For more original content, please pay attention to the property big ** (wuyedabaozha).
For more original content, please pay attention to the lack of money in property companies, which was first seen in the IPO of Great Wall Property. Mitigating liquidity is the main motivation for its IPO in Hong Kong.
But it backfired, and the Great Wall Property, which has the halo of the largest independent property company, caught up with the wind but failed due to various problems, and there has been no news of listing since then.
There is also Ruian Xintiandi, the gross profit margin beats all property enterprises, but it is clear in the prospectus that the raised funds will be used to repay shareholder loans first! Or perhaps it is its own flaws and related party factors that also lead to the failure of the IPO.
Cash cows have always been the main label of property companies, and logically speaking, there is no shortage of money. Unless it is to improve the level of business services and expand the territory, it will raise grain and grass through listing. Other reasons can only be hehe.
In Beye's view, although property companies are cash cows, there are too many people to squeeze them, and there are times when they can't hold it.
For example, Gemdale Smart Service, the last giant in the property management circle, has no intention of going public, but it has paid attention to loans.
On February 27, Gemdale Group officially announced that it would provide pledge guarantee for its Gemdale property and apply for credit from China Merchants Bank, with the financing principal not exceeding RMB
25 small goals.
The reason is that in order to meet the development needs of Gemdale Property Company, it can obtain sufficient working capital.
Gemdale Smart Service is not interested in listing, and has always been puzzled by the circle. In the article "The Last Giant in the Property Management Circle", Master Be's analysis of Gemdale Smart Service is not listed, it should not be needed, or it has not reached that point, and a big reason is that it is not bad for money.
However, with the retirement of Ling Ke, the head of Gemdale, in October last year, whether Gemdale can avoid the minefield and maintain its gold body is worried by the market.
According to CRIC, Gemdale will have 9 domestic bonds, 1 overseas debt, and 3 ABS (** financing instruments) due during the year, involving a term scale of about 18 billion yuan. Among them, there will be a debt of 2 billion due on March 1.
Although Huang Juncan, chairman of Gemdale Group, said that he would guarantee that he would not breach the contract.
However, according to the 2023 performance forecast released by Gemdale on January 31, the net profit attributable to the parent company decreased by 85% year-on-year26% to 8772% of the data, as well as 5.5 billion in January, a year-on-year decrease of 4025% of the contract amount, indicating that the situation is still not optimistic, how does Gemdale respond?
Therefore, Gemdale Smart Service loan of 2.5 billion yuan is for its own use or for real estate?
In the past few years, the real estate industry was in full swing, and the property management outlet was high, and I didn't see Gemdale take care of the property sector, but renamed it Gemdale Smart Service. Nowadays, the river is declining, but it is the real estate guarantee to finance the property, and the key is that the property management sector is not bad in terms of money, unless it supports the real estate.
Beye thinks that according to the usual script, one possibility of Gemdale Smart Service Loan is preparing for a future IPO.
According to the interim report and announcement, the main performance indicators of Gemdale Smart Service from January to November 2023 are:
Revenue 696.7 billion, net profit of 1400 million, net profit margin 202%；The asset-liability ratio is 829%。Gross profit margin in the first half of the year was 803%
Compared with the performance of listed property enterprises in the same period, Gemdale Smart Service 2With an area of 700 million square meters under management, the revenue in 11 months is comparable to that of a property company of the same size, but its profitability is at the bottom of the industry, and the debt ratio is not low.
Therefore, Gemdale Smart Service does need financing support to meet the conditions for future listing.
There is another possibility, if Gemdale Smart Services does not have a plan to go public, and it can generate cash flow, then this financing is likely to repay the debt of the real estate. After all, real estate debt is at the top, and the decline in sales can only be recovered by the most valuable property sector.
However, at present, Gemdale Real Estate and Gemdale Property have not been separated, they are a community of destiny, and there is nothing to criticize about the mutual support of the two.
As for why it is not a direct loan from the real estate sector, but a loan from the property sector, Master Be's feeling is related to the policy spring breeze.
On January 24, the General Office of the People's Bank of China and the General Office of the State Administration of Financial Supervision jointly issued the Notice on the Management of Operating Property Loans, which clarified that in addition to issuing operating property loans for operating capital needs related to the property itself, loans formed by replacing construction and purchasing properties, and shareholder loans, etcOperating property loans can also be issued to repay loans and open market bonds in the field of real estate stock of real estate development enterprises and their group holding companies (including consolidated subsidiaries).
Therefore, Gemdale Smart Service Loan is either to prepare for listing, or to support real estate (which may be larger).
Conclusion:
In the past, most listed property companies could not escape the routine of replenishing blood for real estate. Nowadays, it seems that unlisted property companies cannot escape their own fate.
Speaking of which, if the property management industry wants to thrive, independence may be an unavoidable topic in the context of the real estate slump. Wuyedabaozha