**: Spy Finance (ID: Spy Finance).
Recently, ** seems to have focused on Vanke again, just because of a rumor of "10 billion extension rejected", but **This hot discussion or "catharsis" is by no means limited to this.
This rumor mentions the "other protagonist" Xinhua Asset Management, although there is no actual controller, but behind it is the "insurance predator" Xinhua Life Insurance.
*: Secret Agent Finance, use is subject to authorization.
Just now, Xinhua Asset Management took the lead in "speaking out" to the outside world and issued a "public statement" on the official WeChat public platform, which emphasized, "Recently,The Company is concerned about the misinformation about our Company and Vanke。Vanke is a leading enterprise in China's real estate industryWe have been maintaining normal business cooperation with our company
To put it simply, first, the rumors spread on the Internet are untrue; Second, Vanke, the "leading real estate enterprise", has maintained normal business cooperation with Xinhua Asset Management; Third, Xinhua Asset Management responded to the call of the national strategy to support the healthy development of the real estate industry.
In addition, judging from the information in the above statement, Xinhua Asset Management did not mention the issue of 10 billion yuan of creditor's rights and debt relationship involving Vanke.
In fact, the in-depth cooperation between the asset management company and Vanke has been around for a long time. Recently, for example, half a year ago, Vanke applied for financing of 4 billion yuan from Huatai Asset Management through its North self-owned long-term rental housing project. Refer to the article "Vanke's Big Move: Exposing 4 Billion Financing Orders, and the "Gold Owner" Huatai Asset Management Has a Big Future".
The outside world will wonder why Xinhua Asset Management took the initiative to refute the rumors and Vanke has not spoken out yet?
In fact, how Vanke comes out to explain to the outside world at this time will continue to cause greater waves in the market. As an investment platform for life insurance, Xinhua Asset Management, according to the spirit of the high-level meeting at the beginning of the year, banks and other financial institutions must "stand high" and serve the overall situation.
Besides, Vanke is a benchmark for real estate companies, and if Xinhua Asset Management is also silent, Vanke's situation will deteriorate, exacerbate the risk spillover of the property market this year, and the real estate rescue will fall short, and no one can afford this responsibility.
You must know that Vanke's last round of turmoil subsided thanks to the timely voice of the Shenzhen State-owned Assets Supervision and Administration Commission. In November last year, in the face of the decline in the performance of last year's three quarters and the double killing of stocks and bonds, the Shenzhen SASAC can be described as "the final word".
If necessary or in the event of an extreme situation,The State-owned Assets Supervision and Administration Commission of Shenzhen Municipality has full confidence and sufficient financial resources and tools to help Vanke actively respond through all possible market-oriented and law-based means such as project cooperation, optimization of equity investment structure, bond subscription, and coordination of financing by financial institutions.
After a few months, Vanke has become the focus of the first class again. Judging from the causes of this wave, there are two key triggers superimposed.
First, Vanke's sudden sale of high-quality commercial projects in Shanghai not long ago conflicted with its current transformation ideas of vigorously promoting the development of operating properties, which inevitably led to market speculation.
In mid-February this year, Link REIT** announced that it had completed the acquisition of the remaining 50% interest in Shanghai Qibao Vanke Plaza, which also meant that Vanke had completely withdrawn.
Judging from the analysis, Vanke had a large-scale adjustment of business lines including commercial lines at the beginning of the year, especially the integration of SCPG and Vanke Commercial, the establishment of a new commercial business department, and the allocation of Vanke's senior executives in multiple districts.
A few days ago, Vanke announced its latest sales results, that is, monthly sales of 141 in February 2024500 million yuan, down 52 percent year-on-year08%, with cumulative sales of 334 in the first two months of this year500 million yuan, down 41 percent year-on-year65%, down 48. from the same period in 202222%, down 70. from the same period in 202178%。
Recently, a number of institutions have also intensively released the sales performance of real estate companies in the first two months of this year, which are very poor as a whole, and central state-owned enterprises are no exception, and the decline is still eye-catching. Specifically, in the first two months, the total sales of the top 100 real estate companies were 4762400 million yuan, down 51 percent year-on-year6%。
It has been 2 years since this round of efforts to "stabilize the property market". But now, the property market is still declining, and Vanke, the benchmark, has become the target of public criticism, the eye of the storm.
As of the end of September 2023, Vanke's asset-liability ratio after excluding advance receipts was 671%；The net gearing ratio was 539%；The cash short-term debt ratio is 22 times, 2 times from the end of the previous year1x slight increase. At the end of the same period, Vanke still had 103.7 billion yuan of monetary funds on its books.
For the whole year of 2023, Vanke's cumulative contracted sales reached 761200 million yuan, down 9 percent year-on-year8%, compared with other real estate companies, the decline is lower than the industry average. The outside world expects Vanke to lead real estate companies to break through against the trend in 2024, but they did not expect that the property market is still very cold at the beginning of this year.
In fact, since 2022, Vanke has been carrying out a scale "balance sheet" strategy, and both the asset side and the liability side are advancing simultaneously, the most obvious being the slowdown in land acquisition and the reduction of cash consumption.
Like Vanke, the core crisis of all current real estate companies is "unable to sell". Some analysts pointed out that the biggest funding channel for real estate companies is sales collection, sales and collection cannot keep up, and other financing is still a drop in the bucket.
Nevertheless, the current financing of real estate enterprises must keep up in a timely manner, and now the "real estate project financing coordination mechanism" is loud in various places, and the industry expects the financing side of real estate enterprises to breathe a sigh of relief.
Now that it has entered March, it is the sales of real estate companies that have entered a critical period, and they should increase their marketing efforts or find a way to sell the goods and survive first.
Just as Wang Shi, Honorary Chairman of Vanke Group, said in the discussion of Yabuli entrepreneurs in the early years, "My life is up to me", Vanke's breakthrough also lies in its own hard power.