Fracture by fusion wound: a five finger mountain is pressed on the head

category:Finance
 Fracture by fusion wound: a five finger mountain is pressed on the head


Not long ago, the person who bought this dish with 17001 Ping said that he wanted to scold his mother.

The same drama has been staged in Tianjin, Wuhan and Zhengzhou. They are both first and second tier cities. The protagonist of the story is the same family, rongchuang.

The dust of the times falls on the head of the real estate giant, and sometimes it is also a mountain.

Oriental movie city with broken house price

In July 2017, Wanda sold 91% equity of 13 cultural and tourism projects to rongchuang China at a price of 43.8 billion yuan, which shocked the whole industry. Among the 13 cultural tourism projects, Qingdao Oriental film metropolis is included.

Since its opening in May 2018, more than two years ago, in the Oriental movie capital, there have been many box office and word-of-mouth blockbusters such as Pacific Rim 2, the Great Wall, crazy alien, wandering earth and so on. At the same time, at the opening of 2018, the residential project supported by Oriental movie capital and located on Xingguang island was delisted by rongchuang, who was surrounded by the sea in all directions, and sold out at the price of nearly 20000 yuan / m2.

Feng Li recently inquired on fangtianxia website that the average price of second-hand houses in Oriental movie capital is 14000 yuan / m2. According to other news, the price of Xingguang Island project, which was suddenly promoted recently, has dropped to 12800 yuan / m2, nearly 50% off the opening price in 2018. Compared with Evergrandes high-profile 75% discount, rongchuang is playing a low-key fracture promotion.

Not only the Oriental movie capital, but also rongchuangs other property in Qingdao, the Victoria Bay project in the West Coast new area of Huangdao, currently shows an average price of 10073 yuan / m2 on fangtianxia website, a decrease of 1.5% compared with the previous month, and a decrease of 20.42% compared with last year.

Victoria Bay and film capital have cut prices significantly, and Victoria Bay has been sold to 8500 before, and now it has recovered to its early 9000 in the end, an analyst in Qingdao told Feng Li.

A person familiar with the matter told Fengli that the discount projects of rongchuang mainly come from the cultural and tourism projects of Wanda. The location of such projects is relatively remote, and the land price is relatively low. The price reduction is based on a foundation and does not cause much damage to profits.

In addition, the person familiar with the matter said that in fact, rongchuang was the main leader in this round of house price decline. Its true that HENGCHUANGs selling rate is even higher than Hengdas. Of course, such a price reduction is seasonal. At the end of this year, the price will be reduced at the end of the year, and then it will rise again quietly. At the end of this year, affected by the epidemic situation and the three red lines, it is impossible to sell a house without reducing the price..

Analysts said that profit is not the root of big real estate companies price reduction. Rongchuang does not pursue pure profit, but pursues sales volume. If sales occupy the top several positions of real estate enterprises, financing will be easy, so sales can not be reduced..

Tianjin, Wuhan, Zhengzhou, Chengdu, Guiyang

A similar situation also happened in Wuhan. In September this year, rongchuang opened a real estate named jiupaijiangshan Jiangfu in Wuhan. It is reported that the record price of the property is 9000 yuan / m2, the first price released is 8300 yuan / m2, and the average price of surrounding new houses is about 9200 yuan / m2. Just after the price was announced, more than 100 groups reported that rongchuangs price was suspected of disturbing the market.

The price difference of less than 10% has caused such great dissatisfaction among enthusiastic citizens. Some analysts think that the report was made or that it was done by peers.

In the end, numerous complaints led to the interview of the person in charge of rongchuangs real estate, and received a corporate regulatory letter, demanding rectification.

Zhengzhou is no exception, the owners because of the reduction of prices caused a lot of sales offices, claiming to protect their rights. According to the owner, rongchuang Zhongyuan grand view opened on May 15 this year. The transaction price of low floor is 14000 yuan / m2, and that of high floor is 16000 yuan / m2. Five months later, the price of Zhongyuan Daguan suddenly fell to 12100 yuan / m2 - 12500 yuan / m2. The owners lost between 130000 and 250000.

On September 27 this year, Zhongyuan rongchuang cultural and tourism city, located in Zhengzhou plain new area, opened. According to the information released by rongchuang, 1000 people scrambled for houses on that day. The starting price of high-rise buildings was 5288 yuan / m2. 2046 houses were sold on the same day, with a turnover of 1.4 billion yuan. It is worth mentioning that in 2017, the price of many properties in Pingyuan new area was about 10000 / m2. Now rongchuang starts to open at a low price, which is equivalent to cutting down the real estate price in Pingyuan new area.

In addition to direct price reduction, rongchuang also launched various marketing strategies in Zhengzhou. The Chenyuan of rongchuang airport, located in the aviation area, used to have a fine decoration price of 12000 yuan / m2, while the current blank price is only 8500 yuan / m2. At the same time, the subsidy of 100000 yuan can be offered to those who have bachelors degree.

Rongchuangs Guanlan No.1 in the Lvbo area of Zhengzhou has also launched a reduced price house, with a special price of 9000 yuan / m2. Compared with 2017, the highest price of high-rise buildings in Lvbo District reached 15500 yuan / m2, and that of western style houses reached 18000 yuan / m2.

Located in the North Fourth Ring Road of Zhengzhou, rongchuang dahechen hospital and rongchuang city are also in price reduction. Rongchuang dahechen courtyard special price room from 11000 yuan / m2, and provide 50000-150000 house purchase subsidies. Rongchuang city launched a special price house, with an average price of 10500 yuan / m2 and a minimum price of 9300 yuan / m2. Compared with the price of 15000 yuan / m2 of Yongwei City Phase VI next door, the price difference is 5000 yuan.

In Chengdu, in order to improve the sales volume of Chengdu rongchuang cultural tourism city project, since the National Day holiday, rongchuangs agent commission to real estate intermediary companies has risen to 8.5%. According to a contract previously signed between rongchuang Chengdu cultural tourism city and the intermediary company obtained by Fengli, during the cooperation period from January 1, 2020 to June 30, 2020, the agent commission of apartments is 7% of the total number of apartments agreed in the commercial housing sales contract, 3.5% for high-rise buildings, 3.5% for foreign-style houses, 2.5% for villas and 6% for shops. That is to say, since October, the agency commission of rongchuang to intermediary companies has been greatly increased.

Some people in the industry analyzed Fengli that the 8.5% commission is quite high, and the Commission for normal residential projects is 1.5%. However, this person also said that because cultural and tourism projects are not easy to sell, the Commission is relatively higher.

In Guiyang, rongchuang launched a number of low down payment marketing strategies. Rongchuang jiuchen house, located next to Guilong Avenue in Guiyang Shuanglong Airport Economic Zone, has a down payment of only 18000 yuan / m2 for small high-rise buildings, with a unit price of about 4900 yuan / m2. Rongchuang City, located in Huaxi District, Guiyang, can buy a three room (95m2, 110m2) with a down payment of 30000-50000 yuan.

According to the analysis of Fengli, there is no need to reduce the price for a good city, a good location and a good supporting house. The problem is that there are too many new urban areas, and the supporting facilities are not good. In addition, the tourism and health care projects mentioned above have caused problems among them, so peoples minds are in disorder

The purpose of rongchuangs fancy sales promotion in many places is very clear: first, to withdraw funds; second, to shock sales at the end of the year, so as to facilitate the next step of financing.

In the past 10 years, rongchuang has grown from a regional real estate enterprise with contract sales of only 7.1 billion yuan and land reserve of 5.9 million square meters to a real estate giant with a sales volume of 556.2 billion yuan and ranking among the top 5 in the industry. In the past 10 years, sun Hongbin adhered to the radical line, high debt and high turnover, in order to obtain high-speed growth. However, with the sudden introduction of the three red lines, it is urgent to step on the brake.

On August 20, 2020, the Ministry of housing and urban rural development and the peoples Bank of China held a forum on key real estate enterprises in Beijing. This discussion focuses on the fund monitoring and financing management rules of real estate enterprises, mainly based on the three red lines as the standard. The three red lines of real estate enterprises are as follows: after excluding advance collection, the asset liability ratio is greater than 70%, the net debt ratio is greater than 100%, and the cash short debt ratio is less than 1 times. At the same time, according to the four file management mode, they are red, orange, yellow and green, and classified according to the situation that developers touch the red line. If you step on the red line, regulators will require financial institutions to limit the full range debt of the corresponding real estate enterprises.

The introduction of the three red lines will limit the financing scale of real estate enterprises, which will not only affect the land acquisition and financing of enterprises, but also end the expansion of high leverage mode of real estate enterprises.

At the three red lines forum on August 20, 12 real estate enterprises including country garden, Evergrande, rongchuang, Vanke, etc. Among the three red lines, Evergrande and rongchuang are all stepping on, while Vanke and country garden are only one.

According to the data of rongchuang at the end of 2019, the asset liability ratio and net debt ratio of rongchuang after excluding advance collection are 84.2% and 241.1% respectively, and the ratio of monetary capital to short-term debt is 0.57, which deeply steps on the red line.

According to the semi annual report of rongchuang in 2020, the book contract liability is 243.38 billion yuan, and the total debt scale after excluding advance collection is 619.14 billion yuan. The asset liability ratio reaches 82.22%, which is 12.22 percentage points higher than the red line. According to the standard that the net debt ratio of three red lines does not exceed 100%, the net debt ratio of rongchuang is 149% by the end of June.

As of the end of September this year, rongchuang has achieved contract sales of 380.69 billion yuan, which is only 63.4% according to the annual sales target of 600 billion yuan. Facing more than 600 billion debt, rongchuang has great debt pressure. Prudent merger and acquisition, speeding up project sales, increasing revenue and reducing expenditure have become the only way for rongchuang to rapidly reduce its debt.

In the first half of this year, rongchuang increased land reserves by 17.3 million square meters, and the value of new goods was about 233 billion yuan, a decrease of 64% over the same period of last year. In the first seven months, rongchuangs land acquisition amount was 38.1 billion yuan, a decrease of 44.38% over the same period of last year. In the ranking of real estate enterprises, rongchuang fell 12 places to No.15. In terms of land acquisition, rongchuang group added about 17.3 million square meters of land reserve in the first half of the year, and the value of new goods was about 233 billion yuan, a decrease of 64% over the same period of last year.

Under the pressure of the three red lines, the newly added value of rongchuangs land reserve has halved, marking the turning point of the high leverage expansion mode. The sale of many cities is also a means of survival under the current time window. Once high debt financing is not supported by high revenue, the final face will be debt crisis.

However, after rapid discount and large amount of shipment, if there is no follow-up equal amount of land reserve supplement, the extension expansion of real estate enterprises will come to an end, and the revenue growth will have an inflection point.

As for Vanke, as of the end of September, the asset liability ratio of Vanke after excluding advance collection was about 74.2%, which was 4% less than the upper limit of 70% required by the three red lines.

On October 24, Yu Liang, chairman of the board of directors of Vanke, said at a media exchange meeting in Shenzhen that the influence of the three red lines of real estate is no less than that of the land bidding, auction and listing system in 2002, and Vanke is striving to return to the green line next year.

Just three days before Yu Liang made the above remarks, Vanke opened the market again in Lanqiao Santa Fe, Zhengzhou Green Expo district. The average price of high-rise blank was about 7500 yuan / m2, and the special price of blank house was about 6300 yuan / m2. You should know, when the real estate first opened in 2017, the average price of high-rise hardcover had reached 14000 per square meter, and the price reduction was unprecedented. From the introduction of the three red lines to the previous block of Evergrandes return a, there was actually a chain reaction. In less than a month, a number of small and medium-sized real estate enterprises landed on the Hong Kong stock exchange for financing. Even though they knew that they would have to bear the undervalued value of Hong Kong stocks, and even if their stock prices would probably fall below their net assets for a long time in the future, financing was still difficult and dangerous. The discount promotion of rongchuang, Evergrande and Vanke is also a link in this chain reaction. In the final analysis, supervision bright red line, real estate companies found that they are only dancing on the wire rope. Source: Feng Li, editor in charge: Yang Qian_ NF4425

Just three days before Yu Liang made the above remarks, Vanke opened the market again in Lanqiao Santa Fe, Zhengzhou Green Expo district. The average price of high-rise blank was about 7500 yuan / m2, and the special price of blank house was about 6300 yuan / m2. You should know, when the real estate first opened in 2017, the average price of high-rise hardcover had reached 14000 per square meter, and the price reduction was unprecedented.

From the introduction of the three red lines to the previous block of Evergrandes return a, there was actually a chain reaction. In less than a month, a number of small and medium-sized real estate enterprises landed on the Hong Kong stock exchange for financing. Even though they knew that they would have to bear the undervalued value of Hong Kong stocks, and even if their stock prices would probably fall below their net assets for a long time in the future, financing was still difficult and dangerous. The discount promotion of rongchuang, Evergrande and Vanke is also a link in this chain reaction.

After all, the supervision of bright red line, real estate enterprises only found that they only dance on the wire rope.