Editor's Note: January 7, together with China China Real Estate Information Real Estate Assessment Center Group blockbuster won the Poly Real Estate sales has been an area of 2010 runner-up housing prices, sales amount of the fourth; Golden Group ranked center, were ranked the 18, No. 26.
public information, the 2010 million in premium sales amount of bills totaling 210.9 billion yuan, the total area of 19.05 million contract. Housing prices in the four, Poly-scale expansion of the fastest, most efficient operation of Vanke. As of Q3 2010, Poly Real Estate beginning of the year total assets increased by 52.27%, while China Vanke's minimum liquidity ratio of inventories accounted for 68.59%, which is the high turnover Vanke has always stressed that, consistent pattern of rapid development.
Housing prices
2010 年 million insurance sales charts released Zhaojin
Housing prices in the four articles
Vanke
deserved as the leading Chinese real estate industry companies, Vanke in 2010 went on with his boss status.
Group under the Joint China Real Estate Information Real Estate Assessment Center of China jointly issued the Of which 102.6 billion yuan sales income housing, an area of 8,470,000 square meters of residential sales. And 102.6 billion yuan of sales performance also created a new record, making the Vanke became the first sales of more than hundreds of billions in housing prices.
the face of the deepening of control, timely adjustment of the development layout, product mix and develop rhythm, reduction of the profits of the potential performance of the control to minimize the impact will undoubtedly be the protection of its sales exceeded billion.
The advantage of the opportunity is also reflected in previous years. In 2007, they shift the focus of the first to develop second and third tier cities, and those with rigid requirements for the main customer, comply with the policy requirements Dajian purpose-built When Vanke cut prices and rapidly raised the banner, the first shipment. Clearly, this positive adjustment to face different situations to long-term strategy of making China Vanke property among the
However, the sale of billions of behind China Vanke also face many challenges. First, profitability, this explosive growth in enterprise sales of the stock market did not transfer well to the earnings side. Billion in 2004 sales compared to 6 billion years after China Vanke, the sales increased by 9 times; 2004 net profit of about 9 million, three quarters of 2010 was 3.272 billion yuan, if the 4-quarter not there was a substantial increase in full year 2010 results Vanke no more than 50 billion yuan, and this means that the profit growth of 6 years to less than 5 times. Obviously, the size of Vanke and its cost growth does not match the growth control, directly affecting its profitability.
followed by the question of money, if only from the balance sheet analysis, Vanke's financial situation really well. As the third quarter, 31.5 billion to the money China Vanke, the total assets of 187.9 billion 16.7%, while the current ratio, that is, short-term borrowings plus long-term loans due within one year is only 15.8 billion, which is only enough Vanke paid in cash in the hands of 2 times its short-term borrowings, capital position was very generous.
three quarterly cash flow statement but look at China Vanke, the financial situation does not seem the less than ideal. January-September 2010 its operating cash flow was negative 1.2 billion, last year was positive 11.2 billion, while operating cash flow is negative, indicating that companies spend less earn more; while the first three quarters of its sales revenue 223 billion, but operating cash flow was 59.8 billion, indicating that 63% of the cash flow from the previous annual income or pre-payment; the last of its January-September 2010, received from other operating activities Cash 5.5 billion more than last year 1.7 billion in the same period increased by 2.3 times. And a CPA, said, received from other operating activities a huge amount of cash, mostly in cash directly between related parties, many companies cover the main business in this way a serious shortage of cash flow.
Vanke if the funds to forecast the future situation depends on the annual report of 2010, better understanding of their inventory to sales of state. If a large proportion of existing homes to explain the highly liquid stocks, on the contrary, if the number of new projects, but will further increase the demand for funds; end of its third quarter reached 65.6 billion in receipts in advance, sales of more than 1-9 months income of 43.3 billion, according to the average sales in 2010, equivalent to have the next 17 months in advance of revenue, this figure also verified Vanke future funding will be more nervous.
the same time, from January to September 2010, Vanke's investment income 21,000,000, compared with 152 million last year dropped 86%, operating profit of only 24.8 million, indicating that almost all of Vanke's profit comes from the Direct business, also shows the health of its profits.
and, this year, Vanke has accelerated investment in the land market, the entire total for 2010, 106 land, particularly in December, only a month to win the 21 land, and most in two third tier cities. As real estate development from land sales to the handover to the average cycle is 2 to 3 years, the law here, Vanke billion in 2010 to achieve results is hard work before 2008, the layout of the results of reserve land, while the 2010 national take place in a large number, it will protect the next few years Vanke sales performance.
In addition, the learning goals Vanke is now the largest domestic companies from the United States turned Paer Di HSBC, want to learn its spread its tentacles into commercial real estate market. Chongqing will also pilot the real estate taxes for the news, Vanke had said on the relevant media, real estate tax levy and to protect the implementation of housing large-scale construction program, will inhibit investment buyers demand. This also may mean that in 2011, we will see more of Vanke in the field of commercial real estate.
(Wang Zheng)
Housing prices in four major investment
articles
as a the end, but ended the third quarter 2010 net income is more than the Golden Group, routed to the third position.
Group under the Joint China China Real Estate Information Real Estate Assessment Center presented data show that residential investment real estate 2010 sales 14.3 billion, ranked 18th in the domestic real estate developers, the annual sales of the residential area of 1.02 million square meters, ranked No. 25. In 2009, investment real estate sales and marketing area were 15.7 billion and 123 million square meters.
the Shenzhen China Merchants Property Development has been formed as the core, the Pearl River Delta, Yangtze River Delta and Bohai Economic Belt to focus on business areas in the market, while the 2010 is aimed at the regulation of these areas, resulting in the investment real estate in 2010 Both figures are slightly lower.
sound investment real estate type of development is consistent strategy, so the overall rate of expansion compared to China Vanke and Poly quite backward. Especially the first half of 2010, investment property does not win a new land reserves, until July before the situation has been changed. However, there is no access to new land does not mean that real estate investment may be the problem of insufficient land reserves. Throughout 2010, investment real estate Total cost 6.958 billion yuan (equity), in Foshan, Shanghai, Xiamen, Chengdu, Nanjing and other places purchased land ten, the new interest in building an area of about 1.31 million square meters, the new building project as a whole land surface is 5617.36 yuan / square meter. A broker to estimate the current investment interest in the property pending its own area of more than 800 million square meters.
the largest shareholder of China Merchants China Merchants Property Development abundant resources, is the important guarantee of access to cheap resources. China Merchants China Merchants Property Development, as the only real estate operating platform, the Group accounted for only 18% of assets, the real estate business faster and better development, the Group's requirements. Group has identified the re-investment 600 billion yuan in Shenzhen, the development of the former Bay Bonded Port Area, comprehensive development of the zone before the sea, Sea World Complex, Prince Edward Bay cruise home port and other projects, investment property will play an important role. Taking into account the actual controller in the Zhangzhou Development Zone China Merchants Group, Shenzhen before the sea, Shekou, and other regions with abundant land resources, as well as the SAC approved 16 real estate industry based in the central enterprises, the company's reserves or land more adequate.
In addition, the November 11, 2010, investment real estate announcement that left the company nearly three-year veteran returned to company as vice president of Bangladesh before, then take to power in the palm, which is the new real estate investment within the short term The second executive. Meng was serving as vice president of real estate investment for three years, the Division is also expanding efforts in the largest land bank, when it also led the industry for the rapid expansion of investment real estate strategy to restore the association. Meng was in charge to get to power in 2007, they have investment real estate in Shenzhen, Guangzhou, Suzhou, Zhangzhou and other places made up more than 447 million square meters of construction area of land reserves. In Bangladesh only after the departure of another peak in the property market - In 2009, total real estate investment is only less than 200 additional 6 million square meters of land reserves. However, Bangladesh was in recognition of the return of real estate development is indeed the scale of investment required for expansion, but also said that real estate investment will continue into the future or the sound development strategy.
Although the four leading real estate investment in housing prices in a Vanke residential projects only after 2010 began to enter the commercial real estate. After all, in the case of ongoing regulation of real estate, housing market, leaving room for housing prices will become increasingly smaller, and commercial real estate is destined to usher in their Therefore, a large number of commercial real estate investment projects are likely to use the opportunity to narrow the gap between the first three. (Wang Zheng)
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