Why is Genting in tianjin country garden slow?
Recently, Country Garden, known as the first real estate enterprise in the universe, has also experienced a crisis. What's going on here? Is its project safe and reliable?
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On August 3rd, Fortune magazine released the latest list of the world's top 500 enterprises. Country Garden's operating income1091000000 USD and profit1540000 USD. This is the first time that Country Garden has been on the list since 20 17, and its ranking has risen by 329 places in six years.
Strangely, on August 18, Country Garden once again issued a profit warning, and two indicators fell:
① The company's core net profit dropped from 65.438+052 billion last year to 4.5-5 billion expected in the first half of this year, with a year-on-year plunge of 70%.
② The net profit attributable to shareholders decreased from 654.38+05 billion yuan last year to 254.38+00 billion yuan, a year-on-year decrease of over 90%.
Country Garden has four explanations for the decline in performance:
(1) Due to the severe operating environment of the real estate industry, the COVID-19 epidemic continued to affect, the progress of the downward superimposed projects in the market slowed down, and the income from the carry-over confirmation of sold properties decreased;
② The carry-over of some low-margin projects in the first half of the year led to a decline in the gross profit margin of real estate business;
(3) The increase of impairment provision for real estate projects based on the principle of prudence;
④ The expected net exchange loss is caused by foreign exchange fluctuation.
In a word, the factors that affect the profitability of Country Garden are more external factors, not the nature of cash.
It's not hard to understand. After all, in the first half of this year, when most housing enterprises were still considering the issue of survival, Country Garden's equity sales reached 185 1 100 million yuan.
Although it has decreased by 38.9% compared with last year, how many housing enterprises can be immune to this year's market conditions?
It is an indisputable fact that there is a loss in performance. What is really important is that Moody's downgraded Country Garden's senior unsecured rating from Baa3 to Ba 1 (junk) and revoked its publisher rating Baa3.
You know, demotion is a precursor to a storm, and it must be terrible.
Prior to this, Country Garden was reported to have reduced salaries and laid off employees, and the bad news of work stoppage came from projects all over Country Garden.
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As far as Genting in Xi 'an Country Garden is concerned, it has been built for more than two years, but Xiaoxing feels that the construction is really slow every time he passes by after work.
Sure enough, at the beginning of this year, some owners reported that Genting's first-phase construction was lagging behind. In this regard, the owners urged and urged, and finally moved from motionless to the sixth floor, but after a year passed, there was still no movement.
Recently, another netizen broke the news that the first phase of Country Garden Genting was postponed.
It is understood that the first phase of Country Garden Genting has indeed issued an extension letter. The original delivery time of the first phase is 65438+February 2023, and the delay time is about two months. However, the second and third phases have not received such notice for the time being.
In this sensitive period, the owner is worried that the project will have the risk of unfinished business.
So what is the situation of Genting Construction in Country Garden now?
Scarlett Jr. went to the field to have a look. Before she got to the project, she heard the noise of construction. There are many workers at the scene, tower cranes and construction elevators are working in an orderly way.
The first phase of Country Garden Genting is under construction, and most of the buildings have reached the level of capping.
Some buildings are painting facades, while others are installing windows.
The state of the construction site at the entrance of the construction site looks normal. There are trucks pulling materials in and out of the sales department, and customers are normal.
Country Garden Genting Phase II, the second floor has been basically capped.
Standing on the roadside, you can hear the sound of indoor construction, and Xiaoxing can also see a small number of workers on the construction site.
According to the worker's master, some buildings in the second phase can be completed in April next year.
In contrast, the progress of the second phase is indeed faster than that of the first phase.
In the third phase of Genting Country Garden, the main building is under construction, and it is basically developing in the direction of capping. Workers at work can be seen upstairs and on the hanging tower.
The building spacing does look a bit dense. I wonder if it will affect the lighting after occupancy.
Generally speaking, the progress of the third phase is quite fast, the gatehouse is set up, the glass is installed, and there are many on-site workers.
However, although the construction progress is normal, it is a bit slow.
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In addition, Country Garden currently has five other projects on sale in Xi 'an.
Among them, Country Garden Yunfu, Country Garden Xianghuwan 1 and Country Garden Guohu are quasi-existing houses, so there is no need to worry about the delivery of the house for the time being.
Country Garden Genting and Country Garden yunshu also give delivery nodes. From the construction site, Country Garden yunshu is undergoing the main construction, and there are many building materials on the site, and excavators are working.
At present, the construction project of Country Garden is safe for the time being, so the question is coming. Is there any delivery risk in the future?
Indeed, in the current real estate market, there are not many large private housing enterprises that have not broken out. In the early stage of thunderstorm, most developers will have multiple projects in the same city to stop work, postpone and default.
At present, there is no large-scale shutdown in Country Garden, with overseas liabilities of 340 billion, Vanke's overseas liabilities of more than 600 billion and Evergrande 1 trillion.
In contrast, the debt ratio is not particularly high, and there is no debt to be repaid this year, so there is no thunderstorm risk in the short term and the future is uncertain.
But for some reason, Genting's first-phase construction is lagging behind, and the delay in delivery is also a real thing. If it is not adjusted in time, as the profit warning says: the prospect is worrying, and if there is no big improvement, the future will be even more difficult.
Since there are no mistakes in the project, everyone may wish to wait patiently and hope that Country Garden Genting can deliver the house as soon as possible!