Lin Junbo: Inverse cycle layout "potential City" (Fig)

Synthetic/Wang Chunyan The new lake, which has been deeply rooted in the eastern coastal cities for many years (600208) has been adhering to the "marching" rhythm, sound expansion of the strategic thinking, real estate industry rapid growth, financial investment business has begun to bear fruit. 2007-2009, the company in the "China card listed companies Taurus hundred" Main table in the ranking of the year to upgrade.　　2009, the new lake in the market capitalisation, revenue, growth and shareholder returns, and other aspects of the comprehensive ranking ranked 6th in the A-share property plate. Into the 2010, the domestic property market in macro-control of the vicissitudes of life, in this context, the new lake in the treasure how to see the future development of the industry? Can the company's performance continue to grow? Will the path of expansion and strategic layout be adjusted? How will land reserve and capital chain be flat (blog)?　　On these issues, the new lake, the chairman of the Lin Junbo and China Securities newspaper reporters to discuss the details.　　Optimistic about the opportunity of urbanization China Securities newspaper: Since April, the control frequency of the punch, the real estate market quickly into the frozen, in the future, the industry trend is still full of greater uncertainty, how to view? Lin Junbo: This year's introduction of the property market regulation policy, is the main city since last year, the real estate markets "overheating" correction.　　At present, some cities of commercial housing turnover fell, the average price appeared loose, however, the overall upward trend in the real estate market has not reversed, the regulation of the purpose is to promote the real estate industry more healthy and sustainable development. Generally speaking, the development cycle of real estate projects is 2, 3 years, longer than 5 years; Therefore, developers to expand, more focused on the industry and regional development in the medium and long term trends.　　When the industry boom, we should be rational, cautious, increase cash reserves, and in the industry trough, we should fully explore the market opportunities, low-cost expansion of land reserves. As China's rapid economic growth, demographic dividend, urbanization process, such as the basic factors supporting the growth of the real estate industry has not changed radically, the long-term prospects of the industry can still be optimistic.　　In the next 5-10 years, the urbanization of China will accelerate, the population agglomeration effect and the need for residential upgrading will continue to release, many cities have real estate development market space.　　It is expected that in the next period of time, economic activity reached a certain level of the region, the concentration of industry and upgrade will drive the further development of urbanization, real estate industry is far from the end of the boom.　　China Securities Daily: The recent decline in property sales, some of the first-line real estate companies have chosen to reduce sales, price adjustment will become a new marketing strategy? Lin Junbo: The Enterprise to the product price, on the one hand is "builders", on the other hand according to the product own quality carries on the differentiated market localization. Ordinary residential products of the two or three-line city are likely to cut prices when the market is depressed, while the high-end products in some of the city's core areas may also be priced against the city.　　As a developer, how the product positioning, quality improvement, is the key to sustainable management. In recent years, China's broad monetary circulation of the average annual growth rate is very high, the market's stock capital is also very large, which will inevitably push up including the premisesAsset prices. With the increase of economic growth and national income, the wealth effect of the city will gradually show, and the urban residents ' demand for improvement and upgrade will be further released.　　In the future, to meet this part of the market demand for residential products still have a broad market. Layout "Potential city" China Securities Daily: In the next few years, the company's new land reserves will be mainly laid out in which cities?　　What are the criteria for intervention? Lin Junbo: We are bullish on those cities with economic growth and regional population agglomeration, and will focus on finding development opportunities in these areas in the future. The overall strategy of the company is to keep pace with the economic cycle and ensure efficient and prudent investment.　　Gross margin appropriate, volume suitable for the project, we will intervene. In the next few years, the company's land reserves will be mainly concentrated in Shanghai, Zhejiang as the focus of the Yangtze River Delta region, Tianjin, Liaoning, Shandong as the focus of the Bohai Sea region and Hainan international Tourism Island and other regions, and to ensure that its entry into the region of sustainable development and profitability growth; the overall size of the land reserve will meet the development needs of the next 5 years or so.　　The opportunity and scale of the new land reserve should conform to the market changes and maintain the reasonable ratio between the stock and the digestion. In the specific investment areas, one is to continue to increase investment in the Yangtze River delta region at the same time, to increase the Dalian, Tianjin, Shenyang and other Bohai Bay Area layout, to share the rapid growth of the region's profits. Second, strengthen the secondary land market linkage, moderately increase the level of land market investment, enhance the ability to obtain high-quality land resources.　　Third, moderately increase the investment in commercial real estate, and actively explore with the first-line foreign-owned real estate business cooperation.　　China Securities Daily: At present, the company's financial situation can meet the land reserves of digestion and start-up capacity of the increase? Lin Junbo: In recent years, the company has not paid the price. In 2007 and 2009, when the two waves of industry highs, the company basically did not take the land, so the current company's lower cost. On the other hand, companies adhere to a sound financial strategy, always maintain rational leverage, cost control, land and engineering payments, such as reasonable payment schedule. At the end of last year, the company's monetary balance was 5.613 billion yuan, the ratio of assets and liabilities was 69.5%, and the flow ratio was 160.8%.　　Company funds and project development can maintain a balanced ratio. 2010, the company plans to achieve operating income of 9 billion yuan, cost control at 800 million yuan. The company will diversify its capital and financing channels, continue to maintain good relations with banks, trusts and other financial institutions, and explore the use of innovative financing methods such as mergers and acquisitions to do a good job in project financing.　　At the same time, strengthen financial control, increase operating cash flow, strictly control costs, shorten the development cycle, to ensure that the asset structure more reasonable and stable.　　Diversified financial investment China Securities newspaper: In recent years, the company to do strong real estate industry, but also actively involved in other equity investment, which is conducive to the development of the company? Lin Junbo: The company's development strategy is "real estate as the main business, appropriate supplemented by other efficient investment." In recent years, thisThe investment is mainly focused on financial and resource equity and PRE-IPO projects. In the future, the company will focus on the real estate industry, foreign equity investment will be based on their own development in moderation.　　We believe that maintaining a moderate scale of equity investment will not affect the real estate industry, but also improve the efficiency of the company's capital operations. In the financial equity, the company currently holds the new Lake Futures, Hunan Treasury securities, Great Wall Securities, Sheng Beijing Bank, Jilin Bank, Chengdu Rural Credit cooperatives, such as the company's equity.　　Among them, Sheng-Jing Bank is Shenyang first Headquarters bank, is the first North East, the largest, the strength of city commercial banks, the company holds 9.09% equity. In addition, the company also holds the Jinzhou pipeline (002443) and the great intellectual equity. Among them, the company holds the Jinzhou pipeline 20 million shares, the market value has exceeded 400 million yuan. and great wisdom and other companies have the will and possibility of listing.