Greentown: Shouzhong Qiujin

"We must clearly see that the market has recovered before we will attack." - Zhang Yadong

Among the recently released 2022 Zhejiang merchants, the Greentown China ranked 5th, which was ranked 5th, which was 1st more strongly from last year. On June 17, Greentown China held a shareholders' meeting in Hangzhou to show its strategy choice.

In the past two years, Greentown China's performance has improved, and the stock price has risen by 31%; in the past year, it has risen 11%, ranking first among typical real estate companies in Hong Kong stocks. Since the beginning of the year, its stock price has reached a record high. During the period, the highest HK $ 17/share. Among the typical housing companies in Hong Kong stocks, the stock price increased in the second largest in the industry.

This performance makes Greentown shareholders more satisfied. At the shareholders' meeting, a number of shareholders admired and thanked the management team.

In a market environment with a strong uncertainty, Greentown China strictly controls risks by focusing on superior cities and increasing project rights.

For the team's defense and attack, Zhang Yadong, chairman of Greentown Chinese Board, said: "The company's steady development is the prerequisite. We must clearly see that the market recovers to attack, instead of predicting the market to warn it."

Shrink

Earlier this year, Greentown stated that the annual sales target and net profit growth expectations were expected. Is it almost half a year, can it be completed?

The overall market situation is still difficult. Zhang Yadong said that from the current situation, the overall sales target of the industry is expected to decrease by 20%-30%throughout the year. Greentown is estimated to be reduced, but it will definitely not decrease so much. Although the market has appeared in May and June, he believes that he cannot conclude that he has recovered.

When the overall surface of the market is falling, individuals inevitably decline. Greentown took multiple measures to resolve downward pressure and control the decrease value at 39%. In the same period, the industry decreased by 50%, and the TOP10 decreased by 42%.

"If the market is better in the second half of the year, Greentown still has the confidence to complete the established sales goals." Zhang Yadong added that "net profit double -digit growth is definitely a problem with the double digit."

In 2021, Greentown added 101 projects. Since this year, due to risk control considerations, Greentown has taken the initiative to decline in investment rhythm. It has only won 19 projects since the beginning of the year, and concentrated in Hangzhou, Beijing, and Shanghai. These three places are not only a city in which Greentown has cultivated for many years, but also a strong and confident city.

In addition, Greentown has set new value -added targets for regional companies every year, and this year has not been set up. Because the management knows that after issuing the indicators, in some extreme circumstances, the movement of the regional company may deform, resulting in hidden risks. This year's new value -added index is uniformly borne by the group company, which is conducive to focusing on regional and risk control.

However, the demands for the transformation of regional companies into profit into profits are still high. "It cannot be tightened because the market is not good. This year after the new year, it will become a net profit."

Be careful

Since the end of last year, Greentown has continuously increased the proportion of project equity.

On the basis of 330 billion yuan and 320 billion yuan in the past two years, Greentown no longer uses sales as the primary goal, but focuses on the company's internal management and try its best to increase the proportion of equity in high -quality projects. The average equity of projects in Greentown in Beijing, Hangzhou and other cities this year is 84%, and there are 100%equity of multiple projects.

On the ground, the Greentown team carefully calculated. Last year, a real estate company withdrawn from Hangzhou, and Greentown was included in the bag in April this year at a higher cost -effective, enabling the project to make profits.

While cautiously increased the increase, accelerate the stock. On December 22 last year, Greentown took 4 land in Hangzhou, of which Yue Yong Xinchenxuan, located in the future Science and Technology City, has been sold out.

According to Guo Jiafeng, the shareholders of Greentown in June can "overjoyed" to see the company's good results.

Three keywords

At the fund side, the performance of Greentown has three keywords -smooth financing channels, stable rating, and decline in financing costs.

Since the beginning of this year, Greentown has successfully issued 5 domestic debts, totaling 7 billion yuan; 2 foreign debt, totaling 550 million US dollars. The financing interest rate range is 3.2-3.3%, which is at a low level of industry.

In the first five months of 2022, Greentown recorded a sales of 78.8 billion yuan, with equity investment of 56.5 billion yuan, and the repayment rate exceeded 110%.

In 2020, Greentown formulated a strategic 2025 plan, that is, Greentown China wanted to achieve "quality benchmark in the industry TOP10" in 2025. This goal is based on two foundations. One is to create a hard power of survival through the advantages of scale, and the other is to obtain long -lasting soft power through quality grinding.

As an excellent company in the top 500 TOP5 nationwide, the follow -up results of the "Shou" and "attack" of Greentown are worthy of long -term attention.

Lord Sun Lan

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