The rise of housing companies in Xinjian

In the real estate industry, the Fujian housing company is a group with distinctive characteristics. For a long time, labels such as the king, black horse, and high leverage allow them to shine during the rise of the real estate industry; Labels such as thunder also caused some of the Fujian housing companies to be lost in this round of leverage.

Author: Tian Guobao

Figure: Tuwa Creative

As the first batch of centralized supply in Shanghai ended in early June, 22 cities across the country completed the first batch of land supply in 2022, and some cities completed the second batch of centralized land supply. According to statistics from the middle finger cloud, as of June 14, 22, 22, 22 A total of 276.7 billion yuan in cities in the city's concentrated land.

In the land market, a local housing enterprise team with a strong local color -Fujian housing enterprise once again attracted attention. They occupied 16.4%of the land acquisition amount of 45.3 billion yuan, of which Xiamen Jianfa was 32.4 billion yuan. Yuan's land acquisition amount ranked first on the list.

In the real estate industry, the Fujian housing company is a group with distinctive characteristics. For a long time, labels such as the king, black horse, and high leverage allow them to shine during the rise of the real estate industry; Labels such as thunder also caused some of the Fujian housing companies to be lost in this round of leverage.

Taking Taihe in 2020 as the introduction. As of now, in addition to Xuhui, Jinhui, Zhongjun and other real estate companies, at least 9 Fujian housing companies may have issued public bonds and non -standard debt defaults, or they will expire or over maturity. Back to the bond for the exhibition period, the Fujian housing enterprise was severely injured.

At the same time, a new generation of Fujian housing companies led by Jianfa, Sinosaic Trade, Xiangyu, MediaTek, etc., began to rise, especially Jianfa, which exceeded the scale of 100 billion yuan in 2020. It has stabilized in the sales list of Chinese real estate companies. The top 15 has become the fastest development of real estate companies since this round of leverage.

Rapid development

In the first concentration of land supply in Shanghai, Jianfa was particularly noticeable. He obtained Jinshan New Town Land for 2.2 billion yuan, and also won two residential land in Minhang at the price of 5.64 billion yuan. The total price of three land acquisition reached 7.8 billion yuan, and the amount of land acquisition reached 5.02 billion yuan.

In addition to Jianfa, in the concentrated soil auction in Shanghai, Xiamen Xiangyu Real Estate and China Merchants Shekou jointly won the Minhang Wujing Plan for 4.04 billion yuan; Xiamen International Trade included the Songjiang Laoshan plot into a pocket for 2.32 billion yuan.

Jianfa, Xiangyu, and Guohong are all state -owned enterprises in Xiamen.

In Xiamen in the base camp, as of June 16, 2022, a total of 18 houses were transferred, with a transaction value of 35.2 billion yuan, and the four companies of Jianfa, International Trade, Xiangyu, and MediaTek contributed 19.5 billion yuan. Among them, the Jianfa had obtained 5 of them and contributed 14.5 billion yuan in land acquisition. The international trade obtained 2 pieces, and each of Xiangyu and MediaTek each obtained 1.

If the concentrated land supply in 2021 is still private enterprises and state -owned enterprises, then the concentrated land supply in 2022 is almost completely the world of state -owned enterprises and central enterprises. According to data from the central finger house, as of June 14, 22 cities have sold a total of 276.7 billion yuan, of the top 20, only Binjiang and Longhu private enterprises.

In the land market in 2022, Jianfa is undoubtedly one of the most dazzling real estate companies. Data of the same flower Shunshun shows that as of June 15, Jianfa has accumulated 24 land acquisition, and the land acquisition amount reached 38.45 billion yuan, becoming 2022, which became obediently obtained in 2022. Real estate enterprises with the largest land amount.

In fact, since 2016, Jianfa has maintained high land acquisition efforts. From 2017-2021, land sales sales scores were 107%, 56%, 68%, 82%, and 66%. DM data shows that in the first five months of 2022, the sales ratio of Jianfa's land acquisition also exceeded 100%, which still maintained a radical gesture.

Thanks to this, the sales amount of Jianfa also gradually entered the fast lane. In 2019, the sales amount of Jianfa's equity exceeded 50 billion yuan for the first time, and it has been hovering at the level of 10 billion to 30 billion yuan. In 2020, the sales amount of equity reached 90.7 billion yuan, reaching 130 billion yuan in 2021, and promoted the sequence of 100 billion housing companies.

According to the amount of equity sales, it has been built for 4 years from 10 billion to 100 billion, and it is under the background of tightening tightening of national real estate. Xuhui, who is also a Fujian real estate company, took 5 years, and the earliest dark horse real estate enterprises in the real estate industry have been created for 6 years.

At the same time as Jianfa developed rapidly, the same brothers MediaTek Group was also moving all the way. According to Kerry data, Lianfa Group ranked 59 real estate sales with a contract sales of 59.8 billion yuan in 2021; The real estate ranks 72 in the 40.6 billion yuan contract sales amount.

In the 2021 real estate company sales list released by the Central Finger Institute, MediaTek ranked 55th with sales of 63.5 billion yuan, and Sino -Trade ranked 67th with 48.1 billion yuan. Another Xiamen real estate real estate, the rankings of Kerry and the middle finger home are more than 100, which is more backward in comparison.

Among the four Xiamen state -owned enterprises, Jianfa and MediaTefa belong to Xiamen Jianfa Group. Xiangyu Real Estate is the real estate business platform of Xiangyu Group. The group is a Fortune 500 company.

From the perspective of financial reports, in recent years, China Trade and Xiangyu, which have relatively small scale in recent years, have also begun to increase real estate investment. In 2021, the amount of land acquisition of the state and trade has exceeded 30 billion yuan. Historical records of the development of their respective companies. Growth Secret

Jianzhang Wangyang Cloud is the first project in Beijing. In 2021, the first batch of Beijing concentrated land supply was acquired for 2.8 billion yuan. Property rights, this project is also one of the first projects in Beijing to implement Beijing's first batch of high -standard construction plans.

During the first batch of concentrated land supply in Beijing in 2021, Cui Dazhuang sold 3 land, and the other two were obtained by the China Resources Polygin land and China Merchants Shekou Beijing Urban Construction United. The three plots of transactions at the same time also means that they will enter the market at about time to form a competitive pattern.

In fact, the competition in this area is more intense. There are 2 calamus landed nearby, as well as 1 land each of Dongba and Douzhuang, plus the Calendan Zhonghai Project and Sun He's several projects from Sun He's projects. The nearby new projects reached about 10, and the competition in the market in the future is extremely fierce.

A founder told the Economic Observer that, in the context of greater demand in the same area, the earlier the opening, the more favorable the opening of the market. Previously, Poly's project in Chaoyang Wang Siying was successful. After the opening of other projects in the same area, it is facing dehuminarization difficulties.

In September 2021, the two projects of Wangyue Jiayuan and Zhaocheng Yayuan, who took the land with Jianfa, received the pre -sale certificate. I only got the pre -sale certificate on November 7, and I took more than a month than the neighboring project.

One month later, theoretically, "even the soup is left when you open the market." But to this day, of the three projects, Jianfa's projects have sold the most. According to the publicity information of the Beijing Housing and Construction Commission website, as of June 16, the construction of the Jianfa project has signed 249 units, and the online signing rate has reached 66%. Both projects have less than a hundred sets.

The above -mentioned developers believe that, on the one hand, due to the low price of the construction and development projects, after deducting 20%of the government's property rights, the actual price is 70,000 yuan/square meter, and the price of the two neighbors is 88,000 yuan/square meter. "Although the property rights are incomplete, the price is low enough. In the minimum unit, a set can save at least 2 million yuan."

On the other hand, the project adopts a high standard construction plan, and the building standards are higher than that of ordinary projects, so they can be favored by buyers. "Building costs are two or three thousand yuan higher than ordinary houses. Therefore Those who do not make money. "

According to the salesperson of the project, the project has been sold, and it has become the fastest -time output project in this area.

The above -mentioned developers believe that for a real estate company, it is more important to take the right place. All land acquisition behaviors need to be approved by the group presidential meeting. Among them If it is degraded, the profit is high. If the profit is not high, the traffic must be good. "

For real estate companies, if you want to achieve rapid development, low -cost funds and the ability to obtain a large amount of valuable land are indispensable.

In terms of land acquisition, from 2019 to 2021, the total amount of land acquisition of Jianfa was 42 billion yuan, 83.9 billion yuan, and 127 billion yuan, but due to the faster sales, as of the end of 2021, its soil reserves were 19.44 million square meters. According to 2021 8.71 million square meters of contract sales area calculations can only maintain development for about two years.

The demands of rapid performance and relatively insufficient soil storage means that Jianfa will still maintain a radical land acquisition strategy in 2022. This year, due to the suspension of land for most private enterprises, the real estate market has declined, and the cost of land has declined. It became a window for land.

The funding and credit support of the parent company are also the main reasons for the rapid development of new Fujian housing companies such as Jianda. Jianfa Group, Xiangyu Group, and Guomao Group are Fortune 500 companies in Wealth. Regardless of scale and capital strength, they are not comparable to ordinary local state -owned enterprises. Since 2022, the comprehensive cost of new debt issuance has been reduced to 2.88%.

Fujian 20 years

In the history of China's real estate development, the Fujian real estate enterprise is an inevitable label, and together with the Guangdong -based real estate companies occupy the half -wall of China's real estate.

In the 1980s, it was the era of the Fujian real estate companies. Jianfa and MediaTek were established. Jianfa became the first real estate enterprise to jointly joint ventures with foreign companies. Mediadess was mainly developed and constructed factories at that time.

In the late 1980s, Xu Rongmao, who returned from Hong Kong to the Mainland, developed the first project in Lanzhou -Dongfanghong Commercial City. Lin Wenjing returned to China as an overseas Chinese and founded Rongqiao's predecessor Guanshun Real Estate.

After entering the 1990s, the Fujian housing enterprises entered the start -up stage. In 1992, there were more than a hundred real estate companies established in Xiamen, but the formation of the Fujian real estate enterprise was still around 1996.

In 1994, Linzhong established Xuhui's predecessor in Xiamen Yongsheng Rising Sun. Huang Chaoyang, who was doing the business of excavator accessories, moved Zhongjun headquarters from Quanzhou to Xiamen. In Yuzhou New Village, the housing enterprises in Fujian have gradually taken shape.

In 1995, Xu Rongmao entered Beijing with Shimao and developed a series of high -end homes such as the Asian Games Garden, Zizhu Garden, and Yujing Garden in one breath. Shimao is well known in Shanghai. In 1996, most Fujian people called the first year of the Fujian housing company, and there were two years before the Chinese housing reform. This year, MediaTek officially involved in real estate from the construction building. Lin Tengyu developed the first project in Xiamen -Sunshine New City. Huang Chaoyang officially established Zhongjun Real Estate, and Lin Dingqiang founded Jinhui.

In the same year, the three brothers of the Ou family who had been a 15 -year Luqiao business in Jiangxi began to get involved in the real estate business in Nanchang. In 1998, Ou Zongrong officially founded Zhengrong. In 2000, his third brother Ou Zonghong founded Rongxin's predecessor Putian Transportation Real Estate, and and and also, and also, Putian Transportation Real Estate, and his third brother, and Putian Transportation Real Estate, and his third brother, and Putian Transportation Real Estate, and his third brother, and his third brother, In the next two decades, the love and hatred between brothers will be performed in the next two decades.

In 1996, Huang Qisen resigned from CCB to establish Taihe Group and entered Beijing six years later. After a long time, the courtyard+star became the main label of Tahoe. When he founded Taihe, Huang Qisen would not think that Twenty -five years later, the CCB he had worked became a major test of his life.

Under the dual pressure of the Asian financial crisis and the downturn of the domestic economy in 1998, China began to carry out secondary housing reform, which also marked the official birth of commercial housing. Developers, including Fujian housing companies A train for China's economic development.

After the new thousand years, the housing companies in Fujian have walked out of Fuzhou and Xiamen and began to siege the country. Among them, in 2002, they joined the Guilin and Taihe to enter Beijing as the iconic incident.

In 2003, Shimao, Mingfa, Yuzhou, and Jinhui successively drove real estate chariots into Nanjing. In 2004, Sunshine City walked out of Fujian and extended its business tentacles to Shanghai. Many years later, Shanghai replaced Fuzhou and Xiamen and became the Fujian house. Camp of Enterprise.

In 2003, Ou Zonghong moved the company's headquarters from Putian to Fuzhou, and renamed Rongxin. Four years later, the Budu Glass Factory and the thermal bottle factory landed in the first battle in the first battle; In the year, Lin Wenjing's Rongqiao and Lin Dingqiang's Jinhui merged, but the cooperation between the two sides only lasted for five years.

Immediately afterwards, the financial crisis in 2008 came. Although real estate encountered certain setbacks, it soon ushered in a 4 trillion investment plan. Since then, the real estate industry has entered a ten -year opening. In 2010, the first 100 billion housing company in the real estate industry was born. At that time, the Fujian brother Shimao ranked in the top 20 for 26.9 billion yuan.

In 2012, Sunshine City moved his headquarters to Shanghai, and Shimao, Rongqiao, Jianfa and Xuhui ranked 10 billion housing companies. In 2011, Shimao ranked among the top 10 housing companies; Rongqiao also entered the top 20. In 2013, watching the rapid progress of the fellow villagers, Zheng Rong took 5 projects in Shanghai in one breath.

In 2014, Vanke became the first 200 billion housing companies in the real estate industry. Shimao, Sunshine City, Xuhui, Rongxin, Taihe, Zhengrong and other top 50 were ranked; in 2015, 6 housing companies listed in Chinese real estate companies to sell 30 30 Strong, Fujian real estate companies gradually become climate.

2016 can be said to be the most beautiful one -year in the Fujian real estate enterprise, and it is also a key turning point in Fujian housing companies. This year, Rongxin, Zhongjun, and Jianfa created three kings in Shanghai; Fujian housing companies founded by the Cantonese Pan Weiming were well known as the real estate people.

Also in this year, Huang Qisen held tens of billions of cash in his hands and didn't know how to spend it. He bought a bunch of land and projects, and laid a foreshadowing for Taihe. Like Taihe, this year has become a sign of many Fujian housing companies.

In 2018, the number of 100 billion housing companies in China increased to 30, and 6 housing companies accounted for 6; in 2019, 100 billion housing companies increased to 34. Due to the decline in Taihe's sales, there were only 5 names in Fujian housing companies. List 100 billion housing companies. In 2020, the number of 100 billion housing companies increased to 43, and Jianfa, Yuzhou and Zhongjun became the new 100 billion housing enterprises, and the Fujian camp expanded to 8; in 2021, Baolong's joining made the Fujian Department of 100 billion real estate companies. The number expanded to 9.

In the Fujian camp, there are Jinhui, Rongqiao, Mingfa, Daming City, Guancheng Datong, Wuyi, MediaTek, Xiangyu, and Guomao.

Turning

Fusheng and Tahoe explosion are a key turning point in the Fujian real estate enterprise. Especially since the second half of 2021, with the influence of real estate reinstatement, market downward, pre -sale funds, etc. Many housing companies are in a crisis.

Real Estate companies such as Sunshine City, Zhengrong, Rongxin, Yuzhou, and Rongqiao have successively developed debt defaults or exhibition periods; for the rescue of Fusheng and Taihe, the old -fashioned Fujian housing companies have entered the water. In addition to a few housing companies such as Xuhui, Zhongjun, and Jinhui, most private Fujian housing companies are facing serious liquidity crisis.

Among the top 50 real estate land acquisitions from 2019 to 2021, the Fujian housing companies accounted for 10 seats; in 2022, the land supply was concentrated. Previously, the Ministry of Fujian housing companies that frequently created land kings across the country disappeared and landed land. Among the top 50 amounts, the number of housing companies in Fujian was reduced to five, with only 2 private companies.

Although most of the private housing companies in Fujian have suffered a crisis, in the Chinese real estate industry, the Fujian real estate enterprises have not exited. Since 2020, the state -owned enterprises led by Fujian, led by Jianfan, MediaTek, Guohong, and Xiangyu, have begun to be real estate. The industry emerged, and continued the glory of housing companies in Fujian.

Jianfa is one of the fastest sprints in the past two years. Although it is a state -owned enterprise in a city, its radiation ability obviously surpasses local state -owned enterprises in the general sense. "In the country, most people may have not heard of Jianfa. However, in Xiamen and Fujian, Jianfa can be seen everywhere. It can even be said that Jianfa can leave Xiamen, but Xiamen cannot have no Jianfa. " According to the official introduction, Xiamen Jianfan's business involves supply chain operations, urban construction and operation, tourism and exhibitions, medical health and emerging industries investment, with annual revenue exceeding 700 billion yuan. Among them, real estate business belongs to urban construction and operating business segments.

Jianfa City Construction and Operation Business includes three major platforms: Jianfa Real Estate, MediaTek Group and Jianfa City Service. With MediaTek Group as a brother company.

Behind scale expansion is often high leverage, high debt, and high turnover, but in the process of large -scale expansion, the financial leverage does not significantly increase, and it also maintains a relatively sufficient cash flow. The degree reflects the resource advantages of state -owned enterprises.

According to Jianfa International's financial report, Jianfa International increased by 9.5 billion yuan in debt in 2020. In 2021, the scale of permanent debt rose to 14.5 billion yuan, of which a considerable part of the borrowing of the parent company was transformed. By turning liabilities into equity, Jianfa has maintained leverage and finance during the expansion scale.

This operation is also the conventional operation methods of most central enterprises and state -owned enterprises background, which not only improves the financial level of listed companies, but also to maximize the preservation and appreciation of state -owned assets through permanent debt. Push the boat smoothly.

"As a state -owned enterprise in Xiamen, Jianfa is responsible for a certain mission." The above -mentioned developers said that in this round of real estate liquidity risks, Jianfa's maximum guarantee to ensure the steady development of the industry and expand itself in the case of ensuring its own safety. Market occupation rate, "This is also the mission of all state -owned enterprises and central enterprises."

Earlier, Lin Zhong judged in an interview with the Economic Observer that after experiencing this round of crisis, the market share of private enterprises in the real estate industry in the future will be reduced to about one -third. The market space moved out will gradually be replaced by state -owned enterprises and central enterprises.

The protagonist of the real estate industry has shifted from private enterprises to state -owned enterprises, not only the changes in the Fujian real estate enterprises, but also one of the most significant features of this round of changes in the real estate industry. Whether it is a rapidly developing development, or the United States, which is still on the road, the rise of the new Fujian system is not intriguing.

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