with the substantial increase of listed targets, the future valuation differentiation will be obvious, and high-growth quality property management targets can get a valuation premium.