Perspective of New Town Holding Assets Sale: Nearly all 10 major projects have zero revenue

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 Perspective of New Town Holding Assets Sale: Nearly all 10 major projects have zero revenue


On the evening of July 24, Xincheng Holdings disclosed the trading situation of 10 real estate project shares sold in the first batch, with a total consideration of 4.150 billion yuan, equivalent to 13.62% of the audited net assets of Xincheng Holdings at the end of 2018, which were paid in cash.

New Town Holdings pointed out that the above transactions will help optimize the companys asset structure. At the same time, New Town Holdings believes that the transaction will not have a significant impact on the companys operating performance and financial performance in 2019.

Earlier, there were market rumors that New Town Holdings had begun to pack its assets, and there are currently about 68 projects for sale. Jinke will become the first buyer to take over the offer. New Town Holdings issued a Clarification Announcement on market rumors late on July 22, stating that about 40 projects (including joint venture projects) have been negotiated and sold.

The announcement of board resolution issued by Xincheng Holdings on the evening of the 24th shows that the total amount of the planned transfer of equity and related creditors rights of some project companies in this round does not exceed 15 billion yuan. The completion of the transaction is expected to add about 15 billion yuan of net cash, which can reduce the follow-up development cost and expenditure of this part of the project about 3 billion yuan in the current year.

It is noteworthy that the announcement shows that 10 projects are distributed in Hangzhou, Shandong Province, Qingdao, Jiangxi Province, Shangrao and other places. All the projects were taken in the first half of this year. Except for Pinghu Yueze Real Estate Development Co., Ltd. which was just established on July 5, there is no financial data, the other 9 projects have zero revenue and the project is now complete. The Ministry is in the preparatory stage of development, so it has a large debt, even the land just got in July. The intention of expansion and contraction of New Town Holdings is obvious.

Taking Changshu New Town Yuexin Real Estate Development Co., Ltd. as an example, the reporter of Beijing News noticed that the total assets of the company were 1.5 billion yuan, the net assets and net profits were - 583.9 million yuan, and the operating income was 0. It is understood that the company was founded on April 28 this year, is a project company for the development of Changshu urban area 2019A-005 Cultural Zone photographed by New Town Holdings on April 9 this year. The project is still in the preliminary stage of development preparation.

In addition, in the first half of 2019, the amount of land investment in New Town Holdings was about 55 billion yuan. After deducting the proposed transfer part of this round of transactions, the amount of land investment in the first half of 2019 was about 40 billion yuan, an increase of about 15% compared with the same period last year. New Town Holdings pointed out that the target of contract sales in 2019 is still 270 billion yuan, and this round of transfer will not have a greater impact on the companys operating performance this year.

Reporters found that the first sale of the project a total of six Housing enterprises involved in the transaction. Among them, Jinke has become the largest buyer and participated in six real estate projects. According to the announcement issued at the same time, the total turnover of Jinke shares in this transaction is about 1.721 billion yuan, involving 1.022 million square meters of capacity building area.

The real estate project is not accidental. In fact, four days after the Black Swan incident in New Town, Jinke shares issued a notice on July 7 to provide 150 million subsidies to New Town Holdings.

The cooperation between Jinke and Xincheng has existed for a long time. In 2017, Xincheng Holdings Co., Ltd. joined hands with Jinke to build the first project of Xincheng entering Chongqing, Jinke Taoli County. This year, in Fuyang, the two sides cooperated in the development of Jinke Jiangshan City Project. In addition, in Suzhou, the two sides cooperated in the development of the Tianyuanfu project in Suzhou.

Behind the withdrawal of funds from Xincheng Holding Sales Project, the financing channels of domestic real estate industry have been tightened.

On July 12, the State Development and Reform Commission issued the Notice on Requirements for Registration of Application for External Debt Issuance by Real Estate Enterprises, requiring real estate enterprises to issue foreign debt only to replace medium and long-term foreign debts due in the next year; real estate enterprises should specify the details of the proposed replacement of foreign debts in the application materials for foreign debt registration. Detailed information, including debt size, maturity, registration by our commission, etc., and submit the letter of commitment on the authenticity of foreign debt issued by enterprises and so on.

According to Wind data, the total liabilities of 135 listed real estate companies are increasing. By the first quarter of 2019, the total liabilities exceeded 8.5 trillion yuan. Only 51 companies with positive cash flow accounted for 37.78%. Since January 1, 2019, a total of 15 Housing enterprises have issued announcements of additional plans, the number of which has increased by 150% compared with the same period in 2018. Since mid-2018, New Town Holdings has been the sixth real estate company in debt.

New Town Holdingsfirst quarter earnings show that as of the end of March, the debt rate of New Town Holdings reached 85.47%, and the total debt of the company in the first quarter was 313.348 million, second only to Vanke A, Greenbelt Holdings, Poly Real Estate, Huaxia Happiness, Merchants Shekou and so on. It also belongs to a real estate company with very radical financial position in the same industry.

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