Talking about real estate color changes, Goldland Group is also dangerous

Edit | Yu Bin

Produced | Chaoqi.com "Yu See Column"

The real estate industry is continuously under pressure. In recent years, whether for buyers or housing companies, everyone's expectations for the property market are more pessimistic, so that the atmosphere of public opinion has begun to have some meaning of "talking about real estate color".

This pessimistic is reflected in the direct real estate sales data. According to statistics, in the first five months of this year, the average sales value of China's top 100 housing companies was about 27.4 billion yuan, which was a sharp decline of more than 50%compared to the same period last year; in terms of overall scale, sales of more than 100 billion yuan of houses Enterprises have decreased significantly, only a few areas.

Recalling the past, the era of massive housing companies has not been far from us in the era of expansion as its responsibility, but now, a large number of leading housing companies are in crisis, and even the top ten of domestic real estate companies and good reputation. It's so good.

According to relevant media reports, Golden Land Group has also been under great pressure this year. In the first five months of this year, the company's cumulative signing area fell sharply by 48%year -on -year, and the cumulative signing amount fell by nearly 44%year -on -year. In the context of such sales scale and sales expectations, people began to pay attention to its deeper issues.

The era that determines everything is over

When it comes to Goldland Group, it can be described as a big name in Chinese real estate companies. Since the development of more than thirty years, Goldland Group has become a comprehensive housing giant covering more than 280 cities across the country and many cities in the United States.

Judging from last year's data, Goldland Group's global total assets in 2021 exceeded 460 billion yuan, and net assets were about 63 billion yuan. It has been on the list of top 500 in China for many years.

As a Chinese leading real estate enterprise, Goldland Group, like many other heads, has been moving forward on the pursuit of expansion over the years. With the boom of the property market in the past few years, its expansion speed can be described as rapid.

In 2016, the annual real estate sales scale of Goldland Group reached 100 billion yuan. Since then, it has shouted the goal of 200 billion yuan in three years, and successfully entered the threshold of over 200 billion yuan in annual sales in 2019.

Since then, although the signs of cooling in the property market have begun to appear, Goldland Group is still expanding. As of 2021, Goldland Group has approached 300 billion yuan milestone in terms of sales, and the sales growth rate has continued, which has made it a strong wave of presence in the industry.

However, although the Golden Land Group has maintained a strong sales situation, from the perspective of performance data, its strength showed pessimism earlier, because the situation of "increasing income and increasing benefits" is shrouded in it.

According to relevant financial report data, in the past 2021, the total revenue achieved by Goldland Group exceeded 99.2 billion yuan, an increase of more than 18%year -on -year; but its net profit attributable to mother was only 9.41 billion yuan, a decrease of 9.5%year -on -year.

The growth of revenue and the decline in profits are declining. This highlights the hidden dangers that Goldland Group may encounter in the environment of cooling the property market. It is worth noting that this is the first time that the Golden Land Group has encountered a net profit decline in the net profit of her mother in the past six years.

If it is still the golden age of the real estate market, then this performance of Goldland Group is not a big problem, because the scale did determine everything at that time. However, as the "three red lines" represented by liabilities are coming, housing companies need to pay more attention to their cash flow and profit, and only in this way can we maintain healthy development in the downward market environment.

The reason for the increasing increasing increasing income from the Golden Earth Group, in addition to the environmental impact represented by the property market regulation and market cooling, the most direct reason is definitely because the house is not selling. When the buyer's choice of the house is becoming more and more rational, the house prices can no longer be as good as the past, and the real estate company itself must come up with a better preferential promotion plan to promote the transaction. This directly leads to Mao The decline in interest rate levels.

According to statistics, from 2019 to 2021, the sales gross profit margin of Goldland Group has fallen sharply from 40.50%to 21.18%, which has explained everything.

It can be seen that the current expansion of Jindi Group is at the cost of sacrificing gross profit. Can this situation continue?

The liquidity problem is prominent, and the future is not optimistic

In the context of increasing income and increasing increasing benefits, the Golden Land Group, which is attached to the scale, will naturally be pressed at the debt level. This is already an old problem that most real estate companies are facing together.

At the debt level, as the market environment is becoming more and more severe, Goldland Group is facing increasing pressure, especially after entering 2022, as the company's performance at the sales level cannot continue its previous high growth, This pressure will continue to double.

According to statistics, as of 2021, the total liabilities of Goldland Group have reached 350 billion yuan, and the scale of debt has shown a high -speed growth trend. In recent years, the debt ratio of Goldland Group has also risen, and in 2021, its debt ratio reached 76.19%.

Although all green files were successfully achieved at the "three red lines" level, the overall high debt and interest expenditure tested the liquidity of the Goldland Group, and also challenged its future development strategy.

If the momentum of the debt of Goldland Group will continue to be expanded, the Takashi Group's debt pressure will be increasing, but considering that the company still has a lot of bonds this year, it is necessary to restrain themselves on the flow of funds. speed. The good news is that compared to some real estate companies with debt mines and mines of capital chain, Goldland Group can be considered wealthy. Its powerful background allows people to believe that it can have sufficient funds.

The bad news is that in 2022, when the property market became increasingly cooling, Goldland Group has encountered a situation where sales have plummeted and the performance completion rate has fallen sharply, which will make it unable to surrender a good performance, and it will also make it in real estate in real estate The status is more uncertain.

Interestingly, even in this case, Goldland Group is still taking the land crazy. As of 2021, the company has obtained a total of 111 land, with a total investment of about 130.9 billion yuan; equity investment is about 52.3 billion yuan, and the total land reserves have been added about 16.36 million square meters, of which about 6.48 million square meters of equity reserves.

Will this give the future unstable factor to the future of Goldland Group? If the house is more and more difficult to sell, will it face a greater liquid crisis? All signs are showing that its future will not be so optimistic.

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