Investigation and Analysis on the capital crisis o

2022-08-13
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Investigation and analysis of the financial crisis of real estate enterprises in 2012

Guide: the real estate market affected by regulation is still in a fog. At a time when the performance of many listed real estate enterprises was poor and the legend of the end of the real estate industry was turbulent, the market value of A-share listed real estate enterprises fell by 212.8 billion yuan in 2011, and half of the real estate stocks fell by more than 30%, However, only wanhaowanjia (600...

the real estate market affected by regulation is still in the fog.

at a time when many listed real estate enterprises have poor performance and the legend of the end of the real estate industry is turbulent, the market value of A-share listed real estate enterprises in 2011 fell by 212.8 billion yuan, and half of the real estate stocks fell by more than 30%, but only wanhaowanjia (), Yunnan Urban Investment (), Jinbin development (), and jiakaicheng (), fell by more than 50%, They are all small and medium-sized enterprises in the region

however, Jinke shares (, formerly known as St Dongyuan), Huaxia Xingfu (, formerly known as St Guoxiang) and Xinhualian (, formerly known as *st Shengfang) turned into real estate stocks after asset restructuring, with increases of 303.5%, 216.32% and 114.69% respectively, all of which became amazing bull stocks in 2011, while the market value of China Merchants real estate (), a national or regional real estate leader, rose 12.85%, Poly Real Estate (), Oct a (), Financial Street () Although Vanke A () and other stocks fell with the market, the adjustment range was much smaller than the overall decline of the market and real estate sector in the same period

since January 2012, hundreds of research reports have been published by major securities research institutions that have given positive, recommended, bought, increased holdings, and held ratings to individual real estate stocks or industries. In the Research Report for the real estate industry, except for a few synchronous large market and neutral ratings, it is rare to sell ratings

Guosen Securities believes that performance growth is still the main tone in 2011 and 2012. Among the 55 companies mainly covered, it is expected that more than 50 companies will increase in 2011, with an average increase of 35%, and more than 54 companies will increase in 2012, with an average increase of 32%. It is suggested to over match and maintain the "bullish" view

however, judging from the current situation, the continuous decline in profits, house prices, financing risks (such as trust repayment), and the withdrawal of a large number of listed companies involved in real estate from the real estate business, it is difficult to hide the downturn in the overall industry, which is not optimistic

"check out" has become a means of self-help for listed real estate enterprises

on February 3, Chongqing Development () announced that it would transfer 40% of the equity of Chongqing Jiecheng Real Estate Co., Ltd. held by the company to Senyuan Furniture Group Co., Ltd. at a price of 117 million yuan and 40% of the creditor's rights (shareholder loans) at a price of 571.6 million yuan. The total price of the two transfers of creditor's rights and equity was 688.6 million yuan

Yu Kaifa said that the premium realized by this equity and debt transfer was about 76 million yuan, which had an impact on the company's net profit of about 57 million yuan (income tax rate of 25%)

as early as September 2011, Chongqing development transferred 51% equity and 51% debt of the company to Chongqing Xincheng development and Construction Co., Ltd. at a premium of about 70million yuan

according to the historical announcement, Chongqing Jiecheng company owns a development project with a total planned building area of 510000 square meters in plot C, division C, Yuzhong group, Yuzhong District (LiangLuKou area). The total transfer price of the land is 1482.53 million yuan, 28703 yuan per square meter. It has paid all the land price and obtained the land use certificate on August 30, 2011

in September, 2011, Chongqing development and Chongqing HNA signed an equity transfer agreement to transfer the 15% equity of Chongqing convention and Exhibition Center real estate Co., Ltd. held by the company to HNA at a price of 75million yuan, and the realized premium is about 57million yuan (including tax)

in April of the same year, Chongqing development transferred its 100% equity of Chongqing Lianjie Real Estate Co., Ltd. to Chongqing Meiyuan company at the price of 5573 level adjustment auxiliary system million yuan, realizing an investment income of 25.95 million yuan (including tax)

in fact, it is not only listed real estate enterprises whose main business is real estate that cede land to survive. A large number of listed companies involved in real estate. After the frequent "check-out" wave in 2010, according to incomplete statistics, nearly 20 listed companies whose main business is non real estate sold their real estate equity or sold real estate projects successively in 2011, including Feile shares (), Chinese people will also improve the endurance and sports performance of cars () Hongda shares (), Western Mining (), Shuijingfang () and other once popular stocks in the market

accelerating the sales and withdrawal of funds is also an important direction for listed real estate enterprises to survive the winter. For example, Guancheng Datong () realized its real estate by means of "group purchase". According to its announcement on January 4, Beijing Xinyang Real Estate Development Co., Ltd., a subsidiary of Beijing Jingguan Real Estate Development Co., Ltd., a wholly-owned subsidiary of the company, will sell houses located at 101, floor 1, Guangqu Jiayuan, Dongcheng District, Beijing, at a total price of 415million yuan to Beijing Shoudong international investment

at the same time, Beijing Xinyang will also sell houses such as 101 on the first floor of the 7th floor of Guangqu Jiayuan, Dongcheng District, Beijing, at a total price of 104million yuan to Yahong culture company

western mining sold its two properties in Beijing at a total price of 240million yuan last October, which was even questioned as a bargain by the market, on the grounds that the selling price was at least 30% lower than that of similar properties in the surrounding areas

the "check-out" of listed companies is pending: the financial crisis of real estate enterprises has surfaced

this scene is surprisingly consistent with the experience in 2008. In that year, after the land kings came out frequently and took land frantically in 2007, the property market depression brought by the unexpected financial crisis made the listed companies that had been rushing to get involved in housing fall into a difficult situation of breaking their wrists to survive and cutting flesh and blood

however, the sudden reversal of the real estate market in 2009 made a group of uncontrollable listed companies rush into the field of real estate development. In that year, although many listed companies lost money in their main business, the real estate business became the pillar of profits. Among them, about one third of the listed companies in Sichuan alone were involved in real estate

in contrast to the rush of "check-out", the shift to mining has set off an upsurge in listed real estate enterprises. According to incomplete statistics, since the second half of 2010, about 20% of listed real estate enterprises have entered the mining industry, which is comparable to the housing fever of listed companies before

interestingly, even Rhine land (), St Zhujiang (), and Oriental Silver Star (), whose performance declined or even lost in 2011, are all related to the rampant mining related scandals of listed real estate enterprises

on July 5, 2011, Rhine real estate announced that Guizhou rhinda Mining Development Co., Ltd., a wholly-owned subsidiary, would acquire 35% of the equity of Guizhou Qiannan Huayi mining at a transaction price of 1.75 million yuan, becoming another mining related real estate enterprise

st Zhujiang announced on July 21, 2011 that it plans to invest 64 million yuan to participate in the investment and development of two iron ore resources located in Shiyan City, Hubei Province

previously, the "China Tin King" Huaxi Group planned to borrow the shell of Oriental Silver Star, but it soon announced its abortion

on January 13, Rong'an real estate (), a listed real estate enterprise in Ningbo, Zhejiang Province, announced that it would invest in a paper mill project in Alxa League, Inner Mongolia, 2300 kilometers away

according to the announcement, Alxa League will actively apply for the allocation of coal resources to Rong'an real estate in accordance with relevant regulations, that is, 100 million tons of coal resources will be allocated for every 2billion yuan of fixed asset investment in equipment manufacturing projects and high-tech projects, and the allocation of coal resources by a project subject will not exceed 1billion tons at most

accordingly, the market tends to interpret the move of Rong'an real estate as a way for real estate enterprises to find a way out by making paper on the surface and secretly seeking mining

however, the market has been controversial about mining related real estate enterprises. Some securities research institutions believe that the return cycle of mine investment is relatively long, which is difficult to be effective in the short term. With the continuous change of the economic environment, the risk of investment income is uncertain. In addition, real estate enterprises are generally facing the problems of market downturn and capital tightening, it is difficult to invest a large amount of money in mining development, and transfer the insufficient funds to other industries, It will make the capital gap of the real estate industry bigger

some investment bankers even said that if the macroeconomic downturn, involving mining investment with the same large capital demand and long return cycle, this industrial transformation may become another dilemma for some listed real estate companies

it is important to improve the applicability and progressiveness of the company's lithium carbonate products. Since 2002, China's rapidly rising real estate enterprises have set off a wave of shell buying and listing, which became the main channel for real estate enterprises to land in the capital market at that time. But now, for real estate enterprises, development loans have been compressed, sales return is not smooth, the future of additional share allotment and IPO is slim, and the financing channel has entered a historical freezing point

it is noteworthy that recently, lixianhua, CEO of HNA Group, announced that the company's current real estate business is mostly for personal use, which is of last importance in all industries of the company, and there are few pure residential real estate development. "The company set the tone in July last year," the real estate industry "will not go on any projects that have not been launched, and will give up any acquisitions that have not paid the deposit. At present, most of the real estate business is in a frozen state."

HNA Group owns Xi'an Minsheng (), Yishi shares (, formerly Baoshang group), St Haijian (, formerly st Zhuxin) and other listed enterprises involved in real estate development and operation

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