Wuhan holding nearly 70% of income from real estate

70% of the revenue from a utility-listed company comes from real estate. Wuhan San Zhen Enterprise Holding Co., Ltd. (600168. SH, hereinafter referred to as "Wuhan Holding") on the evening of Friday released 2010 annual report said that the first half of 2010, the company realized operating income of 307 million yuan, compared with the same period last year increased 204 million yuan.　　The report said the company's operating income increased 196.99% year-on-year, mainly because of the company's real estate sales increased significantly.　　Reporter compared with the company's income composition found that real estate business income of 213 million yuan, accounting for the total revenue ratio of 69.4%; urban water supply and drainage business in the first half of the revenue only 74.5517 million yuan, the ratio has fallen to 24.3%.　　The company acknowledged in its interim report that the company's profit composition and main business profitability have undergone significant changes. But the future of real estate development business in the company's position is affected by many aspects.　　The company reported that since the beginning of this year, the State has been strengthening the second housing loan control and management efforts, to a certain extent, inhibit the investment, speculative purchase demand, which will be the next step of the company's real estate sales have a negative impact. If the development of real estate growth space is limited, then the search for new profit point is its top priority. It is understood that Wuhan holding is mainly engaged in water production and supply, urban sewage treatment, real estate development and property services and tunnel operations. "As a result of the slow growth of single-phase sewage treatment, it is difficult to become a significant change in corporate performance driving force."　　The analyst of Zhejiang Business Securities is appraised.　　According to the inference, the tunnel operation Business will relate to the future of Wuhan Holding. Public data show that the Changjiang Tunnel construction Company (hereinafter referred to as "tunnel Company") registered capital of 800 million yuan, of which Wuhan holding capital of 640 million yuan, accounting for 80%.　　During the construction period, Wuhan holding can receive the government subsidy of 4.4% after tax every year. According to the plan, the construction closure of the Yangtze River tunnel will be completed before the end of this year.　　The charging of vehicle tolls to tunnel passing vehicles will be the main source of funding for the company to maintain tunnel operations, although the Wuhan holding has not given a clear response to this, only said "Wuhan City for the ' six bridges and tunnels ' road-road toll fee reform has not been officially approved," but the reporter looked at the company's historical bulletin found that fees or not a few suspense. As early as November 19, 2008, the company had announced that the tunnel toll right by the loan ratio pledged to the loan bank, the Agricultural Bank of China Wuhan Jianghan Branch to the tunnel company to provide 300 million yuan loan, will get 25% of the tunnel toll right.