Beijing cast silver-Thai fold "Metro + Property": First half of the deficit 137 million

Beijing Investment Yintai Co., Ltd. (hereinafter referred to as "Beijing investment Yintai", 600683.SH) in the recent July 11 announced the first half of the results of the announcement. The company, which is backed by state-owned infrastructure companies as a major shareholder, will lose 137 million yuan from 1 to June in 2014. Beijing Investment Yintai said that the company's 2014.5 annual operating performance loss is the main reason for the first half of the company's projects have not yet met the sales carry-over conditions, as well as the company's share of the company's hotel business because of the short opening period is still in a loss situation. Since 2009, Beijing Investment Yintai announced the return to Beijing, with the major shareholder Beijing Infrastructure Investment Co., Ltd. to cooperate, its scope is mainly in rail traffic cover (vehicle section, station) and along the property projects, as well as the Beijing city area of other ordinary residential property projects. However, due to the long construction period of the subway building, the technical requirements are complex, resulting in a slow profit. Even the project, which was opened at the end of 2013, has not yet entered its closing period. Beijing investment Silver Thai dong Yang Yi to the "China Business newspaper" reporter said that the current can not disclose when to achieve profitability, but the Beijing investment Yintai optimistic about the subway building property in the land resources scarce city development trend. When the profits are not yet determined since Beijing's return to the Beijing market, its development ambitions for the property sector in the Metro are clear. September 2011, the Beijing Investment Union defeated Poly, Longhu and other rivals to win Beijing launched 3 Subway vehicles section, parking lot plots. January 2013 Beijing Investment and the Beijing Investment Company consortium to the total price of 9.35 billion yuan to win the Yuyuantan Township block (five road Habitat project), changping East Small mouth plot (Ping Xi Mansion project). Although known as the "Dark Horse" the frequency is more and more high, but Beijing investment Yintai but it is difficult to quickly convert these plots into products. An understanding of the Beijing investment Yintai Company's real estate industry to our correspondent said that the subway building property technology requirements are very high, and the construction time is longer than the general project. "As a new type of industry, Beijing investment Yintai can only explore the edge of construction." "Public information shows that the mix-and-build building is made up of ground, Subway garage, car garage mezzanine and residential floors." Such a structure leads to stricter requirements for subway operation Safety, export planning, project greening, building damping and noise resistance. "Obviously, this type of development costs more than ordinary housing." The anonymous person commented that higher costs and less successful experience tend to discourage some development companies. Since the building of the MTR must lag behind the construction of the MTR station, the construction cycle should be longer than that of ordinary residential buildings. Beijing investment Silver Thai dong Yang Yi to this reporter said: "Because different project specific situation is not the same, so it is difficult to calculate the subway to build the property than the ordinary project for how long." However, Yang Yi told the reporter, Beijing investment Yintai after several years of talent and knowledge reserves, in the track property has been in the domestic leading. "For example, we did not start the pre-sale at the end of 2013 in the 2011-year Guogongzhuang plot." But after summing up the experience of this project, our secondThe project has been on sale for a year. Still, Mr Tung, the beijing-based investment bank, remains unable to answer when a listed company will sell its core products to make a profit. In the previous quarter, Beijing had to sell some assets outside Beijing to improve its financial structure. According to the public information, since 2010, the Beijing investment in the performance of the bank has declined continuously. Beijing Investment Yintai 2011 Annual report shows that its net profit fell by 55.77%. Its 2012 annual report showed that net profit was 86.4969 million yuan, down 27.26% per cent year-on-year. At the end of 2012, Beijing investment Yintai began selling assets to ensure that net profits are growing. The annual report of 2012 shows that 2012 company gradually disposed of the stage of the gradual disposal of Hangzhou Hai Wei, hualian one building and Hualian mansion, Huaan Thai company 55% Equity, Beijing investment Sunshine 51% and Changsha project and many other projects. In this regard, Yang Yi to this newspaper reporter explained: "In fact, even if we do not sell these assets, can also achieve normal carry-over." But we have to sell these non-core assets and slower-yielding assets, and put the main efficiency in the development of Beijing's track property. "Play this all must have a background" the current more general explanation is that the "MTR superstructure" means the use of the traffic convenience of MTR vehicles or MTR stations to cover commercial buildings above them so as to facilitate passengers and attract customers, and promote the development and promotion of the business circle. To be more blunt, a little more than 9 meters to 13 meters above the surface of the subway Terminal parking garage roof, the construction of civil building development. Because of the high price of the first-tier city, it has become a new model to economize and efficiently use land in Beijing, Shanghai, Guangzhou, Shenzhen and other cities. Gets going's subway construction is spreading in China. The subway dividend is a huge boost to rental prices for residential and commercial projects, with some developers splitting the concept of the superstructure. But not all development companies can enjoy this kind of copycat dividend. This reporter survey found that most of the subway on the building almost by the large state-owned or central-enterprise background of the listed companies covered. For example, the big shareholder of the Beijing Investment Bank is the Infrastructure Investment Co., Ltd. The company's advantage in acquiring the property on the subway comes mainly from the support of the state-owned enterprise. It is understood that Beijing investment company is Beijing Rail transit infrastructure projects such as investment and financing, prophase planning, capital operations and related resources development and management of the main body, its access to the vehicle section of the project land has a natural advantage, the price is relatively low. Some analysts believe that, in addition to the advantages of taking advantage, the Beijing investment Company has a large amount of financial support for listed companies, the company can apply to the major shareholder of Beijing Investment Company's annual interest rate of not more than 12% of the loan. There are brokerage statistics, as of 2013, the Beijing investment in Yintai to the large shareholder loan balance of up to 15.35 billion yuan, and the current Beijing investment Yintai market value of less than 4 billion yuan. This deep background allows observers to discuss for a long time whether Beijing will monopolize Beijing's track property development. Facing the "monopoly" one said, Yang Yi that: "Beijing land market is a full competitionCompetition and norms of the market, Beijing to invest in silver and Thai take the land are through strokes hang. Our advantage lies in the technical leadership, many years of research let us in the technical reserves and talent reserves have a good accumulation. That's our advantage. The more professional enterprises in one field, the longer the greater the benefit to the public. "In the real estate industry, few people have denied Beijing's investment in technology and other outstanding." But more observers are placing interest points on the company's "monopoly". Beijing to invest in the big shareholders of the Beijing Investment Company's predecessor is "Beijing Metro Group", has been engaged in the construction of Beijing subway level development. After the reorganization in 2003, its business extended to the related fields of land level, level two development, high-speed railway investment, village reconstruction and information infrastructure along rail transit. At present, Beijing Investment Company's only Beijing investment silver Thai one engaged in related areas of development enterprises. In addition, according to media reports, as early as in the 2009 annual report of the Beijing Investment Yintai on the proposed, to fully tap and play the major shareholder of the Beijing Investment Company's influence on rail transit and control, and the government departments to actively communicate, in the acquisition of land in the process of "set the necessary prerequisites to reduce This shows that the concept of building property on the MTR is "not rich or expensive". In addition to Beijing's investment in Silver Thai, in Shenzhen, the lock on the underground property development is the deep vibration industry (000006. SZ). The company's actual control is the Shenzhen state-owned assets administration. November 2013, the listed company announced that 866 million yuan won the bid for the Shenzhen Subway Cross-Gang vehicle Section project. Shenzhen subway since last May in Shenzhen to take the land can be bypassed, is the only successful imitation of the Hong Kong Railway "subway Operation + Building property development" model of the MTR Corporation. Analysts believe that such a local convenience advantage or let the state-owned enterprises background of the real estate company into a professional subway building property developers. In Wuhan, the local listed company Southland Real Estate (002305. SZ) with China's hydropower (601669.SH) to confirm the first major shareholder status, has been the listing of private enterprises gorgeous turned into a holding subsidiary of the Central Enterprise. Southland Real Estate in Wuhan and other cities in the city has a metro building projects. China's hydropower has been heavily involved in the construction of rail transit in key cities, and will be committed to the development of underground buildings in the future. One Hong Kong real estate Investment fund partner, who asked to be anonymous, told reporters, "all the companies that play the property projects on the Metro are owned by SOEs or central-enterprise backgrounds." Because of this they have the advantage from the place to get subway construction plots. ”