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    Lining'S Cross-Border Real Estate: How Does This Road Go?

    2010/9/19 11:27:00 74

    Lining

    "We do not know what the old district reconstruction plan is."

    For "Lining company's energy saving 40 billion of the Shenyang peace zone old district reconstruction plan", the local government officials said in September 14th.


    do

    Sports apparel

    Lining is going to enter the real estate development market through a new subsidiary.

    However, the above statement by people in Heping District of Shenyang seems to imply that this garment giant is not going smoothly.


    Curve March


    Lining's entry into real estate can be described as grand planning and circuitous twists and turns.


    The first is the complicated way of entering shares.

    In June of this year, Lining bought 5 billion 479 million preferred shares from the joint-venture energy saving company through his joint venture with his elder brother. In September, he bought 30.9% of the shares of Li Ning Co in a happy and energy saving way. The price was converted into a common stock by Lining brothers, which had previously held a fast and energy-saving convertible share. After the conversion, Lining had a 63.2% share of energy saving.

    That is to say, Lining brothers became the controlling shareholder of fast energy saving.


    Later, a declaration of "energy saving" announced that Lining would enter the real estate sector.

    According to the announcement of quick energy saving, the company signed an agreement with the Shenyang seller. The express energy saving will have 99% rights and interests of Shenyang megaba Industrial Park and 100% of Shenyang MB investment.


    In the announcement, a name is "

    Eco City

    The project shows Lining's "big shot" in the real estate industry.

    The project is said to be an urban renewal project in Heping District of Shenyang, with a preliminary estimate of 1 million square meters.

    Lining said at a subsequent press conference that the project involved 40 billion yuan in capital and 5 to 8 years in construction time.


    "We do not know what old area reconstruction plan is."

    Yesterday, the daily economic news reporter called the Shenyang Peace District government office, the relevant responsible person said so.

    At the same time, the Urban Construction Bureau of Heping District also said that it is not clear that there are large-scale urban renewal projects.

    The Hongkong media also reported that the spokesman for the Shenyang Peace District Press Center said that at present, the location of the old district reconstruction was not finalized, and it was emphasized that the decision would be made at least two years later.


    The announcement of happy energy saving also seems to indicate that the project is still in the blueprint.

    "The people's Government of Heping District of Shenyang will assist in obtaining and providing land development eco city projects, which must be auctioned.

    The seller of Shenyang has assured that the land will be sold in the form of auction, auction or sale by using the technical regulations similar to those promoted by Shenyang trillion yuan industrial park.


    "Similar

    Lining

    Such enterprises enter the real estate development market, one must have money, the two must have land.

    A real estate insider told reporters.


    However, according to the Shenyang peace zone government's statement and Lining's announcement, the land seems to be missing.

    Another reporter found that "money" for Lining to enter the real estate market does not seem easy.

    The interim report released by Lining not long ago found that he held 14 billion 360 million yuan in cash, while according to the fast energy saving report, the company's cash was HK $4 billion 400 million (about 3 billion 872 million yuan).

    Judging from the cash holding situation of the two companies, 40 billion is indeed an astronomical figure. On the other hand, the company needs cash to maintain the normal operation of the original industry.


    In this regard, Lining said that the company's capital expenditure needed to develop new businesses is indeed huge and needs large-scale financing.

    The financing methods will be varied, but the specific way is still under study.


    Expansion Road


    Lining was not the first clothing company to enter the real estate industry. Before it, there was YOUNGOR.

    As early as 1992, YOUNGOR began to set foot in the development of real estate. In 2007, it won the first land in Hangzhou with 1 billion 476 million yuan. It was a fashion manufacturer who entered Hangzhou's real estate industry. Now, it has developed 3 million square meters of residential property, villas, business buildings and so on.


    Not only clothing enterprises, some 3C enterprises have already entered the real estate development market.

    In 2004, TCL group has been testing the water real estate field, and has set up Huizhou TCL Real Estate Development Co., Ltd. and Shenzhen TCL Real Estate Co., Ltd.

    In addition, the United States, GREE (000651, SZ), Hisense and so on have also established Real Estate Company and have been in operation for many years.


    "Gross margin of real estate business will normally be between 30% and 40%," the insiders of the real estate industry pointed out to reporters.


    This guideline is applicable to household appliance manufacturers whose gross margins are below 20%.

    TCL is a good example. In 2007, the group's income from real estate reached 560 million yuan, the gross margin level was around 33.89%, the income in 2008 was 115 million yuan, the gross profit margin was 31.76%, the income in 2009 was 152 million yuan, and the gross margin level was about 12.6%.


    But this rule does not seem to be applicable to clothing enterprises, especially the famous enterprises such as Lining.

    Because its gross profit margin never lost to real estate enterprises, according to Lining's first half financial report, the gross profit margin in the first half of this year was 47.9%, while the gross profit margin was 47.8% in the same period in 2009.


    A fact that can not be ignored is that the competition in the clothing industry is becoming more and more intense. Leading enterprises such as Lining are facing the pursuit of XTEP (01368, HK) and other domestic counterparts. On the other hand, they need to break through the pressure of Nike, Adidas and other world sportswear giants.


    "Sports industry involves not only a competition, a sportswear that people see, but also a lot of industries involving the use of real estate and emerging technologies."

    In a press conference, Lining said so.

    Perhaps, in the face of competition, Lining is on the road of expansion.

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