Resell Wang one-time profit super 400 million first open performance by speculation

This reporter Tao boat Beijing reported the starting shares what kind of company?　　The announcement shows that its main business is real estate sales. However, according to "Huaxia Times" reporter understand, the first open shares nearly two years of land profit has far more than its main business, as the largest beneficiary of the Beijing market, it is currently in Beijing's land reserves far more than other a-share companies.　　Now the slump in the property industry has allowed it to be a continuous sale of many kings in the hands. In addition, the majority of its land is not developed, but by monopoly advantage at a low price to obtain, and then transfer at high prices.　　Interestingly, in the rush to get rid of a king, the first open shares inadvertently again acted as a new role of the king, May 23, the first open shares announced to 1.708 billion Yuan Beijing Fangshan two blocks, and has been from the part of the partner has become their own independent role.　　The whereabouts of the king of the Fangshan, I am afraid only time to prove.　　Land transfer into the main profit path 2009, when the real estate market ushered in a decade of hot sales scenes, the first open shares for investors to hand in a brilliant annual report. The report showed that in 2009 the first opening of the shares to achieve operating income of 5.194 billion yuan, down 11.1%, but the same period net profit of up to 932 million yuan, growth of 63.3%.　　It's just that the growth in profit is not a big increase in sales of the company's main business, but a high return from equity transfers.　　2009 years of the Four Seasons, the first open shares through the transfer of Yao-hui property rights to achieve a profit of 511 million yuan, accounting for the annual operating profit of 43.3%, as the 2009 net profit is better than expected the main reason. In this year's quarterly, the first open share of the net profit was a year-on-year increase of 496.5% of the staggering gains, which belong to the listed company shareholders of the net profit reached 455 million yuan, the end of the hand cash growth of 26%, up to 15.1 billion yuan, is 7 times times the same period in previous years.　　It is noteworthy that in the first quarter of the increase in settlement income, the Wangjing B15 block transfer project is included. By the end of 2009, the company's main real estate sales revenue growth of 5.29%, accounting for more than 78.53%, the same period of land development, transfer income was down 48.34%, accounting for more than 16.69%; but it is embarrassing that, although the main business accounts for nearly 80% and growth,　　But the gross profit margin of this business is only 31.42%, while the gross profit margin of land development transfer has reached 47.88%. This figure was more evident in the middle of the 2009.　　The company's main real estate sales growth of 95.81%, but the gross profit margin is only 45.43%, while the land development transfer of main income down 53.96%, its gross margin is as high as 71.93%, for the first open shares, the real estate sales may be far less than the land project transfer benefits. "As real estate development enterprises, if frequently transfer plots, one reason is the hands of the land reserve or the number of projectsis very much, even if the transfer of land can still guarantee the progress of their own development, because the project less companies will not consider the transfer.　　Zhangdong Securities Real Estate industry analyst, said to reporters, and another reason is that the cost of land is relatively low, transfer can bring a lot of profits. These two points coincide exactly with the first open shares. Public information shows that the first open shares of the current project reserves far more than other listed housing companies, to meet the company at least the next 5 years of development needs, and CITIC Securities research also pointed out that once Beijing changed the "high bidder" land market rules,　　The first shares of a municipal company with rich experience in the development of affordable housing may profit from it and have a low cost of land. In this respect, Qilu securities real estate analyst Shili Analysis, the first open shares in 2009 in the field accumulated 2.53 million square meters project, the cost is only 3.4 billion yuan, the company can be settled in the capital of 4.9 million square meters outside the project, if the area of equity, the project cumulative 4.2 million square meters,　　Its land price square meters outside the project weighted average cost of not more than 1600 yuan/square meters, and in the high price of Beijing, the first open shares of the project's land-weighted average cost of only about 3200 yuan/square meters, regardless of the transfer or development of these plots of sales, its profit space is obvious.　　Fangshan King of the future into a riddle in front of profits, the king has become a trading weight. April 12 This year, the first open shares announced: their hands from 2008 to the capital of the first mansion "Changan 8th" project,　　Finally received the company of Yiu-FAI delayed repayment of the entrusted loan RMB total of about 1.309 billion yuan, and this repayment than the previous 2009 total principal and interest of 1.141 billion yuan a full amount of 168 million yuan.　　Reporter found that this is now the Beijing building Wang's mansion project from 2004 opened shares to 31 million yuan to take over to 458.7 million yuan to turn out, just a few years time to turn over 14.8 times times, and only by the transfer of the project, the first open shares on the change is more than 400 million yuan.　　If the first open shares in the transfer of Changan 8th project, the number of projects due to land use, demolition and cooperation, and other reasons, then the company in Beijing Equity Exchange May 18 to sell a 4% stake in Changsha King's move is somewhat confusing. April 30, the first opening of the shares issued a notice, said to the Changsha North Star shares of its own 4% of the transfer of ownership of the project, the news, a lot of people are linked to the project encountered a financial crisis.　　But in fact, this is the floor price per square meter of up to 2421 Yuan Wang now surrounding project prices have reached the average price of 5000-7000 yuan/square meters. What does this number mean?　　If in accordance with the Beijing Grand Wangjing 1th per square meter 29000 yuan floor price to sell to 45000 yuan/square meters to have 10% of the profit ratio, the first open and North Star of Changsha king per square meter cost to close to 3400 yuan, reference to the surrounding maximum average price of 7000 yuan/square meters, its profit has exceeded 100%. In ZhangdongIt seems that the positive return of cash, reduce the low profit level of investment projects, focus on the main project is probably the first open share transfer of the king of Changsha one of the reasons. May, the first open shares won the Fangshan king, at the same time, the company also from Beijing's regional advantages to accelerate the development of the field market, 2009 new projects distributed in Yangzhou, Taiyuan, Xiamen, Shenyang and so on. "In order to keep the growth of the Land reserve project, it is necessary to have sufficient funds to draw money from the already profitable or relatively low profit level to invest in other projects, not only reduce risk, but also shorten the speed of capital turnover and further increase the profit margin."　　"Analysts say. "Huaxia times" reporter access to information found in the Beijing Municipal Property Exchange website, g310bj003662 Changsha Beichen Real Estate Development Co., Ltd. 4% Equity transfer project, its 2009 annual audit report, the company operating income of 0,　　and the operating profit and net profit are 106.624 billion yuan and 79.968 billion yuan respectively.　　At the same time, the first open 4% Equity assessment of net profit growth is close to 30%, almost with the end of 2009 real estate sales gross profit margin is flat, and now means to get 30% of the proceeds immediately, while waiting for the final benefit of the joint development with the North Star is still uncertain, this game, the first choice of the former. To just marry the Fangshan king of the Door, the future is the development of their own or project transfer, may ultimately depend on the first open heart that profit bottom line.