Tai wo group faces collapse crisis July sales 4,000,000,110 Land

By many industry insiders described as "crazy" Tai Wo Group, September 3 again in its official website issued a notice. The announcement said, the plan year full release "Big amount" to take the authorization, the maximum authorized amount reaches 6 billion yuan. At the same time, Tai Wo Group Chairman Huang Qisen repeatedly said in public, the company's 2013-Year plan for the land is 11 billion yuan, and the possibility of high increase. And just days before the announcement, Tai Wo Group after more than 200 rounds of scraping, beat in the sea, Vanke, investment, Chun, Rong Xin, Zheng Rong, such as 20 strength room, to 4.052 billion Yuan Xiamen Haicang about 259 acres of h2013p04 massif, floor price 10834 yuan/square meters, premium rate of 185.2% , became the largest "king" in the history of Xiamen. The Times weekly reporter in the report of Tai wo six months, and other data found that January-August Tai wo has been in the country to buy 9 pieces of land, an average of more than 1 plots per month, a total of over 1090 MU, the total construction area of more than 1.58 million square meters, the total amount of about 13.4 billion yuan. Especially since this year, Tai Wo in the first-line cities in Beijing, Shanghai frequently defeated the national Super-class Housing Enterprises, continuous competition for many plots. In contrast to this, it is 2013 years ago 7 months, the company only to achieve the contract sales amount of 4 billion yuan. Blindly high prices to make its funds stretched, according to its semi-annual report, its assets and liabilities ratio of more than 80%, some analysts pointed out that the Tai Wo group total security limit of more than twice times its net assets, if the project progress problems, there is a risk of collapse at any time. External guarantee 13.3 billion is the net assets 4.6 times times according to statistics, Tai wo this January-August in the country has successfully reaped 9 high-quality plots, access to rich land reserves, Tai wo strong strength and high-speed development, so that the industry is askance. The result of the crazy land, led to the first half of this year, Tai Wo group prepayment amounted to 6.17 billion yuan, and the end of last year is 1.692 billion yuan, an increase of 264.49%. According to Tai Wo 2013 semi-annual report, Tai Wo Group of short-term loans and a year due to the non-current liabilities of 3.157 billion yuan and 2.314 billion yuan, respectively, increased by 680.29% and 491.2%, the announcement showed that the first half of the Thai-wo assets and liabilities ratio has reached 80%. Reluctantly, Tai Wo began to increase the financing operation. March, Tai Wo Group for its six wholly-owned companies to provide a total of 6.22 billion yuan guarantee, of which four are to meet the recent project of the operation of funds. April 25, Tai wo for Beijing Taihu Block project to provide joint and several liability guarantee, the guarantee amount is 2 billion yuan. Since the expansion in 2012, Tai Wo Group has taken the land mortgage, the holding Sun Company Equity pledge, the group guarantee form from the bank, trust, equity funds, asset management companies and other institutions to finance. As of June 2013, Tai Wo Group external guarantee 13.353 billion yuan, accounting for the company's most recent period of net assets of 460.33%. Compared to the end of 2012, the company's actual external guarantee amounted to 5.224 billion yuan, increasing 1.56 times times. Times weekly reporter is looking forAfter reading Tai wo 2012 and 2013 semi-annual reports, Tai Wo 2012 from the financial channel financing nearly 6 billion yuan, of which Societe Generale bank loans of 2.9 billion yuan, is Tai Wo Group's largest provider of funds, Yunnan Trust to finance 1.2 billion yuan, Oriental Assets Management office raised 1.2 billion yuan, other banks including the delivery, People's livelihood has hundreds of millions of yuan loan. Since 2013, Tai Wo Group's financing has become more frequent, especially to accelerate the financing of trust. Semi-annual data show that the trust loan for long-term loans is 2.4 billion yuan, in addition to 2012 years of Yunnan Trust 1.2 billion yuan, an increase of 1.2 billion yuan. Respectively for the Sino-Iron Trust 450 million yuan excellent debt 1303th Beijing Tai Wo Project Collection Fund Trust plan and Minmetals Trust 750 million Yuan Tai Wo Plaza Trust Loan Collection Fund Trust plan. In addition to the use of asset-backed financing, Tai Wo also adopted project Trust financing methods, including the Sino-Financial trust 1.4 billion Yuan Tai wo Quanzhou Huada Capital Trust program and the Chongqing Trust 2 billion Yuan Tai Wo Collection Fund Trust program. In addition, the Great undertaking trust Tai Wo I Equity Investment Fund Collection Trust program currently raised 875 million yuan. Tai Wo Dong Wang in the interview with The Times weekly reporter said that the outside of the Tai Wo money speculation may not be accurate, at present, regardless of commercial real estate or residential real estate, Tai Wo have achieved their own means. "We are not going to take the land blindly, and the advance payment is basically paid. "Wang revealed that, in addition to the Xiamen Haicang block money has not yet been settled, all payments have been paid." Seizing the opportunity of urbanization why is it that after nearly quiet 10 years, suddenly exerting force, according to Huang Qisen, the domestic urbanization process is the best chance of real estate. Huang Qisen said in a media interview that this is a historical opportunity, so Tai wo to grab hold, rapid expansion. According to Wang revealed that at present, Tai Wo's development direction is mainly concentrated in the first-tier cities, and has been in Beijing and Shanghai to take the land, the future most likely to enter Guangzhou and other cities. "If there is a chance, in order to ensure the sustainable development of the company, Tai Wo will strengthen the land reserve." "So what kind of opportunity does urbanization bring to real estate?" Sheng Chen, deputy director of the Institute of Enterprise Research, Fudan University, said that in the process of urbanization, the construction of new towns occupies an important position, which will bring new market demand to the housing enterprises. But it may bring more opportunities to new products. such as rural tourism real estate, eco-environmental protection to the special industries, such as the accumulation of land will become the demand for real estate production. Intelligent town with distinctive characteristics and ecological livable will be an important development direction in the future. "I personally think that all the current on the urbanization of the development of real estate is very far-fetched." "The Asia-Pacific Urban Research Association Real Estate branch president, real estate commentator Chen Baoqun in an interview with The Times, said that the current proposed urbanization brought real estate opportunities, more should be the concept of accelerated urbanization process." Chen Baoqun that improved housing may usher in new opportunities as the level of urbanization increases. But for now, according to Chen Baoqun's point of view, the "yard" series smellsTai Wo, the price has been not ordinary urban residents can withstand, so the concept of urbanization under the development of opportunities, it seems to Tai Wo, and does not have much substantive help. "Financial support may be the reason for more housing companies to expand the concept of urbanization." "Industry analysts said so in an interview with The Times weekly. According to public information, as the main bank to promote the construction of urbanization, the National Development Bank has signed a memorandum or agreement of cooperation with more than 10 provinces and cities such as Anhui, Shenzhen and Sichuan, and the financing quota for Sichuan, Shenzhen and Fujian Provinces and cities is 200 billion yuan, 100 billion yuan and 150 billion yuan respectively. The Act of local urbanization provides financial support will be more than a trillion yuan. Take the land after 8-10 months to open by many industry people worry about the Tai Wo Capital risk problem, it seems that Tai Wo internal personnel do not care. "We've been really quick in the past two years, and we've been a lot more aggressive, but we have a pretty good grip on capital risk," he said. Wang told The Times weekly reporter, this mainly benefit from the high turnover of the management ideas. According to its introduction, Tai Wo requires all projects in the development cycle of 8-10 months, the time in Beijing is shorter. With this mode of operation, through sales revenue to return the high amount of money. "Because of the relatively loose policy, Beijing's development cycle is shorter than that of Fujian province," he said. "Tai Wo Group Chairman Huang Qisen in the media interview, said that the reason to take this development model, thanks to Tai Wo before taking the ground to do the homework, Tai wo in the land at the same time, the design has been basically completed." So you can guarantee the opening seven or eight months after the land. Wang Introduction, high turnover of the implementation from two aspects, the first is to take the land of careful thinking, followed by operational capacity. "Tai Wo's ability to operate is not a problem, and from the current several projects, although initially considered radical, but then still create a lot of profits for Tai wo." "But another issue has been discussed more, that is expensive, positioning high-end villa project, suitable for high turnover?" For high priced mansions, shortening the sales cycle is likely to allow the project to enjoy a premium higher than the later value boost. But in Tai Wo high turnover strategy, Huang Qisen insisted that Tai wo Beijing Yard also adhere to this rule. Tai Wo to this explanation is, high turnover, by compressing a project sales cycle, the proceeds of sales can do two or three projects, such a profit margin is not bad. On the other hand, Tai wo big expansion needs a lot of money, also must rely on the road of rapid sales. So far, the canal shore yard sales cycle has been ten years, Huang Qisen not plan to let Tai wo Beijing yard for such a long time, but plans to open 1.5 liquidation, the opening half of the year after the majority of funds to return. The future to build 20 Tai Wo Plaza overtaking Wanda on the first-line City market, this is the logical starting point of the sudden force of Tai wo. A series of successful attempts at commercial real estate have also allowed Tai Wo to become more determined in the first tier of cities, and "Catching Up with Wanda" has been the target of commercial property. "Our slogan on commercial property is learning Wanda, surpassing Wanda," HuangSen's words in Tai wo inside already familiar. Tai Wo's eyes to aim at the first-tier city, playing brand, tree Word-of-mouth. Huang Qisen's arrangement is that the group's design Research and Development Center is located in Beijing, will be the investment center in Shanghai, to increase the development of the first-tier cities. In his view, the result of urbanization is to stimulate domestic demand, in this context, the value of commercial real estate more prominent. "Our future plan is to build 10-20 Tai Wo Plaza projects," he said. Wang told The Times weekly reporter, at present, Tai Wo in Fujian two commercial real estate operation is good, is the future development more similar to the Tai Wo Square's main confidence. Wang revealed that, from the current point of view, taking into account the capital risk, the future of Tai Wo Plaza will not take the road of self-sustaining, but through the sale and lease and use the way to operate. According to Wang, through the sale of some of the commercial real estate, the return of the early investment to most of the funds, and then choose to hold rental, is Tai Wo commercial real estate operations, the main way. "We have our own business management and operations team, so we can also do a good job of cost control on the business part we hold." However, in Chen Baoqun's view, the current commercial real estate is only a bubble, must be in a higher degree of urbanization, residential occupancy rate up, then to develop is the right choice. And the future of this commercial real estate in the form of the impact of the actual shape of how much, it is not clear. "Too risky." Chen Baoqun so describes the current boom in commercial real estate development. In his view, it takes 5-10 years for a home to reach a certain high, and 5-10 years for commercial real estate, so the development of commercial real estate should be after 10-20 years, it is still too early.