Wanfang Real estate raises three big questions: where does 1 billion of investment come from

Recently, Wanfang Real Estate (000638) a series of investment attracted a lot of attention in the market. First, with the natural person Cai Hongwei cooperation, set up a subsidiary in Beijing, and soon thereafter, and natural person Su Jianqing in Hebei Cangzhou set up a subsidiary; Then, the investment of 7 million yuan to buy a recently established real estate company's equity.　　At the same time, the industry and the media's voice of doubt began to be heard. One of the questions: asymmetric information disclosure as early as last week, the "public Securities newspaper" concerned about the Wanfang real estate and natural persons Cai Hongwei cooperation, incredibly does not disclose the other party's relevant information, and reported that "partners only disclosed a name." See this report, Wanfang real estate finally issued a supplementary notice: "Cai Hongwei, Male, born in November 1971, now lives in Shenzhen Luohu district, Guangdong province Nanhu, Cai Hongwei does not hold company shares, and the company does not exist relationship." "This disclosure is too simple, there is no substantive content, feeling in the perfunctory investors."　　A shareholder told reporters. It is worth mentioning that, in the company's decision and Cai Hongwei cooperation of the third day, Wanfang real estate and decided to work with another natural person Su Jianqing cooperation, and two of people in the information disclosure on the treatment is very different: "Su Jianqing, Tsinghua University, the Department of Architectural Engineering, senior engineer,　　Since 2000, chairman of Beijing Bay International Architectural Decoration Engineering Co., Ltd. "Why is it different from the nature of the two to co-operate with natural persons, one is to disclose simple information only after media reports, and the other is to disclose more detailed information?"　　said the shareholder.　　Question two: "Not yet determined" but the purchase of the evening of August 6, Wanfang Real Estate announced that the company to 7 million yuan price from the Beijing State Investment Co., Ltd. to buy Xianghe Dongrun Real Estate Development Co., Ltd. (hereinafter referred to as "Dongrun property") 70% of the equity. Data show that Dongrun real estate was founded on April 6, 2010, the registered capital of 10 million yuan, so far, its operating income of 0, the company's main assets are in Hebei province Langfang Xianghe County Shuyang Several village demolition renovation projects. And for these demolition projects, Wanfang Real estate in the announcement of the most described is "uncertain": Dongrun Real Estate and Shuyang government on May 19, 2010 signed the "About Du, Meng, Lang, Chi, and back-cover village renovation Agreement", as the relocation compensation Scheme has not been determined, there are "uncertain" risk　　Dongrun Real Estate and Shuyang government signed on April 9, 2010 and May 5, 2010 respectively, "about South Liu Zhuang and other four village street overall development letter of intent" and "on the Zhuang Zi Jie development Letter of intent", but whether further with the Shuyang government signed the relevant agreement "has not been determined." "The company's money is not enough, but also spend so much money to buy a just set up and the project is still uncertain company," an unnamed industry analyst said: "In addition, Dongrun real estate in April 6 only by a few natural resources to set up, there is no developmentThe history of the project, starting from April 9, can get so many government projects? "Where did the 3:1 billion of the investment come from?" Even if the above project can be finalized, how much money will the Wanfang estate invest? The announcement indicated that Dongrun real estate needs to Shuyang the government to pay the deposit 40 million yuan, has already paid 10 million yuan, also has 30 million yuan's gap, and as owns its 70% shares the Wanfang real estate, needs to provide 21 million yuan the margin.　　In addition, Wanfang real Estate said that the development cycle of these projects is about 2 years, the company is expected to spend about 1 billion yuan in the development cycle of demolition. The annual report shows that the total net profit of Wanfang real estate in the last three years is 377 million yuan, 1.021 billion yuan is equivalent to the total of 8 years net profit of the company. The SFC stipulates that a listed company may not be refinanced for 3 consecutive years by accumulating a profit that is not less than 30% of the average annual distribution of profits achieved in the last three years.　　As "stingy" one of the Wanfang real estate, has been 12 consecutive years without dividends a penny, so the loss of refinancing eligibility. Can bank loans work? The semi-annual report shows that the total assets of Wanfang Real estate are only 806 million, and the owner's equity is only 147 million. "The amount of loans that banks give to clients generally does not exceed the owner's equity."　　"A client manager at a bank told reporters. The company's funds are not enough, and there is no financing channels, Wanfang place how in two years time to make up 1 billion?