YOUNGOR's 480 Million Yuan Meat Cutting Will Still Increase The Real Estate Business.

"P", which has been lingering for nearly two years, the YOUNGOR Hangzhou Shenhua king "retreat from the land" hearsay has finally painted a rest.

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< p > YOUNGOR announced recently that the company will terminate the development of Shenhua block in Hangzhou and propose a 484 million yuan asset impairment.

Liu Xinyu, deputy director of YOUNGOR, explained to the times weekly reporter why the land was retreated. Since 2011, the real estate environment and market situation have undergone great changes. The company's suspension of the development of Shenhua block helps to maximize the interests of shareholders and the company.

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< p > the land retreat of Hangzhou's land king may have foreshadowed its preference for "earth king".

But YOUNGOR's enthusiasm for land expansion has not stopped since then.

According to the weekly weekly reporter rough statistics, as at the end of May, once "Di Wang manufacturing machine" with nearly 2 billion 380 million yuan of funds to "ask for directions", restart the pace of real estate expansion.

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< p > "apart from" a target= "_blank" href= "http://www.91se91.com/" > clothing < /a > main business, real estate is another main business of YOUNGOR.

If we want to continue to develop and develop real estate business, we need to have proper land reserves.

Liu Xinyu said that the company will track Ningbo, Hangzhou, Shanghai, Suzhou and other cities, and continue to raise placards if prices are appropriate.

As for the ground king project, which has always been criticized by the industry, YOUNGOR has not expressed its halting attitude.

Just vaguely, no matter from horizontal ratio or vertical ratio, the most important thing to see is whether it can make profits.

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< p > < strong > 480 million yuan "cut meat" to unload burden < /strong > < /p >

< p > as the most typical sample of the real estate industry, YOUNGOR has made great progress in the Yangtze River Delta in the years following 2004. Hangzhou is one of the most important areas of its layout.

In Hangzhou, YOUNGOR has won numerous crown crowns.

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< p > Shenhua king is one of them.

In November 30, 2010, YOUNGOR took two homestead in Hangzhou Shenhua plate, with a total price of 2 billion 421 million yuan. After the discount, the floor price was 18 thousand yuan / square meter, refreshing the Hangzhou unit price record of land pfer at that time.

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< p > but then the property market encountered the most stringent regulation in history. The lowest price of Shenhua plate has once fallen below 16 thousand yuan / square meter.

As the king of YOUNGOR Shenhua block, encountered "flour expensive bread" embarrassment.

And the fact that the delay has not yet started has made the plot deep in retreat for nearly two years.

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In the evening of June 20th, P became a reality.

Hangzhou land and Resources Bureau informed the media that, because YOUNGOR did not comply with the land pfer contract, according to the relevant stipulations of the state, province and city and the land pfer contract, after the approval of the municipal government, the relevant contract will be terminate according to law, and the relevant formalities are being processed.

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< p > then, YOUNGOR also issued a notice confirming the termination of the development of the Shenhua block in Hangzhou.

If the above contract is rescission, the 484 million 200 thousand yuan that YOUNGOR has paid for the land payment as a performance contract will not be returned.

In this regard, YOUNGOR intends to make provision for impairment of assets of 484 million 200 thousand yuan.

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< p > times weekly reporter read YOUNGOR annual report 2012 found that as of the end of 2012, YOUNGOR paid the land amount of the plot was 1 billion 210 million yuan, while the 484 million 200 thousand yuan contract margin is calculated according to the total land 2 billion 421 million yuan 20%.

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"P > today, YOUNGOR has paid a certain price for the original rash advance. The $484 million 200 thousand liquidated damages can be described as the largest amount of loss in recent years." Suning globe lost 440 million yuan in 2008 when it withdrew from the 163 land of Nanjing East Road in Shanghai in recent years.

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< p > but why did YOUNGOR not take cooperative development or share pfer? Instead, it refused to "cut meat" nearly 500 million yuan in order to quit. For this reason, Liu Xinyu did not explain much in his interview with the times weekly reporter. He only said, "since January 2011, the policy environment, market situation and supply and demand changes in the real estate market have undergone great changes.

For this reason, YOUNGOR and Hangzhou land and Resources Bureau have agreed to cancel the land grant contract, and no longer continue to develop the land.

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< p > "the real estate industry has a" three beat principle ", a photo of irrational brain science decision making; two pat breasts standing dead; three beat thighs, regretting the initial dazzling head.

This time YOUNGOR regrets and goes back to the ground, and it's clear that it wants to break the arm.

Hangzhou local developers representatives on the weekly newspaper reporter, YOUNGOR has entered Hangzhou since 2007, so far, the sales situation has been not optimistic, such as the Hangzhou Institute of Commerce land mass opened in October 2010, has so far failed to liquidation.

Shenhua block is also stuck with its capital chain. In the uncertain market situation, it is better to keep the development of possible losses than to retreat.

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Zhang Huifang, general manager of Hangzhou win win institution, also said that YOUNGOR did not exclude funds from the land, but it could be seen that it was not optimistic about the future market, and that P would lose more if it continued to develop.

At present, the average price of Hangzhou Shenhua plate is about 25 thousand yuan per square meter, with the cost of YOUNGOR plus the cost of Finance and Jianan, at least 30 thousand yuan / square metre will be sold before it will lose money, but it can not be realized according to the current market situation, so land retreat is a kind of stop loss behavior.

"Calculate a sum of money. If we do not retreat, YOUNGOR will lose two times more than 480 million yuan if it continues.

Now that YOUNGOR has unloaded its baggage, it may be able to revitalize other projects. "

Zhang Huifang said.

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< p > from a fundamental point of view, YOUNGOR is running normally, but the funds are relatively tight.

In the first quarter of this year, YOUNGOR's sales increased substantially, and the net operating cash flow of the real estate sector increased by 402% over the same period. At the end of the first quarter, the total amount of advanced accounts receivable increased by 770 million yuan compared with the end of last year.

But its short-term borrowing is close to 15 billion yuan, with a debt ratio of 71%, which is at a high level in real estate enterprises.

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< p > but Liu Xinyu strongly denied that the company had real estate sales and capital chain tensions.

"This year's housing sector is expected to settle operating income of more than 8 billion yuan, as of the end of May this year, the company has realized the pre-sale amount of 6 billion yuan, an increase of 52% over the same period, so there is no tension in the capital chain."

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< p > < strong > will still increase the real estate business < /strong > /p >

< p > the Hangzhou land King retreat incident highlights the embarrassment of YOUNGOR.

But YOUNGOR's enthusiasm for land expansion has not stopped since then.

In fact, unlike the Hangzhou market, YOUNGOR, which has been dead for two years in the land market in Ningbo, has attracted many kinds of soil reserves this year.

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< p > May 30th, YOUNGOR subsidiary Ningbo YOUNGOR new town real estate Co., Ltd. took a plot of 1 billion 544 million yuan to win the core area of Ningbo East New Town, and converted the floor price to 9930 yuan / square meter.

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< p > it is worth mentioning that the eastern new town project is the fourth item that YOUNGOR won in January.

In May 13th, YOUNGOR won the Ningbo Yinzhou District Jiangshan town lion ball group plot with 291 million yuan. On May 16th and 18, YOUNGOR issued the announcement on outward investment separately, and invested a total of 75 million yuan to participate in two projects in Ningbo.

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< p > according to the rough statistics of the times weekly reporter, as at the end of May, the "Di Wang manufacturing machine" with nearly 2 billion 380 million yuan of funds in Ningbo "to ask for directions" and restart the pace of real estate expansion.

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< p > above, Liu Xinyu explained to the times weekly reporter that apart from the main garment industry, real estate is another main business of YOUNGOR's key development.

If we want to continue to develop and develop real estate business, we need to have proper land reserves.

The company will track Ningbo, Hangzhou, Shanghai, Suzhou and other cities that have already entered, and raise placards if prices are appropriate.

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Below P, YOUNGOR will still be overweight in the land market.

Liu Xinyu did not directly disclose the specific plan of putting the plan into practice, but said that if the price is right, the placards will be lifted. If the price exceeds the bottom line of the company, it will not be taken.

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< p > "many growth housing companies have recently been active in the land market.

YOUNGOR is also taking advantage of this opportunity to increase its land reserves before the land market has just started heating up and has not yet reached overheating, so as to prepare for future development.

Chen Sheng, executive director of China Institute of housing data analysis.

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< p > however, although YOUNGOR has repeatedly said that the development of the company is the whole Yangtze River Delta, but during its attempt to get out of Ningbo, the development of many land projects with high cost is not smooth enough, so YOUNGOR's new round of expansion has returned to the familiar Ningbo.

Times weekly reporter combed YOUNGOR in recent years took the ground map also found that the 6 time during the year in Ningbo.

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"P," and "taking the land aside, this situation shows that YOUNGOR is adjusting the structure of land holdings."

A real estate analyst in Shanghai introduced to the times weekly reporter. In addition, the projects YOUNGOR basically took were concentrated in the base camp of Zhejiang Ningbo. There were two projects that chose to cooperate with other developers in the local cooperation. This series of actions is not difficult to see that the YOUNGOR front has been shrinking while becoming cautious.

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< p > Xue Jianxiong, director of research in Fang Xin, also believes that YOUNGOR can get the lowest price at the present stage. In the future, the low-priced real estate can be sold out, so as to recover money quickly and improve the cash flow.

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< p > but Liu Xinyu has not responded directly to whether he will continue to win in the future.

The concept of "land king" is not exact in itself. Most of the land is now paged and paged. For land itself, every land is likely to have the highest price.

Liu Xinyu said that no matter from horizontal ratio or vertical ratio, the most important thing to see is whether it can make profits.

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