1.26 billion transactions are "yellow": the difficulty of realizing the realization of green space management

21st Century Business Herald reporter Tang Shaokui Shanghai report

On June 29th, the commercial property management and value-added service company of Greenland Holdings (600606.SH)-Shanghai Lumin Property Management Co., Ltd. ("Green Min Property") under the shareholders changed, from Greenland Holding Group Co., Ltd., Greenland Financial Investment Holding Group Co., Ltd. was changed to Greenland Golden Creation Technology Group Co., Ltd. (referred to as "Greenland Golden Creation Technology").

This move confirmed the progress of the year of the year of Greenland Holdings disclosed in the 2021 annual report of Greenland Holdings: At present, the transaction has not been implemented due to the failure of the appropriate obligations of the year. This also means that the transactions of the sales of commercial management property in Greenland ended in failure.

Xiao Yunxiang, a senior analyst at the Tongzhe Research Institute, pointed out that the case of individual property management acquisition cases is stranded or terminated in the short term, but this is mainly due to the influence of the liquidity of the parent company of the buyers and sellers. Sale, but the buyer was unable to complete the acquisition because of the tension of the parent company. For buyers, the current real estate market holding cash will be more active.

Greenland temporary slow material tube monetization

The shareholders of Lvmin Property were originally Shanghai Lu'an Property Management Development Co., Ltd. In June 2021, the shareholders of Lvmin Property changed to Greenland Holding Group Co., Ltd. and Greenland Financial Investment Holding Group Co., Ltd. In July 2021, Shenzhen Fuchang Commercial Service Co., Ltd., a designated entity of Lvmin Property and Mandarin Holdings Group Co., Ltd., signed the "Shanghai Lvmin Property Management Co., Ltd. Equity Transfer Agreement", which plans to transfer 100%equity to the pattern year The equity transfer price is about 1.26 billion yuan. At the same time, in the five years from 2021 to 2026, Greenland Holdings will launch a strategic cooperation with property management in the commercial property projects of Greenland Group.

At the same time, Greenland Property has added a three -year property service cooperation after signed a five -year cooperation agreement with Yaju Le property in 2018.

In these two transactions to sell property control equity, Greenland's performance to two buyers is expected that in the future, there will be more than 40 million square meters of property management area income, and financial performance will also be included in the buyer report.

After the liquidity crisis in the pattern of pattern, the sale of green properties in Greenland stopped abruptly. After the change of shareholders, Green Minwang became a subsidiary of Greenland Golden Creation Technology.

According to Geng Jing, executive director and general manager of Greenland Golden Creation, Greenland Golden Creation Technology is a new industrial platform for Greenland, which mainly integrates green space industrial resources, including cultivating property management flow entrances.

In the meaning, Greenland put commercial management property companies into Greenland Golden Creation Technology, and was not in a hurry to find new buyers in the short term.

After the transaction failed, Greenland Holdings was not in a hurry to cash out the green property. It may be that it is the best time to realize that it is not a real estate company. And all the clouds submitted a prospectus to the Hong Kong Stock Exchange on March 31 this year, planning to go public in Hong Kong. After the Hong Kong Stock Exchange revised the listing rules on January 1 this year, everything was successfully handed over to the premium impact on the premium of the property.

From the perspective of the transactions of Lvmin Property and the Fantastic Year, it is also a high premium monetization. As of December 31, 2020, the total assets of Lvmin Property were 4.0731 million yuan, and the net assets were 2.8748 million yuan. In 2020, Lvmin Property realized operating income of 12.035 million yuan and a net profit of 2.376 million yuan. The acquisition price of about 1.26 billion is equivalent to a PE of up to 500 times. In 2021, most of the PEs in the acquisition and acquisition of the property were 10-20 times.

In the past year, he dared to bet on the future growth of Lvmin Property. In addition to the additional contract construction area provided by Greenland Holdings, the cooperation benefits and complementary effects of the overall operation of the pattern years are also one of the factors for consideration.

Looking back at the Greenland Holdings in 2020, the contract sales amount decreased, and the asset -liability ratio was 88.89%; in 2021, Greenland Holdings's asset -liability ratio was still 88.84%. Judging from the performance of Greenland Holdings in recent years, it is the best choice through asset sale and capital reduction liabilities. The Greenland Holdings temporarily slowed the realization of the material tube, and the assets were injected into gold innovation technology, which also paved the way for the future to find more suitable buyers.

Property revenue

The sale of Lvmin Property is hindered, and it can also be seen that the current property receipt and mergers and acquisitions are subject to the liquidity of housing companies.

According to the Kerry research report, in 2021, the M & A market in the material management industry was extremely active. A total of 29 listed real estate companies issued 53 mergers and acquisitions throughout the year, with a total of 35.588 billion yuan in mergers and acquisitions. The total cost of the exchange paid was 3.77 times the same period of 2020. In the first quarter of 2022, 11 mergers and acquisitions occurred in the listed real estate enterprises, a decrease of 6 from the fourth quarter of 2021.

In the second quarter, under the impact of the epidemic, the cases of reciprocating and acquisition of real -life enterprises decreased, and the cases of failing to declare failed occasionally appeared. In mid -June, Jinke Service announced the termination of 73.56%of the acquisition of Jiayuan Service. At the same time that the industry concentration and Matthew effect are prominent, they are subject to cash flow of housing companies.

On the other hand, there are more and more long -term downturn in the listing of real estate companies and long -term stock prices, and the attractiveness of the listing of property management enterprises has also weakened.EssenceNevertheless, the development logic of head -of -the -art companies is still large -scale.According to the person in charge of a head property company, after the epidemic, he has been to see the projects in various places, and has been on business trips in other places for three weeks.

The liquidity crisis of housing companies has caused caution to collect mergers and acquisitions in real estate enterprises.However, analysts believe that the phenomenon of mergers and acquisitions in the material management industry will exist for a long time.Xiao Yunxiang pointed out that the current suspension of individual cases is only a small fluctuation in long -term trends.Because of the value of assets, property management assets are in line with national policy orientation, and have developed more development expectations in the first and secondary capital markets.Secondly, the concentration of the property management industry is still very low. Some large property management enterprises have the demands of management scale growth. The input of the real estate sector alone cannot be met. The large proportion is from external extension, which contains horizontal mergers and acquisitions.

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