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/http%3A%2F%2Fassets.over-blog.com%2Ft%2Ftwentyeleven%2Fimages%2Fpine-cone.jpg "Maintaining the Good Momentum")
A look at 832 Bond : Central China Real Estate Ltd
Published on April 11 2016
Search : Central China Real Estate
Hu is currently on a mission to transform CCRE into a company that can offer construction and management services for real estate projects without necessarily investing in them.
Does Central China prefer to invest or not invest its own capital in a light-asset business?
We don’t have a preference. It depends on the project. Branding and management outsourcing is a must. Capital is flexible.
For high quality projects, we would like to inject capital or even take the control rights. The capital can be provided by us, via a merger or acquisition fund or through other banking facilities. In this case, we will gain a royalty fee, performance fee, plus a return on equity. For these types of projects, ROE (return on equity) will be more than 30 per cent.
While ROE is uncountable for projects with no equity interest, the return will be pretty considerable as it is a purely management entrustment without any capital cost.
For example, we estimate the total profit for a prospective 50 projects will be 2.5 billion yuan for the brand loyalty fee alone. The profit will be booked in progress, as it takes about five years to complete these projects. The annual profit will be 400-500 million yuan, which will contribute around 30 per cent of the company’s total profit annually.
Our profit has declined in 2014 and 2015, we aim to turn that around in 2017 through an asset-light business. The inventory (of unsold housing) in China’s third- and fourth- tier cities needs an average of five years to clear. We want to take advantage of this period to expand into a light-asset business and hope to shift the focus on a light-asset model after five years.
You said the financial system has been improved in China and that allows developers to concentrate on light-asset business models, what does it mean?
Ten years ago, China didn’t have a yuan-denominated private equity fund, and trust companies were not allowed to lend money for property projects. Developers had to rely on their own capital and bank loans to develop properties.
Gradually fund and trust companies have been able to involve themselves in property investments. Now insurance firms are also allowed to participate in real estate deals. We have other channels including overseas financing, asset backed securitisation and crowd funding. There are more and more financial products we can make use of in the real estate sector.
Are you worried the light asset model will not be appreciated by the capital markets as they are concerned the income might not be stable, like Wanda. Its shares plunged after it announced its own asset-light plan?
Capital markets hope an enterprise can achieve stable growth as well as sustained profitability. This is a high standard and I think Wanda has done a good job. It is quite normal for capital markets to have concerns, as Wanda is still transforming itself.
A light-asset model needs a fresh valuation system because they don’t have a precedent. On top of that, the Hong Kong capital markets are a bit too cautious. The caution stems from a limited understanding of the mainland market.
How does the market look for Henan Province?
The biggest feel-good factor is transport. Zhengzhou (the provincial capital of Henan) will be a transportation and logistics hub within 5 years. After the completion of a high-speed railroad it will take around 2 hours from Zhengzhou to reach a market of over 300 million, 3 hours from Zhengzhou and that figure rises to over 500 million. It is expected the population in Zhengzhou will nearly double by 2020, from the current 8 million to 15 million.
As a brand serving Henan for more than 20 years, CCRE will benefit from the provincial strategy when the Henan market gets stronger.
Will you expand you light-asset business to other provinces?
Our brand influence is mainly in Henan, so we don’t plan to expand outside Henan.
You have also developed your property management service, how is that going?
The property management company is not in the listed CCRE company. Our property management team now has over 5,000 staff, managing 120 communities including 80 of CCRE’s own projects. Since last year, we have been upgrading our services. We have provided more than 20 value-added services, such as laundry, express collection, food delivery and ferrying children to and from school. We have developed an e+ application for our online to offline platform.
Recently, the property management company issued a 0.9 billion yuan domestic bond. It is backed by property management fees. The average cost is about 5.5 per cent a year. This is a very new trial for us.
Moody's Investors Service says that CCRE results for calendar 2015 were broadly in line with expectations. Consequently, the results will not immediately affect the company's Ba3 corporate family rating, its Ba3 senior unsecured rating, or the stable outlook on the ratings. CCRE's 2015 results showed that the company achieved a moderate improvement in its leverage and liquidity, supported by robust revenue growth and the company's disciplined approach to land acquisitions,
In 2015, CCRE achieved a strong 36.1% year-on-year growth in its reported revenues to RMB12.6 billion. Moody's estimates that the company's revenues grew by 41.3% year-on-year after incorporating the contribution from its joint ventures (JVs). At the same time, its adjusted debt—including its share of JV debt—was largely stable, due to improved cash flow from contracted sales and lower capex for land acquisitions. As a result, CCRE's revenue/adjusted debt—adjusted for its JV financials—strengthened to 86.0% in 2015 from 58.4% in 2014.
Moody's notes that during 2015, CCRE cut prices to clear existing inventories in low tier cities. While such destocking efforts have enhanced the company's balance sheet and liquidity, its reported gross margin dropped sharply to 22.2% in 2015 from 33.6% in 2014. Moody's estimates that CCRE's JV projects faced a similar decline in profit margins. These sharp falls have offset the impact of revenue growth. Consequently, its JV-adjusted EBIT/interest fell to 2.1x in 2015 from 2.5x in 2014. This ratio is weak for the company's Ba3 ratings.
While Moody's expects that CCRE's margin will remain under pressure over the next 1-2 years—due to destocking activities in low-tier cities—lower funding costs in China will partly mitigate the impact. Moody's expects that CCRE's JV-adjusted EBIT/interest will trend towards 2.5x over the next 1-2 years. Any deviation from such a trend—due to further margin contraction or significant increases in borrowings—will pressure its Ba3 ratings.
Moody's further expects that CCRE will maintain moderate revenue growth over the next 1-2 years, supported by its stable contracted sales, and that the company will continue to adopt a disciplined approach towards managing its land acquisitions. As a result, its revenue/adjusted debt will stay at around 80%-85%.
CCRE's contracted sales edged up 1.2% year-on-year to RMB15.7 billion in 2015. At end- 2015, the company registered unrecognized contracted sales of around RMB9.39 billion, including RMB1.96 billion from its JVs. CCRE also reported a 40.4% year-on-year increase in contracted sales to RMB1.6 billion during the three months between January and March 2016.
Moody's expects that CCRE's current sales momentum, as well as the stable property market in its core Zhengzhou market, will provide some support for the company's contracted sales and revenues in 2016. According to CCRE, new projects will be launched in Zhengzhou in 2016. These projects will account for around 38.5% of its contracted sales target in 2016.
Moody's points out that CCRE's liquidity has improved. In particular, its adjusted cash-to-short-term debt—including amounts due to and from JVs—rose to 1.5x at end-2015 from below 1.0x at end-2014. Such a liquidity position provides some buffer against the operating risks it faces in low-tier cities.
CCRE's profitability deteriorated significantly in 2015 due to pricing pressure in lower-tier cities. We expect only a mild recovery over the next one to two years. We expect the China-based property developer's high concentration in lower-tier cities to persist. We are lowering our long-term corporate credit rating on CCRE and the issue ratings on the company's outstanding notes to 'B+' from 'BB-'. At the same time, we are affirming our 'cnBB' long-term Greater China regional scale ratings on CCRE and the notes. The stable outlook reflects our view that CCRE's financial leverage will slightly improve in 2016 due to a mild recovery in margins and the company's restrained new land acquisitions. -- On April 5, 2016, Standard & Poor's Ratings Services
10/2015 胡葆森 :
在歐洲很少能看到工地，因為它已經處在一個工業化的後期階段，現在已經進入了信息化時代，城鎮化停留在 70% - 80% 的水平。
現在每個大中城市前 20 大開發商控制了市場的 60% 以上份額。而且這 20 大開發商幾乎一半不是本地的。這是市場規律也是梯次調整的結果，接下來的調整還會繼續，但繼續的時間也不長了。2012 年我國開發商有 6 萬家，三年以後，每年都有新項目開工的開發商從當時 2 萬家減到 5000 家左右。開發商的陣營也在調整，也在洗牌。香港地產商，現在也就七八家吧，控制了香港 80-85% 的土地。這是規律，誰也逃不了，這是房地產的特徵決定的。房地產特徵就是資金密集型產業，誰不和資本市場對接，就必然出局。
洗牌差不多洗了 10 年了，再有個三年，洗牌過程大概也就結束了。 房地產未來的主流也就是100強，媒體也好銀行也好，都不會關注100 強以後的，銀行關注的客從 50 家減到 30 家，減到 20 家，慢慢減少。其實，市場在細化的過程中，銀行作為資本的化身也在挑選自己的客戶。
到了白銀時代、細分時代，客戶在挑選房子時他也在細分，他選擇性也越來越強了。這個時候你的另一條腿，原先一條腿走路，現在必須兩條腿走路了，把服務體系打造的更加完善。說到服務體系，21 年前我們成立建業足球俱樂部，1996 年建業成立了教育版塊，現在在全國成立了 60 家幼兒園、4 家學校。5 年前收購了酒店，4 年前收購了商業地產，3 年前收購了文化旅遊地產。現在我們和華誼兄弟、王潮歌導演在做文化地產，投入大量資金建設綠色基地，打造現代農業綜合體，變成客戶週末休閒度假的場所。我們這個月剛剛在旁邊開了建業生活館。現在我們正在社區建服務站，有 24 種服務功能，包括洗衣和收送快件等等。明年年底要在 80 個社區建成這些服務站。
建業在全省投了 30 個億建了 5 個酒店，是個低效資產，這個資產的商業價值怎麼挖掘出來。綠色基地也是個低效資產，怎麼把它的商業價值挖掘出來。物業管理是不盈利的，怎麼通過收費的證券化來解決它的價值。原來開發商開發好賺錢的時候，忽視了服務的商業價值，下一步就是在壓縮成本，提高效益，保證開發商的基本收入的前提下，怎樣把過去在 10 年、20 年在服務體系中的投入的商業價值不斷挖掘出來，從而支撐這個公司經營的持續的增長。在這個過程中，我特別感謝平安銀行。平安銀行地產金融事業部的差異化經營，包括平安銀行差異化經營，給我們這些以特殊方式生存的企業非常有效的、不一樣的支持。
06/2016 : 建業落實第 13 個委託管理項目，合同的總計劃建築面積為 334 萬平方米。 根據委託管理合同，地塊上開發、經營及管理，而建業收取品牌費及績效提成作為回報。 主席胡葆森表示︰未來將沿著新藍海戰略的方向，進一步推動集團輕資產營運模式轉型。相信這類資產模式項目在未來將成為集團其中一個業務增長的動力。
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非執行董事 羅臻毓，49 歲， 832 非執行董事及董事會副主席。彼亦為數家附屬公司的董事。 羅先生為凱德置地中國控股私人有限公司的行政總裁。凱德中國為凱德置地有限公司附屬公司，為亞洲最大的上市房地產公司之一，其總部位於新加坡且於新加坡上市。羅先生於 2001 年 9 月加入凱德集團，並自 2004 年 8 月起留駐中國。彼獲委任為行政總裁之前，曾任凱德中國的副行政總裁 兼首席投資官，以及區域總經理（華南區）。彼亦曾於凱德集團內擔任多項職務。羅先生持有新加坡國立大學產業管理學理學學士學位。彼亦持有奧克拉荷馬市大學頒授的工商管理碩士 學位，並於 2013 年報讀哈佛商學院的進階管理課程。 羅先生現為麗豐控股有限公司之非執行董事。
潘子翔，44 歲，於 2015 年 4 月 1 日起獲委任為本公司非執行董事。彼亦為本公司數家附屬公司的董事。 潘先生現為凱德中國之首席投資官及西南區區域總經理。潘先生目前也是新加坡 — 四川貿易與投資委員會及新加坡 — 遼寧經濟貿易理事會成員。 潘先生自 1997 年開始涉足房地產行業。加盟凱德集團前，潘先生曾任新加坡建屋發展局 (HDB) 的機電工程師。
李樺，34 歲，為本公司非執行董事。彼亦為本公司數家附屬公司的董事。李女士於 2006 年獲得澳大利亞新南威爾斯大學 建築學學士學位並於 2007 年獲得 Macquarie University 應用金融學碩士學位。於 2006 年加入本集團前，李女士曾於 2005 年在 北京五合國際建築設計集團及澳大利亞悉尼的 Banatex Architects Pty Ltd 工作。李女士為執行董事及董事會主席胡葆森先生之女兒。
過去一年，河南省有 200 萬人從農村變成城市人口，城鎮化率上升了 1.8% 這相當於是全國平均增速的兩倍，發達國家的 5~6 倍。鄭州未來 6 年將吸納 200 萬外來人口。
鄭州區（四環以內）非住宅可售面積接近 1100 萬平方米。根據去年全年月均 20 多萬平方米的去化速度計算，需要 40 多個月。商業地產庫存量高，未來 5 年鄭州商業還有近 900 萬平方米潛在供應量。鄭東高鐵站是其中重災區之一，平均每平方米售價低於住宅一兩千元。
建业绿色基地 - 景点景区 - 旅游企业 - 鄢陵旅游网-鄢陵县旅游局官方网站
http://www.yllvyou.com/chanpin_read.aspx?cpid=20160329101022298
鄢陵建业绿色基地
