Continue to expand the territory of culture and tourism, Fosun has acquired nearly 2 billion projects under rongchuang

category:Finance
 Continue to expand the territory of culture and tourism, Fosun has acquired nearly 2 billion projects under rongchuang


As for the cultural and tourism business, Fosun is still making efforts, only changing its company.

In September 29th, 600655.SH announced that the wholly owned subsidiary of the group will acquire the 100% stake of Chengjiang Yi bang in the form of share + debt, while undertaking all the claims of Chengjiangs Yi bang.

The consideration for the equity transfer of this acquisition is RMB 1.184 billion; the consideration for the transfer of creditors rights shall be calculated according to the relevant contents of Article 6 of the framework agreement on equity transfer, and shall be calculated according to this clause when paying. Assuming that September 30, 2020 is the signing date of the framework agreement on equity transfer, the first payment date is November 4, 2020, and the second fund payment date is November 23, 2020. According to this calculation, the total consideration for the equity and creditors rights transfer of this acquisition is about 1.92 billion yuan.

By the end of April 2020, the total assets and net assets of Chengjiang Yibang were 1.164 billion yuan and 316 million yuan respectively. The net profit from January to April in 2020 was - 60.1633 million yuan, and the net profit in 2019 was - 540507 million yuan.

Chengjiang Yibang has the development right of Xianhu landscape international leisure tourism resort project (hereinafter referred to as Xianhu landscape project) in Chengjiang City, Yuxi City, Yunnan Province. The project planning includes ecological wetland park, scenic tourism town, five-star hotel, Southeast Asia International Conference Center, mountain sports park, high-end leisure community, American shopping street, lovers beach, walking landscape Avenue, etc.

At present, due to the impact of the epidemic situation, the performance of Fosun company has been greatly affected. Among them, happy business, as an important business layout of Fosun system, suffered losses due to the global epidemic this year, which dragged down the overall performance.

According to the half yearly report of Fosun International (0656. HK) in 2020, during the reporting period, the companys revenue was 63.269 billion yuan, a year-on-year decrease of 7.6%; the parent profit was 2.012 billion yuan, a year-on-year decrease of 73.6%. Among them, the happy business, which accounts for more than 40% of its revenue, has realized an income of 26.94 billion yuan and a loss of 392 million yuan. The income of many hotels and resorts at home and abroad has dropped sharply.

Yu Garden shares and Fosun travel document (1992.HK) are the two largest listing platforms of the happy business section. Under the impact of the epidemic, the performance of Yu Garden shares has stabilized, while the hotels and resorts of Fuxing tourism culture have been hit hard.

Specifically, the mid-term performance of 2020 released by Fosun travel culture shows that during the reporting period, the companys revenue dropped to 4.528 billion yuan, a year-on-year decrease of 50.0%; the adjusted EBITDA decreased to 472 million yuan, a year-on-year decrease of 76.3%; the net profit attributable to shareholders of the company changed from profit to loss, with a loss of about 899 million yuan.

Fosuns travel and culture business is distributed around the world, focusing on overseas. Mediterranean club is the main performance of Fosun. Affected by the epidemic situation, the turnover in the first half of the year was almost cut off. In terms of domestic business, the real money comes from the sales of tourism related properties. Nearly 20% of Fosun lvwens revenue in 2019 comes from the sales of Tangan project, a saleable resort property in Atlantis, Sanya.

Real estate sales drive the performance of cultural and tourism projects, which is almost a common practice in the cultural and tourism industry.

This time, it was purchased by the Yu Garden groups real estate company, Fu Di Group, and it was not only the intention to expand the territory.

It is worth noting that Chengjiang Yibang was originally a travel project under rongchuang banner. Kunming Ronghan Real Estate Development Co., Ltd., a subsidiary of rongchuang, holds 70% of the equity of Chengjiang Yibang, and Kunming Yibang Investment Co., Ltd. holds 30% of the equity of Chengjiang Yibang.

However, while rongchuang disposes of its assets, the projects of its lower branches are still expanding. In late September, Chongqing rongchuang cultural and tourism city announced the opening of the park.

In addition to the cultural and tourism characteristics of rongchuangs cultural and tourism cities, these cultural and tourism cities have become the online hot real estate in the real estate industry with sales performance.

According to Kerui data, in 2019, there are only 10 real estate projects with sales of 10 billion yuan, among which 3 are rongchuang culture and tourism city, namely Jinan, Kunming and Chongqing. Among them, Chongqing rongchuang cultural and tourism city ranks the third with the sales volume of 11.46 billion yuan, becoming the first 10 billion real estate in Chongqings history.

Both rongchuang and Fosun are still optimistic about the cultural and tourism business. It can be seen that the performance of cultural and tourism business impacted by the epidemic may be depressed for a time, and the real estate development business behind it is still gold.

Source: interface news Author: Zhang Ziyi, editor in charge: Wang Xiaowu_ NF