Transfer the equity of five projects in one breath.
On June 10, Yuetai announced that it had signed a cooperative development agreement with Xiamen Jinheng Enterprise Management Co., Ltd., a subsidiary of Shimao Real Estate, and the two parties would cooperate through equity transfer or transfer of projects under construction according to their respective conditions, and Shimao would operate the target plot in the whole process.
According to the announcement, the total consideration of this cooperation is 6.397 billion yuan, including 2.499 billion yuan transferred from Yuetai to Guangzhou Jiasheng Project, 2.780 billion yuan transferred from Guangzhou Swan Bay Phase II Project, 758 million yuan transferred from 80% equity of Hengsheng Swan Bay, 80.63 million yuan transferred from 20% equity of Yuetai Swan Bay and 279 million yuan transferred from Zhonghaofeng Company.
Both parties agree to temporarily reserve a total amount of 65.438+0.465438+0.2 billion yuan to pay the unpaid related project funds, taxes and received house payment intention. In addition to the above payments, Shimao actually paid a cooperation consideration of 4.985 billion yuan.
The motivation of cooperative development lies in the tight liquidity of Yuetai shares. Yuetai Co., Ltd. said that since 20 18, due to various factors, the company's cash liquidity has become increasingly tight. Up to now, the company's loans overdue risk has not been eliminated.
A number of housing companies intend to sell the equity of the project.
It is not a "sold and sold" Yuetai stock.
/kloc-In May, 2008, Taihe Group disclosed that it planned to transfer some project interests and shareholder loans of Foshan Shunde, Guangzhou Zengcheng and Jiangsu Dongheng to Shimao Real Estate, with a total consideration of about 3.972 billion yuan. The purpose of the transaction is to strengthen cooperation with Shimao Real Estate.
This is the fourth time that Taihe Group has transferred the project equity to Shimao this year.
★
March 23
Taihe Group transferred Hangzhou Jiangcun Project to Shimao;
March 26
Taihe Group transferred 565,438+0% equity of Nanchang Hu Yinmeng Real Estate, Nanchang Oufeng Real Estate, Nanchang Hu Yinmeng Hotel Investment Management and Nanchang Ansheng Real Estate to Shimao Real Estate;
April 27(th)
Taihe Group transferred 49% equity of Hangzhou Tongren Mountain Villa Project to Shimao Real Estate.
Oceanwide Holdings is also on sale this year. 65438+1On October 22nd, Oceanwide Holdings announced that it would sell two major projects located in Shanghai and Beijing, such as Shanghai Dongjiadu Project, to Sunac with a total consideration of about 65.438+0.487 billion yuan.
Different from the transfer projects of Yuetai, Taihe Group and Oceanwide Holdings, the main purpose is to ease the company's liquidity. 50% equity transfer of Beijing COFCO Vanke Real Estate Development Co., Ltd. is only asset disposal.
On May 20th, 50% equity of Beijing COFCO Vanke Real Estate Development Co., Ltd. entered the information pre-disclosure stage in Beijing Equity Exchange. According to the listing information, Beijing COFCO Vanke Real Estate Development Co., Ltd. is 50% owned by COFCO Real Estate (Beijing) Co., Ltd. and Beijing Vanke Enterprise Co., Ltd. ..
According to informed sources, due to the low value of the goods left by the target company, the transferor is likely to sell the relevant equity for the sake of clearing assets. Relevant persons of Beijing Equity Exchange also told reporters that "it is asset disposal".
In addition, on May 27th, Beijing Equity Exchange pre-disclosed two equity transfer projects of real estate enterprises. China Jinmao intends to transfer 0/00% equity of Tianjin North Maoze Enterprise Management Co., Ltd. and 34% equity of Beijing Haoyuan Real Estate Co., Ltd. On May 30, Poly (Beijing) Real Estate Development Co., Ltd. intends to transfer 50.5% equity of Beijing Poly Sunac Real Estate Development Co., Ltd. to enter the pre-disclosure stage.
Since the beginning of this year, the financing environment of housing enterprises has generally improved.
Zhang Dawei, chief analyst of Zhongyuan Real Estate, said that although real estate financing has recently started to show signs of tightening, it has improved compared with last year. "Now even if the capital chain is tight, you can still sell the project if you want to sell it. When the market is at its worst, the project cannot be sold. "
In 20 19, the interest-bearing liabilities of the main channels of real estate enterprises are centralized due, the demand for borrowing new and returning old is increasing, and the financing attitude is positive. Moreover, under the background of prudent and loose monetary policy, the risk-free interest rate drops, and the cost of issuing bonds is lower than 20 18 in the second half of the year, which is beneficial to the financing of real estate enterprises. Many housing enterprises seized the window to actively issue bonds, and the financing scale rebounded.
Let's take a look at the specific financing situation:
According to the research report released by CITIC Construction Investment, the number of corporate bonds, medium bonds and short-term financing issued by real estate enterprises in June of this year was 107, 46 and 79 respectively, and the issuance scale was1479.5 billion yuan, 38.96 billion yuan and 57.965438 billion yuan respectively, with an average interest rate of 50.
There are 2584 real estate trusts, with a scale of 3945 1 100 million yuan, with an average yield of 8.32% and an average term of 65.438+0.5 1 year. Among them, the number of loan investment, equity investment, equity investment and other investments are 1099, 435, 996 and 54 respectively, and the scale of establishment is156.5 billion yuan, 678 billion yuan,158.2 billion yuan and12 billion yuan respectively.
The number of overseas bonds issued is 83, and the issuance scale is 3.310.70 billion yuan.
Now is a good time to accept the merger.
Some real estate executives pointed out that the transfer of project equity is the logic of normal operation for the purpose of alleviating cash flow tension or asset disposal.
"Now is a good time for real estate enterprises to collect mergers and acquisitions. In March and April, the open market auction was hot and the land price was expensive. Relatively speaking, taking land by means of mergers and acquisitions may have a higher return on investment in the future. " Zhang Hongwei, research director of Tongce Research Institute, said.
Lin Bo, general manager of Ke Rui Research Center, said that there should be more and more M&A for projects, because the market has reached this stage, and the trend of big fish eat small fish will definitely become stronger and stronger. For many companies, if they want to transfer their projects in the second half of last year, they may not be able to find their next home, so now the situation has improved and the price will be relatively high. However, for small housing enterprises, the feeling of improving the financing environment should not be particularly obvious.