Radical or conservative the route problem of the Jingtai rich

Times weekly reporter Guixu in enterprise strategy formulation, maneuvers real estate big guys can only like a pupil, honestly do a single topic: Radical, or conservative? In the volatile real estate market, the sudden death in the radical, in the conservative lag even in the plight of those who are too numerous.　　When radical, when conservative, this is indeed a difficult problem to choose-wrong, Life-and-death. This multiple-choice question is equally difficult for Kongjian, chairman of the Board of Directors of the HA Fu Real estate Holdings Limited.　　2008 is the first full fiscal year after the listing of Kongjian, who has made a modest annual report.　　Recently, Hopewell Rich in the capital market financing, the land market held aloft Gao Ta, the acquisition of Yu Shan International 100% Equity, this series of moves, is undoubtedly to show people, 2009 years, Kongjian for the development of a radical strategy.　　But the choice question is right or wrong, and there is no answer now.　　The debt rate was once as high as 193.7% in fact, Kongjian has gone through a cycle of radical-conservative-radical. 1995, Kongjian three brothers in Guangzhou set up a Jing Real Estate Co.　　But until 2003, Hopewell Rich Group was established, the Real Estate Co., Ltd. only developed the Royal Hui Garden, Imperial Garden, Diecai Park, such as a few real estate, even until 2001, Diecai Park "a shot of the red", Hopewell Rich was the market concern.　　After the formation of the group in 2003, he began to become radical and culminated in 2007 before and after the Hong Kong listing. 2007 years of the listing of the rich-jingtai, already has 3.3 million square meters of land reserves, only in the land of the Pearl River New town CBD to reach 600,000 square meters.　　In the 7 years before the establishment of the group, the cumulative development of land area of less than 300,000 square meters. 2004-2006, the total income of Hopewell is about 545 million yuan, 434 million yuan and 650 million yuan, the scale of assets is not huge.　　But in order to prepare for the listing, Hopewell Rich in 2007 to nearly 1.8 billion yuan to get 3 pieces of land in Suzhou, after the listing, and in a number of cities in the country quickly to take, only in Chengdu once bought three plots, but also with the real estate jointly spent 4 billion yuan to win Guangzhou Chase transformation Project.　　The IPO prospectus shows that the debt ratio was raised to 132.9% before the IPO.　　At the beginning of 2008, the first half of the year's results showed that because of new projects and continued to have new loans, the company's total borrowing amounted to 3.0894 billion yuan, the debt ratio rose to a staggering 193.7%, almost the real estate enterprise debt rate of the highest record. Perhaps the worry of high debt ratios, Kongjian in 2008. The 2008 annual results report shows that the company's revenue for the year is 1.574 billion yuan, 59.3% less than 2007. Although the performance has fallen sharply, the debt ratio of Jingtai rich alsoDropped to 50%. Kongjian pointed out: "2008 the company's focus is the redistribution of human resources and upgrade the company's IT management system, sales in 2008 is not the main development goals." "But he has to face the shareholder's criticism of its conservative strategy--in 2008, he postponed the development of three projects in Guangzhou, Chengdu and Suzhou, resulting in a reduction in sales."　　At the same time, as the price of the last year to maintain the level, although the gross margin has not changed much, but the gross margin has fallen by 59.8%.　　Facing the pressure of performance, Kongjian had to choose Radical in 2009. Hopewell Rich Again Radical 2009, Kongjian for the goal of the sales target of 5 billion yuan, which is 2.4 times times the 2008-year performance, and plans to increase the debt rate from 2008 to 50.3%, up to the next few years 70%-75%. Decimating Real Estate chairman Li Silian has said that low debt is not necessarily a good company.　　Evidently, the Kongjian, known as the Little Brother by Li Silian, understood the meaning of the words of Big Brother. In order to achieve the sales target of 5 billion yuan, the strategy of the Jingtai rich became radical. On the evening of July 1, he announced a plan to finance a rights issue, with a net contribution of about HK $1.5 billion. This is the first time that its IPO has been financed from the capital markets for two years.　　He will use about 50% of the net fund-raising amount of about 750 million Hong Kong dollars to acquire land in the mainland. September 20, Hopewell Rich to 465 million yuan to buy Guangzhou zhujiang New Town land. Although the price is not astronomical, but the floor price as high as 13,500 yuan/square meters, to break the 2007 years of the same district King record, to become the new "King of the Pearl River City."　　According to the data, as at December 31, 2008, the cumulative Land reserve of Hopewell is about 6.23 million square meters.　　September 24, Hopewell said, will be a total price of 2.495 billion yuan owned "Yu Shan International" project, the recent company and Guangzhou Zengcheng "Yu Shan International" project partners Neusoft group reached an agreement.　　He also announced that the end of the East Ling Group to buy Canton ceremony and 51% rights and interests, at the same time, concluded another agreement, Hopewell Rich will be 800 million yuan acquisition of Guangzhou Gift and 100% rights, to develop "Yu Shan International" project.　　Financing, buying land, acquisition projects, a series of actions show that Kongjian led the rich again passion burst.　　As of the end of August, the completion of the pre-sale of Jingtai 4.4 billion yuan, accounting for the annual sales target of 88%. The leader's big test "the conservative or not of the enterprise strategy, more is the ' times ' decision."　　Haier real Estate operations director Huang Jianyu pointed out that the market repeatedly educate everyone conservative will lag behind, so regardless of industry leaders or pursuers have invariably developed bold and aggressive strategic plan. But the industry is worried about the capital pressure of the jingtai rich. A person in the industry told The Times weekly reporter, this March, Aetos Chengdu Project Partners to terminate the cooperation of the two sides, Hopewell Rich to Aetos pay its original investment of 100 million U.S. dollars, recover its holdings of 35% project shares;, the 2009-year Hopewell will have 9 hotel projects in the process of speeding up construction, while there are dozens of real estate projects in operation.　　2007, the real estate market in the fiery era of the radical, many in the 2008 real estate "Winter" have encountered different degrees of dilemma, and some even face the crisis of capital chain rupture. The industry said that the second half of this year began, the real estate market again 2007 years of madness and irrational, in the global economic situation is not yet clear, the real estate market worries still exist, radical or conservative, for business leaders, is indeed a great test.