New lake in the treasure business rely on the first-level development of profit reduction over half of the winter

Intern reporter Yu Yanming Beijing reported that at the end of each house companies are busy drying performance, the new lake in the Treasure (600208.SH) is in a hurry to give shareholders an account. January 11, the new Lake Zhong Bao Co., Ltd. released results of the announcement, said 2013 company attributable to the listed company shareholders net profit is expected to be reduced by 50% to 60%. The new lake in the bulletin further pointed out that the main reason for the decline in profits, the company's first level of land development income to achieve the uneven progress of the 2012 company to achieve a larger level of land development income, resulting in 2013 profit year-on-year significantly reduced. Focus on the layout of the two or three-line city in fact, as early as one months ago, the action of the treasure in the new lake frequently appeared on the Bulletin of the Securities market. At the end of December last year, the new lake in the treasure has been in the equity investment in a series of cash. December 6, 12th, 13th, the new lake in Bao bursts three announcements, announced the reduction of 100 million shares of Jilin Bank, Shanghai Great Wisdom Co., Ltd. 46 million shares, And plans for the next 6 months to empty the holding of the great wisdom of the remaining 121.3149 million shares, of which the great wisdom of the two reduction can be accumulated 1.191 billion yuan. The great thirst for capital this year in the new lake is not only reflected in direct stock hedging, but also can be glimpse in project selection. December 14, the new lake in the treasure of the subsidiary to the total price of 1.063 billion yuan in Jiangsu province Qidong Yin Yang Town Total 15 plots, block total area of 561,600 square meters, equivalent to the floor price of only about 980 yuan/square meters. In this respect, the new lake in the foreign said, the project will be divided with the government on the level of development proceeds, conservative estimate of 3000 acres of land-level development for the company's after-tax income will exceed 1.5 billion yuan, and the company may intervene in the subsequent two-level development. There is no denying the fact that in all the large enterprises scramble to expand the head into the North Canton deep and other first-line cities, the new lake in the treasure is more favored two or three-tier cities, or even four-line cities, which cause I am afraid and its operating conditions are not unrelated. The new lake is now publicly available data show that in the years of development, its layout of the first-tier city of real estate projects accounted for only about 10%, or even lower. The 2013 interim report of the new Lakes revealed that its real estate projects in the first-tier cities accounted for only 7% of the total business income, and mainly concentrated in the Shanghai area. In addition, land reserves, as at the end of 2013, the new lake in the Treasure Project reserve rights and interests to build more than 9 million square meters, coastal development reserves accounted for more than 8 million square meters. Compared to the housing enterprises in the first-tier cities to take over million of the floor price, the new lake in the average land price of only about 1150 yuan/square meters. "Although these low-cost land in the two or three-line city has the potential to appreciate, there are many uncertainties," he said. "Before the Beijing Real Estate Industry association to accept this reporter interview, said," The two or three-line city land is oversupply, the risk is very high. "First-level development is unsustainable in fact, from 2012 until now, the new Lake Bao announced the performance is not stable." Public information shows that 2012The new lake in the first three quarter to achieve net profit is only 413 million yuan, a sharp decline of 29%. The final redemption of the new lake in 2012 performance level is the fourth quarter performance of the huge pull. In a subsequent announcement, the new Lake's central treasure explained that its four-quarter performance soared because of a land-level project. But for the next 2013 years, Luck did not embrace the new lake. The new lake, which has already been published in the three quarter of 2013 years before the public report, shows that by the end of the third quarter, the net profit of the shareholders of the listed companies had fallen by about 30%, including operating income, profit margin and other important operating indices, and the ratio of assets and liabilities had risen to about 75%. "In recent years, the new lake in the performance of the treasure is not very good, business too dependent on the development of the first." "A long-term tracking of the new lake in the treasure of the brokerage analyst to our correspondent," the first-level development of the profit is very low, many enterprises take a level of development projects mainly for the follow-up of the two-level development, and the new lake in the treasure want to use a level of development to make money. "The new lake in the treasure company has previously disclosed that, as of now, its land level development volume is huge, in Qidong, Wenzhou, Tianjin and other occupied an area of about 23 million square meters, Wenzhou, Qidong and other land-level development is expected to become the next few years a new profit growth point." Voice did not fall, after entering the 2013, Wenzhou and other areas of the real estate market has been declining, directly affect the development of land level, and these areas are the new lake in the key layout of the project area. "First-level development will not be the growth of the real estate market in the next few years. "Perhaps at a time of real estate slump, development can be relatively complementary to the profits of the house, but now the property market is good, especially in the first-tier cities," said the broker. ”