Focus Research Institute and daily dynamics of the real estate market
Monitoring time: February 25, 2022
Researcher: Zhao Wenhao
Macro Policy:
1. Hunan Province: This year, we must comprehensively do a good job in housing work and stabilize and control Changsha housing prices
On February 24, Wang Yiou, vice governor of Hunan Province, said that this year it is necessary to focus on key and difficult points and promote new breakthroughs in housing and urban and rural construction. The first thing is to comprehensively do a good job in housing work, maintain the continuity and stability of regulatory policies, stabilize and control Changsha housing prices, activate the housing consumption potential of other cities, and stabilize housing consumption. Establish a long-term mechanism for preventing and resolving the risks of real estate projects from the source. Expand the supply of affordable housing, accelerate the development of affordable rental housing, and make every effort to promote the solution of housing difficulties for the masses in cities and towns, new citizens, young people and other groups. Strengthen the management of rural housing construction.
2. Hainan Province: Unauthorized construction projects are strictly prohibited from occupying cultivated land and forest land
On February 24, the Hainan Provincial Government issued the Administrative Measures for the Implementation of the Overall Planning of Provinces, Cities and Counties in Hainan Province, which clarified the aspects of planning control, planning adjustment, supervision and inspection. The "Measures" point out that it is an important basis for the examination and approval of the conversion of land and space uses such as land use, forest use, and sea use. The permanent basic farmland and urban development boundaries (including the development boundaries of tourist resorts and industrial parks) delineated by the overall planning of cities and counties, as well as the ecological protection redlines delineated in accordance with the technical requirements for the preparation of land and spatial planning, must be strictly enforced, and modification is strictly prohibited without approval. It is also reported that without approval, construction projects are strictly prohibited from occupying cultivated land (including permanent basic farmland) and forest land. Where it is truly necessary to occupy, the relevant formalities shall be handled in accordance with the requirements of the balance of occupation and compensation.
3. Xuhui District, Shanghai: An estimated 32,000 sets of affordable rental housing will be established, and the best will be selected as talent apartments
Recently, Shanghai Xuhui District held a talent work conference, during the "14th Five-Year Plan" period, Xuhui District will establish a total of 32,000 sets (rooms), construction area of more than one million square meters of affordable rental housing as a "talent settlement rental housing library", of which 10,000 sets (rooms) will be selected as municipal or district-level talent apartments. As a central urban area of Shanghai, the Xuhui public rental housing project has the characteristics of early start, rapid formation of non-residential transformation projects, and large scale of new Rr4 (land use nature is four types of residential group land). At present, the whole district has established a talent housing rental housing pool with affordable rental housing as the base and market-oriented rental housing as a supplement, and is widely selecting talents to match the housing service area.
Financing News:
1. C&D Group: Xiamen Wanxinlian, a subsidiary of Xiamen, intends to issue 765 million yuan of asset-backed securities
On February 24, Xiamen C&D Co., Ltd. announced that Xiamen Wanxinlian Commercial Factoring Co., Ltd., a subsidiary of C&D Real Estate Group, intends to establish an asset-backed special plan. The total amount of asset-backed securities issued shall not exceed RMB2 billion. The target fundraising scale of asset-backed securities of the special plan for this period is 765 million yuan, and the maximum term is not more than 12 months. Ping An Securities sells through a combination of bookkeeping, centralized placement, agreement issuance, direct sales and agency issuance.
2. CCCC Real Estate: Plans to issue the first medium-term note with a ceiling of 2.22 billion yuan, with a maturity of 3 years
On February 25, CCCC Real Estate issued the first medium-term note issuance document of 2022, with a maximum issuance amount of 2.22 billion yuan, a term of 3 years, issued at par par value, the issue price is 100 yuan, the starting date is March 3, and the coupon rate is determined by the results of centralized bookkeeping. The basic offering size of the current period is 0 billion yuan, and the upper limit of the issuance scale is 2.220 billion yuan, and the funds raised are used to repay the principal and interest of the mature debt financing instruments. Ccxicance International Credit Rating Co., Ltd. gives the issuer a credit rating of AAA, the rating outlook is stable, and the current bond rating is AAA.
3. Small Commodity City: Successfully issued the first issue of 1 billion chinese banknotes in 2022, with an interest rate of 3.29%
On February 25, Pekking disclosed the announcement of the issuance of the first medium-term notes of Zhejiang China Commodity City Group in 2022, which showed that Commodity City issued the subscription, placement and distribution of notes1 on February 22, 2022. The amount of this issue is 1 billion yuan, the interest rate is 3.29%, and the term is 3 years.
4. Vanke Group: Completed the issuance of the third tranche of 2022 2 billion medium-term notes with an interest rate of 3.00%
On February 25, 2022, Vanke Group issued medium-term notes with a maturity of three years, a value date of February 25, 2022, and a redemption date of February 25, 2025, with a total actual issuance of RMB2 billion and an interest rate of 3.00%. There are 25 compliant subscriptions, with a compliance subscription amount of 6.22 billion yuan, and the highest subscription price is 3.49%, the highest
The low subscription price is 2.90%, the number of effective subscriptions is 10, and the effective subscription amount is 2.23 billion yuan.
4. Binjiang Group: Completed the issuance of 720 million yuan of short-term financing bonds with a coupon rate of 3.55%
On February 25, Binjiang Group completed the issuance of the first short-term financing bond in 2022, with an issue amount of 720 million yuan and a coupon rate of 3.55%. The short-term financing bonds in this period were registered for 1.62 billion yuan, all of which were used to return the principal and interest of the existing debt financing instruments of Binjiang Group, and the short-term financing bonds issued by Binjiang Group in the period of 720 million yuan, all of which were used to return the principal and interest of the debt financing instruments of the existing period.
Investment News:
1. Taiyuan City, Shanxi Province: 3 cases of urban residential land were auctioned due to no housing enterprises
On February 25, no housing enterprises signed up to participate in the auction of three plots of land at the Taiyuan Municipal Land Bureau. The three plots are: north of Xinjinci Road and north of Weisan Road in Jinyuan District, with plot number SP-2202 with a starting price of 332.3 million yuan; plot number SP-2203, located in Jiancaoping District, with an area of 52233.24 square meters and a starting price of 282.5 million yuan. The plot is a reserve plot of Shanxi Zongye Industry and Trade Co., Ltd., plot number SP-2204, located in Jiancaoping District, with an area of 58,709.62 square meters and a starting price of 301.9 million yuan.
2. Jinjiang City, Fujian Province: In 2022, the first land investment promotion 26 parcels, covering an area of more than 2200 mu
On February 24, Jinjiang City, Fujian Province, held the first land investment promotion meeting in 2022, and a total of 26 cases of proposed land transfer were introduced on the spot, located in Jindong New District, Kechuang New Area, Purple Hat Area, Binjiang Business District and other areas, with a total area of more than 2,200 mu.
Business News:
1. Poly Real Estate: Industrial Bank provides HK$1 billion non-committed revolving loans
On February 24, Poly Real Estate issued an announcement that the company, as a borrower, signed a financing letter with the Hong Kong branch of Industrial Bank as a lender. According to the financing letter, IB agreed to provide Poly Property with a HK$1 billion non-committed revolving loan. According to the terms of the financing letter, the maturity date will be 12 months from the date of receipt of the financing letter by the borrower. According to the terms of the financing letter, if China Poly Group is no longer the largest single shareholder of Poly Real Estate, or directly or indirectly holds not less than 40% of the issued share capital of the Company through its holding company, or maintains management control of the company, or is subject to the supervision and jurisdiction of the State-owned Assets Supervision and Administration Commission of the State Council, it will constitute an event of default.
2. Shenyang Commercial City: It is expected that the net profit loss in 2021 will be 98 million yuan, indicating the risk of delisting
On February 24, Shenyang Commercial City issued a risk warning announcement about the possible termination of the listing of the company's shares. Due to the negative net assets attributable to the shareholders of the listed company at the end of 2020, the company's shares have been implemented after the disclosure of the 2020 annual report. The company's net profit before and after deducting non-recurring gains and losses for three consecutive years in 2018, 2019 and 2020 was negative, and the audit report of the financial accounting report of the most recent fiscal year showed that there was uncertainty in the company's ability to continue to operate, and the company's stock was subject to "other risk warning" treatment.
3. Shenzhen Property: Completed the acquisition of 100% equity of foreign trade property, and has gone through the registration procedures for industrial and commercial change
On February 24, Shenzhen Property Development issued an announcement, saying that the company's wholly-owned subsidiary Shenzhen Guomao Property Management Co., Ltd. (hereinafter referred to as "Guomao Property") has recently completed the relevant industrial and commercial change registration procedures for the acquisition of 100% of the equity of foreign trade property held by Foreign Trade Group, and obtained the "Notice of Change (Filing)" approved by the Shenzhen Municipal Market Supervision and Administration Bureau. In order to effectively enhance the overall market competitiveness of the property management sector, build a benchmark property management platform in Shenzhen, further expand and strengthen the company's property management business, and enhance the development potential of listed companies, Guomao Property, a wholly-owned subsidiary of Shenzhen Property, intends to acquire 100% of the equity of foreign trade properties held by Foreign Trade Group in cash.
4. Zhongzhou Holdings: Shareholder Zhongzhou Group pledged 162 million shares, accounting for 46.31% of the shares held
On February 24, Zhongzhou Holdings issued an announcement on the pledge of the company's shareholders' shares. Zhongzhou Group pledged 125 million shares in this production and operation, accounting for 35.73% of the shares held by it and 18.80% of the total share capital of the company, and the term was from February 23, 2022 to the end of the registration procedures for the release of the pledge, and the pledgee was Guangdong Huaxing Bank Shenzhen Branch. Pledged 0.37 billion shares to other companies, accounting for 10.58% of the shares held by them and 5.57% of the total share capital of the company, for a period of February 23, 2022 to September 9, 2022, and the pledgee is Guangdong Huaxing Bank Shenzhen Branch. A total of 162 million shares were pledged, accounting for 46.31% of the shares held by him and 24.37% of the total share capital of the company.
5. Longhu Group: In January, three new projects were added in Hangzhou Hefei Quanzhou, with an equity land price of 5.39 billion yuan
On February 24, Longfor Group announced that it had added three new land reserves (one of which came from mergers and acquisitions projects) in January, with a total construction area of 835,700 square meters, an equity construction area of 392,500 square meters, and an equity land price of 5.39 billion yuan. Hefei Yonglongfu North land equity ratio of 32%, land area of 96,474 square meters, the total construction area of 177434 square meters, equity construction area of 56,779 square meters. Quanzhou Quan'an North Road project equity ratio of 51%, land area of 25743 square meters, the total construction area of 66932 square meters, equity construction area of 34135 square meters. The proportion of land rights and interests in Hangzhou Future Community is 51%, the land area is 181038 square meters, the total construction area is 5913342 square meters, and the equity construction area is 301580 square meters.
6. Jinmao Services: Plans to offer 101 million shares globally, and is expected to be listed on March 10
On February 25, Jinmao Property issued a prospectus to offer approximately 101 million shares globally, including 10.142 million shares in the Hong Kong offering, 91.2695 million shares in the international offering, and 15% over-allotment shares. JinMao Services intends to offer shares from 25 February to 2 March 2022 with an expected pricing date of 3 March, the offer price is HK$7.52-8.14 per offer share, with an entry fee of approximately HK$4,111 per lot of trading units; CICC and HSBC are joint sponsors; and the shares are expected to be listed on the Main Board of the Stock Exchange on 10 March 2022.
7. Jianye New Life: Due to the increase in the area under management, it is expected that the net profit in 2021 will increase by no less than 45%
On February 24, Jianye New Life announced that it expects that the unaudited consolidated net profit attributable to shareholders for the year ended December 31, 2021 will increase significantly from the year ended December 31, 2020, which is not less than 45%. The announcement pointed out that the increase was mainly due to the significant increase in GFA under management and the increase in revenue from property management value-added services and value-added services, as well as the Group's implementation of quality improvement and efficiency measures, resulting in a gradual decrease in the management expense ratio.
8. China Overseas Group: Transferred 18% of the equity of Qingdao Fangqian Real Estate, with a transfer reserve price of 120 million yuan
On February 25, according to the news of the National Property Rights Information Service Platform, China Overseas Group listed the transfer of 18% of the equity of Qingdao Fangqian Real Estate Co., Ltd., with a transfer reserve price of about 120 million yuan, and the information was disclosed from February 25, 2022 and will be completed on March 24, 2022. Before the transfer of the target company, the major shareholders were Beijing Xingmao Real Estate Co., Ltd., holding 68% of the shares, China Overseas Group, holding 18%; and Tongxiang Haoji Real Estate Co., Ltd., holding 14%.
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