? ? Assets are sold frequently.
? Recently, the assets of housing enterprises have been sold frequently, which is mainly manifested in two characteristics: first, most of them are "stepping on the line" housing enterprises; Second, the operating conditions and financial performance of the sale target are mostly poor or non-real estate main business.
? On September 27th, Beijing Equity Exchange disclosed that Jinmao Southwest Enterprise Management (Chongqing) Co., Ltd., a subsidiary of China Jinmao, intends to transfer 60% of the equity of Guiyang Qianmao Real Estate Development Co., Ltd. ... As of August 3rd, 2020, the operating income of Guiyang Qianmao Real Estate Development Co., Ltd. was 0 yuan, with an operating loss of107737777 yuan and a net loss of 8052/day. Total assets are 2.568 billion yuan, total liabilities are 856 million yuan, and owner's equity is 6.5438+0.71.1billion yuan.
? Fuzhou Xingmao Real Estate Co., Ltd., a subsidiary of China Jinmao, intends to transfer 5 1% equity of Fuzhou Binmao Real Estate Co., Ltd. by listing. The business scope of the latter involves real estate development and management, real estate information consultation and so on. As of August 3, 2020, the operating income of Fuzhou Binmao was 0 yuan, with an operating loss of 6.8854 million yuan and a net loss of 6.877 million yuan. Total assets are 3.977 billion yuan, total liabilities are 3.284 billion yuan, and owners' equity is 693 million yuan.
? China Merchants Shekou intends to transfer 0/00% equity of Shenzhen Zhaoshengge Real Estate Management Co., Ltd. (hereinafter referred to as "Zhaoshengge Real Estate"). The business scope of Zhaoshengge Real Estate is its own property leasing and property management. As of July 3, 2020, the operating income of Zhaoshengge Real Estate was11300 yuan, with an operating profit of 7.425 million yuan, a net profit of 5.5688 million yuan, total assets of1560,000 yuan and total liabilities of/kloc-. It is worth noting that China Merchants Shekou recently issued a number of equity transfer announcements.
? Zhongnan Construction recently announced that it intends to transfer the equity of Nantong Zhongnan Valley Investment Management Co., Ltd. 100%. As of June 30, 2020, Nantong Zhongnan Valley had total audited assets of 9,540,200 yuan, total liabilities of 7,862,500 yuan, and net loss from June to June of1337,300 yuan. Zhongnan Construction said that after the transaction is completed, the company will further focus on its main business.
? According to the statistics of Guotai Junan, all the above-mentioned housing enterprises have "stepped on the line". The "three red lines" include asset-liability ratio above 70%, net debt ratio above 100%, and short-term cash debt ratio below 1 times after deducting advance payment. According to the classification of "stepping on the line", the scale of interest-bearing debts of housing enterprises is controlled differently.
? Analysts pointed out that the sale of some projects by real estate enterprises can realize the withdrawal of funds as soon as possible and alleviate the short-term debt repayment pressure. At the same time, divesting non-real estate projects with weak profitability can obtain a lot of funds, further optimize the overall business structure and focus on the main business real estate.
? Wang Xiaoyu, an analyst at Zhuge Housing Search Data Research Center, said that the "three red lines" have a great impact on the radical expansion of housing enterprises, and reducing debt has become an urgent problem to be solved. Housing enterprises "step on the line" to sell assets in the short term or continue.
? ? Get your money back and get busy financing.
? With the gradual implementation of the "three red lines" policy, the debt control requirements of housing enterprises have increased, and cash has become the lifeline of enterprise operations. At the same time, at the mid-year performance meeting, a number of housing enterprises will focus on "grasping sales and promoting repayment" in the second half of the year, while some housing enterprises will continue to adjust their financing and debt structure through "trade-in".
? On September 24th, OCT Group Co., Ltd. announced that it will publicly issue renewable corporate bonds (Phase I) to professional investors in 2020, with an issuance scale of 2 billion yuan, accounting for 4.38% of coupon rate. According to the announcement, the raised funds will be used to repay debts and replenish liquidity. On September 25th, Jinke's 8 billion yuan corporate bond issuance was approved by Shenzhen Stock Exchange. The initial issuance amount of corporate bonds shall not exceed 4 billion yuan (inclusive) and the term shall not exceed 7 years. The funds raised will be used to repay debts.
? But in fact, the financing scale of housing enterprises has shrunk significantly recently. Since the second half of the year, the regulatory authorities have repeatedly released signals to tighten the real estate financial policy. In the third quarter, as a transitional period, although the scale of debt issuance by housing enterprises is still at a high level, from a monthly perspective, August and September declined for two consecutive months, and the decline gradually expanded.
? According to the statistics of Kerry Research Center, the financing amount of 95 typical housing enterprises in the third quarter of 2020 was 347.548 billion yuan, down 6.2% year-on-year and 65.438+06. 1% month-on-month. Compared with the quarterly performance of more than 400 billion yuan in the first two quarters of 2020, the financing amount in the third quarter is at a low level in the year. According to the analysis of Ke Rui Research Center, on the one hand, it is mainly due to the maturity of bonds in the first two quarters and loose monetary policy. On the other hand, due to the overheated land in the early stage, the subsequent regulation and control in the later stage, and the symposium of housing enterprises focused on reducing leverage, housing enterprises tightened financing in the case of uncertain direction of specific regulation and control measures in the future.
? Fang Ling, director of enterprise research at Ke Rui Research Center, pointed out that reducing leverage will become the main theme of the future development of housing enterprises. In this context, the financing environment will be further tightened in the fourth quarter, and some financing methods may be strictly regulated. RealData believes that the financing scale in the fourth quarter is likely to continue to be lower than that in the previous quarter. Under the background of tight financing environment and high financing demand, the low interest rate window period of housing enterprise financing has passed, and it is expected that the financing interest rate may keep rising in the fourth quarter.
? Compared with financing, sales rebate is the basic guarantee of cash flow of housing enterprises, and it is also the cornerstone for enterprises to resist high debts and prevent risks. On the whole, housing enterprises have paid more attention to the sales payment in recent years, and the results are also very obvious.
? According to CRIC monitoring, compared with 20 17, the median level of industry sales return rate is only about 80%, and this figure has reached 89% in the first half of this year. Similarly, in 20 17, the arithmetic average of the sales return rate of real estate enterprises was only 77%, and this year it has reached 86%. In the first half of the year, the sales repayment rate of some typical real estate enterprises such as Jinke, Xuhui and Greentown has increased to 95%, which is significantly higher than the industry average. Compared with 19, the marketing return rate of real estate enterprises such as Evergrande and Aoyuan has increased by more than 10 percentage points, which is very obvious.
? "Golden September and Silver 10" is the last chance to grab a bumper harvest.
? While recovering funds and busy financing, it is most important to effectively increase sales through various means.
? In fact, since September, in order to hit the annual sales target, some housing enterprises have increased their push and marketing efforts to hedge the pressure on the financing side. According to the statistics of Zhongyuan Real Estate Research Center, from September/kloc-0 to September 20th, the total transaction volume of commercial housing in 30 large and medium-sized cities in China was 1 215000 square meters, and the transaction area increased by 5.6% compared with the same period in August.
? Evergrande, which has frequently carried out large-scale sales promotion this year, launched a 30% discount promotion of national real estate in September, proposing that the monthly sales of "Golden September and Silver 10" will be 654.38 billion yuan, and more than 40 projects will be promoted during the "Golden September and Silver 10" period.
? Another example is Vanke Shanghai Company, which also launched a marketing activity called "Perfect House Purchase Festival". During the period from September 9th to June 10, 9.9 yuan spent money to buy coupons, which can reduce or exempt the purchase of designated properties such as Zhongxing Road 1, Xijiao Metropolis, Rhine Peninsula and Jade Platinum.
? As a head housing company, Country Garden recently focused its marketing on online channels. It is reported that online house purchase will become an important position of Country Garden's "Golden September and Silver 10" this year. Since September 20th, 28,000 suites of "9.9 yuan House Purchase Discount" have been launched on Country Garden Phoenix Cloud Platform. According to the staff of a region in Country Garden, the marketing activities of "Golden September and Silver 10" in this region are mainly put on the online platform "Tmall Good Room".
? According to institutional monitoring, from August 28th to September 25th, Guangzhou and Shenzhen, key cities in South China, opened 23 sets, adding 12 sets, and clinching 10088 sets, up 6 1. 1% month-on-month, of which just-needed projects accounted for 60.9%, which remained the mainstream of the market. The upcoming 11 holiday market is also worth looking forward to. According to statistics, from the end of September to the beginning of 10, 14, the * * * 8 area in Shanghai is to be opened. Among them, some new offers were quickly obtained in late September, focusing on opening within two days from September 27 to 28. The total number of certificates obtained in September reached 34, making it the highest month in September before 2020.
? For real estate enterprises, this year's "Golden September and Silver 10" is particularly important.
? The relevant person in charge of a real estate enterprise said that although the concept of "Golden September and Silver 10" has been increasingly diluted by real estate enterprises, the sales rhythm is generally arranged according to specific circumstances. However, under the influence of this year's epidemic, the carry-over project will be completed in the second half of the year, so some housing enterprises will choose to sprint in the "Golden September and Silver 10" to complete the annual task.
? An industry insider said that it is normal for housing enterprises to complete 60% of their annual plans by the end of August. Under normal circumstances, 20% of the sales tasks can be completed during the "Golden September and Silver 10" period.
? From this point of view, if "Golden September and Silver 10" is the prelude, then the next 100 days will be the last chance for housing enterprises to grab a bumper harvest this year.