*Real-Estate Spy (id: real-estate-spy).
Last Thursday, the Beijing-Shanghai property market "relaxed" the property market at the same time. It is expected that more new first- and second-tier cities will also further increase their efforts to loosen restrictions.
Compared with the activation of the "demand side", the financing side of real estate enterprises is not idle. Recently, the financial regulator has required banks to lend according to the rigid requirements of "three not less than", and increase the tilt towards financing private real estate enterprises.
Now that the end of the year is approaching, real estate enterprises are also slowly moving forward in the open market bond financing, especially private real estate enterprises, which still need to increase the debt to enhance credit "escort".
On December 18, Jinhui Group, known as the "light of Fujian private real estate enterprises", disclosed the subscription instructions for the second phase of medium-term notes in 2023 (dynamic adjustment mechanism version of the issuance amount). Today will be the last day of the ticket subscription, and the subscription range is 36%-4.6%, up to 800 million yuan can be issued and raised.
As of the date of issuance of the subscription statement, Jinhui Group and its subsidiaries have outstanding medium bills of 2 billion yuan and ABS balance of 168.5 billion yuan.
As far as the 2 billion yuan medium note is concerned, at the end of 2022, Jinhui issued the only medium note with a total scale of 1.2 billion yuan (22 Jinhui Group MTN001) for the whole year, and also issued an 800 million yuan medium note (23 Jinhui Group MTN001) in August this year, both of which have a coupon rate of 4% and a term of 3 years.
With the explosion of China SCE Group's dollar bonds in October this year, Jinhui Group has almost become the only one of the current "Fujian private real estate enterprises" that has not been out of insurance for the time being. No matter which one it is, it is indeed not easy to carry it until now.
According to the disclosure, Jinhui Group applied for 800 million yuan in the ticket fundraising, and 48 million yuan is intended to replace its own funds to repay the interest of "22 Jinhui Group MTN001" on December 5 this year; 400 million yuan to supplement liquidity; The remaining is planned to be invested in project construction and repurchase and repayment of the principal and interest of the overseas debt of Jinhui Holdings, the shareholder of the company.
Affected by the continuous interest rate hike of the US dollar, the mainland real estate companies currently listed in Hong Kong have temporarily lost the ability to issue new overseas bonds, so they have turned to domestic bond issuance, but it is not that anyone wants to issue bonds.
In fact, Jinhui Holdings is an overseas listed platform, which controls the domestic real estate business entity, Jinhui Group, through a series of capital structure designs.
According to the disclosure, Jinhui Group achieved revenue of 254 in the first three quarters of this year200 million yuan, comprehensive gross profit margin of 1553%, down 1 year-on-year71 percentage points, which has continued to fall below 20% since 2022, such as 1573%, which is about in 2020 and 2021, respectively. 03%。
Note! In the first three quarters of this year, Jinhui Group achieved a net profit of 145.4 billion yuan, down 15 percent year-on-year37%, of which the net profit attributable to the parent was 11500 million yuan, down 22 percent year-on-year77%。
In the first three quarters of this year, Jinhui Group's net operating cash flow was 42900 million yuan, a year-on-year decrease of about 558%, mainly due to the decrease in sales and collection compared with the same period, compared with the net operating cash flow of 106 in 2022600 million yuan, which has hit a new high from 2020 to 2022, such as 25 in 2021300 million yuan, about 30 million in 2020300 million yuan.
In the first three quarters of this year, Jinhui Group's fundraising inflow was 808.5 billion yuan, although only 82 percent higher than last year600 million yuan less than 17.5 billion yuan, but 345 in 2021600 million yuan, 460 in 2020400 million yuan is not the same; Debt service and other outflows 161500 million yuan, of which nearly 14.2 billion yuan was paid in cash.
As of the end of the third quarter of this year, Jinhui Group's cash and cash equivalents balance was 79300 million yuan, compared with 117 at the end of last year600 million is a significant decrease of 38300 million yuan. Jinhui Group's monetary funds are 821.3 billion yuan, compared with 123 at the end of last year4.6 billion yuan.
At the end of the same period, Jinhui Group's short-term borrowings were 3300 million yuan, compared with 12 at the end of last year5.8 billion yuan, down 9$2.8 billion; The interest-bearing debt due within one year was 10.6 billion yuan, an increase of nearly 4 percent from the end of last year600 million yuan. In addition, its long-term borrowings 144$1.3 billion, bonds payable $367.5 billion yuan.
According to the disclosure of Jinhui Group's prospectus, according to the balance of loans on the maturity date, the details of bank and non-bank loans that must be repaid before the end of June 2024 are as follows:
In January next year, Jinhui must concentrate on repaying the "Agricultural Bank of China 0."700 million yuan, Bank of China 0500 million yuan, Quanzhou Bank nearly 1900 million yuan", and by February it must be repaid "Zheshang Bank nearly 1700 million yuan, Shandong Trust 19.4 billion yuan", which must be repaid to Huaxia Bank in late March5.8 billion yuan.
From this point of view, in the first quarter of next year, Jinhui will have to repay a total of 83.2 billion yuan.
In April 2024, Jinhui will have to concentrate on repaying the "Bank of Jiangsu 2."900 million yuan, Everbright Bank 19.5 billion yuan, Minsheng Bank 737.3 billion yuan, China Guangfa Bank 50.8 billion yuan, ICBC 700 million yuan, Agricultural Bank of China 70.3 billion yuan, Everbright Bank 3400 million yuan, Zheshang Bank 3600 million yuan and Agricultural Bank of China 1600 million yuan, Bank of China 0243.5 billion yuan", a total of about 40$1.8 billion.
At the end of May next year, Jinhui must concentrate on repaying the "China Merchants Bank 3."0.7 billion yuan, CCB 81.8 billion yuan, China Everbright Bank 28.3 billion yuan, Bank of Jiangsu 34.1 billion yuan, Hengfeng Bank 4200 million yuan, Bank of Communications 46.8 billion yuan and Minsheng Bank's three were "1028.4 billion yuan, 1700 million yuan, 27.4 billion yuan", totaling about 41100 million yuan.
In early June 2024, Jin Hui will have to repay the Agricultural Bank of China 44.5 billion yuan, in late June, it must be repaid "China Merchants Bank two 1.."6.4 billion yuan with 15.1 billion yuan, and 4700 million yuan", with a total of 12300 million yuan.
Judging from the above loan maturity details, Jinhui will have to repay bank and non-bank loans in the first half of 2024.101900 million yuan, of which the second quarter will be the peak period of debt repayment of nearly 9.4 billion yuan, especially.
In April and May, there were more than 4 billion yuan to be repaid.
As of the end of September this year, the above-mentioned calculable interest-bearing debt balance of Jinhui Group exceeded 29 billion yuan, and the payable was 116 billion500 million yuan, which should be said to be mainly the construction money owed.
At the end of the same period, Jinhui Group's inventory remained high, reaching 856800 million yuan, but 994 more than at the end of 2022600 million yuan, down 137800 million yuan.
Referring to the latest data of CRIC and looking at the sales list of real estate companies in the first 11 months of 2023, Jinhui Group ranks with 240The full-caliber sales of 200 million yuan ranked 55th, and the equity amount was 192800 million yuan ranked 51st, compared with 389 full-caliber sales in the same period last year800 million yuan ranked 48th, with an equity amount of 312700 million yuan ranked 38th, and sales fell by more than 38%.
From the perspective of product series, Jinhui's main product lines are Uber, Yunzhu, Mingzhu and Dacheng to meet different home purchase needs from rigid needs to just reform to high-end. At present, the main tone of the property market is to better meet the demand for rigid and improved housing purchases, and the outside world also expects Jinhui to take advantage of the trend and break through strongly.