YOUNGOR Is Deeply In Hangzhou'S "Land King": The Land Has Not Been Paid For Two Years.

YOUNGOR, the typical representative of the real estate industry, is suffering from the extreme cold of real estate.

In March last year,

Li Rucheng, chairman of the board, also said that YOUNGOR's real estate business would be divestied from the listed companies and listed separately.

But this plan seems to be out of reach at the moment.

As a matter of fact, the two plots that YOUNGOR made in Hangzhou Shenhua plate in 2010, so far, has not paid the land fund.

The mystery of unpaid land fund

At the end of October, Hangzhou was under the autumn wind.

The autumn in the south of the Yangtze River is much later than in previous years.

Reporters at YOUNGOR's home in Hangzhou Shenhua plate two land scene to see, the land block has no signs of construction, surrounded by high walls, covered with weeds.

Shenhua plate has been developing rapidly in the northwest of Hangzhou city in recent two years, and has gathered several famous local developers.

In December 2010,

Ferocious shot to take the two plots of Shenhua District in Hangzhou, with a total price of 2 billion 421 million yuan, and refresh the record price of land sold in Hangzhou at that time.

On the same day, YOUNGOR bought 53 Shenhua land plots at the total price of 1 billion 165 million, and won the 56 homestead on the side with the total price of 1 billion 256 million yuan. The total land price of two sites was 18114 yuan / square meter, breaking the land price record of the Shenhua plate Homestead that had just been created.

This is the sky high price, at that time, developers were the most enthusiastic.

What makes YOUNGOR more embarrassing is that in this wave of strict real estate regulation, Shenhua plate's many properties have plunged, and many projects have exceeded 16 thousand yuan / square meter price bottom line.

Two years later, this price is lower than the price that YOUNGOR had taken.

There have been media reports that YOUNGOR property wants to return the two plots.

But Shao Hongfeng, general manager of YOUNGOR real estate in Hangzhou, told reporters that there was no idea of returning to the ground.

As for why no work has been started, he said, because the two lands have not been obtained from the government.

Hangzhou Land Bureau official told reporters that, in fact, the two plots have completed the demolition and land leveling procedures, the reason is not delivered now, YOUNGOR has not yet fully paid land funds.

The Land Bureau said the two lands only paid part of the land, so it took so long.

A person from YOUNGOR estate said there were still some unpaid payments, but he did not want to disclose the exact number.

He said he was consulting with the government.

It's not normal to have land for two years.

A developer in Hangzhou told reporters that the time was too long.

Generally speaking, the mature developers are entering the field in a year or so.

Another developer said that they had a piece of land that they got at the end of 2009 and paid the land fund in full before the end of 2010.

According to the notice issued by the Ministry of land in 2010 on the issue of strengthening the supply and supervision of land for real estate, the developer will sign the pfer contract within 10 working days after taking the land, and within 1 months after signing the contract, he must pay the first payment of the pfer price of 50%. The balance should be paid in time according to the contract, and the latest payment time shall not exceed one year. The contract must expressly stipulate the land area, usage, floor area ratio, building density, area and proportion of the condominiums, deposit, time and manner of payment, the time and method of payment, the time for completion of the payment, the completion time and the specific standard of recognition, and the liability for breach of contract.

Once the developer fails to sign the contract, the land department will terminate the land supply and do not refund the deposit. If the contract has not been paid, the land must be recovered.

If YOUNGOR property has not paid the land for the above two plots, it means that these two sites are at risk of being seized by the government at any time and partly recovering land.

Prior to this, Rongsheng real estate had been confiscated by 106 million 500 thousand Yuan Dingjin and recovered land due to arrears of land leasing in a piece of land in Nanjing.

But Hangzhou Land Bureau is not willing to disclose whether it will consider confiscating part of the land fund.

"Land king" layout

Two blocks of Shenhua plate in Hangzhou are only part of YOUNGOR's "land king".

In fact, from YOUNGOR to real estate to now, has always been the "high price to take" the broad route.

In April 21, 2004, YOUNGOR real estate appeared in Suzhou. It took three plots of 03, 04, 05 of Suzhou Industrial Park in one fell swoop. The total price was 1 billion 413 million yuan, which shocked Suzhou real estate circle.

This is the first land king of YOUNGOR estate outside Ningbo, which is more than 6000 yuan per square meter, while the East Suzhou lake house price is still around 5000 yuan / square meter.

Beginning in 2007, YOUNGOR property officially entered the Hangzhou market.

In July 9th of that year, YOUNGOR home made a high-profile appearance.

After 90 rounds of bidding, the 1 billion 476 million yuan high price won the Hangzhou Institute of Commerce block, 15712 yuan / square meter floor price, and made YOUNGOR's "Hangzhou king" laurel.

Subsequently, YOUNGOR home in Hangzhou market all the way, "go forward".

In September 29, 2007, YOUNGOR spent 1 billion 280 million yuan, taking two plots of No. 50 and 51 of Hangzhou turn pond.

In February 2008, YOUNGOR purchased a land price of 13100 yuan / m2 in Ningbo Beijiao road with a total price of 979 million 700 thousand yuan, which set the highest price for the sale of land in Ningbo.

Subsequently, YOUNGOR property entered the "hoarding" store hoarding stage. Data show that in 2009, YOUNGOR purchased 6 plots in Ningbo and other places with a price of 6 billion 490 million yuan, with an additional land area of 625 thousand square meters.

In September 2009, YOUNGOR estate in Shanghai won 1 billion 958 million yuan long breeze 8 east block, the floor price is 25966 yuan / square meter, the premium rate is 73%, refreshed the Shanghai Changfeng new price King record.

Then, the two plots of YOUNGOR Shenhua plate in Hangzhou market in 2010.

Most of these plots have a salient feature, and the price that YOUNGOR takes is almost higher than the price of the surrounding property. "They are the most crazy developers."

Insiders told reporters.

This makes people think of the rumors behind it. In 2007, Li Rucheng once said that he wanted to take out the "10 billion place to find the land", which may be the reason why YOUNGOR property has made bold efforts in the land market around 2007.

This is when many manufacturing enterprises enter the real estate crazily.

A "Zhejiang top 100 private enterprises list", which represents the comprehensive strength of private enterprises in Zhejiang, shows that at least 64 of the 100 private enterprises in the list are involved in the real estate sector.

Real estate crisis?

In fact, the star enterprise from Ningbo, Zhejiang, was founded in 1979.

YOUNGOR has always been called the "leader" of the diversification of manufacturing enterprises, real estate business and equity investment.

For YOUNGOR, the line of "three carriages" remained stable until 2009.

The company's 2009 annual report shows that net profit of 3 billion 264 million yuan was achieved in that year, of which the textile and garment business achieved about 6 billion 900 million yuan, net profit of about 445 million yuan, real estate business income of about 5 billion 195 million yuan, net profit of about 1 billion 190 million yuan, and equity investment business net profit of 1 billion 625 million yuan, an increase of 404.71% over the same period last year.

That is to say, in 2009, real estate and equity investment contributed 80% of YOUNGOR's profits.

This is probably the most brilliant year of YOUNGOR real estate. It is commendable that this diversified company has achieved varying degrees of success in three distinct industries.

Bad luck.

In the first half of 2010, YOUNGOR's real estate development and sales revenue fell 29.49% year-on-year.

With the real estate market entering a long regulatory stage, YOUNGOR's real estate business plummeted in 2011. This year, YOUNGOR did not take any land.

The figures are certainly not good.

YOUNGOR 2011 Annual report shows that in 2011, the company due to project cyclical factors of real estate delivery reduced by 3 billion 234 million yuan, revenue and operating profit fell 46.94% and 32.12%.

The most noteworthy data is that YOUNGOR's cash recovery rate has slowed down, and the inflow has decreased by 2 billion 526 million yuan over the previous year, while the payment of land, works and various taxes and charges has increased by 2 billion 304 million yuan over the previous year.

Li Rucheng may be very disappointed this year. He once said publicly that the performance of YOUNGOR's real estate business in 2011 only accounted for 1/3 of the expected value.

In 2011, the board of directors of YOUNGOR reported that the expectation of this year's real estate business has not been lowered: 5 billion of pre-sale income and 35% of revenue growth.

It is hard to imagine that Li Rucheng's goal was to enter the 20 largest domestic real estate in 2015.

This goal seems to be fading away.