"It is neither rushing nor panic."

This article is based on public information, which is used only as information exchange and does not constitute any investment advice.

Produced ｜ Company Research Office Real Estate Group

Text ｜ Cooky

On September 23, the third round of soil auction in Beijing ended, the central enterprises, state -owned enterprises, and local state -owned enterprises in Beijing still participated in the main force.

The most active real estate companies in the third round of soil auction are China Resources and Zhonghai.

A total of 18 plots, registered China Sea with 7 projects, finally won 3 plots with 14.7 billion, becoming the "land king" of this round of soil. China Resources, signed up for 9 projects, only won the "China Resources+China Railway+Xingchuang" consortium, winning the land 6013 of Xingxing District, Daxing District.

However, considering the first two rounds of soil shooting in Beijing in 2022, China Resources has spent nearly 20 billion to win 4 plots. In addition, at the end of August, China Resources only took over 3.3 billion to take over Shimao's two mansion projects in Beijing's minute temple. Overall, China Resources has a sufficient offensive in the Beijing market this year, but it is not blind.

At the performance meeting in the middle of the year, China Resources executives used "neither rush to advance nor panic, and quantifying" to describe China Resources' attitudes on the ground. The performance of Beijing is just a microcosm of China Resources's investment attitude towards the current real estate market.

01. Pick up the missing minute temple plot

At the end of August, an announcement allowed the owner who purchased Beijing Shimao Tianshu to let go of the hanging heart.

The three real estate of Shimao Tianyu, He Shengyun, and Dongsan Jinmao Mansion, located in the east third ring of Beijing, are known as the "three brothers of the temple mansion". Taking Shimao Tianxiang as an example, the sales type can be divided into three types: 150 square meters, 190 square meters, and 220 square meters. The average price is about 120,000 yuan/square meter. The starting price of the real estate reaches 18 million yuan.

The cash flow situation of Shimao Group has worried that many owners who buy a house will worry that there will be a problem of stopping work and bad at Shimao Tianyu.

On the evening of August 31, Shimao Group issued a project transfer announcement that transferred the equity of the two Temple Temple L-39 and L-41, and the equity of the two supporting property companies to China Resources Land 3.316 billion.

Among them, the project corresponding to the L-39 plot is Heasheng Yunyun, Shimao holds 49%of the shares and 51%of the Hangsheng Chuangzhan holds; %.

The central enterprise China Run took over, and the problem that the owners were worried about were lifted. But for Shimao, this transaction may be helpless.

Since the development of the temple project in mid -2020, Shimao has worked for more than two years to transfer it to China Resources. For a project that positioned luxury homes, in the case of existing sales repayments, Shimao did not take advantage of the transfer transaction in the transfer transaction.

According to Shimao's announcement, according to the book price on July 31, Shimao lost 86 million.

In the Beijing soil shot in May 2020, the temple plot was very sought after. Many housing companies participated in the bidding and were eventually taken down by the "at the expense of the price" by the Temple for many years.

At that time, He Sheng first passed 56 rounds of bidding, won the L-39 plot with 4.2 billion, with a premium rate of 42.08%, and the floor price was 76168 yuan/square meter. After 82 rounds of competition, the L-41 plot was won with 6.54 billion yuan, with a premium rate of 37.86%and a floor price of 73912 yuan/square meter.

It is worth mentioning that during the epidemic in February 2020, China Resources North China was ambitious in Majuqiao and Want Lian in the Northwest. At that time, there were rumors in the workshop, "In the minutes of temple plots, you have to get a piece even if there is no profit."

But in fact, China Resources did not sign up to participate in that round of soil shooting at all. China Resources' "stealth" may be related to the Shanghai Hongkou encirclement incident exposed at the end of March of that year. The China Resources, China Straits, and Vanke have been dealt with, and the land acquisition may be suspended.

However, two years later, China Resources returned to the temple plot with a "bottom -up" attitude. However, China Resources is not through the public auction market, but through the acquisition of the merger market.

02. Beijing three -wheeled soil shooting land exceeds 22 billion

At the mid -term performance meeting of China Resources Land at the end of August, when asked how to view the acquisition market, the company's management stated that China Resources Land has contacted a large number of projects. On the one hand The relationship between the asset status and the debt and debt of the terminal is relatively complicated, and the balance of interests is more difficult. On the other hand, with the relatively relaxed competition of the open land market, the acquisition project may not be higher than the cost -effectiveness of the open market.

However, China Resources also stated that "the company's entire mergers and acquisitions have been carried out normally and in an orderly manner. I believe that the results of the mergers and acquisitions will gradually land for the subsequent period of time."

As soon as the words fell, the project of China Resources acquired the Shimao Midmori Temple was under the ground. Compared with the acquisition of the merger and acquisition market, China Resources's momentum in the open market is even more fierce.

Taking the Beijing market as an example, in the two soil auctions in the first half of 2022, China Resources took a total of 4 land in the Beijing market, with a total price of 19.88 billion. If the third round of soil shooting just ended, China Resources ’investment in the Beijing public auction market this year has exceeded 22 billion, winning 5 plots.

Among them, the highest unit price is China Resources on the second round of soil auction. The Yalinxi plot, which won 7.47 billion at the price of 7.47 billion, is 7.47 billion. Beijing Yuefu. In addition to building a 100,000 square meters of houses, the Yalinxi plot also needs to be equipped with a B4 commercial office building of 100,000 square meters and a 3360 square meter kindergarten. On the whole, the project of the Yalinsea plot is large, the total price is high, and the challenges to developers are also quite large.

China Resources Management stated at the performance meeting, "China Resources Land is neither rushing nor panic in taking the local face, and always adheres to strict investment discipline and complies with the trend of market differentiation. ","

According to the semi -annual report of China Resources Land, in the first half of 2022, China Resources Land added 24 new land reserve projects with a total land price of 57.84 billion yuan, and the total land reserve area was 3.8 million square meters. Among them, China Resources added a land price of new land storage equity 46.92 billion, the construction area of ​​the new land storage equity was 2.9 million square meters, and the investment in first- and second -tier cities accounted for 92%.

China Resources focuses on investing in the investment layout of first -tier and second -tier cities. In the resource distribution of available projects, among the 430.6 billion available sales value in 2022, first -tier cities account for 30.4%, and second -tier cities account for 54.6%. Hangzhou, Chengdu, Nanjing, Suzhou and other cities.

Judging from the layout of China Resources in the Beijing market, whether it is the acquisition of the temple plot or the Yalinxi plot, it is a large -scale improved residential project. Beijing Yuefu's official guidance price was 112,000 yuan/square meter, divided into three types: 130 square meters, 160 square meters, and 190 square meters. The starting price is more than 14 million.

03. In the first half of North China, the revenue declined exceeded 50 %

In the first half of 2022, China Resources Land sales were 12104 billion yuan, a year -on -year decrease of 26.6%. Among them, the sales of North China in the first half of the year were 28.34 billion, a year -on -year decrease of 23.4%, accounting for 23.4%, ranking second among seven regions.

Depending on the Beijing project, in the first half of the year, China Resources had popular real estate such as Happy Runyuan, Yongdingfu, and Haidian Happiness in Beijing to enter the market, making the decline in North China slightly better than Huarun's land as a whole.

However, in terms of revenue, in the first half of 2022, China Resources Land Development Business revenue was 59.37 billion, a year -on -year decrease of 2.6%. Among them, the revenue of the North China region was only 5.79 billion, a decrease of 54.9%year -on -year, accounting for 9.8%, and the proportion of revenue among 7 regions was only higher than that of Central China.

Judging from the data of the first half of the year, China Resources Development's income has dropped steadily, but the income in major regions fluctuates greatly.

Regarding the current supply and demand relationship of the real estate market, China Resources Management believes that "on the supply side, the government should increase high -quality land supply in core cities and core areas; on the corporate side, high -leverage corporate funds are under pressure, on the land market The willingness to shot is weak, and the overall competition will still be relatively stable central state -owned enterprises. "

Taking the third round of soil auction in Beijing as an example, 18 plots attracted 54 houses or consorties to participate in the registration. The high participation participation is central enterprises, state -owned enterprises and real estate developers, such as China Resources, China Shipping, Shoukai, Beijing Urban Construction, Beijing Construction Industry, Jinmao, Poly, etc. In terms of private enterprises, there are only four plots, Longhu, and Runze each involved in private enterprises.

However, in the auction of the land, only the Longhu family won the 0320 plot of Shunyi New Town with the "Longhu+Tianzhu" consortium.

Some analysts believe that state -owned enterprises and state -owned enterprises are still actively obtaining land, which is related to its low financing costs.

Although the average cost of China Resources increased by 7 basis points from the end of 2021 in the first half of 2022, the overall financing cost was still less than 4%, only 3.78%, and it was at a low level in the real estate industry.

At the end of June 2022, China Resources Land held 116.45 billion cash and a short -term debt ratio of 2.02. The asset -liability ratio after excluding the pre -receivable was 60.2%, and the net debt ratio was 34.6%. The "three red lines" maintain the green stall and sufficient in hand in hand, which has also become the confidence of China Resources.

However, the current real estate market, whether it is a private enterprise developer or a more confident state -owned enterprise and state -owned enterprise developer, the investment end needs to be more cautious. Product insurance delivery is the bottom line, and good reputation can help developers go more stable.

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