Lohiming couples into Greentown the third largest shareholder Song Weiping in response to the question of high indebtedness

Once trapped in the "serial debt" of the public opinion of the Green City of China (03900.HK), May 10 in Hangzhou, held 2009 spring shareholders, media, financial institutions of the Conference, Greentown China board chairman Song Weiping responded to the recent market general concern about sales, capital operations and other issues,　　More to the outside world has criticized the high ratio of the green to return, said confidence to balance high growth and high risk relationship.　　At this meeting, Luo Zhao, the president of Beijing Xiangjiang International Development Co., Ltd., was the first official to be the vice chairman of Greentown and the third largest shareholder of Greentown, responsible for the green city's northern part of the Beijing market and the Anhui market, and the future will be in charge of Jiangsu and Xinjiang.　　As at 12 o'clock noon May 10, Greentown signed a new agreement this year, and the amount of the agreement carried over last year, reached 10.056 billion, this year's sales plan for 20 billion yuan.　　Will the high debt rate be maintained for 50 years? Song Weiping In response to the recent uproar of the Greentown 85 percent early redemption of high interest notes, because the above high interest notes related to the agreement limit the size of the company's trust financing, and then consider early redemption.　　"Repurchase is not beautiful enough, the ideal repurchase price is not 85 percent, is 100%".　　The Green Paper, the general manager of Deutsche Bank, managing director of the Greentown high-interest debt, said the Green's early redemption of high interest notes would provide a freer way to finance the company. However, Subernian, China's chief executive of Greentown, told our correspondent　　Greentown's move, though reduced by about $360 million trillion in debt, could break free of the harsh shackles of higher-paying bills and win more space for the company's development, but with the addition of new debt, early redemption of high interest notes did not change the company's debt rate, and the company's capital-liability rate remained at around In recent years, the Greentown capital chain has been questioned precisely because of its high capital-liability ratio. Greentown Annual report shows that as of December 31, 2008, Greentown total debt of 16.1 billion yuan, the ratio of capital to debt from 2007 to 140.1%, the highest in Hong Kong listed housing enterprises.　　But 2008 years of property sales gross profit margin fell from 36.1% to 27.8%, net profit of 540 million yuan, down 41.5%. "A company with high debt rate or low profit margin, is the cyclical appearance of the different stages of real estate development, not to mention the domestic prevailing total asset-liability ratio indicators, Greentown's debt rate of 76%, and most of the domestic real estate enterprises." "Greentown Group deputy general manager Chai Hongda said," The green town debt rate and the appearance of lower profit margin, because there are a considerable proportion of the project scale, long development cycle, in fact, has been locked pre-sale property income has not been in time for financial statements carried forward financial profits reflected. Song Weiping a stronger response.　　He believes that since the development of the commercial housing market has risen more than 10 times times the cost of land, developers rely on their own profits rather than high debt is difficult to achieve high growth. "I believe the Green's debt ratio will not go down in the future," he said. For the past 15 years, Greentown has been., and I want to go on with it for the next 50 years. "Song Weiping bluntly," The green house debt rate is not high in the housing enterprises, the media is too concerned about the ratio of the green, some rating agencies on the company's rating is not accurate. However, the industry remains concerned about the high debt of the greentown. "Look at the capital chain of the housing enterprises, mainly to see the ability to change the land reserves, the green Green high debt has been transformed into a high-quality land reserves, as long as can be changed at any time, the green Green to the debt control ability is very strong."　　"Song Weiping said. The reporter learned that this year, the Greentown has obtained from the state-owned banks and commercial banks more than 20 billion yuan credit lines. According to the Greentown, most of the funds have been implemented to specific projects, which will greatly protect the future liquidity of Greentown.　　Greentown's cash deposits are more than 5 billion yuan. Beijing market will account for the group 30% as of May 10 12 o'clock, green city sales amounted to 10.056 billion yuan, a record high, compared with the annual turnover of 6.635 billion yuan last year nearly 52%.　　BEIJING, Hangzhou, Shanghai high-end projects achieved a decent performance, of which Beijing Imperial Park sales of more than 700 million yuan. Greentown Group executive general manager Cao Zhou told reporters that 2009 Greentown annual sales can reach 20 billion yuan, and strive to reach 25 billion yuan.　　The next stage of Greentown will speed up the pace of development according to market conditions, increase the scale of development, the new construction area of 2.8 million square meters, completed delivery area of 1.89 million square meters, according to the market situation to make appropriate adjustments.　　In 2009, Greentown will sell 48 projects in more than 20 cities nationwide, of which 16 projects are the first push, with the key items being Hangzhou Blue Qianjiang, Wenzhou Lucheng Square, Beijing Imperial Garden, Shanghai Huangpu Bay and so on. The best way for the Greentown to improve cash liquidity is to sell the funds. However, Greentown is also very cautious about future. "If the land price has not risen sharply, developers do not speak lightly price increases, do not easily break the current market balance." It's better to live than to die.　　"Song Weiping called.　　In addition, the market is quite concerned about the Luo Zhao Ming joined the Greentown also finally settled. May 8, Greentown issued a notice, will be a share of HK $6.1 issued price to Luo Zhao and his wife Ranyiling control of the Tandellen placing Greentown China shares, to buy Tandellen's Fortune century company.　　After placing, Luo Zhao will hold the Greentown China 100 million shares, the total share capital of 6.1%, become the third largest shareholder.　　After placing, the Song Weiping family's shareholding will fall from 36.49% to 34.26%, and the Subernian family's shareholding will drop from 25.01% to 23.48%, while the proportion of public shares will be reduced from 38.5% to 26.15%. Information shows that Luo Zhao and Ranyiling each have tandellen50% shares, to the century-Tandellen wholly-owned holding company. After placing the Greentown China will have a 100% stake in the fortune century, with the coming century to enter Greentown ChinaThere is also a site located in the courtyard of No. 8th, Dongzhimen Street, Chaoyang District, Beijing, and the unaudited comprehensive balance sheet shows that its revaluation is about 5.392 billion yuan.　　The land project covers an area of about 28,000 square meters and has a construction area of about 61,000 square meters, has been granted land use right certificate and construction permit, and is intended to develop serviced residences. "Luo Zhao-Ming's joining to the Greentown shareholders, is definitely a good news."　　"Song Weiping said. Lohiming told our correspondent, Beijing is currently under construction and the project to be built 5, Green City will be based on the future to do strong regional companies to develop the basic idea of the development of Beijing project, hope that through three years of time, the Beijing area can account for the Greentown group sales revenue of 30%.