In fact, since the second half of 2009, the A-share market has suspended the refinancing approval of listed real estate companies. Although Wanfang Development has previously announced its withdrawal from the real estate development business, its transformed urbanization development is still inextricably linked with real estate development. Wanfang development? Quit real estate? It seems to have cleared the policy obstacles for the company's refinancing.
Liu Yu, secretary-general of Wanfang Development, told reporters frankly that he would quit the real estate development business and refinance? Have something to do with it? To ensure the smooth progress of the main business of urbanization.
Check out to pave the way for refinancing.
On May 16, Wanfang Development announced that it planned to issue shares to Beijing Wanfangyuan, Beijing Xinxing Jing Tian, Huaxia Xinbao, Beijing Wanhe and other shareholders to purchase 95% equity of Wanfang Hong Sheng, 90% equity of Qinhuangdao Dingjun, 0/00% equity of Zhangjiakou Hongchu/KLOC and 97. 12% equity of Yilin Yiwu. In addition, Wanfang Development also plans to issue shares to no more than 65,438+00 other specific investors to raise matching funds, and the total amount of matching funds raised shall not exceed 25% of the total amount of this transaction.
According to the announcement of the day, Wanfang Development signed the Agreement on Issuance of Shares and Purchase of Assets with the above four companies on April 23, 20 13. As of March 3, 200013, the appraised value of all shareholders' equity of the target company is about 2.496 billion yuan, and the appraised value of the target assets calculated according to the equity ratio is about 2.4065438 billion yuan.
Since March 5 this year, Wanfang Development has issued shares to purchase assets and the total amount of supporting financing has reached 3 billion yuan, which has officially surfaced.
Wanfang Development, formerly known as Wanfang Real Estate, is an A-share listed company listed on Shenzhen Stock Exchange in June 2009 with a registered capital of 6.5438+54.7 million yuan. It is a holding subsidiary of Beijing Wanfangyuan Real Estate Development Co., Ltd., and its main business has been real estate for nearly four years after registration.
Since the second half of 2009, the CSRC has stopped the listing, refinancing and major asset restructuring of housing-related enterprises, and solicited opinions from the Ministry of Land and Resources on the accepted real estate restructuring applications. Since then, the private placement plan of listed real estate enterprises has hit the rocks, or it has been postponed or terminated, and it has been regarded as the refinancing of listed real estate enterprises by industry regulators? Close the gate? .
In the reality that listed real estate enterprises are not allowed to refinance, in early April this year, the original Wanfang Real Estate announced? Check out? Change the company name to? Wanfang development? , industry category by? Real estate? Change to? Wholesale industry? , the main business from the original real estate development to land development, urbanization. This also means that Wanfang is no longer a real estate company.
At that time, the general analysis of Wanfang's development in the industry was that the company withdrew from real estate due to insufficient funds. The company's annual report for 20 10 shows that in 20 12, Wanfang Real Estate's total operating income was 48.5566 million yuan, down 87.69% year-on-year, and its net profit was 50 1.34 million yuan, down 57.72% year-on-year.
? Private placement has been planned, and the scale of assets and equity is relatively small, with small plates. After the equity scale is large, the stock price will be relatively more stable. ? Liu Yu said that the company will hold a general meeting of shareholders and submit the plan to the CSRC for review after internal approval. She believes that Wanfang Development is no longer a real estate enterprise. Although this asset reorganization can't be said to be 100% passed, at least there are no obstacles in policy.
Regarding the use of funds, Liu Yu said that the funds will be used for primary land development business. The company's existing projects are all around Beijing, and the three projects to be funded in the near future are all in Hebei Province.
Approval has not been opened.
Besides Wanfang Development? Used to be a real estate company? In addition, there are enterprises that have suspended their fixed-income plans due to real estate regulation and control, and started to restart their refinancing plans this year.
In March this year, Yin Zhong announced that it planned to issue no more than 654.38+09 billion shares at an issue price of 923 yuan per share, and raised about 654.38+00 billion yuan. After deducting the issuance expenses, the net amount of funds raised was about 986 million yuan. Two years ago in May, 20 1 1, the company was forced to give up the private placement plan started in 2009 due to the regulation of the property market.
For this plan, the announcement explained that in recent years, the company's operating income mainly comes from the sales of residential projects, and the strict regulation of the real estate industry by the state has adversely affected the company's external operating environment, which has also increased the difficulty for the company to raise funds.
Regarding the latest purpose of private placement, Yin Zhong explained in the announcement:? It is to ensure mine construction and follow-up resource exploration, expand gold resources reserves, meet the company's demand for mining investment funds, and build a chain medical retail network in Tibet. ? In other words, although this company from Hubei is mainly engaged in real estate development and operation, its capital investment is not real estate projects.
Wind data shows that according to the classification of Shenwan industry, four housing enterprises in the two cities have launched refinancing plans this year. 20 13, real estate listed companies that have been silent for more than three years began to refinance. Look up? .
However, up to now, there is no news that the refinancing plan of housing enterprises has passed the review of the regulatory authorities.
? As far as I know, before, whether the funds were used for real estate projects or non-real estate projects, they could not be approved. ? A senior investment banker told this reporter.
Han Changji, a researcher in the real estate industry of China Investment Consulting, also told reporters that from the overall situation of the country's adjustment of real estate policies, it is unlikely that the regulatory authorities will liberalize the refinancing restrictions of listed real estate enterprises on a large scale, and real estate enterprises will still face financing difficulties in the short term. However, it is difficult to fundamentally solve the multiple ills of the real estate market by controlling the refinancing of housing enterprises, which may become a factor to further push up housing prices.
Han Changji analysis, non-real estate project financing is relatively easy to be approved, but it is very likely that real estate enterprises will invest the funds obtained in real estate projects in disguise, thus avoiding the audit of funds by the regulatory authorities. Once this happens in a large area, the state's regulation policy on the real estate market will be completely ineffective, hot money and idle funds will flood into the real estate market again, and the existing asset bubble will be more serious.
He also mentioned that the development plan of urbanization has not been promulgated and implemented, and what role real estate can play in it is still unknown. Urbanization? The desire for financing is difficult to realize in the short term, and the regulatory authorities will not relax.