Longhu Yan Mountain One room two evidence investigation: Heavy heavy beach Shanghai Congenital deficiency is acquired

Every reporter Yang Yiqiang from Shanghai high-end residential, has always been a real estate investors to the field of crowding. Since March this year, in small huxing with the property market "small spring" warmer, a share of investment began to sweep the villa market.　　Due to the influx of funds, only in Shanghai, April Villa Sales and supply ratio reached 1.59:1; May the first 20 days, Shanghai high-end apartments reached the February deal area of nearly 3 times times. Funds for the purpose of profit-driven, but in the current market situation, the "looting" of high-end housing gold and its price matching?　　Starting this week, our real estate weekly launched the "Villa Mansion Gold Series survey" for you to uncover the truth behind the mansion. Last December, Longhu Yan in Shanghai Villa Market, and with more than 200 sets of sales results, become the month's Villa sales champion.　　As Longhu real estate to kill into the first project of Shanghai Beach, Yan Lan mountain in the cold winter hot sell once let the industry surprised. But no one ever thought, high-profile appearance in Shanghai behind, Longhu has its own difficulties: in order to cope with the Ministry of Construction "9070" policy on each small and medium-sized house must meet the provisions of the total number of houses, Yan Lan Mountain occupies more than half of the residential area of the superimposed Villa has two more than 80 square meters of the apartment building property rights Yan Lan Mountain Project Why braved the reputation to do bad risk big play policy edge?　　All this, and Longhu 2007 years ago, heavy "Beach" Shanghai. A Scene survey Two rooms in one play policy the Jiasong Highway in Shanghai is an important road in the Western industrial Park of Shanghai. In recent years, a large number of villas on both sides of the road construction, so that this became the famous villas.　　Longhu Yan Mountain is located in the Qingpu of Jiasong Road. Stacked Villa rate low in the real estate peer, Longhu Yan Lan mountain has a rare sight of Shanghai scenery, which has become the main driver of the choice of home buyers Longhu.　　Advance Yan Lan Mountain advertisement, more to buy a house to send a large number of areas to attract customers. But the gift area and the beautiful environment can not conceal the flaw of the Yan Lan mountain. Visited the Yan Villa, many people will have this experience: Yan Villa is too narrow. Only in terms of living room, many villas can do more than 50 square meters, and Yan Lan mountain Living room plus Restaurant is fifty or sixty square meters. This point even sales staff have to admit: "See more other villas, will feel Yan Lan Mountain (living room) small." "In the eyes of peers, only a single layer of 80 square meters of building area of the Yan Lan Shan, huxing is not really good." "General single floor area needs to reach more than 100 square meters, huxing only appear atmosphere." "Research superimposed villas for many years in the industry, said the money. According to his introduction, superimposed villas cover the area of construction area (that is, the ratio of occupancy) can reach more than 90%.　　and Shanghai online real estate registration data show, excluding the basement, aerial loft and other donated area, Yan Lan Mountain's occupancy rate is only about 82%, this ratio and small high-rise elevator apartment close to, even more than some traditional multi-storey apartments are lower. A suite of two property certificates as the first appearance of Shanghai products, Yan Lan Shanwas highly valued by Longhu. Longhu Shanghai Company Marketing vice President Gao Qing said, "Yan Lan Shan as Longhu Shanghai Company's first work, has a very high strategic position."　　But under the high priority, why does Longhu Yan still have such obvious flaws? Finally, the salesman of a truth leaking bottom: A set of Yan Lan Mountain Villas have two House property card. This confirms the reporter's previous speculation-Longhu the two-storey flat area of 80 square meters of apartment building into a stack of villas.　　Reporters on this matter to Longhu Press spokesperson Gu Wei and marketing Deputy high evening clear proof, the other side did not deny.　　Because it is assembled from two apartments, cramped narrow space makes Longhu in the design of all the subject, and even play the policy of the suspect. 2006 June, the Ministry of Construction of the construction of the commercial residential building after June 2006, 90 square meters within the small and medium-sized units must reach 70% of the total number of real estate.　　Longhu want to develop a large area huxing, but must meet the policy requirements, so with the upper and lower floors of the two-storey apartment stacked villas. Despite the alleged policy of playing the ball, but the authorities are not too embarrassed Longhu. Shanghai Housing Security Bureau "962121" hotline staff told the Daily Economic news, Longhu to do so, as long as through the planning and construction permits, and the real Estate trading center pre-sale permission, it is in line with the regulations. and have pre-sale qualification Longhu Yan Lan Mountain Obviously obtained the above two permits.　　This let Longhu escaped a robbery.　　B to find out why the price of land after the loss of people to ask questions, Longhu in Chongqing, Chengdu, the development of Villa projects, almost all become the representative of the local high-end real estate, into more purchasing power in Shanghai, Longhu should be "aloft high fight", why do a room two card superimposed villas?　　Desperate Gamble take Yan Lan Mountain "Tragedy", almost from the beginning of Longhu take the land has been doomed. In 2007, Longhu began to enter the Shanghai market. June, Longhu and Greentown China in the new Jiangwan fierce competition D1 block. Finally, just because the Greentown more than 10 million yuan, D1 block and Longhu missed.　　Afterwards, Greentown China chairman Song Weiping Frankly, if Longhu more than 60 million, then D1 land will certainly not turn to Greentown China to meddle. Miss the new Jiangwan of the Longhu, in Shanghai land prices have been repeatedly high, there is no chance to get a better location, cheaper quality plots.　　Eager to enter Shanghai's Longhu, have to gamble. On the November 8 of 2007, a message shook almost all the people of Shanghai. Far away in Shanghai suburb of Qingpu, unexpectedly has a plot to shoot out the 1.542 billion yuan sky-high price, each square metre floor prices reach 10700 yuan.　　Suburban residential floor price broken million, this is the first time in Shanghai. And the earth-shattering move was Longhu, the property magnate, who had always been considered a prudent. Even more amazing is that this piece of land transfer documents also clearly stated that the future development of more than 74% of the huxing must be within 90 square meters of small and medium-sized sets of type. However, thatis in the highest property prices in 2007, the suburbs of the small huxing apartments also have no price can exceed 10,000 yuan.　　For Longhu's move, the industry gave Longhu such a "blessing", "Hope 2008 prices like 2007 Rise".　　Reverse the city push the plate to design supplementary innate? However, the continued surge in house prices is only wishful thinking of the high-stakes. Wang Shi at the end of 2007 first put forward inflection point theory, the domestic property market plummeted, housing prices fell again.　　In the suburbs of Shanghai, the most mature residential areas-nine kiosks, the highest prices from 12000 yuan/square meters, down to 9000 yuan/square meters. At the same time, land prices have continued to fall. In the months after Longhu high prices, QINGPU land prices plummeted.　　To 2008 years, Shanghai has a lot of retreat, many high-priced developers are not retreat, is to suspend the start, want to find other companies to take over. However, Longhu firmly announced that the Shanghai project will be unveiled at the end of 2008. A momentary industry uproar. You know, even in the market gradually warming now, the Qingpu area of the highest average price also did not exceed 10000 yuan/square meters, at that time the highest prices are eight thousand or nine thousand Yuan.　　Longhu originally bought floor price is 10700 yuan/square meters, plus construction costs and taxes, QINGPU project cost price of at least 13000 yuan/square meters, is Longhu really want to sell a house at a loss? The answer was finally announced in November last year.　　Longhu should have built the building area of 90 square meters below the apartment, assembled into a superposition of villas, built a pure Villa community, Longhu Yan Lan mountain so steep, sales price set at 16000 yuan square meters near. At the same time, Longhu Shanghai company to spend some money in the villa set a large number of donated area.　　In this way, the original two apartments combined with only 770 square of building area, is packaged into the actual use can reach more than 300 square meters of space.　　Such packaging, coupled with Longhu excellent landscape design capabilities, Yan Lan mountain in the price than the surrounding other real estate under the circumstances, a short period of two weeks on the sale of 85 sets, 300 million yuan, to become the Villa market champion.　　Imagine, if not Longhu Shanghai Company will two sets of more than 80 square meters of apartments into a set of more than 170 square meters superimposed Villa Magic, the project loss of sales potential into inevitable. Shanghai Longhu Marketing vice President Gao Qing in the interview with reporters, do not think is the apartment "Villa" Magic saved the Shanghai Longhu. He just lightly said, Yan Lan Mountain Place in the Shanghai Seshan Villa concentrated area, originally should be used for Villa development plots, only limited to the policy at that time was prescribed to do 74% of the apartment.　　His message is that Longhu the plot as a superimposed villa development, only to give full play to the value of the plot.　　C Expansion of the confusion and cooperation and development of the sacrifice of profits "apartment version superimposed villas" Although the Shanghai company to solve the high price of the sleepy, but Longhu real estate is not the biggest sales beneficiaries. Longhu only Yan LanMountain 20% stake in the May 5 this year, Longhu publicly issued a notice to raise 1.4 billion yuan corporate debt. According to the 09 Longhu debt prospectus and corporate bond credit rating report annexed by the Bulletin, Longhu has only 20% of all the rights and interests in Yan Lan Shan, and the rest is owned by an overseas fund called "COFISRL".　　However, according to High late Qing revealed that the current share of the proportion has changed, Longhu master the proportion is not so low.　　is COFISRL and Longhu cooperation in QINGPU to take the land, or Longhu in order to avoid high price to take the risk, will transfer to the COFISRL, outsiders unknown.　　Longhu's spokesman, Gu Wei, stressed that allowing COFISRL to hold most of the stakes was not because the QINGPU project was too expensive and too risky, only to perpetuate Longhu's early tradition of working together and succeeding in Chongqing and Hong Kong developers. It is understood that many of Longhu's projects are carried out in cooperation with other enterprises. Public information shows that, in addition to the Shanghai Yan Lan Mountain, Longhu and ING's real estate fund to set up a development company, together set up four development entities.　　Gu Wei said that Longhu with other companies in the project, development, design, marketing and other work of the operation of the basic Longhu to play. Put a lot of effort and manpower, but not the major shareholder of the project, the industry has commented that Longhu is to give others to do wedding clothes. Gu Wei said that the final distribution of income is otherwise agreed, and that the distribution results are based on the respective inputs of both parties.　　He also said that partnering with others not only reduces risk, but also enhances brand influence and learning about others ' strengths. But it is undeniable that, as a small shareholder of the project, Longhu even if the development, marketing done well, the gain will not exceed the project's main investors. This may be to pursue the pace of expansion, preferring to sacrifice a portion of the profit behavior.　　In fact, the well-known real estate enterprises from Chongqing, in less than 4 years to complete the Chengdu, Beijing, Shanghai, Xian and other cities, and in Chengdu, Beijing and other areas to launch a number of projects, sprint speed to the local developers. Have missed the best time to go public although Longhu repeatedly stressed that the Longhu still has more than 10 billion yuan of bank credit has not yet been used, but also through the public to raise 1.4 billion yuan corporate debt financing, and the use of trust funds to raise capital.　　But it is believed that the main reason for Longhu's choice of cooperation with other companies is capital pressure. As of the end of September 2008, the company under construction, to be built a total of 26 real estate projects, the rights and interests of the development area of 7.1158 million square meters, of which the total construction area of 3.0553 million square meters, not started the total construction area of 4.0605 million Since 2007, the company has a large amount of cash expenditure on land purchase, of which 2007 is 4.018 billion yuan.　　At the end of 2007, the company said that the land price to be paid for 2008-2010 years was 2.872 billion yuan, 1.027 billion yuan and 157 million yuan respectively. Due to the large scale of construction, Longhu's liabilities increased year by quarter, from 33 in late 2005.4.3 billion yuan was increased to $17.049 billion at the end of 2007.　　And 2005-2007 years, its operating activities cash outflow is 2.758 billion yuan, 4.972 billion yuan and 10.632 billion yuan respectively. In fact, IPOs have always been Longhu's ultimate aspiration. Longhu, 2007, bought a lot of land to finance in Hong Kong that year.　　Spending 1.5 billion of billions to buy Shanghai Qingpu Massif is also one of the initiatives under the backdrop of the IPO in Hong Kong. At that time, the Hong Kong market expected that if the Longhu market, the total market value will reach at least 80 billion yuan. But sadly, Longhu property eventually brushed off the last frenzy of global equities in 2007. Since then, the mainland real estate stocks in Hong Kong's stock market down, a one-time need for net assets to finance a large discount, Longhu time to market has also been delayed.