Guo Xing Real estate restructuring three years of empty city robbery one-time assets used to throw

Yesterday, the state Hing Real Estate Board announced that the wholly-owned subsidiary of the state of Xing Nan China Real Estate Development Co., Ltd. 100% stake in Tianjin, so that the price of 53.31 million yuan transfer.　　The announcement has raised questions about a restructuring that the company had just completed three years ago. 2007, then also known as "Blue Star petrochemical" State hing Real estate through to the current major shareholder Rong Tatsu Company targeted to add new shares won the South China company 100% stake, at that time, the South China company was mainly responsible for the project "Xiao River" development, and the state construction industry, Chongqing State Hing Company or Nanhua real estate subsidiary, respectively, operating "Jade Corridor East Garden" And the northern shore of Chongqing project. According to the current trading plan, these three operations will become a source of profit for listed companies. Although the three project did not generate revenue from 2003 to 2006 when it disclosed the draft assets, it was given a high profitability. 2006 disclosure of the major asset purchase report of the draft said that the country construction industry development of the Jade Corridor East Park project in 2007 has basically reached the sales intention, and will complete sales confirmation, and the development of the Xiao River project will be in 2008 to achieve a profit of 80 million yuan, Chongqing project is to start in 2008, 2009 into sales, is expected to achieve a profit of 510 million yuan.　　At that time, the total assessment price of the above assets was 330 million and the value-added rate was 16%. October 2007, the above directional additional issue completes. That year to the listing of new property income of 422 million yuan, to achieve a net profit of 58.8 million yuan, basically reached the report of the profit level.　　And the profits are the country's construction industry development of the Jade Corridor East Garden contribution, Jade Gallery East Park main products in 2007 has been carried forward income, the company's net profit of 65.01 million yuan. But since then, in addition to the national construction of the Jade Corridor East Garden, the remaining Chongqing project and the transfer of the South China company project has not been carried out according to progress. 2008, through the transfer of the agreement, the former South China company owned by the Beijing state construction industry and Chongqing State Hing Real Estate 100% shareholding to be owned by listed companies wholly. But up to the 2009 Annual report, the South China Company "Yue River" project has not been developed according to progress, Chongqing company developed Chongqing original days of the original chemical Plant project (that is, the north bank Jiangshan) also delayed construction.　　In this respect, the company said, Chongqing project The latest construction time will be the end of this year. Due to the lack of new sources of profits, Guo Hing Real Estate 2008, 2009 net profit of 10.55 million yuan, 2.48 million yuan, a sharp decline in succession. In the first quarter of this year, Guo Hing real Estate operating income of only 660 yuan, the first quarter loss of 5.26 million yuan, operating activities generated net cash flow is negative 14.16 million yuan.　　At the same time, in order to develop the Chongqing project, the state-hing Real Estate project Phased development, this year planned a development of 300,000 square meters, the funds required 3 to 400 million yuan, to be issued by the issue of trust products financing 1.5 to 200 million yuan and from the bank to obtain development loans of 2 to 300 million yuan. It can be said that the state-hing real estate restructuring assets to the listed company's contribution only in the same year as a "short-lived", has been in the "struggling" formTransient。 Now, after the transfer of the state Hing Nanhua Real Estate 100%, the main business of the state-hing real estate will be close to the "vacuum" state: Only the remaining Chongqing company and the country construction industry, a development project will not start until the end of this year, the other was already basically completed in 2007 sales.　　Obviously, Guo Xing real estate has been a "vacant city". Yesterday, the company said, "because the South China Company project demolition Cost is too high, and this time also did not find a suitable partner, so the company intends to transfer all shares of South China company."　　"Then, the near" hollow "state hing real estate will support? Last August 4, the state-Hing property had a one-time suspension to plan a major asset reorganization, but the final "suspension." However, a recent reorganization of the state-hing property, rely on the reorganization of living alone? What is the responsibility of the current big shareholder Rong Da Company to the reorganization?　　Is the reorganization used for trifling? Also, the state Hing South China Real Estate 100% equity transfer price compared to the company's net assets evaluation price of 52.92 million yuan only 0.7%, who will take the stock, but also worthy of concern.