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In the past few years, the vigorous development of the tourism economy has attracted the attention of many enterprises, and more and more enterprises regard cultural tourism real estate as an important direction of diversification and cross-border, and Rongsheng Development is also one of them.
It is understood that Rongsheng Development has been focusing on cultural tourism since 2014, and after many years of layout, it has gradually become full, and at its peak, this company has frequently ranked among the top three in the industry.
However, in the face of the current real estate pressure, we have to start selling off the once proud cultural and tourism assets.
According to the latest news, on December 25, according to Ali's asset auction network, the bidding for the Shennongjia Arcadia Forest Hotel under Rongsheng Kang Travel ended, and the auction was unsuccessful because no one bid.
The auction of Shennongjia Arcadia Forest Hotel is not an isolated case, and in the past few years, Rongsheng Development has been slowing down the pace of cultural tourism layout.
Foreclosure
Shennongjia was once the most important step in the development of Rongsheng's cultural and tourism layout, but after the passage of time, it was put on the trading table.
According to the bidding announcement, Shennongjia Arcadia Forest Hotel, with a construction area of 37,600 square meters, is located in the core location of Longjiangping International Ecotourism Resort, Shennongjia Forest District, Hubei Province.
There is also a courtyard in the hotel, which is equipped with various types of rooms, equipped with living rooms, gymnasiums, chess and card rooms, private cinemas and other facilities, and the hotel also has perfect conference facilities, including a multi-functional banquet hall that can accommodate more than 600 guests.
In fact, the Shennongjia project can be said to be an important step in the development of Rongsheng to launch the cultural tourism brand.
It is understood that Rongsheng Development first intervened in cultural tourism real estate through the acquisition of the Qinhuangdao project in 2013, but Geng Jianming's real ambition in this business was in 2014.
In January of the same year, Rongsheng signed the "Shennongjia Forest District Longjiangping Tourism Comprehensive Development and Investment Agreement" with the People's Government of Shennongjia Forest District of Hubei Province for the first time.
Subsequently, Shennongjia Arcadia Forest Hotel and Longjiangping International Ski Resort were launched one after another, and the operation of the Shennongjia project started the brand awareness of Rongsheng Kanglu, and also brought a lot of income to Rongsheng Development.
Thanks to the performance and confidence boost brought by the previous project, three years later, Rongsheng Development once again announced that it would invest 15 billion yuan to expand the development and layout of Shennongjia Forest Area, and continue to develop the business model of big tourism and big health.
Judging from the bidding announcement, the bidding consignee is Shennongjia Forest District Rongsheng Real Estate Tourism Development Co., Ltd., established in 2014, 99.0099% of the shares of Rongsheng Kanglu, and Langfang Rongsheng Kanglu Technology Development Co., Ltd. holds the remaining 0.990% of the shares, which is also 100% owned by Rongsheng Kanglu.
The reason for this auction is divided in the market.
There is a view that Rongsheng Development put the assets of Shennongjia Hotel on the shelf, mainly because of the current liquidity pressure.
In fact, similar to most real estate companies, since the second half of 2021, with the narrowing of financing and the cooling of the property market, the financial pressure of Rongsheng Development has emerged.
Second, Prosperity Development, which is strapped for cash flow, is not the first time it has sold assets.
As early as the end of December 2021, Geng Jianming promised to provide 5.4 billion yuan of asset packages for sale to repay due debts. Since the beginning of this year, Rongsheng Development has successively sold properties to Rongwanjia, and Rongsheng Holdings has repeatedly sold the company's equity to private equity funds for bailout.
However, the results of this auction do not seem to be satisfactory.
According to the official website of Ali Fapai, the deposit of Shennongjia Arcadia Forest Hotel is 11.5 million yuan, the starting price is 230 million yuan, and the bidding time is from 10 o'clock on December 24 to 10 o'clock on December 25.
By the end of the bidding period, the auction had received 708 onlookers, but no one had bids.
Previously, some market participants mentioned that whether the foreclosure assets can be successfully sold depends not only on whether the assets themselves are of high quality, but also on the overall profit concession of the client.
Looking through the financial report of Rongsheng Development, it was found that the total planned investment of Shennongjia Arcadia Forest Hotel was 316 million yuan, and the project was completed in December 2016, with an actual investment of 286 million yuan.
Because the bidding announcement did not clarify the creditor's rights of the above-mentioned hotel assets and the depreciation of the assets, a rough calculation found that the starting price of the auction of 230 million yuan was 80% off the actual investment.
However, in addition to the concession of asset qualifications and auction prices, foreclosure projects often involve certain legal disputes or credit risk issues, which may also be one of the factors causing assets to fail to be auctioned.
rise and fall
The auction at the Arcadia Forest Hotel in Shennongjia may be just a microcosm.
Viewpoint New Media found that at present, a large number of cultural and tourism assets under Rongsheng Development are "circulating" on the official website of Alifa Auction, including part of the assets of Rongsheng Leisure Resort (Arcadia Daihe Leader Golden Holiday Hotel) in Beidaihe New District, Qinhuangdao, and part of the assets of Arcadia Hot Spring City, Nanmeng Town, Bazhou City, etc., some of which are in the first auction state, and some are displayed as second auctions.
It is understood that Rongsheng Development has increased its investment in cultural tourism real estate since 2014, and in the same year, it has successively obtained projects such as Huangshan Taiping Lake, Qinhuangdao Cupland, Shennongjia Longjiangping, etc., and expanded the tourism project reserve of 263,900 square meters.
In the year of investment, the Huangshan and Qinhuangdao projects have generated sales of 247 million yuan.
In 2015, Rongsheng Development officially established Rongsheng Kang Brigade and set the development strategy of "6+N". According to Geng Jianming's plan, Rongsheng Kang Tourism will be an important business sector for Rongsheng's development, and 200 cultural tourism projects will be built in the future.
Taking 2016 as an example, the company successively signed contracts with Yeshanpo in Hebei, Sanxingdui in Sichuan, Lintong in Xi'an, Pingshan Forest Park in Nanjing and other areas, and in the same year, it also went abroad for the first time to build a hot spring resort and recuperation center in South Moravia, Czech Republic.
According to the financial report data, in 2016, Rongsheng Development signed a total of 7 newly signed cultural tourism projects, and in 2017, this value doubled to 22.
According to incomplete market statistics, in 2017 alone, Rongsheng Development plans to invest nearly 200 billion yuan in cultural tourism projects, and the company's real estate contract sales in the same year are only 67.9 billion yuan.
Such a large investment has also brought certain returns to the development of Rongsheng. Judging from the book data, from 2017 to 2019, Rongsheng Development achieved contracted operating income of 3.132 billion yuan, 3.601 billion yuan and 5.907 billion yuan in the health tourism business.
However, since the second half of 2018, the company has gradually reduced the layout of its cultural tourism business, and in the same year, the company signed a total of 12 cultural tourism projects, of which 10 were signed in the first half of the year.
Since 2019, Rongsheng Development has not detailed the newly signed cultural tourism projects in its financial reports. Judging from public reports, although there are occasional reports of signing contracts, it is difficult to find the prosperity of previous years.
Judging from the official website of Rongsheng Development, there are currently 35 health tourism international resorts built or operated by the company, 14 five-star standard resort hotels, 9 Rongyi warm hotels, 15 characteristic apartments/homestays, 5 characteristic towns, and 3 ski resorts, most of which are signed projects around 2017, and there is a large distance from the goal of 200 cultural tourism projects.
On the one hand, at that time, it was the time when the purchase and sales restrictions in Beijing were constantly tightening, and under the downward trend of the property market, the Rongsheng Development of Huanjing was also facing weak sales, and it was difficult to withdraw from the cultural tourism track.
On the other hand, the profit model of Rongsheng's development of cultural tourism business has never entered a mature period.
It is understood that for the cultural tourism business, the company has proposed a strategic model of "prevailing in the world", with the prevailing right as the medium and voucher for housing. In short, the owners who participate in the plan are entitled to a certain percentage of the total housing payment every year, which is applicable to all projects of Rongsheng Kang Tourism.
This model means that Rongsheng Development must spread the cultural tourism plate big enough, and only when the scale is large enough and the layout is wide enough can it attract more owners and customers.
However, the cultural tourism business generally has the characteristics of large upfront investment, long return cycle, and high operational difficulty, especially for enterprises that are "halfway home" and need to expand rapidly, which is undoubtedly an insurmountable mountain.
More importantly, according to rumors, since the second half of 2018, the core team members of Rongsheng Development's health care sector have left one after another, including Chen Bin, President of Health Tourism Group, Zhou Jiangyong, General Manager of the Cultural Tourism Division, and so on.
Now that the real estate crisis has hit, this declining business has taken the lead in becoming the choice of "blood return".
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This article is from Viewpoint.com