Sino-Leng Holdings are quieruns, and the radical Yang Jian has also begun to be stable.

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Sino-Leng Holdings are quieruns, and the radical Yang Jian has also begun to be stable.

2022-01-27 18:04:14 30 ℃

Production | Company Research Room Real Estate Group

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In only one month in 2022, a millions of house companies have conducted a round of layoffs. On January 16, Zhongliang Holdings said that due to the company's architecture adjustment, the relevant functions of the Holding Group headquarters will be integrated with the real estate group headquarters. It is reported that the number of people whose layoffs involved in this round of people around 300. The front feet have already announced layoffs, and the next day, the announcement has been announced in advance, the dollar bonds expirated on January 31.

The left hand laying on the right hand is still debt, and the medlar holding the scale, and it demonstrates its credit to the outside world. Didn't the Zhongliang Holding in the radical household enterprises have been steady?

1. University of the year, layoff, returning to the main industry

The real estate industry is not good, whether it is a large-house company or a small and medium-sized housing enterprise, we are layoffs, and shrink the business line. At the end of December 2021, the Number of "The First House of Universe" Counting the Country Company was reduced from 106 to 65; mid January 2022, "100 billion Black Malays" Zhongliang Holdings also passed the layoff news.

According to public reports, on January 16, Zhongliang Holdings released the "Notice on the Organization of Holding Group Headquarters", indicating that the relevant functions of the Holding Group headquarters are integrated due to the company's architecture adjustment. It is reported that employees who have no clear landing will be officially left on January 17. The company will pay according to the deputy compensation N + 1 (including performance salary) of the law, and the trial employee pays the restricted compensation for 0.5 months. .

According to the public information, the employees of Zhongliang Holdings Group Platform Company have been more than 600 people. More than 300 people left after the adjustment of one person in the second half of 2021. This integration in 2022, involving 148 Holdings Group Headquarters, 164 new foundation construction support groups, 33 other organizations, of which more than 80 were highly refined. According to batch calculations, it is equivalent to the "one knife cut" of the headquarters, almost completely dissolved.

Some media responded to some media said that the company's active streamlined redundancy is a ring in the second half of the first half of the year. The layoffs are in accordance with the industry's potential, and as other companies in the industry. After this movement is completed, this round of adjustment also comes to a paragraph.

The founder of Zhongliang Holdings, Yang Jian, is very respected, and the Amiba model, which is the reason for the rapid expansion of the medium-sized scale. From 2016 to 2019, the sales increased from 19 billion to 152.5 billion, and the year composite growth rate was 100%. Perhaps the main business is too fast, before listed in 2019, Zhongliang Holdings began to expand innovative business, which was also seen as Yang Jian's test field outside the real estate.

However, in the current environment of the real estate industry, some housing companies have sold the quality asset property company in order to keep the real estate industry. If the innovation business of the middle beam does not make profits, or requires real estate blood transfusion, Yang Jian sees "broken arm survival", cutting down redundant business is also a self-policy.

2. Allegate in advance, "Mingxiao Become"

As a previous day, Zhongliang Holdings had just launched a notice of layoffs, followed on January 17, the company issued an announcement that has been repaid in advance of the US dollar debt residual principal amount and consolidation interest in January 31, 2022. After the payment, there is no expiration of the dollar debt in the next 2 months. Sino-Leng Holdings are launched in advance, the former is for throttle, and the latter is injecting confidence in the market.

From this mid-liang, the US dollar bonus investors don't need too much worry. However, from May to August 2022, Zhongliang Holdings will have 3 expired dollar debts, with a amount of 293 million US dollars, $ 435 million, $ 150 million. These four months of dense repayment period, there is still unmarked challenge for the middle being.

Aspects of "three red lines", at the end of June 2021, Zhongliang Holdings removal of 79.3% after the pre-receipt of accounts; the net liability rate is 56.1%; the non-restricted cash and the mortgage ratio ratio is approximately 1.2, and one red line belongs to "Yellow file" housing enterprise. From the perspective of total debt, at the end of June 2021, Zhongliang Holding interest and liabilities were 54.6 billion, the debt expired within one year was 232 billion yuan, accounting for 42%, which explained that, 2022, the company concentrated repayment The pressure is large.

In addition to the above-mentioned debt bonds, the "hidden debt" of the medium-beam holding shares cannot be ignored. Since 2017, the net debt rate of Zhongliang Holdings has fallen rapidly, and in 2018, it has dropped to the "red line" in 2018. The company has explained: "The rapid decline in debt rate, because the group peels some of the assets, and the total rights and profitability increase And retain quality assets. "

The growth of total rights and interests is mainly due to the surge in interest in minority shareholders. At the end of June 2021, the minority interest in Zhongliang was 22.58 billion, and 3.3 billion by 19.28 billion in late 2020. In the same period, the equity of returned shareholders in the middle beam was only 11.38 billion, an increase of 500 million in the end of 2020.

Mid-Liang Holding minority equity is almost twice that of the equity of returned shareholders, but in the first half of 2021, a minority shareholder net profit will be 120 billion. It is 18 million more than returns. The rights and profits do not match, this is also The "Ming Shabians" of the housing enterprises. At the end of 2021, another minority shareholders' equity accounted for a high-priced housing, China, China Aoyuan employees, and was seeking to sell assets. Therefore, Mid-Liang Holdings will have certain risks of tyrannical risks even if the US-dollar debt can be exchanged in advance. 3. Radical turnover, return rate is an important assessment indicator

In the real estate circle, Yang Jian once is one of the representatives of the radicalist. Yang Jian has a famous saying. "If the layout first-line city is Bulus , the layout of the three-four-tier city is to open the BMW MINI. You Opened 10 battles, I opened 50 BMW MINI, I still have a chance. "So, in high turnover, Zhongliang Holdings mainly called" Little Country Garden ". From 2016 to 2018, the sales of Zhongliang Holdings increased from 19 billion to 101.5 billion, becoming a hundred billion house.

In 2021, the sales of Zhongliang Holdings was 171.8 billion, an increase of 1.78% year-on-year; the contract sales area was 14.77 million square meters, a year-on-year increase of 5.71%. According to the sales goal of the Group RMB 180 billion, the target completion rate is 95%. Michara's data showing that in 2021, the overall target completion of the large-scale housing and enterprises is far from the same history, and the average target completion rate is less than 90%, and the target completion rate of the middle beam is higher than the industry average.

According to the information of the Zhongliang Holding Public No. 2021, the company adjusted the assessment indicators, and the performance evaluation index was changed from "contract sales" to "sales return". When the financing end of the housing and enterprises, sales return is an important means of maintaining cash flow stabilization. In particular, most of the debt of Zhongliang Holdings is mainly based on short-term debt, and it is more important to improve the return rate.

Through promotion, go to stock, grab, mid-November 2021, Zhongliang Holdings have achieved the annual fund recovery than expected, and the annual sales return rate reached 85%, and the cash flow realized forward. increase. According to 85% of the return rate, the sales return of China Liangzhi Holdings in 2021 was close to 150 billion.

At the beginning of December 2021, the Bank of China said that at this stage, the real estate development loan, and the acquisition loan is reasonably issued according to different situations. Subsequently, the three private housing companies in Longhu Group, Country Garden, and Longguang Group have successfully bonded in the territory, and the domestic financing window will be opened again.

In 2022, Yang Jian said that "Zhongliang will be stable, steady, continue to pursue quality and safe and healthy development." Next, can enter high-quality and robust housing enterprises to seek a stable middle beam . If you can get a domestic financing window, it indicates that China beam has certain safety, otherwise only by selling back a leg, still some danger.