Constant big group did the following attune to rectify to its strategy: 1. Reduce indebted, improve capital framework; 2. Compensatory and high grade land; 3. Raise the project admittance level of 34 lines city.
Garden of green jade laurel suspends 345 lines city " enclothe completely " ; Take project standard to hold to two rigid standard: 1. Advance quickly; 2. Capital throws return rate to ask to be in 8% above; Deepen development to grow hire wait for business.
10 thousand divisions enter the industry such as motion of the housing that rent, content shedding, commerce, ice and snow, education, provide for the aged; Exploration rural area is revitalized, the domain such as culture art, healthy, safe provision.
Core business is in the real estate that protect interest city of line of just a little, already accelerated at present in layout of 23 lines city.
Be in harmony achieves China to optimize debenture Wu structure, the key invests the domain such as article brigade, medical treatment, industry.
Go in finance below the setting of lever, constant begins from 2017 greatly to " of low indebted, low lever, low cost, high turnover ' 3 low one tall ' development mode transforms " , but of because the government is right landed policy tighten up, constant produces a company with other earth greatly same, basically face the problem that financing cost rises and mode of high turnover development becomes difficult at present. Capital cost ascendant respect, the financing cost that take the ground or item and purchases is current not low already, cost of trade bill financing is higher. Notable is, the financing on the market is very at present tight, have the is not willing basically to do real estate pure credence financing of capital, still basically think because of investor policy is fluctuant too big. And even if in second half of the year or next year, the land that in development business can take and project mortgage finite premise falls, it is more and more difficult that financing also is met only.
On the problem that in high turnover development mode becomes difficult, for instance one is problem of bequeath of early days of project of city of line of just a little bad to advance, if dismantle plan of denaturation of change, land, air,wait for the segment with very long cycle especially; The 2nd sale that is 34 lines city and go turning an issue. Suffer canopy to change a money to change the effect that finds a place for policy contracts, constant is garden of laurel of big, green jade, medium a lot of layout such as bridge 3, 4, the landed company that 5 lines city expands got bigger market is affected.
Look from strategy, constant enhanced sale strength apparently this year greatly, concentration is solved go turning an issue, basically rely on interior government tool additionally, investment takes ground early days to coordinate all sorts of item, the buy before departmental door works, the plan pours a platoon, aggrandizement assessment, increase project have enough to meet need according to the means such as compression time node. Notable is, the investment that with constant city of big contractive Shenzhen renews a project is exemple, business of a lot of development because update the systole of policy and rein in of landed adjusting control the footstep that Shenzhen city updates a project to invest.
(one) the strategy is adjusted
Be aimed at afore-mentioned problems, constant basically carried out the following strategy to adjust greatly:
It is exert oneself reduces indebted, improvement capital framework: Introduce battle to cast, increase gain and control cost rate to wait, improvement structure of Wu of condition external debt, extend debt deadline, reduce debt cost;
2 it is to optimize compensatory and layout of project city project, high grade land: From " dimensions " to " dimensions + benefit " change, pay attention to growth benefit and quality more at the same time, emphasize particularly on increase city of a few 3 lines the reserve of high grade land;
3 it is the project admittance level that raises 34 lines city, if leave municipal government or mart to have particular demand (like the basis urban GDP and population differ, be in commonly 3-5 kilometer, project of characteristic small town is OK some further) , of the city often live requirement of personnel dimensions requirement, worth of project total money;
4 it is the industrial position that strengthens diversity further, explore high-tech property actively, form gradually it is a foundation with real estate of the people's livelihood, culture travel, healthy preserve one's health is both wings, it is the industrial situation of bibcock with high-tech industry. At present constant basically has 5 greatly board piece: Agriculture of big travel of big health of constant big real estate, constant, constant, Heng Dajin be in harmony, Heng Dagao division.
Constant big health: Basically do healthy real estate at present (the whole nation takes the land, as big as constant real estate is complete independence board piece) , build cereal of preserve one's health for instance, execute a member to make, periphery provides service of 3 big hardware: Cure couplet body, the constant with big constant and hospital of specialized subject of integrated international level, hospital and global medicine change the resource such as platform; Cure raises synthesis, include 4 big garden (garden of take care of oneself, long Eden, close child garden and beadhouse) ; Healthy space, include intelligence to live in robot of intelligence of medical treatment of system, family. The development direction of constant big health already also was certainly all-around human nature changes community health and property service.
Constant travels greatly: Basically be project of development article brigade.
Constant big finance: Constant becomes a shareholder greatly bank, fiducial, gold reachs place, and establish Heng Dajin to take, constant adult life is safe. Among them constant adult birthday basically invests commerce, healthy, medical treatment kind real estate is given priority to, the basis makes public information to inquire, its partner setting is relatively powerful, because this is right the demand of project and accrual is higher also.
Of course the personage inside on the market a lot of course of study can guess, whether can capital of constant adult birthday cast constant earth to produce directly board piece go up with the project, superintend angle from the government, because involve correlation to trade, our analysis does not have feasibility basically.
In the executive respect that the strategy adjusts, the collaboration of Heng Dahe Su Ning can be encircled can nod. In June 2018, su Ning accuses a Su Ning below group division to buy as big as constant real estate easily to sign an agreement, both sides drafts collective and contributive 20 billion yuan, establish peaceful commerce of Shenzhen city constant to expand limited company, advocate the development that business Wu pursues Su Ning buying square easily only and operation, beard of all investment direction is a purpose to buy square easily in order to open Su Ning. This Su Ning and constant cooperate greatly, can reduce construction cost not only, accelerate the construction of square; Also can ensure square by right of Su Ning's mature operation experience in addition run with redound. Future buys the operation of square easily to mature as Su Ning, its still can use the means of small capital fund, if the capital negotiable securities of mature property is changed, small are held dish wait for dish of vivid capital, make Su Ning buys square easily to be able to duplicate quickly, enlarge brand influence, realize the commercial domain below its line at an early date.
(2) the strategy that take the land
After policy is constrictive, constant begins to optimize the urban distribution of the project greatly, complement especially layout of high grade land, discretion buys the land, but important place having side inducted a batch high grade 3 lines city (like Zhongshan, wait without stannum, Wen Zhou) land, among them the amount that take the land holds 34 lines city than exceeding 50% . With was 2017 exemple, the land that constant purchases greatly lays in 226, balanced be in respectively Shanghai, Shenzhen, Changsha, Nanjing, Chengdu, Hangzhou, Wuhan, Jinan, Taiyuan, Chongqing, Zhengzhou, Zhuhai, Zhongshan, reach 3 lines city without the line of just a little such as stannum, Wen Zhou.
(3) core financing
Issue supply catenary ABS, obtain 10 billion yuan store frame issue the forehead to spend, fundamental asset is supplier of constant big real estate bond of receivable Zhang money reachs his to assure accessorily rights and interests. Besides, other financing means and financing product basically face the problem with financing higher cost.
2, garden of green jade laurelSuffer the effect of project quality, garden of green jade laurel still needs to spend this smoothly eventful autumn. Throw these questions, the problem that garden of green jade laurel encounters at present still is had very much below whole market environment representative. On one hand, after canopy changes policy to tighten up, affect to 34 lines city bigger, major servicing centers garden of green jade laurel in 34 lines city, the affirmation after government-owned intermediary declare war fries a room to undertake inhibition to buying room demand will be right garden of green jade laurel causes certain effect. Be worth what carry is, the project of garden of green jade laurel changes with canopy borrow relevant more section to basically be centered in Hua Dong, other area suffers an effect smaller. The 2nd respect, the problem of high turnover, this Gui Yuan letting green jade is entered eventful autumn develop politic future to will face enormous challenge. tripartite face, problem of indebted rate tall look forward to, without giving thought to of media controversy 2017 indebted exceed 900 billion to whether be belonged to solid, but once sell not beautiful, debt of financing, countervail can face enormous pressure for certain.
What differ greatly with constant is, the problem of high turnover of garden of green jade laurel basically depends on construction schedule, than the government that is like seat of a few area the canal accuses stricter and stricter, cause influence construction plan. At present garden of green jade laurel had adjusted sale fixed position, be restricted to borrow at the same time by governmental price fixing be restricted to buy be restricted secondhand the influence that sell, put delay stage by stage large-scale open quotation. The foundation is current of market level try to find out the real intention, the biggest difficult problem depends on price fixing on the problem that business of a lot of development turns in Gao Zhou immediate impact is significant store guest (what basically point to is rigid demand client) .
(one) the strategy is adjusted
The crisis that garden of green jade laurel faces this is met for certain to its strategic fixed position causes certain effect, adjust affirmative also imperative.
The pace that the strategy of Dan Bigui garden adjusts still is worth commend very much, it is to suspend 345 lines city " enclothe completely " , not direct development is not held dish cooperative project, raise rights and interests to occupy than; In high turnover the requirement falls, take a project to hold to two rigid standard: 1, advance quickly (be like according to compress the capital inside cycle to answer certainly undertaking calculating) , 2, capital throws return rate to ask to be in commonly 8% or above (demand of a few cities, second line city can relax appropriately) .
2 it is to match carry out to reach issue 0 breath to be able to turn debt, announcement of garden of green jade laurel weighed 460 million to with every 17.13 harbor the first wife makes work on January 17, 2018, a year when plan to issue principal amount to be 15.6 billion Hongkong dollar at the same time period 0 breath can change bond.
3 it is to optimize investment combination, take market demand, deepen development to grow hire wait for business. 4 be energetically layout handles official bussiness jointly, be like April 2018, small town of garden of green jade laurel and cube sugar cooperated project of first combination office -- cube sugar of garden of green jade laurel is small community of center of science and technology of the Tuo that press down general.
(2) the strategy that take the land
Simple for, garden of green jade laurel more deal with concrete matters relating to work, careful compensatory and high grade land, optimize an area layout, the amount that take the land occupies 34 lines city to be reduced more possibly than sequel stage by stage, take area region to continue to be centered in 34 lines and the following city likely nevertheless, if year report showed 2017, 3 lines city is occupied than 21% , other is lower rank the city is occupied than be as high as 65% .
(3) core financing
1, the 5.125% first note that issue 250 million dollar to reach 600 million dollar to expired 2025 at the 4.750% first bill that expired 2023.
2, match a financing 7.816 billion HK dollar, additional issue 15.6 billion HK dollar to be able to trade a bond.
3, issue successfully " in the Haikaiyuan before couplet - green jade Gui Yuan rents housing " REITs of the housing that rent, product dimensions 10 billion yuan.
4, issue " commerce of be in harmony of constant of one party of the sea before Shenzhen city maintains put in order limited company regards primitive rights and interests as the person " be in harmony yuan - Founder negotiable securities - 35-82 of Gui Yuan of one party Heng Rongbi period the asset that maintain put in order supports special plan " , product total dimensions 40 billion.
3, 10 thousand divisionsThe problem that all landed companies such as garden of laurel of as big as constant, green jade face is consistent, because landed financing channel is tightened up, financing cost begins to rise. The financing before 10 thousand course basically is group and bank, fiducial the means that waits for financial orgnaization to undertake always giving a letter undertakes financing. Company of a gleam of besides financing of group of have the aid of, meeting and vast difficult area capital of a few industries cooperates, but go up to the market rarely wantonly financing. Because land market suffers,be restricted additionally, cash of company of group, a gleam of is relatively at present ample, the cost of the financing that take the land of project of city of a gleam of is lower, still have very large competition dominant position in the industry. Notable is, the landed sale area of 10 thousand divisions basically is in centrally one, second line city, the house price tall look forward to of these cities, had overdrawn to did not come rise space, impose policy of governmental price fixing carry out (place of garden of green jade laurel has relevant analysis) , these cities anticipate with what future rises now is not very tall.
(one) the strategy is adjusted
The strategy of 10 thousand divisions is adjusted also provide quite in the industry representative, it is to enter the industry such as motion of the housing that rent, content shedding, commerce, ice and snow, education, provide for the aged (real estate of property service, commerce, content flows landed, long hire real estate of apartment, provide for the aged and orbit property to wait for fractionize domain to already also was gotten run) . 2 it is 10 thousand divisions are exploring countryside to revitalize, the domain such as culture art, healthy, safe provision. The 3 strategies that are 10 thousand divisions had made clear fixed position on the target and go to sturdily " the service business of good life " (urban form a complete set serves trader) direction is carried out.
(2) the strategy that take the land
Layout of the urban distribution that the project optimizes in the key before 10 thousand course, compensatory and high grade land buys the land carefully, but important place having side inducted a batch high grade land of 3 lines city, the area that take the land basically is centered at city of key of ministry of second line city and long triangle, Chinese and Western.
(3) core financing
1, June, first phase exceeded short-term financing certificate 2018, issue amount 2 billion;
2, issue 2018 year the 2nd period exceed short-term financing certificate, issue amount to be 2 billion yuan, interest rate is 4.25% ;
3, July, issued 2018 year the 3rd period exceed short-term financing certificate, issue amount to be 3 billion yuan, par interest rate is 3.58% ;
4, July, issue " Yi Fangda asset - 10 thousand villages hire 10 thousand families housing (1-5 period) asset supports special plan " win give an official of Shenzhen stock exchange successfully, total dimensions 5 billion.
