Write civil | Wang Di
Origin | Phoenix net house property
Want to borrow resource conformity to enlarge market share to run quickly to originally " bright " bright real estate, see hard after recombine instead " bright " , be faced with net profit to glide, cash flows by turning negative etc " natural environment refuses to obey " the current situation.
On May 10, hand in place to be aimed at bright real estate examine and verify of year report after the event issued letter asking ask 2018, show bright and landed goods in stock decreases come-and-go of ability of value, gain, capital continuously, recombine outstanding achievement not the problem such as beautiful. This also becomes afterwards new city to accuse, Tai He civilian after barracks look forward to signs up for data to ask ask by superintendency layer because of money, the business of development of state-owend enterprise estate with not much this year amount to fails the case of escape by sheer luck.
In fact, advantage of resource of back state-owend enterprise, bright real estate inspects annulus to grow trigonometry area to weigh a storehouse for the company all the time base camp, but, suffer policy of this kind of city to father accuse an element to affect, outstanding achievement of bright carry out of produce and sale presents the position with lack of power growth. For this, bright real estate nots hesitate to sell subsidiary undertakes often " blood transfusion " , transfer partial business bright group to leave capital fund of move of associated brother company. In addition, the light that anticipates to betting profit to was not amounted to is landed not only the pace that quickens without slow down, it is instead in land market hurricane dart.
"Wu of industry of ground of this kind of state-owend enterprise is integrated, the key still looks to whether can put power. After all from company efficiency for, need to of all kinds civilian look forward to learns. If oneself can put power, so it is very big that the investment opportunity such as similar long triangle returns tomorrow, but if do not put power, the likelihood invests the strategy to be able to reach outstanding achievement to be able to tend when the market drops in temperature conservative. " a senior real-estate expert expresses to reporter of phoenix net house property.
Profit of partial subsidiary net glides
1+1>2?
2015, to bright real estate, it is a year when have milepost type very.
Duration state-owend enterprise reforms like a raging fire, "Gigantic without bully " bright food group (the following abbreviation " bright group " ) subordinate and principal property farming industrial and commercial house property (the following abbreviation " farming room group " ) with Shanghai Hai Bo Inc. (the following abbreviation " Hai Bo share " ) undertake asset recombine, share of gain of sea borrowing housing lands capital market formally, bright real estate arises from this.
This state-owend enterprise recombines last a period of time of reform matters concerned one year half. According to original conception, bright group has content to flow to manage a gender to wait for advantaged land to lay in an advantage with the ground with workshop of the ground, industry and agriculture in Shanghai, although farming room has name quite in Shanghai, but calculate in complete national calamity conspicuous and sale outstanding achievement is not ideal; And sea gain share came true 1996 hand in place to hang out one's shingle, industrial structure is main with " rental " , " content flows " give priority to.
With estate development, content sheds asset to enter a place to cut, integrated 3 person resource advantage, do do greatly strong be conformity of bright and landed implementation is original wish scene. This let bright group own estate already board piece, make farming room group come true " curve " appear on the market, hold full-fledged member many below division of Pan Guangming group 30 on 10 thousand mus of of all kinds land searched capital to export.
What agree to betting at first is, 2015, the company recombines buy to join farming room group and its subsidiary Shanghai farming is industrial and commercial estate buy course of study limited company (the following abbreviation " course of study of farming room buy " ) total equity, farming room group and enterprise of farming room buy came the former partner acceptance of mark 2015 profit of total 2017 actual net profit does not mix ninety-eight million four hundred and twenty-nine thousand nine hundred yuan under 3.513 billion yuan respectively.
If appear,farming room group compensates the real net gain during to add up to computation to add up to computation to need to fulfill the case that compensates obligation under affirmatory net profit in profit, bright real estate is OK a money is direct and directional counter-purchase should compensatory share gives cancel, farming room group appears and did not leave leeway to oneself.
But actual condition is: Care of big move front courtyard, can making a person. Outstanding achievement acceptance period hind the first year, farming room group and course of study of farming room buy realize profit of net putting in a mother 's charge respectively 1.841 billion yuan mix six hundred and thirty-seven thousand one hundred yuan, drop compared to the same period 15.12% with 99.41% .
Recombine 3 years, farming room group realizes gain actually 3 years 3.687 billion yuan, the rate that finish is only 104.95% , among them acceptance of partial outstanding achievement comes true through just selling project company equity or asset to correlation. Capitalization leads company interest to all exceed 70 during outstanding achievement acceptance and year after year rises, but finish in outstanding achievement acceptance period hind capitalization leads accrual to drop considerably, it is about only 54.67.
Before this, the real estate that Shen Hongze of bright and landed president ever weighed publicly prospective light is landed changes attribute to will be weakened gradually, the company changes omnibus operation to platform gradually.
Current in light of conformity, the effect is not outstanding. Embellish occupies the net profit that bright real estate holds bright group to rise than appearing really trend, 2015-2017 year net profit takes a group respectively 27.46% , 38.14% , 59.93% . But, undeniable is bright real estate majority of net profit growth comes from at farming trade group, content of sea rich group sheds a dominant position and have no the promotion of older rate.
annals looked 2018, the income that sells estate to develop a project to arise is nineteen billion one hundred and nineteen million yuan, 93.29% what take business gross income, transition effect not very apparent.
In addition, in light of the business mode of current and bright real estate, integrated although 3 years of bright real estate are in seek transition, but change in business go up and do not have bigger improvement. Except march real estate of provide for the aged and content shed real estate besides, be like, in Chong Ming the island develops real estate of provide for the aged, project still more relying on at old room of safeguard of the village in having state-owend enterprise city transforms pattern.
Phoenix net house property consults annals discovery, bright real estate looks ditto eye is centered in famous city of construction of the village in ensuring room construction, city, rich farm, history, city more the business such as area of garden of the newer, room that rent, content shedding, although look anteroom real estate develops seek transition, but the characteristic that this category eye has cycle of redound of construction, investment to grow mostly.
Fast to steam again capital residence and commerce are landed, bright real estate criterion sortie slants little. The net that occupy an official shows, light is landed and current the building of countrywide sell like hot cakes dish platinum of legend of Hai Yue of residence of platinic Yue of mansion of Shanghai of only and bright · , bright · , bright · , bright · is city of Yue Hua government office, bright E, bright · Tang Zhen is one size, bright · , and distributing to wait for long triangle area in Shanghai, Jiangsu, Zhejiang more.
In addition, because this area all was restricted to buy policy to come on stage by different level 2018, this restricted capital of bright and landed steam again, implementation to change quickly on certain level showing rate. According to building city fluctuant cycle, was worth 34 lines city to change difficulty 2015, once regarded farming business as the group " dowry " making work 47 times when come over project about half project is located in 34 lines city, for instance Shandong He lustre, Linyi, anhui old city and pool city and other places, this is implicative also the condition with stagnant sale of this kind of project.
Bright real estate thinks of beforehand already probably, 2018 year plan carry big goods in stock to cheapen preparation, its ever stated in annals amount is as high as 766 million yuan, increase 98.96 compared to the same period, main source reachs board of form a complete set to estate piece decrease estimation to carry, among them major project attachs most importance to group assets.
From management activity, investment activity, raise money 3 big cash reserve in a bank flow the activity on forms for reporting statistics, can discover a problem.
Phoenix net house property combs discovery, the cash flow that bright real estate managed an activity to arise 2018 is net the forehead turns from 1.678 billion yuan of the beginning of the year for - 8.734 billion yuan, the cash flow net specified amount that invests mobile generation turns into from 228 million yuan - 2.879 billion yuan, fluctuant scale is as high as respectively - 620.30% , - 1362.73% . Many yuan 100 management activity cash flows be short of break, show its sell goods, offer running an activity the service is not very good.
One does not wish the development business of sign one's name shows, although company of state-owend enterprise estate has advantage of distinct governmental natural resources, but lack civilian battalion enterprise to commercialize operational fast sex. In addition, put authority to decrease reach examine and approve a program expatiatory the limitation that also raised development rate on certain level.
From bright real estate the problem can discover on sale 2018. Annals shows, the company realized business income 2018 twenty billion four hundred and ninety-four million yuan, drop compared to the same period 1.535% ; Profit of net putting in a mother 's charge 1.418 billion yuan, drop compared to the same period 27.17% , add fast relatively on year drop 119.72% , in the meantime, the autograph restricted the company 2018 amount is twenty-four billion four hundred and fifty-nine million yuan, grow 3.37% compared to the same period, add fast relatively on year drop 21.67 % .
"Left hand " " the right hand " ?
Gain ability suffers be restricted, finish difficulty to betting consultative appreciation target, this also made light landed must walk up " sell child " the road of strive for victory. Just, besides abandon difficulty of a few have enough to meet need besides bigger project, bright real estate also plays rose " camouflage " , make over the project below the banner bright group division to leave associated brother company.
This year on March 13, bright real estate passes wholy-owned subsidiary farming trade group 250 million sell the banner issues Shanghai wide forest property management limited company 100% equity. Trade this suffer let just be business of brother of subordinate of group of light of same control person with bright real estate, each other is associated person. This predicts to will be bright real estate 2019 year are added achieve profit of net putting in a mother 's charge to make an appointment with 54 million yuan.
In fact, this is not is bright real estate the first time sell subsidiary associated brother company. Be in early " profit acceptance " enter those who time 2017, bright real estate parts evaluate 988 million yuan, 93.26 million yuan, project of real-estate of commerce of beautiful canalage of the Shanghai below banner of will bright real estate and China real estate of edifice part commerce and car the subordinate company that transferred group of large stockholder light, and correlation trades to just was finished 2018.
Say according to announcement, two traded to contribute about 411 million yuan to reach profit of 39.11 million yuan of net putting in a mother 's charge to 48.55 million yuan for bright real estate respectively, pass comparative light profit of landed all 2018 net putting in a mother 's charge 1.418 billion yuan, profit of two net putting in a mother 's charge that trade to be contributed for its also achieved 31% above at least.
If press this logic inference, cast these two to trade, bright real estate 2018 put in parent net profit 's charge actually far get lesser than actual condition much.
Not come singly but in pairs, the outstanding achievement 2017 also is able to come true through this kind of means, on October 11, 2017, shanghai of bright and landed wholy-owned subsidiary farming industrial and commercial Huadoushi course of study (group) the commercial project that limited company makes over means to sell a hold through the agreement grants Shanghai beneficial friend (group) limited company. Suffer invite square Shanghai beneficial friend (group) limited company and bright real estate also are business of brother of subordinate of group of light of same control person.
Expect according to bright group the conception of Wu of the real estate below banner of bright and landed conformity, its should try to the company of speak or sing alternately of real estate Wu integrated, turn over what its line goes sell behavior this must let a person associate: Will high grade resource has temporary control through related company, can show through selling behavior comes true to change quickly again, achieve the effect of beautification forms for reporting statistics.
Vend besides valuable assistant, besides implementation asset move, bright real estate " break an arm " strive for victory has become the fact that does not dispute, and time is centered in affirmatory agreement more coming 2017.
That year, shen Hongze of bright and landed president, president ever was held " fight bravely 80 days, finish acceptance of embellish of 3 annual interest to arouse in the round congress " , he ever appealed employee is driven grab time limit for a project, solve capital pressure, promote profit increment, ensure achieve goal of acceptance of embellish of 3 annual interest finally. " in fact, below the circumstance that in time close, task weighs, transfer asset, become the the simplest, directest cash the means of outstanding achievement acceptance.
On September 9, 2017, bright real estate accuses estate of grain of country of share company Nanning to develop limited company, hang out one's shingle make over good people of Guangxi Nanning city to celebrate an area side of north of 5 elephants highway is in establish project capital fund, transfer the value not under 742 million yuan, plan to be bright real estate 2017 year are added achieve profit of net putting in a mother 's charge to make an appointment with 198 million yuan.
In October 2017, bright real estate releases announcement to say, its are wholy-owned subsidiary farming room group, the Jiangsu that makes over a hold through hanging out one's shingle course of study of buy of Dong Henghai Xin limited company 100% equity and creditor's rights. Bright real estate is achieved sold in January " 4 child " " blood transfusion " record.
"Involve like this kind especially sell often reach a variety of correlation such as asset infuse to trade below the circumstance, affirmative meeting by exchange inquiry, because bourse itself trades with respect to counterpoise group,hit ' interrogation ' , if won't do to if be over,betting outstanding achievement, face the inevitable current situation such as be out of pocket with respect to meeting, this kind of circumstance sells subsidiary has the suspicion of beautification forms for reporting statistics. " dealer of a senior ticket shows to phoenix net house property.
Carry " 3 tall " hurricane dart
Bright real estate ases if farming trade group is contained all the time after recombining " expensive indebted, expensive stock, high cost " " gene " .
Recombine before appearing on the market, zhang Zhigang of president of farming room group makes clear publicly should ensure the company appears on the market, should solve a company " 3 tall " phenomenon. But, recombine 3 years, this kind of current situation ases if to did not improve.
Show according to announcement, company 2015-2018 year the cash flow net specified number that management activity produces is 4.373 billion yuan respectively, mix 8.779 billion yuan eighteen billion and seventy-three million yuan, - 8.734 billion yuan. 2018 management activity cash flows first by turning negative, and up to its money fund is only by 2018 796 million yuan, liquid assets is aggregate and only twenty billion nine hundred and forty-four million yuan. Accordingly, bright real estate also must quicken the pace of the advancement that raise debt.
Phoenix net house property consults annals discovery, bright 2018 real estate is issued in long-term equity investment and sustainable debt on add sufficient specific gravity, increase 104 million yuan respectively, 1.243 billion yuan; Short-term loan is jumped 8.676 billion yuan by the beginning of the year reach thirteen billion one hundred and eighteen million yuan; Long-term loan is added by 8.739 billion yuan reach eighteen billion two hundred and forteen million yuan. Blame flow is indebted and total increase to by twelve billion three hundred and forteen million yuan twenty-one billion seven hundred and eighty-two million yuan, indebted and aggregate jump by forty-three billion two hundred and seventy-eight million yuan reach sixty-one billion three hundred and eight million yuan, bright real estate asset is indebted 2018 rate relatively rose 2017 2.46% , for 82.38% .
This kind of current situation was sent more 2019 serious, left 2019 year, the company issues Shanghai successfully namely silver-colored bright real estate buys assets of house tail fund to support special plan assets to support negotiable securities on sheet of state-owend enterprise head 700 million yuan. On Feburary 27 - bright on Feburary 28 real estate issues 2019 year of company the 2nd period metaphase bill.
Be in before, because pressure of short-term repay a debt is enormous, bright and landed Ceng Jixi hopes to borrow this at sustainable real estate " blood transfusion " . To the enterprise, the biggest gain of permanent capital negotiable securities is its repay order and company stock are consistent, all under common bond, because capital stock often is treated on this accountant processing, raise capital stock level not to spread out again already thereby small shareholder rights and interests, reach the action that wins forms for reporting statistics of capital, beautification.
This year on January 31, bright real estate issues 2019 year first phase is restricted for a long time to contain authority metaphase note (sustainable debt) , before this by 2018, bright real estate ever said its issue 2018 year the 2nd period 650 million yuan long time contains authority metaphase note (sustainable debt) collect capital already arrived entirely Zhang.
Capital is in short supply, often need cut expenditure, and with respect to bright real estate the cost 2018 looks, its do not have remarkable reductive trend. According to computation of phoenix net house property, the rate of cost of operating costs sales revenue of bright 2018 real estate is 68.63% , than last year the corresponding period 79.32% although have,drop, but still reside do not fall high.
It is indebted at the same time bear pressure, cost increase sharply, must " borrow return newly old " , it is to close to be bought at the same time continuously, reveal outspread ambition.
Although be in,experienced a big " sell child " road, but bright real estate ases if and do not have dejected posture, reached 2019 instead end bought the idea that reachs the movement that take the land to ceaselessly greatly lotic brave is entered 2018.
On April 1 evening, project of happy to elegant room Chengdu is added endowment 51 million yuan, hold 51% ; On April 9, bright real estate buys line of business of buy of peaceful wave Lun Mao 552 million yuan 51% equity.
Land market can see bright real estate is radical and outspread " form " . On January 3, bright real estate bursa of income of plot of Kunming city KCC2011-63-A2 in; On Feburary 1, bright and landed wholy-owned subsidiary farming trade group takes Shanghai Chong Ming with 856 million yuan Home Chen presses down one plot; On April 8 evening, farming trade group gets area of Shanghai Shanghai Yang Pu to decide sea community with 578 million yuan of contest a ground. In addition, in November 2018, the mayor of city of Zhejiang province lake that successful contest gets promotes a county 6 plot, light be regardinged as is landed already ran area of the golden hill inside Shanghai region, Feng Xian division maturity " the village in the city " mode, duplicate outside Shanghai region.
In fact, bright real estate does not have the footstep with ongoing rein in. Add land reserve newly 2018 to be one million four hundred and forty-five thousand two hundred square metre, grow 53.34 compared to the same period, involve joint development for the most part, rights and interests is occupied than exceeding 50 % .
This shows this room look forward to still is in enlarge look process, what just avoid hard is to commercialize weak characteristic to let interior recombine some not only " natural environment refuses to obey " , also let transition speed fare badly. This requirement is in bright and landed outspread process except avoid oneself risk, still need to increase business to commercialize strength of transition break out of an encirclement and intensity.
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