The first half of "Striving for" the word has become the main theme of the definition of industry keywords. Fortunately, the beam of a given mode - "full structural layout" and "amoeba ecological model" very efficiently adapt to the pace of development the industry.
The beam did not have to change tracks or adjust the direction, you can smoothly into the high-speed track. This is exclusive of the beam path, is the right way, the best choice to continue or accelerate.
Author / Liu Yajie
Edit / Qiu Yun
"Not that we have to affix a label Country Garden." The industry often holding beams known as "Little Garden", but Holdings Chief Executive Officer and Executive Director Huang Chunlei beams denied the remarks.
Once upon a time, an average of three days to get a piece of land beams, each month a New City staged one after another miracle scale, spearhead, lose ground, How Yoshiya. That time the beam is indeed quite similar to the Garden; but for now, the real estate industry, internal adjustment, after the demands of the enterprise changes, the beam steady pursuit of a more balanced model of development, strategy and tactics also more comprehensive - the smaller size of the beam is not who, but its own.
Recently, the beam its first mid-year report disclosed after the Hong Kong stock market. Behind the data, highlighting the sill of new shares as an experienced and prudent. The company gradually adjust to fluctuations in the industry, is at their own pace to seek new development, but all indications are that the change in the beam can be accepted by the market and customers, resource reserves also reflects the proper value.
"(Beams) adhere to sound operation, 'stable' word is still the main tone, continue to maintain quality and low-risk scale growth." Holding Chairman of the Board and Executive Director Liang Yang Jian in the future has already set the tone.
01
Little green leaves red
The real estate industry, have not fared well in 2019.
Analysis of the industry, the domestic macro economy and real estate market, the stock has come of age from incremental era, has lost through space and capital investment to achieve aggressive growth conditions. In order to ensure the smooth operation of industry, we have developed over the relevant regulatory policies, the initiative to reduce potential risks.
Data show that the first half of 2019, the national real estate control policies introduced up to a total of 251 times, 192 times compared to the first half of 2018 rose by 31%.
After the clear regulation of the main tone to "adhere to housing residential property", the real estate market began to abandon the extensive expansion mode, gently and gradually return to rational state. According to the National Bureau of Statistics data, the first half of 2019 real estate sales area of 757.86 million square meters, down 1.8%; real estate sales of 7.0698 trillion yuan, although an increase of 5.6%, but the growth rate down 0.5%.
Soon passed to influence the industry front-line business, "slipped" became the main theme. Vantone Real Estate, Shenzhen Ye, Zhongzhou Holdings and other companies profits fell more than 30%, some companies fell more than 70%, the market gradually tilted to the Country Garden, Vanke, Lake and other major domestic real estate business.
But the external environment, did not affect the pace of the beam. Recently, Liang surrendered after the listing of the first earnings, the results are very satisfactory.
The report shows that the first half of 2019, operating income in the beam holding 20.557 billion yuan, an increase of 111.2%; net profit of 1.899 billion yuan, an increase of nearly 126.88 percent; total assets reached 197.691 billion yuan, an increase of 17.6% - over the same period obtaining revenue and profit "double harvest" Country Garden, two data growth rate 53.2%, 41.3%, respectively.
On real estate sales, the data show, the first half of the beam contract sales area of 6.03 million square meters, an increase of 29%; contract sales amount of 63.7 billion yuan, an increase of about 27%. With the support of large internal cash generated from property sales, the net debt ratio continued to decline in the beam, decreased from 58.1 to 43.5 percent beginning; hold bank balances and cash 24.721 billion yuan, 14.467 billion yuan of short-term liabilities, short-term debt than cash reached 1.71, remained at a healthy level.
It is worth mentioning that, in the face of deleveraging pressure, housing prices will choose to close within the business. For example, Shui On Land will direct compression 2019 sales target of 29.2%. Such as beams, "a three-year break billion" growth rate, size, and the net debt ratio decline, few similar cases before.
As the real estate industry sales revenue into the general need 15-- 2 years, so the current results in the beam or early accumulation of income. The current development principles, or seek stable risk-averse. "Our main (purpose) is to achieve sound operation." Holding CEO and executive director of the beam Huang Chunlei representation.
Given its stable performance, Standard & Poor's, Moody's and Fitch international rating agencies have the authority to give a positive credit rating. Among them, Fitch in the main beam B + rating, Moody's B1 rating, Standard & Poor's give B + rating outlook for the beams holding "stable" attitude.
02
Reverse cycle operation and road
Annual report, part of the cost of the beam decline (decline in financial asset impairment losses 37.1% year on year, other expenses decreased 64.3% year on year), showing that the company intends to reduce costs to achieve "throttling." But growth has never been out of the province, better "open source" is the key support of performance. In this process, the beams of the strategic and tactical play a positive role in promoting.
"Thanks to our grasp of the market cycle, the whole structure of strategic layout and unique ecological amoeba business model, in recent years, the rapid development of the beam." After the bell officially listed on the HKEx, Yang Jian made the remarks , which is the key to the beam respond to market changes.
Beams Holdings Chairman and Executive Director Yang Jian
2016, the beam moved its headquarters to Shanghai, the business also shed change from the path of the four-tier cities, turning distribution of the country, it has been completed in the Yangtze River Delta, the Bohai Sea, the Midwest, the West Coast, the Pearl River Delta of the five key economic layout area.
After this round of adjustment, the beam from the business relative to a single tier shantytowns, into the broader national market. Radius expand their business, not only in the beam to get more opportunities, but also potential risks to be assessed. Get rid of the limitations of traditional fixed-point breakthrough and began to enjoy the bonus "full structural layout" brings.
In addition, the beam around the concept of "fine headquarters, strong line, a small organization", according to "Holding Group - regional groups - regional companies - the project company" management structure, to achieve rapid business expansion and replication flat, which is "A the essence of tactical Miba ecological business model. "
With the support of the tactics, the beam reorganize operations team, the 12,500 employees, broken up into 839 domestic subsidiaries, to expand their business in the country. With this strategy, the beam reinforces traditional strengths, focus on the layout of the Yangtze River Delta, Midwest, Haixi, the Bohai Sea, the Pearl River Delta five core regions, with 385 projects in 139 cities in 23 provinces.
Synchronous implementation of the "whole structure and layout" strategy and tactics "amoeba ecological business model," so that the beam quickly adapt to the industry status quo and market cycles, these results are reflected in the latest in a performance.
On the urban structure, the layout of the beam begins four-tier cities, and gradually, even first-tier cities to second-tier extension. The statistics, the city in second-tier cities accounted for 40% of new entrants in the beam, second and third tier cities accounting for over eighty percent; In addition, in the first comprehensive evaluation of the Urban Institute of Finance · New line 338 prefecture-level cities, and ultimately selected 15 Block "new first-tier cities," in the beam has covered all other cities except Dongguan outside - Chengdu, Hangzhou, Chongqing, Wuhan, Xi'an, Suzhou, Tianjin, Nanjing, Changsha, Zhengzhou, Qingdao, Shenyang, Ningbo, Kunming.
It is because the whole structure, full coverage of the sales layout, so that each region of the beam segment sales more evenly, before sales of the four major cities - with sales accounting Wenzhou, Taizhou, Jinhua, Lishui 9.2%, 6.1% 6.0% and 5.3%. Fitch has said that the beam move for Economic and Policy Group risk diversification need to face a unified layout, hedge industry downturn caused.
"Logic beam is to have its own characteristics of the business." As Huang Chunlei said, "features" Help beam across the cycle.
03
Stimulate Force
For housing prices, survived the first half of 2019 really is not easy, then, the degree of difficulty in the second half did not fall.
An institution for 36 head of housing prices expanded survey results show that in the first half total of 32 enterprises reached 40% of the annual target; however, more small and medium sized real estate company performance is not satisfactory, from the full-year target is still a large distance. Many manufacturers are looking forward to during the "Golden September and Silver October," quickly pulled up performance, but how much energy gold node, it is difficult to judge.
Faced with increasingly fierce market competition, companies need more speed. According to the prospectus beam information from its sales of 19 billion yuan in 2016, spanning 2018 to 1015 billion yuan, the annual compound growth rate of 131%. Once the stall in 2019, is likely to make investors lose confidence, and therefore need to continue to accelerate.
On the existing situation, the development of the beam kinetic energy mainly from the appreciation of the Force's internal resources, potential energy will be released in the second half.
Currently, the company's main distribution area were ushered in a major policy good, great help to promote rapid growth. The Yangtze River Delta region, for example, the State Council recently issued the "China (Shanghai) free trade area experimental zone Lingang new film overall program," that the future will further strengthen the Shanghai and Yangtze River collaborative innovation development. Essence Securities chief strategist Chen Guo said the Shanghai Free Trade Zone test additional new film region, will effectively promote regional economic development, and promote the integration of the Yangtze River Delta region to a new level.
Source beams holding public reports
A total land bank in the beam area of 52,996,300 square meters, of which the Yangtze River Delta as the main layout area. After the New Deal influence gradually release, superimposing various regions of the Yangtze River Delta, labor, industry and other advantages, its land bank value-added space will be further amplified.
In addition, the "land and sea in western New Channel Master Plan" and "to promote industrialization base of the Bohai Sea region to support the construction of 40 policies (revised)" and other favorable policies have landed, it will create favorable conditions for future development beams.
Bullets loaded, the next step is to trigger the funds in this area in advance to prepare the beam. In terms of Liang said the second half will be through the issuance of dollar bonds, ABS (Asset Backed Securitization, Project assets for securitization financing support), etc., to improve the financing structure, to further optimize financing costs.
Data show that the beam to achieve sales of 63.67 billion yuan contract to complete the annual sales target of 49% to 58% has been completed end of July. Click to progress, and the beam to achieve a series of goals ready to do, to achieve the annual target of the difficulty is not high.
04
Epilogue
The first half of "Striving for" the word has become the main theme of the definition of industry keywords. Under the auspices of the same tone, Country Garden and the layout of the beam with numerous similar action - high turnover, high reimbursement rate, the layout of the four-tier cities naturally have more of the same points.
But from an individual point of view, there is a different between the two must also be different.
As of August 27, Country Garden market value of 218.3 billion yuan, in the face of uncertainty, the company also needs to take the initiative to mention quality control speed, coming from the stable, so "hedge" has become "Striving for" the ultimate goal; compared to below, the beam holding the market value of 181 billion yuan for the first time into the top 500 private enterprises, "Striving" in addition to "safe haven", but also to maintain the speed.
Fortunately, the beam of a given mode - "full structural layout" and "amoeba ecological model" very efficiently adapt to the pace of development the industry. The beam did not have to change tracks or adjust the direction, you can smoothly into the high-speed track. This is exclusive of the beam path, is the right way, the best choice to continue or accelerate.
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