Fengshui of Kaiser Center in Shenzhen
Although the real estate industry cooled down in the first half of the year and the financing of housing enterprises tightened, Caesar still handed over a transcript that satisfied investors and the market.
In the second half of the year, the value of 654.38+02 billion will enter the market.
There is no pressure to achieve the annual goal.
In the first half of the year, Caesar achieved contract sales of 34.7 billion yuan, up 37% year-on-year. The contracted sales area was 6.5438+0.96 million square meters, up 38% year-on-year. Among them, Greater Bay Area's contracted sales accounted for 58%, and Shenzhen's contracted sales accounted for 30%.
In addition, the old renovation projects accounted for 33% of the total sales, and the sales of Yantian Kaisa City Plaza, Shenzhen Caesar Future City and Shenzhen Pinghu Caesar Plaza were strong.
According to the annual target of 87.5 billion announced by Caesar, Caesar has already achieved about 40% of the annual target.
In terms of profitability, Caesar also showed an upward trend. In the first half of the year, Caesar's revenue increased by 34% year-on-year to RMB 2,065,438+0.1billion. The company's gross profit margin reached 33.4%, up 65,438+0.8% year-on-year, and the company's net profit rose by 24% to 2.78 billion yuan.
At the end of the period, Caesar's asset-liability ratio dropped to 82.7%. Wu Jianxin, vice president of Caesar, said, "This is a good level in the industry".
In terms of net debt ratio, the original target of reducing to 200% was achieved ahead of schedule, and it was reduced to 19 1% at the end of June, which was 45% lower than that at the end of 20 18. Liu, chief financial officer of Caesar, revealed that the net debt ratio will continue to be reduced to 180% in the second half of the year.
As of June 30, Caesar's cash and bank deposits (including bank deposits, cash and bank balances and restricted cash) amounted to RMB 29.98 billion, with a quick ratio of 65,438+0.3 times, and abundant liquidity.
Caesar's debt reduction measures
The latest data shows that the sales as of July was 40 billion, close to half of the target. Wu Jianxin said that in the second half of the year, the company still has 654.38+02 billion goods, most of which are located in Greater Bay Area. It will enter the market in September and February as planned, and the chemical conversion rate will be less than 50% to achieve the annual target.
Reinjection into Guangdong-Hong Kong-Macao Greater Bay Area
About 2 trillion second-hand goods will be released.
In the first half of the year, Caesar continued to focus on the five major urban agglomerations of Greater Bay Area, Yangtze River Delta, Central China, West China and Bohai Rim, and added 15 new land storage projects, accounting for 2.46 million square meters, with an average land cost of about 6,600 yuan per square meter.
According to the equity construction area, the newly-increased land reserve in Greater Bay Area accounts for 60% of the total newly-increased land reserve, and the Yangtze River Delta and Central China account for 19% and 13% respectively.
By the end of the period, Caesar's land reserve was 26 million square meters, with an estimated value of more than 500 billion yuan. Among them, first-tier and key second-tier cities accounted for 76%, Greater Bay Area accounted for 55%, and Greater Bay Area accounted for 70% of the value.
Distribution of soil reserves at the end of June
In terms of old reform, as of the end of June, Caesar's old land storage area was nearly 7.3 million square meters, and the value of old land storage was nearly 200 billion yuan, accounting for nearly 40%.
In addition, there are more than 32 million square meters of old reconstruction projects not included in the soil storage, among which there are 128 old reconstruction projects in Greater Bay Area, including 88 in Shenzhen, 2 in Guangzhou 12 and 8 in Zhongshan 18, which are expected to bring a total value of nearly 2 trillion.
In the future, Caesar plans to transform 800- 1 10,000 square meters of old land every year. It is understood that the land storage cost of Caesar's old land reform is only about 3,000 yuan/square meter, and Caesar has maintained a high gross profit margin and income through the low-cost old land reform.
It is reported that in the next 1-2 years, Caesar expects to provide land for nine old renovation projects with a value of about11400 million yuan; In the next 3-5 years, there will be 13 projects in Shenzhen and Guangzhou, with a value of about 420 billion yuan.
Mai Fan mentioned specific cases at the performance. In the first half of the year, Caesar has transformed three old renovation projects, namely, Shenzhen Futian Port Project, Shanghai Xuxing Town Project and Guangzhou Xiaoping Village Project, with a saleable area of 730,000 square meters and a saleable amount of 40.4 billion yuan. In the second half of the year, in the base camp of Shenzhen, Shenzhen Futian Dongshan Project, Shenzhen Nanmendun Project and Shenzhen Bailingda Project are expected to be included in the soil storage, among which Shenzhen Futian Dongshan Project has entered the development stage.
Renovation details of old renovation project
Since the beginning of this year, the competition in the local auction market has been fierce. Based on the downside risks of the industry and the continuous tightening of financing, many housing enterprises have become more cautious in taking land, and some head enterprises have even stated that they will stop taking land.
In this regard, Guo Yingcheng said that Caesar is optimistic about the development and purchasing power of Greater Bay Area, and will continue to purchase and reserve land in Greater Bay Area in the future, seeking high-quality land through multiple channels, while small cities or unsuitable places will gradually reduce land purchases and optimize the investment structure.
Earlier, in June this year, the the State Council executive meeting proposed to "speed up the transformation of old urban communities" and "increase financial support for the old transformation", which was a favorable factor for Caesar, the king of the old transformation.
Nuggets "Shenzhen Pioneer Demonstration Zone"
At the beginning of February this year, the outline of Guangdong-Hong Kong-Macao Greater Bay Area development plan was officially released. On August 18, the Opinions of the Central Committee of the State Council on Supporting Shenzhen to Build Socialism with Chinese characteristics Pioneer Demonstration Zone was officially released. Shenzhen has undertaken two major policy red envelopes, which is the second historic opportunity after the reform and opening up.
He added: "In the past, we were a real estate company, and now our position is to be a city operator." At present, in addition to real estate, Caesar also has industries such as culture and sports, shipping, science and technology, and the Internet.
"With regard to the pilot demonstration area, of course, it is to encourage everyone to travel to Shenzhen and encourage everyone to travel to Shenzhen or buy a house in Shenzhen. Generally speaking, China's real estate market, I think Greater Bay Area, especially Shenzhen, is relatively stable, which is also in line with our investment objectives. " Guo Yingcheng said.
The following is the live Q&A record of Caesar's 20 19 interim results conference (with deletion):
Mai Fan: We sold 34.7 billion yuan in the first half of the year, accounting for about 40% of the annual 87.5 billion yuan. In the second half of the year, there were 654.38+02 billion goods, which were distributed in the third and fourth quarters and concentrated in the cities in the Bay Area. Sales are still ok now, and we think it is no problem to complete this year's task. In addition, we don't think there will be any ups and downs in the market in the second half of the year.
Liu: We will continue to do government debt. The debt reduction target we set this year was originally intended to achieve 200% by the end of the year when it was released in March, and now it has achieved 190% in half a year. Of course, it depends on the overall situation of the company, such as sales. Our goal is to reduce it to 180% by the end of the year.
Wu Jianxin: I would like to add that apart from the decrease in net debt ratio, we can see that our asset-liability ratio has dropped to 82.7%, which is a relatively good level in the industry.
Guo Yingcheng: Actually, we are very lucky. As an enterprise in Guangdong, we should first thank the State Council and the CPC Central Committee for their concern and care for Guangdong, especially for their special support this time. After Guangdong-Hong Kong-Macao Greater Bay Area's announcement, we came to Shenzhen Pioneer Demonstration Zone.
We are really lucky. In the past, we were just a real estate company, but now we are positioned as a city operator, so in addition to real estate, we also have shipping and sports, including football.
In the first demonstration area, what the country most hopes to develop is definitely science and technology and finance. We also have a listed company in China, Jiayun Technology, mainly in the Internet category; Finally, more importantly, our land. Urban renewal is our more competitive part, and I think it should be our more competitive part in the future.
From the first half of this year, our financial indicators, whether from debt, profit rate or sales price, are gradually improving, hoping to control debt at an acceptable level in the industry; At present, our debt structure is relatively reasonable and we are continuing to optimize it.
China real estate as a whole, I think Greater Bay Area, especially Shenzhen, is relatively stable, which is also in line with our investment objectives.
Since the beginning of this year, first-and second-tier cities have been relatively good, and our proportion has reached about 80%. We still have the ability to resist risks in all aspects of the economy.
On-site question: the net debt ratio has dropped to about 180. How to do it specifically? At present, the central government is tightening all kinds of financing. Everyone is controlling the sales side and the financing side. As far as the market is concerned, everyone is tightening. Just mentioned that we should speed up supply and marketing. Will the company not worry about not finishing a lot of goods? Now my colleagues are saying that they won't take the land. What did Caesar think?
Guo Yingcheng: It will take us two years to make our debt ratio reach the competitive level in the industry. As far as the debt structure is concerned, whether at home or abroad, as long as financing is cheap, we will pursue it.
There are many ways to reduce debt. First, we try to reduce the proportion of heavy assets. This is what we have been trying to do. Many of our small assets were rented out before, and we tried our best to realize them. Bulk assets and high-quality assets, such as Shenzhen Caesar Center and Shanghai Caesar Center, will still be held for a long time.
Regarding real estate, the tightening of national property market regulation is mainly to make real estate develop healthily. We have obvious advantages, mainly in Shenzhen. Last week, the projects promoted by Shenzhen Stock Exchange sold well, and Greater Bay Area people were richer.
As for whether to take land, in fact, each company is different. If we have money, we will continue to look for some good quality land in Greater Bay Area. We are gradually reducing small places or places that do not meet the requirements, and hope that our investment structure will continue to be gradually optimized.
Rao Yong: By the way, according to the figures of government work, in 20 18, our population increased by 580,000, which is equivalent to a medium-sized city in the mainland. Many young people regard Shenzhen as a hot spot for entrepreneurship, so their popularity and purchasing power are relatively strong.
Tan Lining: Just now, you mentioned that many times the outside world likes to look at the debt ratio, because according to the real estate accounting standards, the assets we sell are all received at the original price, especially from Caesar's situation, many of our projects are old-fashioned projects, and our costs are very cheap, so looking at the ratio alone cannot reflect the actual situation of the company.
The real estate industry, first, of course, depends on the debt ratio. Second, of course, it is more important to realize the company's assets and how much cash flow can be generated to cover interest. This is the core indicator. Compared with our peers, we are almost twice as tall. Therefore, we should not only look at the indicator of debt ratio, but also look at the data of interest guarantee rate.
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