Deep property Assets reorganization has no suspense program "slimming" unveiled

After a one-month suspension, the Deep property (000011) was announced on the July 21 night on the giant tide network assets reorganization and major related transactions, the company's shares are also today. The basic content of the reorganization plan is the deep property for its idle freshwater property City shops, Imperial Plaza and Huang Regency part of the shops into the company's controlling shareholder, the actual controller--Shenzhen Investment Holdings Limited (hereinafter referred to as "deep investment control" All of the Moon Bay t102-0237 block land use rights and Shenzhen city Deep New Taxi Co., Ltd. 100% stake, the reorganization amount is about 306 million yuan.　　The asset replacement is to implement the share reform commitment to carry out the major related transactions, deep investment and control said that will strictly abide by the share reform commitment, the restructuring of the start-up part (that is, the difference between the 500 million yuan and the starting part) will be the amount of 20% to the deep property compensation cash.　　Since last October, after the completion of the split share reform, the vast number of investors on the long-awaited company assets replacement matters have finally opened the truth. The asset reorganization offing had to send October 21, 2009, the deep property held the shareholder meeting of share-splitting reform, the company share splitting reform plan was passed. In the scheme of share splitting reform, deep property controlling shareholders, the actual controller made a special commitment to: within one year, deep investment in the control commitment will be launched to the deep property of the asset injection work, to its lawful possession of not less than 500 million yuan of assets containing land resources by replacement or other lawful way to inject deep property, Increase the land reserves of deep property and enhance its future profitability. Otherwise, the listed companies will be compensated for cash in accordance with 20% of the amount of the restructured assets not started. In the market expectations, more than half a year later, deep investment control and deep properties have no actual action. Deep property Choice on June 22 suspension, it can be said that the time is pressing, offing, had to send.　　If the delay continues, the deep property may not be able to complete the commencement of reorganization of assets within a prescribed year. In the first half of this year, a number of real estate listed companies announced the termination or withdrawal of major asset restructuring programmes due to the continued decline in the stock market and the impact of real estate regulation. such as Merchants Real estate, St Societe Generale, Dumas shares and many other listed companies, first announced the commencement of major asset restructuring, and then announced the termination or withdrawal of major asset reorganization applications. On the July 15 of the deep property suspension, Cathay Development announced that: because of the relevant real estate macro-control policies, the reorganization is expected to be difficult in the expected time to complete, in order to ensure that the reorganization of the project involved in the Binhai high-tech zone "Haite Kim International" projects and "Sea Tai-bo-long World" project can be developed in time　　The company's board of directors agreed to repeal the 2009 bill to issue shares to purchase assets.　　Deep property at this time to start asset restructuring, coincides with the state of the real estate industry to regulate the period, it is inevitable to cause people to its plan will be like other asset restructuring of the real estate enterprises in the middle of the premature death of worry. Scheme adjustment is the comparison of asset replacement and significant related transactionSeveral progress announcements on the disclosure of the deep property suspension, careful investors can find subtle changes: The first two announcements were "progress announcements for major asset restructurings", the third and fourth times quietly changing, especially the July 20 announcement, which has clearly changed the expression "significant asset reorganization" to " Asset reorganization and related transactions ". "The company, deep investment and control and related professional intermediary agencies to the national macro-economic policy of the careful research and analysis, in order to ensure that the share-splitting reform commitments can be effectively implemented, and safeguard the interests of listed companies and the majority of shareholders, Deep investment and control and the company intends to be the share reform commitment to the asset injection of the implementation plan from the major asset reorganization adjustment for asset replacement and major related transactions, through this adjustment, the asset replacement and major related transaction plan without reporting to the CSRC for approval, but still need to submit to the general Meeting of shareholders to consider and shall be implemented by means of more than one-second of the voting rights of other shareholders other than the affiliated shareholders at the present meeting of shareholders.　　"This means that there has been a significant change in the nature of the deep property asset reorganization, which has evolved from a major asset reorganization that requires the approval of the SFC to" asset reorganization and major related transactions "that only shareholders of listed companies will vote on. When I saw the plan of the Deep property announced last night, the reporter realized that the major assets reorganization plan which was prepared to start the whole project has been adjusted to the "partial reorganization, partly compensates the cash" plan, the deep property has already changed the "major assets reorganization" way that the reorganization starts the initial announcement. A person in the industry told reporters that the move means that the reorganization, as long as the general meeting of the shareholders, can be directly implemented, without the need to report to the SFC for approval, to avoid the listed companies to declare first, and then withdraw, leading to the fate of the major asset reorganization stranded.　　Because in the current market environment, deep property if the strong push for major asset restructuring, inevitably fall into the middle of the fate of premature death, the end will only be the holding shareholder in accordance with the commitment to the listed companies to compensate for 100 million yuan of cash, and if not the reorganization of assets, but also to the deep property control shareholders and Shenzhen state-owned departments in the embarrassment of not actively fulfilling the commitments. Analysis of the industry, the deep property restructuring involved parties with asset replacement + cash compensation scheme to replace the major asset reorganization, Not only the maximum performance of the share reform commitment (according to the Deep property of 2009 net assets of 660 million yuan, more than 330 million yuan reorganization that touched the red line of major asset reorganization), and bypassed the policy barrier, so that the reorganization of the work in a dilemma in the breakthrough.　　Deep property reorganization can have this breakthrough, should be the state-owned sector, holding shareholders and listed companies to the situation, flexible and change the common results.　　Asset placement generates superimposed composite benefits read the notice, the reporter analysis found that the deep property of the asset replacement plus cash compensation for the reorganization of the listed companies themselves, is indeed a "cost-effective" business. The deep property uses the asset replacement rather than the directional additional method and so on, can produce the big profit for the listed company. From the indicative notice, listed companies are replaced by the assets are idle or inefficient property, each year not onlyDo not generate revenue, but also because of property management fees, depreciation and other erosion of the listed company's profits; In the replacement process, such assets also achieved a premium appreciation, according to the indicative bulletin published book value and estimate estimates, The assets can increase the listed company net assets of 128 million yuan, and the assets of the listed companies are mainly land assets and hot taxi operating license, placed in the listed companies can generate greater profits.　　Placed in a two-way operation, the listed companies will produce superimposed composite benefits, and its support is far greater than cash purchase, directional additional and other methods. One of the assets that the controlling shareholder replaces to the deep property is the Moon Bay land located in the front sea of Shenzhen.　　According to the analysis of the property industry, the land is expected to develop profits in the future or more than 150 million yuan, only this one, the listed companies will benefit. The Shenzhen property will also receive 120 taxi operating licences this time.　　Shenzhen the current taxi operating licence market price is as high as million yuan, and placed in the listed companies, the pre-valuation is only about half of the market price, the interests of the listed companies are clearly tilted. The deep property can also be obtained without starting the reorganization part of the cash compensation of more than 38 million yuan.　　According to the shareholder's commitment in the share reform, the compensation is expected to be entered into a deep property account by the end of this year, which will increase the earnings of more than 0.06 yuan/shares this year. The reporter also noticed that, in the company before the release of the plan, deep property frequently issued good announcements. Deep property July 15 in Dongguan, Guangdong, 214 million won a 66881 square meters of commercial land, for commercial housing development, at this time to take the land, the cost is relatively low, the future profit can be period. Another announcement disclosed that the vast number of investors pay close attention to the Sea Arts Company Series 34 cases were decided by the Supreme People's Court to send back to the Guangdong Provincial High Court to retrial and suspend the execution of the original judgment, the company was seized by the Court of the assets will be sealed, if the final deep property win, further increase the company's　　These positive, let outside the deep property and management team's good performance has a new understanding. From the indicative notice, the Deep property is currently announced reorganization plan, still need to be audited, assessment reports and related matters identified, and then held a separate Board of Trustees to consider specific plans and announcements, at the same time, issued a notice of shareholders meeting. Although the current publication is only a draft, but the reporter believes that the state-owned regulatory authorities to record the audit evaluation results and plans should not have a greater change, the success of deep property reorganization seems to have no suspense.