As an old brand real estate enterprise that once rushed to the second place in the industry, Greenland gradually showed a sluggish growth state after catching up with the rising stars. Last year, Greenland failed to achieve its sales target of 400 billion yuan, and its sales in the first half of this year also dropped by 20.7% year on year. In the urgent need to recover the status of the river and lake, the mixed transformation has become a new turning point for green space to speed up.
Promote the diversification of enterprise equity
In the current equity structure of Greenland, Shanghai real estate holds 3.142 billion shares of Greenland, accounting for 25.82%, which is the second largest shareholder; Shanghai urban investment holding 2.5 billion shares, accounting for 20.55%, is the third largest shareholder; the largest shareholder is Shanghai Greenland investment enterprise (limited partnership), with a shareholding ratio of 29.13%.
Shanghai real estate and Shanghai urban investment are 100% controlled by Shanghai SASAC, which means that SASAC holds 46.37% of the equity of Greenland through Shanghai Urban Investment and Shanghai real estate, far exceeding the largest shareholder.
The introduction of new strategic shareholders can promote enterprises to improve the degree of marketization, enhance the freedom of operation and management, and accelerate the release of reform vitality. A new round of mixed reform is an important measure to promote the comprehensive reform of state-owned assets and state-owned enterprises. Green holding chairman, president Zhang Yuliang said.
From 1992 to 1997, Greenland operated according to market-oriented rules under the pure state-owned system; from 1997 to 2013, it established and continuously improved the shareholding system of state-owned holding and employee holding; from 2013 to 2015, it introduced strategic investors to form a mixed ownership system of cross shareholding and mutual integration of state-owned and non-public capital; since 2015, it has been listed as a whole and become a public company.
As a model of mixed reform, Greenland has successively participated in the reform of central enterprises and local state-owned enterprises after accumulating reform experience, and invested in the former Baosteel construction, Guizhou construction engineering, Jiangsu provincial construction, Tianjin Construction Engineering, Xian construction engineering, China Eastern Airlines logistics, Shanghai Airlines International Travel Service and other state-owned enterprises.
Shanghai has always been a pathfinder in the field of state-owned assets reform. After the implementation plan for Shanghai to carry out comprehensive reform experiment of regional state-owned assets and state-owned enterprises was issued in September last year, the mixed reform of state-owned assets in Shanghai has stepped into the deep-water area, and it is urgent to find a new benchmark in the second mixed reform stage.
The industry believes that at this time, Greenland launched a new round of deep mixed reform, which can promote the companys equity structure to be more perfect. While maintaining the support of the core financial investors of state-owned assets, it can further enhance the capital strength, enhance the degree of marketization, and maximize the advantages of the system and mechanism.
Return to the anxiety of highlight time
At present, the mixed reform scheme of Greenland is similar to Gree. In December last year, Gree Group was in urgent need of introducing Hillhouse capital with the reform to release vitality, and Gree Group retired as a small shareholder. At present, green space also faces the situation of performance development to be improved.
According to the analysis of CITIC construction investment, the main reason why Greenland increased revenue but not increased profit in the first half of the year was that the operating profit margin of the company in the first half of the year decreased by 1 percentage point compared with the same period of last year, thus driving the companys return to parent net profit rate to decline by 0.6 percentage points compared with last year.
Since the beginning of listing, Greenland has been committed to promoting the transformation of real estate business to focusing on profitability, development and operation, and gradually forming an industrial pattern with real estate and infrastructure as its main business and coordinated development of finance, consumption and health. After years of development, large infrastructure construction has become the main source of income to keep pace with housing development.
However, due to the characteristics of capital investment, long payback period and low profit margin, the overall profit quality of Greenland is affected. In the past three years, the comprehensive gross profit margin of Greenland was 14.34%, 15.35% and 15.46% respectively, of which the gross profit rate of major infrastructure sector last year was only 4.31%.
In addition, by the end of the first quarter of this year, the long-term debt of Greenland reached 195.598 billion yuan, the short-term debt was 108.761 billion yuan, and the book capital was only 78.141 billion yuan. The financial situation is relatively tight, and Greenland urgently needs to speed up its growth and find new performance incentives within the safety line.
In the first half of the year, Greenland Infrastructure Group signed a new contract of 267.3 billion yuan, a year-on-year increase of 49%; the trading port group achieved a revenue of 4.5 billion yuan, a year-on-year increase of 52%, which is expected to grow into a new profit growth point; the financial industry, hotel tourism industry and health industry are also in the process of synchronous promotion. At the same time, Greenland focuses on business payback. In the first half of the year, Greenland holdings received 125.7 billion yuan of funds, with a return rate of 95%, an increase of nearly 15 percentage points over the same period of last year. Among them, the sales amount of residential products accounted for more than 70%, and the collection rate reached 106%. Although the second half of the year is still in the normal environment of epidemic prevention and control, the situation is generally better than the first half of the year. Greenland is confident to keep the target unchanged at the beginning of the year and keep the target unchanged, so as to continuously promote high-quality development. Zhang Yuliang said. Greenland is also expected to take advantage of the second mixed reform to usher in a new turning point in performance development. Source of this article: Guo Chenqi, editor in charge of first finance and Economics_ NBJ9931
In the first half of the year, Greenland Infrastructure Group signed a new contract of 267.3 billion yuan, a year-on-year increase of 49%; the trading port group achieved a revenue of 4.5 billion yuan, a year-on-year increase of 52%, which is expected to grow into a new profit growth point; the financial industry, hotel tourism industry and health industry are also in the process of synchronous promotion.