At the same time, Huang Xianzhi, the executive director and chairman of the board of directors of the Company, will be appointed as the chief executive officer on October 20, 2065438+2009165438+,temporarily replacing Wang; Wai-Kin Chan was appointed as the authorized representative of the company.

Earlier, it was reported that Xiao, vice president of Industrial Development Group, had recently submitted an application for resignation to the company. It is reported that Tian Yongsheng, vice president of real estate, will succeed him.

From 20 19, the resignation list of Zheng Rong Real Estate includes: Jiang Chen, general manager of Zheng Rong Capital; Yuan Gai, Chief Human Resources Officer of Zheng Rong Real Estate; Liu Xiang, Vice President of Zheng Rong Real Estate; Yang Zhenlin, chief legal auditor of Zheng Rong; And Chen Wei, general manager of Zheng Rong Design Management Center.

In the cold winter of capital, the pressure of capital and sales of real estate enterprises is becoming more and more obvious, and many real estate people are involved in the tide of resignation. Zheng Rong is just a microcosm. According to media statistics, this year 10, there were about 50 senior executives at the housing enterprise group level, involving 30 enterprises such as Country Garden, Sunshine City and China Merchants Shekou, including 20 resigned senior executives.

Does Zheng Rong's ambition match his strength?

Zheng Rong Real Estate was founded in Fuzhou and started in Jiangxi. Like many housing enterprises in Fujian, it has achieved a leap in scale with high turnover and high leverage.

Ou Zongrong, chairman of Zheng Rong Real Estate, said in the annual report of 20 18 that Zheng Rong Real Estate should achieve the sales target of130 billion yuan in 20 19, and the growth rate should be kept above 30% in the next three years. This goal seems a bit out of place at this time node.

According to the company's disclosure, the contracted sales in 20 16 to 20 18 years, 20 17 years and 20 18 years were 39.292 billion yuan, 7065438+53 million yuan and1080/kloc respectively.

However, in the first half of 20 19, the company achieved contracted sales of 58.607 billion yuan, only slightly increasing by 0.8% year-on-year, and the growth rate of contracted sales dropped significantly. At present, the sales performance of Zheng Rong Real Estate in the first nine months is 90 billion yuan, and less than 70% of the annual target tasks have been completed.

Even now, hundreds of billions of sales are hundreds of billions with great bubbles. In the process of statistical sales performance, according to the different roles played by real estate enterprises in different projects and the proportion of shares they occupy, there are mainly three calibers: transaction, equity and full caliber. Among them, the equity caliber reflects the company's real sales revenue, and reflects the company's financial strength and investment ability.

According to the bond rating report of Zheng Rong Holdings, from 20 16 to 20 18, the company's equity sales amount was 36.232 billion yuan, 47.005 billion yuan and 561420,000 yuan respectively, accounting for 92.210 in 20 16.

Chen Weijian said at the interim results meeting that the equity of the Land Bank was about 52% last year, and the equity of the newly added Land Bank reached nearly 90% in the first half of this year. By June 30th, the equity ratio had reached 57%. But this figure is still not high. This shows that its "100 billion" performance is moisture.

On the other hand, the average contract selling price of real estate in Zheng Rong has been declining in recent years. Among them, the average contract sales price in 20 16 years is 20945 yuan/m2, 20 18484 yuan/m2 and 20 18 years is 16765 yuan/m2. Under the pressure of capital flow, Zheng Rong real estate does not rule out the possibility of exchanging price for quantity.

Query on short-term debt pressure and real debt of Ming shares

In addition to sales performance, the market is also worried about the short-term debt of Zheng Rong real estate.

From 20 14 to 20 18, the total real estate loans in Zheng Rong were 301800,000 yuan, 25.358 billion yuan, 35.034 billion yuan, 42.064 billion yuan and 46.492 billion yuan respectively, and the proportion to be repaid within one year was 45.7% and 35.7% respectively.

The semi-annual report of Zheng Rong 20 19 shows that in the first half of 20 19, Zheng Rong real estate borrowed 24.903 billion yuan in one year, with 9.564 billion yuan in accounts payable and 2.569 billion yuan in taxes payable, but its available cash was only 25.072 billion yuan, which was a funding gap.

Meanwhile, its cash flow has been negative for three consecutive years. From 20 16 to 20 18, the net operating cash flow of Zheng Rong real estate was-166 million yuan,-4.239 billion yuan and-2.664 billion yuan respectively. As of June 30, 2009, the net operating cash of Zheng Rong real estate was-7.723 billion yuan.

Under the pressure of capital flow, Zheng Rong turned its attention to financing abroad, frequently issued US dollar bonds, and borrowed new ones to repay old ones. The interest rate of new bonds was mostly higher than the industry average.

At the interim results meeting, Chen Weijian, vice president and chief financial officer, said that in terms of land acquisition, the total share capital budget this year is about 30 billion yuan. From June 5438 to September, the amount of land acquired by Zheng Rong was 2365438+ billion yuan, compared with 32.3 billion yuan in the same period last year, a sharp drop. This may also be a helpless move under financial pressure.

And said that the company's 26.35 million cubic meters of soil storage has been pre-sold and not carried forward, and it is a full-caliber soil storage.

This year, land acquisition will increase 50 billion soil reserves, and the budget for the second half of the year will be about 654.38+0.5 billion. The growth of the total value of commodities this year may also be 654.38+000 billion. Although the sold goods are included in the soil storage, the new soil storage comes in after the carry-over, so by the end of the year, the total value of goods is more than 450 billion.

Whether this value can be realized depends on the financial strength of Zheng Rong, but from the above situation, it is not optimistic.

Recently, some media said that the proportion of minority shareholders' equity to net assets in Zheng Rong real estate is obviously higher than the proportion of minority shareholders' profit and loss to net profit, and there may be clear shares and real debt financing.

At the same time, it is pointed out that the rights and interests of minority shareholders in Zheng Rong Real Estate have exploded. By the end of the first half of 20 19, the minority shareholders' rights and interests of Zheng Rong Real Estate had reached 52.02%. From 20 14 to 20 18, the gains and losses of minority shareholders in Zheng Rong real estate were 26.74 million yuan, 200,000 yuan, 59.97 million yuan, 65,438+130,000 yuan and 65,438+120,000 yuan respectively; 20 19 increased to a certain extent in the first half of the year, reaching 246 million yuan. Compared with the net profit attributable to Zheng Rong Real Estate, the profit return of minority shareholders is almost negligible.

In this regard, Zheng Rong said that the increase in minority shareholders' rights and interests was mainly due to the increase in cooperative projects, which mainly started recently. It has not reached the point of carrying forward the income distribution, and the company has no real debt.

After crossing 1000 billion yuan, Zheng Rong came to a painful node. In the case of a sluggish market and a cold winter of funds, "in the next three years (contract sales) will be controlled at an annual growth rate of about 30%, so it can be doubled in about three years." Your dream may not be so easy to realize.