XinDa real estate down the altar financial costs soared, the first loss since listing-xpphone

The real estate XinDa go down: financial costs soared now first loss since listing source: China estate XinDa zouxiashentan visual center daily news in 2016, real estate XinDa shows excessive behind the myth of weakness. According to XinDa disclosed figures, during the reporting period, sales contract amount of 6 billion 200 million yuan, an increase of 32%, 42% growth in revenue. However, the net profit of the XinDa actually fell 45%, gross margin is down 12%, its first loss since listing. XinDa explained in the annual report is due to transfer income from the three or four line of the city project, industry gross margin decline is relatively common, efforts to promote company sales strategy and increase the stock return, so the larger revenue decline in gross profit margin. The XinDa’s earnings is difficult to support the claim. XinDa 3 billion yuan in the first half of the revenues, there are more than 2 billion yuan from Ningbo and Shanghai. Shanghai needless to say, is the 2015 Chinese hot real estate market, Ningbo in the "330" policy stimulus, stocks go very smoothly, the transaction price is not only reached a record high, but also ushered in a rare housing prices. In addition to Ningbo and Shanghai, the largest XinDa sales from Qingdao, although in 2015 the Qingdao property market overall "price increments, but the main project blue court Fu Di where North but contrarian price, historical data from SouFun, blue court Fu Di also appeared to a good price. Profits fell to appear in the three main city strong background, confirms the XinDa weak development ability. A XinDa worked in real estate staff told reporters: "the XinDa interface development ability is very weak, you go to see a list of all the executives, who are basically the XinDa information management background, understand finance, will raise money. But money and real estate development is not the same. XinDa real estate development process control has many problems." The financial costs soared, the XinDa was also considered as the main reasons for the decline in net profit. As of July 31st, the real estate XinDa in 2016 on new borrowing 7 billion 900 million yuan, more than 2015 of net assets at the end of 1/5. 7 billion 900 million yuan, 1 billion 900 million yuan from the financial loan, 6 billion yuan from the debt financing plan. The massive influx of capital for XinDa financing arising from the financial cost of an increase of 193.26%. You know, the real estate financing costs low, the government bond interest rate is only 3.5%-3.8%, private debt interest rate is only 4.5%-5.56%, even more than the industry recognized quality enterprises are low lake. XinDa has been able to obtain its capacity does not match the financing cost, the parent company’s endorsement is absolute reason. From the beginning of 2015, the XinDa real estate fund wantonly spread, has initiated or participated in 7 projects, 1 billion 600 million yuan to raise capital leveraging the 13 billion 600 million yuan, including 11 billion 500 million yuan from the Chinese XinDa’s various subsidiaries, even China own XinDa. However, the management of non-performing assets behind the giant XinDa, is not equal to anything as people think. In the real estate XinDa emerge, there are comments that can be on the real estate XinDa

信达地产走下神坛:财务费用猛增 现上市以来首亏 图片来源:视觉中国   信达地产走下神坛   2016年中报里,信达地产展示了过度神话背后的虚弱一面。   按照信达披露的数字,报告期内,销售合同额62亿元,增长32%,营收也增长42%。然而,信达的净利润竟然大跌45%,毛利率更是同比减少了12%,上市以来首次出现亏损。   信达在年报中的解释是:由于结转收入中来自三四线城市的项目较多,市场行业毛利率水平下降比较普遍,公司去库存促回笼的销售策略力度又有所加大,所以营业收入的毛利率降幅较大。   信达的财报很难支持这种说法。信达上半年30亿元的营收中,有超过20亿元来自宁波和上海。上海自不必说,是2015年中国最火热的房地产市场,宁波在“330政策”的刺激下,去库存非常顺利,全年成交价不仅创了历史最高,还迎来了罕见的房价上涨。   宁波和上海之外,信达最大的销售额来自青岛,尽管2015年青岛楼市整体“量增价跌”,但是其主力项目蓝庭福邸所在的市北区反而逆势涨价,从搜房网的历史数据来看,蓝庭福邸也出现了涨价情况,去化良好。   在三大主力城市坚挺的背景下出现利润大跌,侧面印证了信达虚弱的开发能力。   一名曾就职于信达地产的员工告诉界面记者:“信达开发能力很弱,你去看高管的名单,基本上所有人都是信达资管出身的,懂财务,会筹钱。但是筹钱和开发房地产毕竟是不一样的。信达地产的开发流程管控存在很多问题。”   财务费用的猛增,也被信达看作是净利润下降的主要原因。截至7月31日,信达地产在2016年就新增借款79亿元,超过2015年末净资产的五分之一。79亿元中,19亿元来自金融构借款,60亿元来自债权融资计划。   巨量资本的涌入,让信达融资产生的财务费用同比增加193.26%。要知道,信达地产的融资成本极低,公债的利率仅为3.5%-3.8%,私募债的利率仅为4.5%-5.56%,甚至比业内公认的优质企业龙湖都低。   信达之所以能获得与其能力不相符的融资成本,母公司的背书是绝对原因。从2015年开始,信达地产的地产基金大肆铺开,迄今共发起或参与了7个基金项目,以16亿元的认筹撬动了136亿元的资本,其中有115亿元来自中国信达旗下的各类子公司,甚至中国信达自己。   但是,信达背后的不良资产管理巨头,也并不像人们想象的那样无所不能。在信达地产崭露头角后,有评论认为信达地产可以成为中国信达处理房地产不良资产的渠道,利润丰厚。   事实上,早期的信达地产的确是这样操作的,它的成立就是来自中国信达持有的11家个项目和地产公司,2013年之前,信达地产几乎没有出现在招拍挂市场上。   现实并非那么美好,信达地产处理不良资产的能力并不比别人强。如前所说,信达的三大主力城市十分坚挺,照此推断,信达的亏损主要来自沈阳,按照搜房网的历史数据,其在沈阳的主力项目信达尚城从2013年开盘时的7500元 平方米直线下降至目前的5200元 平方米,可以印证这一事实。   信达在沈阳的项目便是来自中国信达,然而,这样的系统作用反而成为了信达地产的累赘。在城市分化严重的中国房地产市场,一线城市的不良地产资产并不愁买家,中国信达并不具备绝对的竞争力,而在陷入泥沼的城市,中国信达企图依靠信达地产的力量让项目起死回生,会越来越困难。   即使从2013年开始,信达地产强调区位优势,在长三角热门城市大举拿地,但是布局不当的情况依然存在,目前信达地产土储最大的城市是湛江。   在报告中,信达地产把自己的模式总结为“信达特色的金融地产模式”。当同样以地王著称的融信大幅降低负债率,信达地产的负债率却依然上升,根据评级机构中诚信测算的数字,信达地产的净负债率已经从2015年9月的263%攀升至2016年3月底的315.48%。母公司手中50.81%股权中,有39%作为融资担保被质押或冻结。   中国的房地产市场在经过多年的发展之后,又进入了向资本俯首的阶段。优质企业多年来积累的产品力、销售力、商誉终于可以在资本市场以融资成本兑现,但依然抵不过背景和胆量。对于背景和胆量,没有人可以拿出一套科学的评定标准,因为终究会有更有背景和胆量的人出现。   2016年6月,信达拿下上海顾村地王。7月15日,新城控股拿下了上海虹口地王,刷新了上海的土地单价,当时有投资者欣喜地说:信达布局太牛啦,这两年拿的地王都升值了。   说这话的人不会想到的是,半个月后,上海的地价破了全国纪录,闽系房企融信拿地价超过10万 平方米。 进入【新浪财经股吧】讨论相关的主题文章: