Vanke to restart Equity incentive plan

Vanke A (000002) 25th released a draft of the 2010 A-Share options incentive plan, which the board has just considered.　　The company intends to grant 110 million shares of stock options to 851 participants, accounting for 1.0004% of the total amount of capital, and the number of people who motivate them to 3.94% of the total number of Vanke employees.　　Vanke also released the third quarterly display, the first three quarters of the cumulative sales area of 6.011 million square meters, sales amount of 71.42 billion yuan, respectively, compared to the same period of 2009 growth of 17.8% and 54.8%, to achieve a net profit of 3.27 billion yuan, the year-on-year increase of 10.6%. The evaluation index is more strict Vanke the proposed stock option is valid for 4 years, the right price is determined to 8.89 yuan, will take a grant, divided into three of the right way. From the date of the award, after a one-year waiting period, 40%, 30%, 30% of options are entitled to the right to a viable right in the first, second and third power periods, respectively, on the basis of performance conditions, in the subsequent three line periods.　　If the current period does not meet the performance conditions, the corresponding part of the options will be immediately void, by the company free of charge to withdraw and unified cancellation.　　As early as 2006, Vanke launched a three-year restrictive stock incentive scheme, and the 2007-year plan was abandoned because Vanke's share price failed to meet the target, while the 2008-year plan ended in failure to reach performance targets. After 4 years, Vanke launched the equity incentive plan again, the basic right condition of the option plan is as follows: first, the annual return on net assets which requires three full amortization of the right period is not less than 14%, 14.5% and 15%, and the 2006-2008 restricted stock plan is not less than 12%.　　Second, the demand for net profit growth in the 1th, 2 and 3 years after the base year is no lower than 20%, 45% and 75%, which is equivalent to a compound growth rate of 20% per annum, while the 06-08-year restrictive stock scheme requires a net profit growth rate of no less than 15%.　　Vanke's options plan, when calculating Roe, chose the most rigorous method of fully diluted ROE, which is more difficult to achieve than the weighted average roe commonly used in the market, the management said. Some analysts pointed out that the past 10 years Vanke overall diluted roe average of 13.35%, and the current three-year Vanke Roe Evaluation Index is 14%, 14.5% and 15%.　　If, according to the Roe of 15% in the last year, Vanke's performance in the past 10 years was only 2005 years and 2007.　　In addition, Vanke's options plan also explicitly put forward the performance growth indicators will be adjusted according to the equity financing situation, such as the implementation of options within the validity of equity financing will increase the demand for net profit growth, this is the listed companies have launched a share incentive plan is the first time. The plan stipulates that if Vanke in the option validity period, if the additional purpose is to acquire assets, the subsequent year should be excluded from the impact of the acquisition; If the financing purpose is not to acquire assets, then calculateWhen the right conditions are in line, we should increase the demand for the net profit growth rate of subsequent years. Open resource Innovation High in the first three quarters of this year, Vanke realized operating income of 22.38 billion yuan, only one-third of sales. This is mainly due to the uneven distribution of the completion time of real estate projects, 1-September Vanke's completed area in the year accounted for a relatively low, resulting in Vanke's settlement income and operating income fell from the same period last year.　　Vanke officials said that with more projects completed in the four quarter and into the settlement, the fourth quarter is expected to exceed the first three quarters of the total settlement income. Three quarterly reports showed that by the end of the three-quarter Vanke has reached a record high sales of resources, a total of 7.84 million square meters of unsold resources have not completed settlement, the total contract amount of about 86.3 billion yuan.　　Within the scope of the consolidated statements, the open area of 6.6 million square meters has been sold, the contract value is 77.8 billion yuan, and 40% and 44% are increased respectively in the medium term. At the end of the three quarter, Vanke's money holdings increased significantly to 31.54 billion yuan over the medium term. Vanke's actual interest-bearing liabilities accounted for 23.9% of total assets; net debt ratio was 27.2%. As a result of the 8 September single month sales record record, the three quarter Vanke received a sharp increase in sales, three quarter at the end of the asset-liability rate rose to 73.7%. However, 47.4% of all carrying liabilities are received in advance.　　At the same time, Vanke's various types of inventory, the homes 5.24 billion yuan, accounted for only 4.3%. To take the land, Vanke in the third quarter into the Qingyuan, Yangzhou, Langfang and other cities, a total of 20 new projects, corresponding to the calculation of Vanke's rights and interests of the planned building area of 5.26 million square meters. From 1 to September, the total construction area of Vanke rights and interests plan is 14.27 million square meters, and the average floor price of new projects is about 2400 yuan.