Investment high price injected into large shareholder's asset institution scramble for flattery

Our correspondent qiming September 17, China Merchants Real Estate [Weibo] issued shares to purchase assets and raise supporting funds and related trading plan announcements, The number of shares to be issued for the purchase of assets is about 181 million shares, to the Shekou industrial zone to buy its own marine world residential phase, as well as with its matching of nu wa Square land Tenure and cultural and artistic center land use rights. The above land use right assessment price is 4.86 billion yuan, at the same time intend to not more than 10 eligible for the specific object of Non-public issue A shares raise supporting funds of about 1.62 billion yuan. The sum amounted to 6.48 billion yuan, which has become the biggest refinancing of real estate listed companies since this year.　　Despite the bullish sound of research institutions, the plunge in share prices suggests that the shareholders in circulation are not bullish on the company's plans and opt to vote with their feet. The high profitability of the world's first phase is overvalued in accordance with the announcement of China Merchants property, as of the valuation base date of June 30, 2013, the evaluation value of the Sea World residential one period is 4,648,580,000 yuan, supporting the evaluation value of nu wa Square is 12.05 million yuan, the cultural and Arts Center's evaluation value is 204.32 million yuan,　　That is, the total evaluation value of the placed assets is 4,864,950,000 yuan. It has become the focus of the market attention for the rationality of the first-stage valuation of Sea World.　　There are media statistics, in China Merchants Real estate held on the issue of shares to buy assets and raise supporting funds and related transaction plans on the Internet, investors have asked a total of 65 times, 31 of them are about the high valuation of land prices questioned. Specifically, the Sea World residential area 77,253.07 square meters, the volume rate of 160,000 square meters, the unit floor price of 29,054 yuan/square meters, the unit area of land price 60,173 yuan/square meters. Nu wa Square area of 24,226 27 square meters, the total construction area of 11,000 square meters, the total building area of 1,000 square meters, the unit floor price of 12,050 yuan/square meters, the unit area of land price 497 yuan/square meters.　　Art and Culture Center area of 26,161.61 square meters, the total floor space of 28,778 square meters, unit floor price of 7,100 yuan/square meters, the unit area of land price 7,810 yuan/square meters. The above figures show that the land premium of 29,000 yuan/sq m in the world phase of the sea is at a premium of 29% of the 22,500 yuan/square metre of land which was injected into the two period last year.　　Prices have risen by a large margin.　　Although the current surrounding Woods apartment market price of 560,000 yuan/square meters, but given that the project in 2017 years before they can enter the sales, and the next 3-4 years the trend of housing prices there is greater uncertainty, in accordance with the current market prices around the project to calculate the future profitability is unfair. China Merchants Real Estate in the additional plans also said that the real estate prices by the international and domestic financial, economic, policy changes and other factors, the future trend is increasingly difficult to judge, real estate prices once the continued fall, will affect investors to buyExpected, resulting in a significant adverse impact on the production and operation of the company. Securities dealers unanimously optimistic that the share price fell "fan slap" investment real estate announced the day of the plan, the stock price collapsed, and finally closed down, and this day is on the eve of the national Mid-Autumn Festival holiday. No wonder there are investors denounced, "investment in the real estate in this day announcement, is simply to add congestion to investors, do not let everyone have a good section." "However, the voting behavior of two-tier market investors seems to go well beyond the expectations of brokerage fellows," he said.　　On September 17 the same day, Haitong Securities, Oriental Securities, Huatai Securities, CIC Securities, such as the release of a number of brokers to invest in the refinancing, stability in the flattery, praise. Guotai said that the company's "billions of revenue, tens of billions of profits," the plan for the next five years compound growth rate of 25%, is the leading growth of the most clear target. Wanguo [Weibo] said that if the additional success, will be more resources for the future group into the open channel, but also can reduce the level of corporate indebtedness, pry more leverage. CIC Securities said that the proposed injection of projects and the company's recent acquisition project linked to a higher profit margin, reflecting the group and major shareholders of the company's development of strong support, the company's long-term profits will not be diluted.　　GF Securities said that long-term view of the company's resource advantages, the ability to strengthen, organizational platform construction and process reengineering, improve operational efficiency, the company on the basis of the current scale will achieve further growth. And from the target price of the brokerage, CIC Securities analyst Li Shaoming the most radical, giving a target price of 38.3 yuan. However, the securities broker's optimism was a two-tier market price of the trend mercilessly slapped a slap. September 17, the company's share price closed down the plate.　　And from the Billboard data, the top five selling seats for the agency, the total amount of sales amounted to 360 million yuan, indicating that the agency for investment real estate refinancing program is not recognized.　　Semi-annual report data show that the bank Schroeder growth shares to 14.0998 million shares of the number of investment in the first large circulation shareholder, net worth of the plunge loss of about 40 million yuan. As of September 24, China Merchants real estate price closed at 24.81 yuan, has been lower than the holding shareholder 26.92 Yuan transaction price, and 24.23 yuan of fixed increase price is only one step away. If future stock prices continue to fall, China Merchants real estate refinancing plan will face greater uncertainty.