Shanghai'S The Bund May Lose Its "Land King".

Approaching the deadline for paying the land grant in full, lacking money.

Since February this year, Shanghai the Bund has won 9 billion 220 million yuan in one fell swoop.

In February of this year,

"Snake swallow elephant" game reappearance

Shanghai the Bund International Financial Services Center (8-1 plots) sold in February this year.

Statistics show that the land in the east to Shandong two, South to East Gate Road, West to the people's road, north to the original Harbor Hospital fence, the land area of 57 thousand and 276 square meters.

The site, called "the first land list of Shanghai hook land", was eventually put into the bag by the Shanghai Zhengda at the cost of 9 billion 220 million yuan, and its floor price was approximately 34148 yuan per square meter.

According to the relevant regulations, the starting time of the project is controlled from November 1, 2010 to April 30, 2011.

The time limit for payment of the land pfer price shall be paid within 2 months after the signing of the contract, or within half a year.

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In the Shanghai announcement issued in February 3rd, the expected land pfer contract will be concluded in February 11, 2010 or after approval by the Huangpu District planning and land administration of Shanghai.

However, it is reported that the time limit for payment of the "land king" in the Bund, Shanghai, should be September 13th.

However, this topic is very secretive for Shanghai Certification Committee.

In response to the reporter's inquiry, the company replied, "September 13th is not the deadline. The operation mode and follow-up operation of the land will be disclosed in the form of a notice."

In view of the huge financial pressure to complete the payment in the short term, the international rating agency Standard & Poor's in July has placed the Shanghai B+ credit rating and the "B+" debt rating on the negative credit watch list.

The reason is that the purchase amount is only 1 times the total assets of 2009, and the payment will depend on the financing of the external parties, but this is full of uncertainty.

In the interim report, the company held only about 1 billion 255 million yuan as of June 30, 2010.

It is hard to imagine that we should take out all the 9 billion 220 million yuan.

This situation is very similar to the "Dragon King" estate in Beijing in the middle of November 2009, which was photographed in the middle of 5 billion 50 million yuan in 2009. According to the company's profit of 287 million yuan in 2009, it needs at least 5 billion 50 million years of continuous "brilliant" land payment.

The outside world has been questioning Dalong property's ability to pay.

Sure enough, in February 1st, the Beijing Bureau of land and Resources announced that the Dalong property was not eligible to pay the land premium in excess of the overdue payment.

Tight money raising difficulties {page_break}

In response to the questioning of the outside world, the Shanghai Securities Regulatory Commission responded quickly.

In April 27th, the company announced that it would jointly invest in a joint venture with Hangzhou group, Shanghai Greentown Real Estate Investment Co., Ltd. and Shanghai Panshi Cci Capital Ltd.

After the completion, the parties will distribute loans to the joint venture company in cash in accordance with the 50%, 30%, 10% and 10% share rights.

Through this agreement cooperation, several enterprises have actually been "strung together in a rope".

Among them, the Shanghai stock certificate as a pledge under the name of the Himalaya project shares, with a view to obtain the 2 billion 572 million yuan loan guarantee of the group.

On the other side, assuming that the Forte group failed to pay the shareholder's loan, then Greentown could buy a 10% stake in the joint venture from 100 million yuan, so that the shareholding of the joint venture in Greentown rose to 20%.

Although there is no clear connection between the "land king" in the Bund and the establishment of the joint venture in the announcement of the establishment of the joint venture company, the exposition of "a joint venture company will become a centralized capital platform and thus invest in larger projects in Shanghai" is of great significance. "In Shanghai,

In fact, as early as the beginning of the da da place, it had announced that the company intends to consult with a number of investors to form a joint development block for item company.

According to the agreement, the parties to the joint venture, including Zhengda, forte, Greentown and rock, paid 1 billion yuan, 2 billion 572 million yuan, 858 million yuan and 187 million 300 thousand yuan respectively, totaling more than 4 billion 600 million yuan, which is enough to pay 50% of the land pfer fees.

"The link between partnerships is very fragile now."

Another person familiar with the matter said, "in view of the pressure of funds, it is not very likely that the green city will continue to participate, and whether the land will pay the shareholders' loans as scheduled" is still unknown.

This is the proof of the payment pressure of land leasing for the certification authority.

This is not difficult to understand. In the case of continued contraction of the money market, the capital chain of real estate companies is beginning to tighten.

Take the green city as an example, the mid-term performance report of 2010 shows that the debt ratio of the company has reached 158.8%.

The company, which holds 11 billion yuan in cash in the current period, has a debt of up to 30 billion 300 million yuan.

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At the end of August, there were also investment circles who said that they had received "Hydrangea" from the capital of Zhengda. "At that time, there was still billions of dollars in capital gap."

A person close to Zhengda said that he was always making persistent efforts to raise funds in the face of the gradual tightening of the deadline for land pfer payment.

"Just now the situation is not ideal, no matter the domestic macro policy effect, or the increased supervision of offshore funds, all affect the operation of the capital raising fund."