Sinonews client Beijing, May 1 (Peng Jingru) Recently, the real estate "net red" Taihe is in a troubled autumn.
The annual report "difficult labor", the chairman once changed to "old lai", and the suspension of the reorganization of insurance business and other news, so that all parties can't help but make various interpretations and conjectures: Why should a real estate agent intervene in the insurance business?
Taihe's "Water Rebellion" still continues?
On April 20, Taihe Group, which was concerned about repeated crisis rumors, announced that it plans to delay the disclosure of the 2019 audited annual report, becoming the only one among the top 50 real estate companies to announce the delayed disclosure of its annual report.
Then on the 28th, Taihe Group announced that it intends to purchase 100% equity of Yongxingda Enterprise (Hong Kong) Co., Ltd. ("Yongxingda") held by its controlling shareholder Taihe Investment Group Co., Ltd. by issuing shares. .
The announcement disclosed that Yongxingda owned 100% equity of Taihe Life Insurance Co., Ltd. (Hong Kong) and 99.85% equity of Taihe Life Insurance (Macau) Co., Ltd. The aforementioned two companies are engaged in insurance business.
It is also worth noting that the insurance business was suspended and restructured. Not long ago, on the 24th, China ’s executive information disclosure network showed that Huang Hesen, chairman of Taihe Group, was included in the list of untrustworthy persons. The dishonest executor is commonly known as "Lao Lai", and refers to the person who has been determined by the people's courts at all levels that the "executee has the ability to perform but does not perform the obligations determined by the effective legal documents."
Data Map: Huang Qisen, Chairman of Taihe Group.
The reason why the chairman of Taihe Group became "Lao Lai" is because of the debt dispute between Taihe Group subsidiary Dongguan Jinze Real Estate and Tibet Trust. Dongguan Jinze Real Estate and Tibet Trust had previously agreed that as of December 31, 2019, Dongguan Jinze Real Estate should repay Tibet Trust ’s debts with a total interest of approximately 131 million yuan, and Tibet Trust agreed to Dongguan Jinze Real Estate to pay off in installments. The remaining debt principal and interest. However, within the agreed time limit, all the above obligations of Dongguan Jinze Real Estate have not been fulfilled.
On the 30th, the Taihe Group announced that after the Tibet Trust applied to the Fourth Intermediate People's Court of Beijing, the information of the executor of Dongguan Jinze Real Estate, Taihe Group and the actual controller of the company, Mr. Huang Qisen, has been deleted.
"Net Red" Taihe borrowed money last year and broke his arm to survive
Taihe Group's reputation has risen with the symbolic IP of the "yard department" rising in major cities and real estate industries in China, and its products are mainly Chinese style. Coupled with the celebrity marketing, crazy land acquisition, and the chairman's "200 billion sales" shouting, it is difficult to think of a "net red".
Relying on the success of the "yard department" products in Beijing, around 2012, Taihe Group began to accelerate the pace of expansion of reserves and won many landlords in Shenzhen, Beijing and other places. This radical takeover of land puts Taihe Group under huge debt pressure. Starting in 2018, Tahoe has grown into a "water reversal". As of the end of 2018, Taihe Group had a total liability of 211.247 billion yuan and an asset-liability ratio of 86.88%.
Facing the predicament, Tahoe Group began to bail out in 2019 by transferring project equity and issuing high-interest dollar bonds. According to statistics, as of the end of 2019, Taihe Group has issued a total of 16 transfers and sale of assets and equity announcements, 16 sales of assets, and the return of funds reached nearly 10 billion yuan. Its 3-year, US $ 400 million bond issued in July 2019 has an annual interest rate of 15%, and the high interest rate caused a heated discussion at the time.
Since then, Taihe's financial difficulties have indeed eased. As of the first three quarters of 2019, its short-term debt was 30.6 billion yuan, a decrease of 46.69% from the 57.4 billion yuan at the end of 2018, and the asset-liability ratio was 84.24%, a decrease of 2.64. Percentage points.
In July 2019, Moody's Investor Services confirmed the main rating of Taihe Group as B3 and the Caa1 senior unsecured note issued by Tahoe Group Global (a wholly-owned subsidiary) guaranteed by Taihe Group. At the same time, Moody's adjusted the rating outlook of Taihe Group from "negative" to "stable".
Zhang Dawei, the chief analyst of Centaline Real Estate, commented at the time that the logo rating announced that the online red house enterprise had passed the storm in the first half of 2019. Faced with the inquiry that "Taihe is selling equity everywhere, and the pledge is exploding," Zhang Dawei responded that it was old news. It has recently been eased and the pledge has been lifted.
Suspension of restructuring of the insurance industry, breaking through an important link of "reversal"?
"Given that Taihe faced many financial problems last year and this year, similar acquisitions indicate that Taihe Group hopes to accelerate the 'collecting' life insurance business, which will also help the subsequent financing channel development." Yan Yuejin, a well-known real estate analyst, believes that.
Taihe Group said in the announcement that Taihe Life is engaged in the insurance business. This acquisition will help the company fully leverage its synergistic advantages to meet the needs of customers at different levels.
From the perspective of its business, this acquisition mainly involves life insurance business. Yan Yuejin said that Taihe's business development itself involves high-end business, and objectively the company's customer layer may also have needs in terms of life. Through such acquisitions, Taihe Group will have a stronger ability to operate insurance business. In addition to traditional real estate business marketing, it can also accelerate the promotion of life insurance business, especially from the luxury market, life insurance and wealth management for high-net-worth people The demand is relatively large.
Data Map: Property consultants recommend commercial housing units for the public. China News Agency reporter Wei Liangshe
"Actually, many companies have adjusted their corporate names in the past two years, that is, they have changed their name from" X and X Real Estate "to" X and X Group ", which actually reflects the diversified business development model. In addition, the entire financial market will be more relaxed this year It is expected that the inclusion of this type of financial business will help related companies to develop lines of financial business and seek greater convenience in marketing and financing. "Yan Yuejin added.
Can "Net Red" Taihe continue to be red?
"XX minutes to grab XXX luxury homes!" This is a direct impression of the luxury home market recently. Now that the luxury market is hot, can Tai Wo ride the wind and waves?
Yan Yuejin believes that the market situation is still good, but the specific sales of luxury properties are related to location. Some places sell well because the location is relatively good, and some are relatively weak.
Earlier, when analyzing the "C position" of the mid-to-high-end market in Beijing's property market, Zhang Dawei said that Taihe Jinfu Courtyard is in line with the characteristics of the location advantage and low density of the Beijing luxury residential sales project. But did not comment on Tahoe's projects in other cities.
Data map: 2016, the launch site of the Taihe luxury residential Xifu compound in Beijing.
What is the current sales situation? Taihe replied that on March 12, the Taihe Jinfu compound sold more than 100 million yuan against the market, which is the third time that the project has achieved 100 million daily sales after June and December 2019. Xiamen Bay, a cultural travel market for the whole country, pre-ordered nearly 1,000 sets online in just two weeks.
"The data for the first quarter may not be ideal, but it is actually a general dilemma in the industry. The impact of the epidemic on the real estate industry is still quite large. Our expectations for the second quarter are relatively optimistic." Taihe staff said.
On April 30, Taihe Group released its first quarterly report for 2020, showing that operating income in the first quarter reached 480 million yuan, a year-on-year decline of 93.57%; net profit attributable to shareholders of listed companies lost 564 million yuan, a year-on-year decline of 157.99%.
On the same day, Taihe Group also issued an announcement of the 2019 annual performance pre-reduction. It predicts that the net profit attributable to shareholders of listed companies in 2019 will be approximately 827 million yuan, a year-on-year decrease of 67.62%. Taihe Group said that this is related to the company's accelerated project capital return in 2019, and it is also affected by real estate regulation and control policies.
However, the Taihe Group announcement shows that the net cash flow from operating activities in 2019 increased by 34% to 18.673 billion yuan, and the net cash flow from investment activities turned from negative to positive to 14.713 billion yuan.
In addition, there is news that Taihe may introduce major strategic investors. (Finish)