Evergrande's sale of assets of 654.38+0.66 billion triggered a heated discussion. What is the current situation of the company?

On August 3rd, 20021day, China Evergrande released its semi-annual report, and its operating income in the first half of this year was 222.69 billion yuan, down16.5% year-on-year; The net profit was 65.438+0.0499 billion yuan, a year-on-year decrease of 28.87%. Among them, the real estate development business lost 4 1 100 million yuan. According to industry insiders, the decline in Evergrande's profits is related to the sale of houses at a discount. Since February last year, Evergrande has been implementing "selling houses online" and has continuously introduced a number of special preferential measures to vigorously promote sales and stimulate the recovery of cash flow.

With the help of large-scale price reduction promotion, Evergrande was able to withdraw funds quickly. The data shows that Evergrande's interest-bearing liabilities have decreased by about 300 billion yuan compared with the end of March last year, and its net debt ratio has dropped below 100%, realizing the green red line. In addition, in order to alleviate the pressure of liquidity, as of August 27th, Evergrande has disposed of the equity including Hengteng Network, Shengjing Bank, Evergrande Ice Spring, Shenzhen Hi-tech Investment and five real estate projects, with a total selling price of 654.38+066 billion yuan.

According to the debt reduction data of "price for volume", in the first half of 200212002, Evergrande recorded sales of 356.79 billion yuan, up by 2.3% year-on-year; The contracted sales area was 4.3 million/kloc-0.4 million square meters, up1.1.4% year-on-year; Paid 3.211.90 billion yuan, up 2.9% year-on-year.

In terms of performance, in the first half of 20021,the operating income was 222.69 billion yuan, down16.5% year-on-year; The net profit was 65.438+0.0499 billion yuan, a year-on-year decrease of 28.87%. Among them, Evergrande Real Estate Group Co., Ltd. and Evergrande Children's World Group had a net loss of 465.438 billion yuan in real estate business and 4.9 billion yuan in new energy vehicle business.

According to the latest data as of the end of July, the cumulative sales of Evergrande in the first seven months of this year reached 400.56 billion yuan, with a sales area of 48.449 million square meters. Sales increased considerably, but the average transaction price hit a new low in recent years.

According to insiders, the loss of Evergrande's real estate business is mainly related to selling houses at a discount. It is understood that when the epidemic broke out in February last year, Evergrande offered a 50% discount nationwide. Later, in order to withdraw funds and reduce debts, several special preferential measures were introduced for specific products, which greatly promoted sales and stimulated cash flow, resulting in a loss of 465.438 billion yuan in the main real estate industry.

Market participants said that Evergrande's performance report highlighted the general situation of real estate enterprises. In recent years, the real estate industry has gone down as a whole, and there is limited room for housing price increase under the condition of "living without speculation". Coupled with the pressure of "three red lines", in order to reduce liabilities, housing enterprises have to exchange prices for quantities, which will inevitably have a certain impact on profits.

Despite the decline in profitability, "living" is obviously more important. With the help of large-scale price reduction promotion, Evergrande was able to withdraw cash quickly, greatly alleviating the debt pressure. The semi-annual report shows that Evergrande began to fully implement the new strategy of "high growth, scale control and debt reduction" in March last year. By the end of June this year, Evergrande's interest-bearing liabilities had decreased by about 300 billion yuan compared with the end of March last year, and its net debt ratio had dropped below 100%, thus turning the red line green.

By the end of June, Evergrande's interest-bearing liabilities were 5.7177.5 billion yuan, of which 240.049 billion yuan was due within one year, and the group's deposit balance was1.6162.7 billion yuan, of which 74.855 billion yuan was restricted cash. It is worth noting that, as of June 30th, there were 778 soil storage projects of Evergrande, with a planned total construction area of 2 1 40,000 square meters, and 46 old-fashioned projects1,including 62 in Greater Bay Area1and Shenzhen.

It is worth mentioning that, according to the documents disclosed by HKEx, on August 26th, shareholders Liu Luanxiong and Chen Kaiyun sold 63 1 0,000 shares of China Evergrande for HK$ 28.3 million.

Selling tens of billions of assets to improve liquidity In fact, in the first half of this year, especially since June, negative public opinion broke out one after another in Evergrande, which accelerated the pace of asset sales. On June 7th this year, Evergrande took the initiative to issue a statement, saying that the company's production and operation were all normal, and it was rare for individual project companies to fail to pay commercial bills in time. The group attaches great importance to arranging payment. In July, there was a dispute between Evergrande and China Guangfa Bank Yixing Branch, and the two sides later settled. On August 17, Evergrande revealed the news of "coaching change" of its Evergrande Real Estate Group.

/kloc-In August of 0/9, the central bank and the China Banking Regulatory Commission interviewed Evergrande Group. The central bank and the China Banking Regulatory Commission pointed out that Evergrande Group, as the head enterprise of the real estate industry, should conscientiously implement the central government's strategic plan for the stable and healthy development of the real estate market, strive to maintain operational stability, actively resolve debt risks, and maintain the real estate market and financial stability; Do a good job in the disclosure of real information on major issues in accordance with the law and regulations, and do not spread and promptly clarify false information.

In the early morning of August 20th, Evergrande responded that it would fully implement the interview requirements, earnestly fulfill the main responsibility of the enterprise, and maintain the company's operating stability, resolve the debt risk and maintain the real estate market and financial stability with the utmost determination and efforts.

In fact, the concerns of the outside world are all about the liquidity of Evergrande. In the semi-annual report, Evergrande disclosed a series of recent improvement measures in the announcement to ensure the normal operation of project development. China, a brokerage firm, noted that according to preliminary statistics, at least 654.38+0656 billion yuan of assets were sold in the first half of the year.

Specific measures include: selling the shares of Hengteng Network 1 1% with a total amount of 3.25 billion yuan and recovering about165438+80 million Hong Kong dollars in cash; Sell the shares of Shengjing Bank 1.9%, with a total amount of 1 100 million yuan; Sell 7.08% equity of Shenzhen High-tech Investment, with a total amount of about 65.438+0.04 billion yuan; Sell 49% equity of Evergrande Ice Spring with a total amount of about 2 billion yuan; The total cost of selling equity and non-core assets in five real estate projects is about 9.27 billion yuan.

It is worth mentioning that Evergrande revealed in the semi-annual report that in the Group's real estate development business, the payment of suppliers and project funds was delayed, which led to the suspension of some related projects. At present, with the coordinated support of the government, the Group is actively negotiating with suppliers and construction contractors to resume work.

In order to solve the payment problem between the supplier and the contractor, Evergrande sold the property unit to the supplier, namely the contractor, to offset part of the arrears, with a total amount of 2,565.438+0.7 billion yuan.

Evergrande stated in the semi-annual report that it will take measures including adjusting the project development progress, strictly controlling costs, vigorously promoting sales, selling equity and assets (not limited to properties such as property and hotels), and introducing investors to increase the share capital of the Group and its subsidiaries, so as to further improve liquidity, ease capital pressure and reduce debt.

The next step is to sell the equity of real estate and cars. It is foreseeable that Evergrande will continue to sell assets. Evergrande said in the semi-annual report that it will continue to contact potential investors to discuss the sale of some shares of Evergrande Automobile and Evergrande Real Estate. In addition to China Evergrande, Evergrande Real Estate and Evergrande Automobile also disclosed their performance in the first half of the year, among which Evergrande Real Estate's performance was remarkable.

The data shows that Evergrande achieved an operating income of 7.873 billion yuan in the first half of the year, a year-on-year increase of 68.3%; Gross profit was 2.939 billion, up 68.7% year-on-year; The net profit was 65.438+93.4 billion, up 68.6% year-on-year, and all core indicators were at the leading level in the industry.

It is understood that behind the substantial growth of Evergrande's real estate performance, it benefits from the rapid expansion of its scale. As of the first half of the year, the contracted area of Evergrande Real Estate reached 865,438+0 billion ㎡, a year-on-year increase of 58%; The in-pipe area reached 450 million square meters, a year-on-year increase of 77%; The business scope expanded to 3 17 cities nationwide, covering 3.2 million car owners.

The explosive growth of value-added services is another bright spot of Evergrande Real Estate: in the first half of the year, the community value-added service income of Evergrande Real Estate was11390 million, up by 83% year-on-year, among which the home improvement income increased by 873%. In addition, Evergrande Real Estate joined hands with giants such as Tencent and Shangtang Technology to build a smart cloud platform, explore the platform output service model, and continuously improve profitability.

As for Evergrande, due to technology acquisition and continuous R&D investment, the losses in the first half of the year expanded. The data shows that Evergrande's revenue in the first half of the year was 6.92 billion yuan, a year-on-year increase of 53.5%. The loss was 4.822 billion yuan, an increase of 96.25% over the same period in 2020. Evergrande explained that the loss was mainly due to the decrease in gross profit of health business. In addition, it is in the investment stage of expanding the energy automobile business, and the marketing expenses and R&D investment of the new energy automobile business have increased.

According to reports, up to now, Evergrande's acquisition of core technologies and R&D expenses has reached 2,765.438+billion yuan, increasing again on the huge basis of 24.9 billion yuan at the end of last year. It is understood that at present, five cars, namely, Hengchi 1, Hengchi 3, Hengchi 5, Hengchi 6 and Hengchi 7, are undergoing summer testing, which is nearing completion. Hengchi is in the sprint stage of mass production, which means that whether Evergrande, which insists on independent design and active research and development, can capture users and the market, the answer will be announced soon.