Teda shares in loss: Real estate business 0 revenue general manager dismissed

October 12, Tianjin Teda Co., Ltd. (hereinafter referred to as "Teda shares", stock code 000652) released the third quarter of 2013 forecast, is expected to lose 50 million to 100 million yuan in the first three quarter of this year. This is not Teda shares the first loss, its earnings show that the first half of this year, the loss of about 51.39 million Yuan, 2012 is a loss of about 200 million yuan, compared with 2011 down about 220 times times, as early as in the 2011 Teda shares in the listed company shareholders deducted from the non-recurrent profit and loss of the net profits will be At the back of the losses, Teda shares directors and executives Merry-go frequent replacement. September 22, Teda shares again convened provisional board of directors, with 9 directors unanimously passed the way, will be its deputy general manager Han Xiaolong dismissal, as for dismissal reasons did not mention. "Because of the work reason", Teda shares chairman Zhang Bingjun Secretary Shandi to the Economic observation report, but for specific reasons it did not disclose. Han Xiaolong, 36 years old, is the youngest of the directors, supervisors and senior managers of Teda shares. Han Xiaolong, the investment manager of Bohai Securities Co., Ltd., the investment Bank of Bohai Bank and the investment bank manager of the fund Trusteeship Department, was the deputy general manager of Teda shares last August 2, and the expiry date was May 20, 2014. Han Xiaolong said to the economic observer, TEDA shares in its ignorance and without fault, forced to convene the board of directors to dismiss their deputy general manager, "in the board notice did not dare to write (dismiss) any reason, because they can not specify the reason." "Han Xiaolong pointed to, Teda shares large shareholder Tianjin Teda Group Co., Ltd. (hereinafter referred to as" Teda Group ") illegal intervention in the management of listed companies," Teda group in full accordance with their own rules and regulations required Teda shares, all business decisions are required to report Teda Group Approval ", the written evidence provided to this newspaper Teda shares even sell two houses, also to Teda Group and its parent company Teda Investment Holdings Limited (hereinafter referred to as "Teda Holdings") for approval. Under strict control of the company behind, is Tianjin's largest state-owned enterprise Teda Holdings since the helm of the Zhang Bingjun in 2011, began the strategic contraction and business integration, Teda Holding chairman Zhang Bingjun Secretary Shandi to the Economic Observer, said, "to Twelve-Five planning the last year, 2015, Our group will reduce its more than 600 subsidiaries to about 100 and write off more than 100 last year. "Take three years did not start in teda holding strategic contraction and business integration of the implementation of the DA Zheng, the constant loss of the Teda shares are also facing the difficult choice of contraction and expansion." March 8, 2011, Teda shares 51% of Tianjin Teda Blue Shield real Estate Development Co., Ltd. (hereinafter referred to as "Blue Shield real Estate") to 160 million yuan of the floor price, won the Tianjin Hangu District covers an area of 46,000 square meters of Teda Mei source project. At that time, the Tianjin Land and Housing Bureau issued a notice of the block listing announced clearly, "since the signing of the land transfer contract within 1 years from the date of the signing of the contract for land transfer within 3 years from the end ofUnido。 But after 3 years of holding land, July 25, the project has not yet started construction, the day Teda shares released the start of the construction of Teda, the United States source project announced, "The plot has been completed a land extension, is processing a second land extension, but relatively difficult, if not in time for the construction of the plot, On the one hand, the company should increase its commitment to the financial and management costs arising from the land extension, on the other hand, it will face the risk of land being reclaimed by the government. "Teda U.S. source project took more than 3 years after the construction is still not started because of the Blue Shield real estate and its parent company Teda shares of capital pressure and performance losses." Blue Shield Real Estate only developed Binhai New Area Hangu Binhai District and home, since 2010 has been a loss, last year, the loss of 1.38 million yuan, the first quarter of this year still loss of 840,000 yuan. As early as 2008, the Blue Shield real estate started construction and Teda separated affordable project, the project has been completed in 2011, but the current Blue Shield property still has a $75 million government repurchase money has not been recovered. In the absence of rice cooking, Blue Shield real Estate's parent company Teda shares is also stretched, support is weak. Its earnings showed that 2011 Teda shares in the listed company's shareholders deducted from the current profit and loss of the net income of 150 million yuan, down 207%, 2012 is more than 200 million yuan, by the end of June this year, its handheld cash less than 3.6 billion yuan, but short-term borrowing up to 5 billion yuan, There are also 1.5 billion yuan of illiquid liabilities due within one year and a note payable of $3.2 billion. "The project has no source of funds, no good earnings expectations." Han Xiaolong said, "in the case of TEDA stock executives opposing investment, Teda holding chairman Zhang Bingjun, Teda Group deputy general manager Hu June personally think that the project can be invested, let Teda shares in accordance with their will report for instructions, for instructions to report Teda group, after Hu June approval, reported to Zhang Bingjun, then held the board of directors, the vote passed. "The economic observer obtained the official reply of the project on the investment of the Blue Shield real estate to build Teda, June 3, Teda Group received Teda shares on the start of investment in the United States to build Teda, the next day, Teda Group Real Estate Department of the Ministry of Business, June 5, Teda Group deputy general manager Hu June signed the words" Agree ". However, Teda shares in the written reply to the economic observer said that the Han Xiaolong reflects the situation, there are false and arbitrary elements of the company caused a certain damage, the company will retain the right to pursue its legal responsibility. National day after the holiday, Teda Mei-yuan piling machine just enter. October 16, the Economic observer Reporter in the project to see that the vacant land on the weeds, the road muddy, a few days ago caused a large number of potholes stagnant water still exists, only a corner of a crane in the hanging of building materials. Although the project has not yet officially started construction, there is no construction enterprise admission, the site can not even see the project's developers, construction units, the duration of the public signs, but Teda Mei Source is in preparation for sale, sales staff Introduction: "Early November this year to determine sales price sales, nextDecember delivery. "Real estate industry 2 consecutive years income for 0 Teda shares of the performance losses, as early as a few years ago, buried hidden dangers." 2007, Teda shares 51% of Nanjing Xincheng Development Co., Ltd. (hereinafter referred to as "Nanjing New Town") in Nanjing Jiangning Economic and technological development zone to start the construction of the total planning area of 6 square kilometers, the total investment of 25 billion yuan, Jiangsu Software Park Jishan Base. At the same time, in March 2007, Nanjing Xincheng and Yangzhou Guangling New Town Investment Development Co., Ltd. (hereinafter referred to as "Guangling Metro"), jointly funded 100 million yuan to set up Yangzhou Teda Development Construction Co. April 2007, Yangzhou Teda will start building a total area of 12.5 square kilometers of Yangzhou Guangling New Town, the overall responsibility for the Guangling New Town planning, planning, infrastructure construction, municipal ancillary construction, industrial park construction, commercial office supporting construction. Teda shares the official website shows that up to the end of 2011, Yangzhou Teda in Yangzhou Guangling New Town has accumulated investment of more than 5 billion yuan, the development and construction of the overall volume of 320,000 square meters of Jiangsu Information Services industry Base (China Sound Valley), million square meters of well-being of the residential district of Shun garden and Kwong Fuk Garden, the Financial Services Center and other projects, completed the road 18 kilometers, completed the demolition of 1.2 million square meters, the landscape 300,000 square meters, dredging and finishing 7 kilometers of river, built all kinds of bridges 10 seats. 2010, Nanjing New Town in Dalian to start a total investment of 2.5 billion yuan North ecological Withub project, is expected to be completed in 2017. In 2011, it also won the total investment of 2.7 billion yuan in Dalian three plots, and started a total investment of 660 million yuan in the Dalian Urban central area of domestic waste incineration treatment project. Teda shares of the first major industry, "Regional development and real estate" business, a level of land development and municipal infrastructure facilities, such as the investment is huge, the return period is long, so that the income of Teda shares small contribution, from 2009 to 2012, the wholesale business has always been the main source of Teda shares income, The real estate industry contributed 1/10 of the income from 2009 to 1/20 in 2010. Teda shares reported that in 2009 and 2010, its real estate income to achieve about 410 million yuan and 430 million yuan respectively, although Teda shares 2010 years of business income from 2009 to 7 billion yuan, but the net profit from 2.97 billion yuan to 2.87 billion yuan, down 3.5 %。 Personnel turmoil in the decline in performance, Teda shares carried out a large number of senior management personnel adjustment. May 2011, the 58-Year-old Teda holding the original chairman, party secretary and TEDA chairman Liu Huiwen outgoing, has been in Tianjin Central Electronic Information Group Co., Ltd. deputy general manager, 49-Year-old Zhang Bingjun took over the chairman of Teda Holdings, party secretary, Tianjin Tanggu eight of the Secretary of the Communist Youth League, 45-Year-old Zhang June took over the and Liu Huiwen left with the original ThaiXu Yucai and Gianggihai, independent director Royonte and Xu Chunli, Supervisor Mouqiang and Yuhong, and chief financial Officer Berry. After the departure of the eight senior executives, former Tianjin Development Zone head office, the same 45-Year-old Ma June was promoted to Teda stock Deputy chairman, Teda holding deputy director Mantong and Teda Group Investment Center Manager Li Meng successor director, Sho Hongye, Director of China Economic Statistics Research Center, Tianjin University of Finance and Finance, and financial accounting direction doctoral tutor Chen Min, a 38-year-old Zhao Chunyan director of Finance, became a new independent director. However, the young new management team did not reverse the adverse situation of Teda's share performance decline. Teda's share earnings show that in 2011 and 2012 its real estate revenues plunged from more than 400 million in 2010 to 0, 2011 Teda shares in the listed company shareholders deducted the non-recurrent profit and loss of the net profits to achieve 150 million yuan loss, the year-on-year decline of more than twice times, 2012 is about 200 million yuan losses, year-on-year decline of about 220 times times. "2012 because of the national macro-policy, especially the real estate regulation further in-depth, monetary policy continued to tighten, making the company's operations face serious challenges." "Teda shares in a written reply to the economic observer, said," despite the efforts of the company, although the real estate business has made some expansion, but due to the expansion of investment, financial costs and other industries failed to achieve the expected target, resulting in the company's loss of 196 million yuan. "Teda shares introduction, the company's regional development plate business involving the real estate industry and construction industry two industries, a level of land consolidation and government-built business belongs to the construction industry, part two real estate development business belongs to the real estate industry." "Due to the 2011 and 2012 projects related to the real estate industry has not met the project income recognition conditions, so the operating income is 0." "In the performance decline, losses, Teda shares carried out the board of directors and management of personnel adjustments." Zhang Bingjun Secretary Shandi said. In February this year, Teda holding chairman, party secretary, chairman of Teda shares, Zhang June in the promotion of the Chairman less than 2 years, the term of 1 years will sadly leave, together with the same still have 1-year term of director Li Meng, and Teda stock director and general manager Wu Shutong. Hu June, vice president of the Youth Federation and deputy general manager of Teda Group, was elected as a director in February this year, while the new director Hu June and Chairman Zhang Bingjun the dismissal of deputy general manager Han Xiaolong directed against the illegal intervention of listed companies. September Han Xiaolong was dismissed announcement, caused the tide stock personnel turbulent powder barrel. August 23, Hu June will be Han Xiaolong transferred to TEDA Group subsidiary Teda Tianjin Vegetable City (Tianjin) Food Co., Ltd. deputy general manager of the red-headed, and Han Xiaolong originally in charge of Teda equity capital market financing and asset management, he said he completed the Teda shares of 1 billion yuan oriented debt financing tools of the newspaper will audit work. Han Xiaolong said that in its argument, the August transfer did not succeed, Han Xiaolong that the reason for its dismissal in September, "many times to the Teda group borrowedTo help large shareholders to manipulate the listed company's illegal behavior, and to raise objections. "The economic observer obtained TEDA holding and TEDA Group Approval documents show that Teda shares in addition to the start of the above Teda project development and construction to the large shareholder Teda group for instructions, in the transfer of their respective holding Tianjin eco-City Environmental Protection Co., Ltd. and eco-urban governance landscape limited 55% and 35% of the business, also to Teda group for instructions , Teda group then to the Teda holding for instructions, and get Hu June and Zhang Bingjun issued a reply file. Even Teda shares in Shanghai and Tianjin in the sale of two properties, also in turn to Teda Group and Teda Holding for instructions. And the SFC issued the "Listed Companies Governance guidelines" clearly stipulates that "Controlling shareholders shall not directly or indirectly interfere with the company's decision-making and the production and operation activities carried out in accordance with the law, damage the interests of the company and other shareholders." "Han Xiaolong said," in disregard of the regulation of listed companies, the interests of the rape of small shareholders in Teda have a lot of shares, the former general manager Wu Shutong also in this case angrily resigned. "But Zhang Bingjun secretary Shandi said," Teda shares operating entirely by the board and Management team is responsible for Teda holding and Teda group has no direct interference. "Cutting branch stronger, do strong main business in Teda holding chairman Zhang Bingjun as the chairman of Teda shares, Teda Holding group and Teda shares have carried out strategic contraction and operational integration." TEDA Holdings was established in December 1984, the total assets of more than 400 billion yuan last year, "mainly engaged in regional development and real estate, public utilities, manufacturing, finance and modern service industry, the five main industries, formerly seven major business, Zhang total succession, gradually withdrew from the recycling and industrial development of the two main industries." Zhang Bingjun Secretary Shandi introduced to this newspaper. Teda holding its own Teda group, Teda Construction and other 14 wholly-owned companies, Tianjin Steel Pipe, Binhai Fast, Waterfront Brigade Holdings and Teda development, the Yangtze River Securities [5.01% Funds research] and other holding and equity companies, including Teda shares, Tianjin Binhai Development [-1.29% Funds Research Report], coastal Energy, Teda logistics, four-ring pharmaceutical industry , Binhai Investment and other 6 listed companies. "The main business for the regional development and real estate of the subsidiary has TEDA Construction, Teda Group, Tianjin Waterfront development, China-Africa TEDA Investment Co., Ltd., as well as with the Hong Kong Nanfeng Group joint venture Tai Fung Group. "Zhang Bingjun Secretary Shandi introduced," We are carrying out the integration of real estate business, the recent integration from the Thai Fung Group, the aim is to make each company more specialized, such as TEDA Construction main civilian real estate, Teda Group is also in the integration. "In the large shareholder Teda group integration, Teda shares are also in the strategic contraction and business integration." "2013 company Board of Directors to develop the strategy is: Cutting branch stronger, do strong main business, to achieve ideas, values, management style and work style of four changes, strengthen management and internal control, to achieve loss." Teda shares in the written reply said. Teda shares of the business are mainly regional development, environmental protection, oil warehousing trade, clean materials and financial equity investment in five major industries. Which in the regional development industry, TEDA shares this year'sOperating principles for "Reducing burden and increasing efficiency", that is, to maintain and gradually reduce the existing financing scale, strengthen efforts to achieve project benefits. On the one hand, the construction project should rely on the Government's financial credibility actively open up financing channels, reduce corporate cushion, on the other hand, and the government to recover the exchange of funds; two-level projects to slow the pace of construction, reduce new investment, pay attention to investment, sales back; The new layout project takes the prophase work as the main, uses the minimum fund to occupy the resources. "At present, the company does not shrink the real estate business plan." "Teda shares said. 2012, Teda shares only to Yangzhou Guangling New Town A project will be completed 4 billion yuan investment. But Teda shares 2013.5 annual report shows that the first half of this year, Teda shares including Dalian North Ecological Withub Industrial Park, including 9 major projects under construction, total investment of up to more than 8 billion yuan, but the first half of this year to complete the total investment is less than 200 million yuan, the extent of investment deceleration is visible. In the "burden increase efficiency" driven by the first half of this year's real estate business to achieve 160 million yuan income, to achieve the main business income of 3.1 billion yuan, an increase of 24.93%, net profit of 51.39 million yuan, compared to the same period last year 减亏 65.63%. Teda shares are expected, as the Nanjing New Town confirmed the first level of land development gains than the same period last year, the company's net profit will be increased by about 20 million yuan; Tianjin Teda Environmental Protection Co., Ltd. the operating income of the garbage incineration power generation project increased from the same period last year, and the net profit of the company But in the first three quarters of this year, Teda shares are still facing a loss of 50 million-100 million yuan, the main reason for the loss, Teda shares explained, "mainly because of the holding subsidiary of Tianjin Teda Blue Shield Group Development Co., Ltd. (hereinafter referred to as ' Teda Blue Shield ')," a larger loss, Shang about 900% per cent, Directly lead to the overall loss of the company. "Teda shares 2013 years report, the first half of this year, Teda Blue Shield actually completed sales revenue of 1.8 billion yuan, an increase of 25.19%," but because of fluctuations in international oil prices this year, the domestic oil price pricing mechanism changes, coupled with domestic and foreign economic environment changes, on the oil trade industry adversely affect the increase, Leading to a decline in profitability of the company's oil warehousing trade, TEDA Blue Shield lost 84.06 million yuan in the first half of this year, compared to the total loss of 51.39 million Yuan Teda shares more than 30 million yuan. For how to make a loss, Teda shares said, will continue to advance the development strategy formulated at the beginning of the year, improve corporate governance, improve performance appraisal and operation management Monitoring system, optimize the allocation of resources in the industrial layout, focus on the regional development, environmental protection, petroleum warehousing Trade Three industries concentrated, focus on the development of the main business, and strive to achieve the company's