The difficult transition of billion city has been a sharp decline in asset resistance

April 28, with billion City Investment Group Co., Ltd. (hereinafter referred to as "billion City") the 11th session of the Board of Directors of the announcement of the resolution, billion city to the financial platform of the transition officially ended. But it is worth noting that the transformation of the billion city is not favored by the industry, the frequent sale of assets of billion city is to make the industry suspicious. Therefore, for the new large shareholder HNA capital, billion city after the road will be how to go, still need to consider. As of April 28 closed, billion city shares fell to 3.2 yuan/share, more than the Hainan Sea Capital September 12, 2013 stationed at the time of 4 13 yuan/share, a decrease of 22.5%. Sihairong Lake was suspected of "sale" April 10, billion city issued a notice, April 8, the company received notice of the north, up to the expiry of the listing announcement, the company in the north of the listing of the Sihairong Lake 65% equity projects with the intention to meet the requirements of the party, for the Beijing Grand Times Investment Management Center (Limited Partnership) (hereinafter referred to as " Great Germany "). The proposed price for the great German prosperity is 819 million yuan. The price of such a deal has been questioned by all walks of life, investors said that reference to its surrounding land floor, Sihairong Lake estimated value can exceed tens of billions of dollars. It is understood that Sihairong Lake's main assets for the Yan Xihua mansion Qinglong Lake Project. Data show that the project is located in Fengtai District, Beijing, Wangzho, building area of about 58 810,000 square meters (including two rooms about 56,000 square meters), belong to high-end Villa projects. The project has completed an area of about 10,000 square meters with an area of about 286,000 square metres. By the end of January 2014, Yan Xihua Project Network signed about 58,500 square meters, net sign sales price of about 25,000 yuan/square meters, to achieve sales back about 1.32 billion yuan. According to the Sohu Focus data show that at this stage Yan Xihua house for sale price for the townhouse 24,000 yuan/square meters, the project of the sale of the products of the two-spell Villa 3.40,000 yuan/square meters, small single building 3 60,000 yuan/square meters onwards, large single building 40,000 yuan/square meters onwards. and its area floor price also more in 20,000 yuan to 25,000 yuan/square meters. For the value of the project, the East China Sea Securities April 2011 Research report said that Tsing Lung Lake alone a project land value of about 5 billion yuan. China Post Securities November 2010 Forecast Qinglong Lake Project sales can bring 60.4.6 billion yuan income. Citic Securities October 2010 Paper also pointed out that the West Tsing Lung Lake project six ring slope low density of nearly 400,000 square meters of residential land, even the weak city can achieve at least a total of 10 billion yuan in sales, only to the land and the company's market value is comparable. It is worth mentioning that the billion city even considered only 410 million yuan price to sell the project. September 12, 2013, billion city Bulletin said that with Beijing Yi Lian Hong Yuan Investment Management Center signed "Equity transfer agreement" to 410 million yuan to transfer the price of Sihairong Lake 100% Equity. As a result of the question, September 27, billion city held a general meeting of shareholders to consider the "sale of the subsidiary Sihairong Lake stake in the bill" did not pass the vote. While in the sideAfter the case was not, billion city also said, in order to enhance the capital strength and development capacity of Sihairong Lake, and promote the development of Yan Xihua project, December 24, 2013, the introduction of Shenzhen Chinese-Swiss Equity investment Enterprise (limited partnership), by Hanfang Huarui to the Sihairong Lake with cash 435 million yuan to expand shares, of which 1. 800 million yuan into the Sihairong Lake Paid-in Capital, a premium portion of 3.2.7 billion yuan into the capital surplus. Upon completion of the replenishment, Hanfong Huary will hold a 35% stake in Sihairong Lake. However, just two months after the increase in capital, February 25, 2014, billion city again issued a notice is proposed to be publicly listed in the equity Exchange subsidiary Sihairong Lake 65% Equity. For the "sale" Sihairong Lake, billion city has publicly said that the move is "disposal of slow turnover of inefficient assets", Sihairong Lake Development Yan Xihua Project since the opening in October 2011, in the real estate industry regulation and other factors of the comprehensive role, sales progress slowly. Through this equity transfer, the company completely withdrew from the Yan Xihua project, the recovery of funds, improve the liquidity of the company's assets, optimize the company's asset structure. Sales of assets are hard to stop. In fact, in addition to Sihairong Lake, since 2013, billion city began to sell assets frequently. February 5, 2013, billion city issued a notice that the company to 221 million yuan to the unrelated party Beijing Guotai Venture Capital Co., Ltd., the hope of the sale of the city of Beijing billion landscape 100% equity, and to dispose of the Haidian district of Beijing Star Home stock real estate project. June 25, 2013, billion city again announced that the proposed transfer of the holding subsidiary of Qinhuangdao days Kyushu Tourism Real Estate Development Co. The main reason for the frequent sell-off of assets in billion cities is the sharp decline in performance. In the 2013, at the same time of the outbreak of the major enterprises, billion city in the downhill. Billion City 2013 annual report shows that the company to achieve operating income of about 2.592 billion yuan, an increase of 1.41% per cent, the realization of attributable to the listed company shareholders of the net profit of about 2, 1 400 million yuan, reduced by 33.66%. Among them, Beijing billion real Estate Development Co., Ltd. to achieve operating income of 3 6 billion yuan, attributable to the parent company's net profit of 35.22 million yuan, year-on-year decline of 91%. Tianjin billion City Real Estate Co., Ltd. to realize the operating income of 12.8 million yuan, attributable to the parent company's net profit of 610,000 yuan, year-on-year decline of 99%. Billion city said that some of the settlement project profit margins are lower, which led to the company's 2013 net profit Year-on-year decline in the main reason. In addition, the year-on-year decline in sales performance is the main reason for the project has been basically liquidation, the remaining main items in Beijing Yan Xihua Mansion, Suzhou Xujiang, and other large-type, and the mainstream market demand has a certain difference, to slow down. April 27 billion city released the first quarter of 2014 report showed that the company's revenue of 4 2 billion yuan, a micro-increase of 1.19%. The net profit attributable to the shareholders of the listed company was 17.0824 million yuan, which plunged 80.81%. Net cash flow is 9602.460,000 yuan, down 70.95% year-on-year. Basic earnings per share 0.0 1 yuan, down 85.71% year-on-year. HNA under the control of the difficult transition August 6, 2013, Hna Capital Hao throw 1.6 billion yuan holdings billion city. Billion city announced that the major shareholder dry-Pass Technology Co., Ltd. and HNA Capital Holdings Limited signed the "Share transfer agreement", dry-pass industrial holdings of its 286 million shares, transferred to HNA Capital, accounting for the company's total capital 19.98%, HNA Capital become the largest shareholder. In this respect, billion city in the annual report said that in 2013, the company achieved a smooth control of shareholders and the actual controller changes, HNA Capital became the company's new controlling shareholder. In the successful completion of the stock change, the company as planned to promote the operation and management, and in the strategic transformation took a substantive step. Billion city said that in the next period of time, the company will be based on trusts, funds, with financial investment as the core business, from "developers" into "investors." The company will reduce the development class of real estate, planning to carry out real estate investment business. An important part of this is refinancing. At the end of December 2013, billion city board of directors considered the approval of the non-public offering of stock plans, it is proposed to issue shares to no more than 10 specific investors, including the HNA capital of the controlling shareholder, with a plan of 3.06 Yuan/share, the amount of non-public shares not exceeding 1 billion shares, raising funds not exceeding 30 yuan, And in which about 2.759 billion yuan increased equity in the Bohai International Trust Co., Ltd., is expected to obtain the Bohai Trust 27 93% shares, thereby increasing the trust business for the company. At the same time, by the company's board of Trustees for approval, the company plans to subsidiary billion City Investment fund Management (Beijing) Co., Ltd. to increase the capital of 270 million yuan, so that its registered investment to increase to 300 million yuan, it will be hit as the company's Fund investments and management platform. However, billion city of a quarterly report is not ideal, in the weak economy, the main business market decline in the background, can be pre-sentenced to the city of the transformation of the road is difficult to smooth sailing.