North Star "Changsha Delta" is coming into the market
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Under the influence of property market regulation, the fate of "the royalty" is always easy to cause people's attention. In the last real estate peak of the total price of the king-Beichen Industry (601588) in 2007 to 9.2 billion won the Changsha Delta project, after 3 years of dormancy, has been ready for high-profile appearances. Beichen Industrial 16th in Changsha, held a "North Star Delta starting ceremony", officially announced that the area of 300,000 square meters of the first open area project will be opened at the end of the sale. Passage of time, although the current value of real estate downturn, but after 2009 years of heat, the price of Changsha property market has not been compared with the birth of the king, this once controversial land king, is likely to provide a steady stream of profits to the "cow". At the end of the first phase of the project, China Securities News reporter saw the project site, the construction of the first phase of the project is in order, the floor of the building body building has been using green protection nets muffled, not far from the development of the piece of wasteland. And the whole Changsha project West less than 100 meters in the dike, is the broad Xiangjiang River surface. The northernmost part of the project is the Changsha Museum, library and concert hall being built. North Star Industrial Vice general manager and Changsha company general manager Zengjin revealed that more than 30 of the residential floor of the main structure has been built to 25, the expected 300,000 square meters of residential buildings will be capped in October, and opened before the end of the year. It is understood that the North Star Delta Project Total construction area of 5.37 million square meters, of which 3 million square meters of residential buildings, 800,000 square meters, the total construction area under the platform 1.57 million square meters, the first open area of 600,000 square meters, a period of 300,000 square meters, a total of 8 building blocks. The overall positioning of the project is "business business as the guide, ecological residence as the main body, set culture, leisure, business, business, residential, tourism as one of the multi-functional complex city complex." From 2007 to the end of this year's planned opening, 3 years, Changsha's real estate market has undergone tremendous changes. According to industry calculations, the total price of 9.2 billion yuan of the Delta land cost of 2421 yuan/square meters, the cost of development after about 3721 yuan/square meters, and the year Changsha pure commodity housing average price of 3372 yuan/square meters. However, the second half of 2009 and the first half of 2010, Changsha's new house development area and sales have been greatly improved. Data show that the first half of this year Changsha residential construction area of 9.1928 million square meters, an increase of 133.24%. After entering July, the average price of commercial housing in Changsha has exceeded 5100 yuan/square meter. "At present, Changsha's house price income is about 5.2 times times, Wuhan is about 7.1 times times, the first tier city is usually more than 10 times times, and the reasonable range of house price income is between 6-8 times." Zengjin said that the level of per capita income in Changsha ranked first in six provinces and cities in south-central China. and Changsha current line Riverview Room's average price in 8000 yuan-10000 yuan, the second line Jiangjingfang in 6000 yuan-8000 yuan,The company will determine the price according to the market situation. Although the main structure before the end of this year can be capped, but the first phase of the project will take a year to carry out, external loading, mechanical and electrical installation, landscape greening and the construction of human-car shunting system. The Delta project began in 2012 with large-scale settlement. Zengjin told China Securities News reporter, the Delta Project settlement income and settlement profit will be reflected in the company's report in 2012, contribute to the performance. The ability to pay is not a hindrance for any one of the housing companies, Hao holds 9.2 billion yuan to win the project is "big". Swallow this piece of fat, can smooth digestion or throats, is the first problem that Beichen faces. The sunk cost of the land payment, the capital chain pressure caused by the bank credit tightening and the refinancing obstruction, the development ability and the overall ability of the general quantity project are the test of the developers. "The land price for the first development land for the Delta project has been cleared and construction funds can be obtained through bank development loans." "North Star Industrial Dong Guochang introduced, the company through the Bank of China successfully to the central bank and the Banking Regulatory Commission on the headquarters financing model, in accordance with the" unified lending system, uniform management "model, can greatly improve the planning and efficiency of the use of funds. Guochang said that the development of loans has been able to basically guarantee the needs of the company's project construction funds, in addition, Beijing, many high-end projects in the future revenue expectations are very optimistic, coupled with the new nearly 600,000 square meters of holding properties will provide a more stable rental income. In fact, the company's capital chain worries are not groundless. According to the 2009 annual report, the company's operating cash flow net value from the end of 2008 2.466 billion yuan straight down to 407 million yuan, the year-on-year decline of 83.5%. "From last year to this year, the reduction of available listings is the biggest problem plaguing the company." This year, the availability of only 550,000 square meters, most of the two limited housing projects and the North Star Fragrant Foot project, the reduction of available listings will certainly affect the company's operating cash flow. However, Guochang also pointed out that the Changsha Delta project in the early stage of capital investment has been completed, the follow-up is basically the development of construction costs, capital pressure is not big. If you look at the company's earnings in the first quarter of 2010, the cash flow is definitely improving. The company's operating cash flow in the first quarter was 431 million yuan, an increase of 5.9% per cent from the end of 2009, and an increase of 158.08%.
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