In the context of the slowdown in the development of the real estate market, housing companies have taken multiple measures to seek better development.
Recently, Huangting International, Suzhou High-tech, Songdu Co., Ltd. announced the "cross-border" high prosperity track, and the "cross-border" news also made the company's stock price go out of the "new" market; and for real estate companies facing debt problems, they are actively Seek debt rollovers or sell assets to reduce default risk.
Aiming at the high-boom track
Suzhou High-tech announced on the evening of March 18 that it is planning to implement a cash capital increase in Suzhou Medical Device Industry Development Co., Ltd., and to achieve control and consolidation of the transaction target.
Suzhou Hi-Tech stated that the capital increase will further promote the transformation and upgrading of the company's strategic positioning of "high-tech industry cultivation and investment operator", build a two-wheel-driven business model around "industrial park operation + high-tech industry investment", and gradually reduce the need for traditional real estate development. business dependence.
Although the company stated that the current main source of operating income is still the sales of commercial housing, there is no medical device business, and there is no medical device professional reserve and resources, but after the announcement, the company's stock price has gained two more daily limits on the basis of the previous three daily limits. .
Songdu Co., Ltd. recently announced that it plans to establish a subsidiary, Zhejiang Songdu Lithium Industry Co., Ltd., with an initial registered capital of 500 million yuan.
The company said that there is no lithium industry-related business, no relevant technical reserves, no relevant resources and professional teams.
This foreign investment is only the company's newly established wholly-owned subsidiary.
Up to now, the company has not yet specified specific investment projects and has not signed relevant investment agreements.
However, this "lithium-related" announcement made the company's stock price reach the daily limit for 3 consecutive times.
On the evening of March 13, Songdu Co., Ltd. disclosed a new business progress announcement. The holding subsidiary Zhejiang Songdu Lithium Technology Co., Ltd. and Tusqingyuan (Shanghai) New Material Technology Co., Ltd. signed the "Consortium Agreement" to form a consortium and participate together. The implementation of the “Argentine Lithium Potassium Co., Ltd. with an annual output of 50,000 tons of lithium carbonate salt lake lithium extraction construction project equipment, operation, and technical services” (referred to as “related contracts”) in Everest, Tibet.
Under the relevant contract, the equipment purchase amount is 1.6 billion yuan, and the company advances all the contracted equipment funds, that is, the external financial assistance amount is 1.6 billion yuan.
After the announcement, as of the close of trading on March 22, the company's stock price has hit the daily limit for 7 consecutive times.
In addition, Royal Court International, Guangyu Development, Zhongtian Finance, etc. have announced new businesses or disclosed the progress of new businesses.
"Since the second half of 2021, under the background of increased regulation of the property market, the sales and performance growth rates of real estate companies have shown a downward trend. At the same time, with the introduction of the centralized land supply system, the profit margins of real estate companies have narrowed significantly, and their profits are facing downward pressure. Some real estate companies are gradually expanding their business areas and seeking diversified development. Cross-border layout will help real estate companies break through the bottleneck of performance growth and add new performance growth points.” Liang Nan, an analyst at Zhuge Housing Data Research Center, told a reporter from China Securities Journal.
Data show that in 2021, the sales of commercial housing nationwide will reach 18.19 trillion yuan, a year-on-year increase of 4.8%; the sales area of commercial housing will reach 1.794 billion square meters, a year-on-year increase of 1.9%.
China Merchants Shekou said that although the scale of commercial housing transactions in 2021 will reach the highest level in history, the growth rate has dropped significantly.
Especially since the second half of 2021, the real estate market has cooled down significantly, and commercial housing transactions, land markets, real estate development and investment, and new construction areas have all shown a downward trend month by month.
Well-run companies have been pushed to center stage, but they also face enormous challenges.
Take multiple measures to reduce risks
Liquidity pressure has exposed some real estate companies to the risk of overdue debt.
On March 21, Xiangsheng Holding Group announced that the US$12 million interest under the company's US$200 million senior notes expired on February 18. According to the terms of the senior notes, the company has a 30-day grace period to pay the interest.
At present, the grace period has expired, and the company has not paid interest before the expiration.
On March 16, Fujian Sunshine Group announced that the company completed the overseas issuance of bonds X82122415396 and XS2369829473 through its overseas wholly-owned subsidiary, Sunshine Cayman. As of the announcement date, the company failed to pay the above two tranches of overseas bond payables on time.
Some housing companies hope to solve liquidity problems by rolling over their debts.
R&F Properties recently announced that the balance of the "16 R&F 04" bond is 1.95 billion yuan, the current interest rate is 6.7%, and it will be due for payment on April 7.
As of now, the company does not expect to be able to raise sufficient funds for redemption before the redemption date of the current bond, and plans to communicate with the bondholders on the issue of the current bond extension in the near future.
The reporter was informed that the "19 Dragon Control 01" bond extension plan of Logan Holdings has been approved.
The company previously announced the extension plan as follows: the principal redemption time has been adjusted from the original due date on March 19, 2022 to within 15 months, that is, before June 19, 2023.
There are also real estate companies who have broken their arms to survive and repay their debts by selling assets.
On March 18, Xiangsheng Holding Group announced that its wholly-owned subsidiary Xiangsheng Real Estate Group Co., Ltd. plans to sell 58.5% of the equity of Linhai Ziyuan Yintong Real Estate Co., Ltd. to Zhuji Guoyue Enterprise Management Consulting Co., Ltd. at a price of 272 million yuan.
On March 17, Oceanwide Holdings announced that the company's overseas subsidiary, China Oceanwide Holdings, an indirect wholly-owned subsidiary of Hawaii Resort Community, entered into a sale and purchase agreement with Tower. At $92.92 million, the net proceeds will be delivered to its creditor, Haitong International.
According to the reporter's understanding, Sunshine City, Kaisa Group, Shimao Group and other real estate companies are also actively seeking to sell assets.
Market recovery can be expected
Data from the National Bureau of Statistics shows that from January to February, the sales area of commercial housing nationwide fell by 9.6% year-on-year; sales fell by 19.3% year-on-year, of which residential sales fell by 22.1% year-on-year.
In the context of the cooling of the real estate market, since March, the regulation of the property market in many cities has tended to be relaxed.
Zhengzhou recently introduced policies to guide financial institutions to increase housing loans and reduce loan interest rates.
At the same time, in response to the demand for buying a second home, the relevant provisions of "recognizing a house and subscribing for a loan" have been cancelled.
However, the short-term effect is still limited.
According to data from Bank of China Securities, from March 12 to 18, the demolition cycle of new houses in 15 key cities was 15.4 months.
Xia Yifeng, chief analyst of the real estate industry of Bank of China Securities, said that although the real estate investment and sales data released by the National Bureau of Statistics exceeded market expectations, some real estate companies still face certain financial pressure.
Liang Nan believes that it is expected that the number of cities that will follow the policy of loosening the property market will continue to increase, especially the moderate relaxation of credit policies.
"It is expected that the sales volume of the sales market will increase month-on-month in March, but the market's wait-and-see sentiment is still difficult to change significantly in the short term. The repeated epidemics in some regions will drag the market recovery pace to a certain extent, superimposed on the impact of the high base in the first half of 2021, the market sales volume will decline year-on-year or Larger." Meng Xinxin, an analyst at the Index Division of the China Index Research Institute, told reporters.
Author: Zhang Jun