Who will become the new leader in the region?丨 The current situation of real estate companies

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Who will become the new leader in the region?丨 The current situation of real estate companies

2022-06-23 00:05:56 11 ℃

The back wave rushed, and the front wave was not silent.

Author | Su Ying

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Source | Mustang Finance

Among the many factions of real estate rivers and lakes, the "Sichuan -Chongqing" in the southwest is more unique. Yijiang Qingshui gave birth to homologous culture, but housing companies in the two places have a very different style.

On the whole, Sichuan real estate companies tend to be conservative and low -key, and focus on the mainland; while Chongqing housing companies choose to expand scale and be keen to deploy nationwide.

However, in the era of the rapid development of real estate, Sichuan -Chongqing real estate companies were not limited to a model. Instead, they created a lot of myths that belonged to the times by borrowing and learning from each other.

Today, as the market dividend retires, many former dark horses have been defeated. Entering the "Black Rail Age", what is the current status of these Sichuan -Chongqing real estate companies?

Last housing enterprise moves towards a fork road

When the wheels of history begin to rotate, each faction will have several representative housing companies on the historical stage, and the Sichuan -Chongqing system is no exception.

From the perspective of Kerry's housing enterprise sales list, in 2017, Longhu Group (0960.HK) took the lead in entering the 100 billionth echelon at a scale of 156.03 billion yuan, becoming the first real estate company in the Sichuan -Chongqing system that exceeded 100 billion yuan. The following year, Jinke (000656.SZ) and Blu -ray Development (600466.SH) were also unwilling to enter the 100 billionth camp for 129.11 billion yuan and 104.17 billion yuan, respectively.

At this point, the development of Longhu Group, Jinke, and Blu -ray has established its leading position in Sichuan -Chongqing real estate companies, and even many media have called several real estate companies "one brother" in the report. However, Longsheng Jiuzi has its own differences. The three real estate companies, which are also "one brother", are now facing different situations.

From time to time, the earliest time for the establishment of the three real estate companies was the development of blue light. Founded in Chengdu in 1990, the reorganization was completed in the Shanghai Stock Exchange in 2015, and the backdoor Dikang Pharmaceutical was launched.

In fact, as early as the listing, the founder of Blue Light Development, Yang Yan, shouted the goal of "breaking 100 billion yuan in nine years" and led the company on the road of leverage.

In the years after listing, Blu -ray development operating income has accelerated. As of the end of 2019, Blue Light's development achieved revenue of 39.194 billion yuan, an increase of 122.71%over 17.598 billion yuan in 2015; net profit was 4.159 billion yuan, an increase of 335.95%from 954 million yuan in 2015.

During this period, Zhang Qiaolong, then CEO of Blu -ray Development, said that in the journey over 100 billion yuan, Blu -ray had to build an excellent Blu -ray. In 3-5 years, it is necessary to build an excellent A-share listed company and become the most profitable and growing company.

However, at the same time, the scale of Blu -ray development of debt has also increased significantly. At the end of 2019, the total debt scale of Blu -ray developed was 162.77 billion yuan, an increase of 262.57%over 44.893 billion yuan in 2015. Its asset -liability ratio is also more than 80%for four consecutive years.

In October 2019, Blu -ray company Blu -ray Jiabao was listed on the Hong Kong Stock Exchange, and Blu -ray entered the era of the "A+H" dual capital platform.

Just a year later, Blu -ray development encountered a crisis. In October 2020, Ping An restricted Blu -ray financing internally because the financing of a billion yuan with Ping An was not replaced at the agreed date, and the Domino brand effect was immediately triggered. Since then, a number of financial institutions have made funds tightening, and Blu -ray development has begun to default debt defaults.

During this period, Blu -ray Development has sold assets for self -rescue many times, and even puts pharmaceutical companies and property companies on shelves. In 2021, the second -generation "post -95s" Yang Wuzheng developed by Blue Light also chose to take over in the crisis.

However, from the current point of view, a variety of measures have not helped Blu -ray developing out of debt dilemma.

Source: Blu -ray Development Announcement

As of May 31, 2022, Blu -ray Development disclosed that the principal and interest of the debt that had not repaid its accumulated due expiration was 33.811 billion yuan, including a variety of debt forms such as bank loans, trust loans, and debt financing instruments. At present, the company is actively coordinating the solution with the financial institutions involved above.

Among the Sichuan -Chongqing housing companies, Jinke shares that entered the 100 billion threshold as Blu -ray in the same year as Blu -ray are also a dark horse.

In 2015, after being trapped with Sunac China (1918.HK), under the leadership of Huang Hongyun, Jinke shares changed the previous steady business method and chose the scale expansion.

From 2016 to 2020, the total number of new land in Jindu shares was 34, 79, 110, 192, and 148, respectively. The total amount of land purchase contracts exceeded 300 billion yuan.

Source: Jinke Co., Ltd. 2020 annual report

At the same time, the sales scale of Jinke also rose. According to Kerry data, in 2016, the sales amount of Jinke Group was 45.52 billion yuan. In 2020, Jinke Group has exceeded the 200 billion mark, achieving a full -caliber sales amount of 223.49 billion yuan, ranking 16th among housing companies.

In March 2020, the Huang Hongyun family also located 133 in the "2020 Hurun Global Real Estate Rich List" for 15 billion yuan.

With the continuous expansion of the company's scale, the liquidity of Jinke shares has gradually appeared.

The annual report shows that as of the end of 2021, the short -term borrowing of Jinke shares and the total non -current liabilities expired within one year were 32.677 billion yuan. At the same time, its cash and cash equivalents were 27.645 billion yuan, which was not enough to cover short debt. On May 30, Jinke also announced the official exhibition period of a bond named "20 Gold 03". The balance of the bond was 1.25 billion yuan, and the exhibition period was 12 months.

Faced with the upcoming debt, on June 17, Jinke said that it will actively communicate with financial institutions and bond holders, and properly negotiate the bond sales plan and financing repayment arrangements.

While the development of Blue Light and Jinke's shares are liquidity, the performance of the other Sichuan -Chongqing housing company leader Longhu Group is relatively stable.

Source: Canned Gallery

In 1993, Wu Yajun founded Chongqing Jiachen Economic Development Co., Ltd., which was the predecessor of Longhu Group.

In 1997, Longhu Group developed the first residential project Longhu Garden Nanyuan in Chongqing. In the following 20 years, Longhu Group gradually expanded its business to the whole country. In 2009, Longhu Group was listed on the main board of the Hong Kong Stock Exchange.

"After the listing, I had more responsibilities, lost the freedom to not develop, and could not be a little wealthy, and developed into a mission." Wu Yajun said at the time.

In fact, Longhu Group, which looks smooth, is not all smooth. In recent years, sales have decreased, gross profit has declined, and the ranking has fallen, and the performance growth of Longhu Group has also encountered bottlenecks.

But at the 2020 annual meeting, Wu Yajun said that I didn't care about the scale ranking at all, and I didn't want to spend money to buy the ranking.

In 2021, Longhu Group achieved full -caliber sales of 290.9 billion yuan, an increase of 7.2%year -on -year, ranking 10th among housing companies.

In May of this year, Longhu Group was also issued debt as the first batch of demonstration private housing companies. On May 18th, a bond named "22 Longhu 03" in Longhu took the lead in issuing. The issuance scale was 500 million yuan.

It is worth noting that during this debt issuance, Longhu Group is also the first private real estate enterprise to start credit protection tool financing.

In this regard, Guan Rongxue analyzed by Zhuge Housing Data Research Center, starting with high -quality real estate companies, restoring its financing in the bond market, it is conducive to boosting market confidence, alleviating the depression of the industry, and supporting the release of reasonable financing needs of real estate companies.

Without General Changsheng, Sichuan -Chongqing "veteran" reduced speed reduction

In addition to the higher -well -known leading housing companies, in the Sichuan -Chongqing area, there are also a group of "veterans" of real estate companies. The establishment time is comparable to leading real estate companies, but in recent years, it has retreated in the market changes. , Gradually lonely.

Xiexin Yuanchuang is the typical representative of them. Speaking of Xiexin Yuanchuang, it has a glorious past. As one of the old real estate companies in Chongqing, it has been collectively referred to as "Chongqing Trinity" with Longhu and Jinke.

In 2014, Xiexin Group ranked 48th in the sales list of Rui real estate enterprises with a sales list of 1.5.53 billion yuan, which once ushered in a high time.

Image source: Kerry Data

In 2014, the fate of Xiexin Yuanchuang turned to a turn. This year, the founder Wu Xu was taken away by the relevant departments to assist in the investigation.

A few months later, Wu Xu, who returned, tried to get rid of the dependence on the residential market, and began to lead Xiexin Yuanchuang to commercial real estate and industrial real estate business layout.

However, compared with the residential field, these new businesses have a large investment in the early stage, with a long return cycle, and cannot achieve their income quickly. In 2015, Xiexinyuan's performance declined, and revenue and net profit decreased by 5.8%and 39.47%year -on -year, respectively.

Since then, after the failure of the transformation and the failure of the backdoor reorganization, Xiexin Yuanchuang finally defeated before the cash flow. In April 2020, Xiexin Yuanchuang sold 51%of the company's equity to the Singapore Urban Development Co., Ltd. (hereinafter referred to as CDL), a subsidiary of Fenglong Group, and introduced the "white knight".

However, CDL entry did not help Xiexin Yuanchuang solve the debt crisis from the root cause. On October 14, 2021, according to the Chongqing Bankruptcy Court Officer Weili, Xiexin Yuanchuang was ruled to be bankrupt and reorganized. At present, Xiexin Yuanchuang's bankruptcy reorganization is still underway.

Territory Holdings (6999.HK) is another old real estate company in Sichuan and Chongqing. It was established in 1999. In December 2020, it landed in the Hong Kong stock capital market and was the first real estate company listed in Hong Kong stocks in Sichuan. In July of the following year, it was successfully split its property leading service (2165.HK) independently.

In the 2021 housing company sales list, the territorial group ranked 98th in the housing company with a sales of 25.12 billion yuan, and was one of the few top 100 housing companies.

However, although it is located in the top 100 housing companies, this is still a large gap with the target set by the territory holding. Earlier at the 2019 brand conference, territorial holding stated that it would achieve 100 billion yuan from 2020-2021.

Today, the goal of 100 billion has come to an end, and this old real estate company has recently encountered new troubles. On May 19, the territorial control of the territory flickered, the 3.41 Hong Kong dollar/share opened, and the decline in the afternoon expanded to 85%, and the final closing was 0.55 Hong Kong dollars, a drop of 83.82%.

Source: Wind data

That night, the territory holding stated that the group's operations remained normal and continued to carry out business as usual. I did not know that any information must be disclosed to avoid information about company securities.

One day later, on May 20, the territorial control of the territory had skyrocketed, and the increase in the market once reached 140%, and finally closed at HK $ 1.15/share, an increase of 109.09%. Behind the stock price roller coaster, the liquidity problem of the territorial control of the territory also floats.

The annual report shows that the territorial holding banks and other borrowings within one year are about 3.232 billion yuan, and about 7.645 billion yuan in trade payables and bills within one year. During the same period, the territorial holding cash and bank balances were 5.224 billion yuan, and the mortgage deposits of 147 million yuan and a restricted cash of 779 million yuan were deducted. The cash control of the territory could not cope with the pressure of 10.877 billion yuan in debt in 2022.

On June 13, Territory Holdings also announced that it intends to seek the exchange period for bonds for $ 123 million (approximately 828 million yuan) of bonds that are about to expire.

In the "speed reduction tide" of Sichuan -Chongqing real estate companies, CCCC (000736.SZ) with the background of the "Yang" has failed to avoid liquidity pressure.

The predecessor of CCCC Real Estate was Chongqing Industry. It was founded in 1993 and was listed on the Shenzhen Stock Exchange in 1997. After a series of integration and reorganization, it became a domestic listing company in China to build real estate business. In 2017, it was officially renamed "CCCC Real Estate".

Different from the conservative style of state -owned enterprises and central enterprises, in recent years, CCCC Real Estate has adopted more radical expansion measures.

The annual report shows that from 2019 to 2021, CCCC Real Estate has added 15 new land projects to 15, 30, and 21 respectively, and the equity price is 11.8 billion yuan, 25.254 billion yuan, and 31.426 billion yuan, respectively.

During the same period, its sales scale was 29.387 billion yuan, 53.3 billion yuan, and 56 billion yuan, respectively, and completed its 3 -year 50 billion yuan target proposed in 2019.

However, although the scale of sales is rising, its profitability is declining. In the past three years, the net profit of CCCC Real Estate was 1.122 billion yuan, 896 million yuan, and 739 million yuan, respectively.

At the same time, it also faces a lot of debt pressure. The first quarterly report of 2022 showed that the short -term loan of CCCC's short -term loan plus non -current liabilities within one year was 17.84 billion yuan. At the same time, its cash and cash equivalents were 15.575 billion yuan, which was not enough to cover short debt.

Source: Enterprise Early Warning

The corporate warning channel shows that there are still 9 durable bonds at the current China Communications Real Estate, with a total size of 4.6 billion yuan, of which 2.8 billion yuan will expire within 1 year.

Qianlang adheres to, and afterwards, who can carry Sichuan -Chongqing banner?

In the environment where the market continues to decline, facing the competition of foreign housing companies, how to survive in a new environment has become a question of local real estate companies.

Among them, the top 100 Sichuan -Chongqing is the old rivers and lakes, while giving the country and layout of the country, and in 2021, they have achieved good results.

According to the sales list of Kerry's housing companies, in 2021, New Hope Real Estate achieved full -caliber sales of 105.91 billion yuan, exceeding the 100 billion mark for two consecutive years. In addition, Huayu Group, Dongyuan Real Estate, and Sunshine Land have achieved sales of 76.04 billion yuan, 55.37 billion yuan, and 32.51 billion yuan in sales, respectively, which has stabilized their seats among the top 100 housing companies.

In addition, there are some new forces in the Sichuan -Chong region in the past two years. For example, German and Commercial Real Estate in Sichuan, Xingcheng House and Haicheng Group, headquartered in Chongqing.

Among them, the strategies of German and business home and the city have different strategies. Specifically, German and business owners attack the market segment, focusing on the improvement of the residential field in Chengdu, and launching product departments such as "Tianxi" and "Tianjiao". Xingcheng's residence is full of flowering, layout in many places, covering the soil storage to 19 districts and counties in Da Chengdu, and trying to expand the foreign market outside the province.

Source: Kerry Data

In 2021, German and Commercial Real Estate and Xingcheng Human Residence achieved sales of 12.578 billion yuan and 11.32 billion yuan, respectively. They won the 9th and 13th results in the sales list of typical real estate enterprises in Sichuan Province, and became the Sichuan Department. New forces that cannot be underestimated.

The strategic play of Haicheng Group is to win a win -win cooperation. In 2020, Haicheng relocated the group headquarters to the main city of Chongqing, and carried out strategic cooperation with many housing companies such as Longhu, Sunac China, Jinto Co., Ltd., Zhongliang Holdings (2272.HK), layout of Sichuan and Chongfeng, expanded, expanded, and expanded Regional impact.

In 2021, the sales list of Chongqing housing enterprises in Ruida, Haicheng Group forces a lot of well -known housing companies, ranked 5th with a full -caliber sales of 14.614 billion yuan, becoming a new local dark horse.

Source: Kerry Data

For a long time, the competition of local real estate companies and foreign housing companies has never stopped. Chengdu and Chongqing, which have a total population of more than 20 million, are an important part of the southwest of housing companies.

In addition to the population advantage, since this year, the Sichuan -Chongqing region has also been more obvious in the policy side. For example, on behalf of Chengdu, Chengdu issued two new property market policies on May 16 and 31. The content includes restrictions on purchase restrictions, relaxation of sales, optimizing the provident fund policy, and adjusting the value -added tax for second -hand housing transactions. The provident fund loan housing policy.

Guan Rongxue, an analyst at the Zhuge Housing Data Research Center, said that a series of improved measures in Sichuan and Chongqing region are of great significance to boosting market confidence, and at the same time to meet the increase in demand for housing in qualifications, it will be expected to drive the transactions in the Sichuan -Chongqing region to rise.

And in this context, which real estate companies can get the relay rod to become a new representative real estate company?

Yan Yuejin, research director of the Think Tank Center of the E -House Research Institute, said that in recent years, many well -known enterprises have been born in the Sichuan -Chongqing market. The real estate market performance is worthy of recognition. It not only enriches the local market competitive structure, and has a positive effect on product development.

He added that the housing company structure in Sichuan and Chongfeng is now rewritten. It is a key node for some housing companies, and it will retreat if not in.Real estate should actively make business adjustments, including financing policy coordination, market structure and product innovation, so that they can survive in the current market.

Have you ever been to the Sichuan -Chongqing area?Which housing companies do you think will become the new faction leader of Sichuan and Chongqing in the future?Welcome to leave a message for discussion.