Despite the recent rebound in domestic land prices and frequent land kings, the land market is far from the most competitive moment. For the fierce competition in the land market, a well-known developer made a funny metaphor: land is like a noble lady in the middle ages, and a limited number of men kill each other for marriage; Among them, central enterprises are like princes and nobles, taking bank credit as a gorgeous carriage, and the government relationship is sharp and sword, taking advantage of it, while ordinary private enterprises can't compete with it and can only aim at suburban maids.
Cinda Real Estate (1 1.04,-1.03, -8.53%) successfully listed on the backdoor in April 2009. On the one hand, it is the same as Poly Real Estate (2 1.88,-1.77, -7.48%).
A powerful major shareholder
Cinda Real Estate's major shareholder is Cinda Investment, which is a wholly-owned subsidiary of China Cinda Asset Management Company. Cinda Asset Management Co., Ltd. is the first professional company specializing in the disposal of non-performing assets in China. Since its establishment, it has acquired and managed all kinds of non-performing assets 1 trillion yuan, involving China Development Bank, China Construction Bank, China Bank, Industrial and Commercial Bank of China, Bank of Communications, Shanghai Bank and Shenzhen Commercial Bank, among which CCB is the largest. In this process, Cinda Asset Management Company has accumulated rich local government resources and financial resources. For real estate companies, communication with the government and financial institutions is the two most important links to carry out business.
Previously, Cinda Investment had publicly promised to hand over the real estate development business within the whole group to Cinda Real Estate, and at the same time, the group would help the company obtain more financial support and expand project opportunities. Just a few months after listing, Cinda Asset Management Company has provided three support funds to listed companies through loans, creditor's rights transfer, etc., accounting for 1, 0 1 billion yuan. With the historical relationship with China Construction Bank (5.86, -0. 10,-1.68%), Cinda Real Estate is more likely to get the credit support from China Construction Bank. Cinda Real Estate borrowed 65.438+52.3 million yuan in 2008, of which CCB provided 570 million yuan, exceeding 65.438+0/3. According to our calculation, the average loan interest rate of Cinda Real Estate is 6.24%. Previously, this magazine had estimated that the average interest rate of interest-bearing liabilities of Poly Real Estate was 6.36%, and that of Vanke was 7.50%.
Strong financial resources are the primary factor for real estate enterprises to become bigger and stronger, which can be seen from Poly's rapid growth for several consecutive years. Vanke mainly relies on the capital market to raise 2 1 100 million yuan nine times to achieve expansion. The loan interest rate of Cinda Real Estate is comparable to that of Poly Real Estate, which is one percentage point lower than that of Vivanco. Moreover, Cinda Investment also provides "funding" for Cinda Real Estate in other forms. Judging from this capital injection, the overall appreciation rate of Cinda Real Estate's purchase of assets from major shareholders is 53.73%, which is far lower than the industry average of 3 1 1% in 2006 and 2007. In fact, Cinda Real Estate acquired the land very early, with low book value and low value-added rate, which laid the foundation for the stable development of listed companies in the future. In addition, at the end of 2008, other payables of Cinda Real Estate were RMB 654.38+RMB 48 million, of which RMB 892 million was due for investment in Cinda, of which RMB 672 million was over 1 year.
Lock in low prices
Cinda Real Estate is essentially listed after integrating the real estate development business of CCB in various provinces and cities. These projects belong to the tertiary industry of CCB at the earliest and have a long history of real estate development. Later, due to policy restrictions, he was stripped of bank assets and entered Cinda Asset Management Company. The assets injected into listed companies this time include 35 projects under construction and to be developed, with a total area of 3 million square meters and a developable building area of 5,654.38 million square meters, of which about 78% of the land was acquired from 2006,5438+0 to 2006, and the cost is extremely low. In 2008, the book inventory of Cinda Real Estate was 66,543.8+0.97 billion yuan, and the developable area was 5,654.38+0.00 million square meters. As the inventory includes land reserve, projects under construction and unsold buildings, it is estimated that the average land cost will not exceed 1.200 yuan/m2 at most.
These lands are mainly distributed in Ningbo, Jiaxing, Qingdao, Changchun, Urumqi and other cities 12. Among them, the floor land price of the project with the highest cost does not exceed 2,000 yuan/square meter, while the average sales price of the company's projects is about 5,000 yuan/square meter, which ensures the company's profit rate level. Among the four leading real estate enterprises in Wanbao Zhao Jin, the floor price of land newly added by Poly Real Estate since 2006 is 205 1 yuan /m2, while Vanke, China Merchants and Jindi are 25 17 yuan /m2, 3 166 yuan /m2 and 3 150 yuan /m2 respectively in the same period. Even compared with Rong Sheng development (19.65,-1.59, -7.49%) (002 146), Cinda Real Estate still has a cost advantage. Since its listing in 2007, Rong Sheng Development has spent 4.06 billion yuan to acquire 14 plot, with an average floor price of 1.233 yuan/square meter.
Although Cinda Real Estate's land acquisition methods include hanging signs, agreements and equity acquisition, the agreement part accounts for 42%. Although the current agreement transfer method has become a thing of the past, the government will still choose a trustworthy developer in the transformation of the old city. For example, in 2006, Cinda Real Estate participated in the renovation of the old city of Changchun and won the Cinda Dongwan Peninsula project. This land was allocated by agreement. At present, all state-owned allocated land use permits and construction land planning permits have been obtained. The project is located in the central area of Changchun, with a planned construction area of1266,800 square meters. It is the largest shantytown renovation project in Changchun and a key project in Jilin Province. Considering the demolition cost, the floor price of the project is only 360 yuan per square meter, and the estimated selling price can reach 4,800 yuan.
Secret passage
Cinda Real Estate's existing land can support the company's performance growth in the next 2-3 years, but in the first half of 2009, the company did not take the land. In the medium and long term, the company should further cultivate its competitive advantage. In the 2008 annual report, the management stated that it is advisable to optimize the layout of real estate business in the future and actively promote the project expansion plans of first-tier cities such as Beijing and Shanghai. In fact, judging from the historical origin of Cinda Real Estate, integrating the assets divested by CCB may be its secret weapon to acquire low-priced land in the future.
In an interview with this magazine, the management of Cinda Real Estate revealed: "Among the non-performing assets of Cinda Asset Stripping Bank, some plots with unclear ownership or too scattered conditions are not mature and are not suitable for packaging and injecting into listed companies, but there are still some relatively high-quality assets, such as the creditor's rights of some real estate companies and relatively complete plots, which will not be ruled out in the future. Listed companies will also actively strive to obtain such high-quality assets from the group, which is an important way for companies to obtain land in addition to bidding, auction and hanging. The real estate business of Tongda Venture (17.20,-1.02, -5.60%), another listed company under Cinda Investment, is nearing completion. In the future, the Group will regard Cinda Real Estate as the only real estate listing platform. " Although Cinda Asset Management Company is facing a ten-year deadline and the transformation is imminent, its president Tian Guoli once made it clear: "Transformation is not a career change. Cinda must adhere to the main business of non-performing assets disposal and custody restructuring, and actively expand diversified financial services business. " In June this year, Guo Shuqing, the chairman of CCB, also indicated that CCB was interested in taking a stake in Cinda Assets.