Why Xu printed 3 billion 600 million acquisition of a suspension of the company

The acquisition suspension Xu Ltd.

shangjie· 2016-04-25 17:57:51

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"content_img_p" really is hengda.

4 on the evening of October 24, Hengda Real Estate (3333.HK) < strong > announcement said $36.09 billion yuan acquisition Jiakai 000918.SZ about 9.52 billion shares shares, 52.78% of the total share capital accounted for. The price per share of 3.79 yuan, sell side of the state-owned shareholders of China calxon group, Zhejiang Commercial Group Co., Ltd., Zhejiang National Group Co., Ltd. and Hangzhou Iron and steel group company. Hengda Real estate has become the controlling shareholder.

prior to this transaction has been bedding.

in March 7th this year, China calxon suspended. The April 13 evening announcement openly solicited the transferee listed qualifications seems designed to Hengda Real Estate "tailored", contains 7, can be said for moderately. The first three become obstacle to the many enterprises:

1, quasi transferee or its group of companies main business shall be for real estate development business. proposed transferee amount of 2015 annual real estate sales or group of companies is not less than 200 billion yuan, and the sales area of not less than 15 million square meters (with Cric authority related data CRIC Research Center released data as of December 31, 2015 shall prevail);

2, a transferee or group of companies shall have no less than 300 is the development and construction and the development and construction of the project, to be able to to the rapid development of the future China calxon provides a mature operating experience and a strong guarantee for security;

3, Jiakai city future business development and industry integration upgrade, the proposed transferee or group of Companies shall be holding not less than a with the domestic special qualification of construction enterprises, and holding not less than one with the construction industry (Construction Design units with class a qualification process); < basis Jiakai set the threshold, his eye fell upon the Vanke, Heng Dahe green body and then is analysis, Vanke trapped in "Wan" too busy to take into account, the green space is not required, Hengda possibility maximum. Now guess becomes reality.

why China calxon Hengda phase? < China calxon Group official data show that < strong > it is Zhejiang Province SASAC's real estate listed companies, 2009 listed on the Shenzhen Stock Exchange, with more than 20 years of real estate development and commercial experience in asset management, now in Shanghai as the core carry out residential development business, focus on the transformation of the old city, transformation of villages in the city, security of housing construction.

Hengda Real Estate announcement said Jiakai city in the Yangtze River Delta and other places have a total of about 50 projects, the remaining total sales area of nearly 600 million square meters. Through the acquisition of this agreement, the group's land reserve resources can be enriched to further increase the proportion of the number of second tier cities.

, however, now the day is not easy. Its 2015 annual results letters show that 2015 operating income fell 52%, operating profit fell 851.4%, is expected to loss of 2 billion 300 million yuan. in 2015 at the same time, Jiakai city also experienced the resignation of president of personnel shocks.

signs, Hengda is more interested in the shell resources.

Hengda Real Estate in the announcement does not mince words, through the acquisition of the agreement, will have domestic capital market A-share listing platform, through the strategic integration of Hengda Real Estate and China calxon group, will further enhance the company's continued profitability, for shareholders to attract more investment and investment return.

it is worth noting that, Hengda at the same time eyeing the development of Langfang (600149.SH).

is in April 13, crown Jiakai openly solicited the transferee listed qualifications day, Langfang Development announced that, due to the proposed planning major events, may be involved in a major reorganization of assets, April 14 suspension. At the same time, the development of Langfang announced a notice of change in the interests of shareholders. Report shows that in April 11th Hengda Real estate to 282 million yuan to buy 18 million 457 thousand and 300 shares, in April 12th, 9 million 55 thousand and 200 yuan to buy 570 thousand and 700 shares. Thus, Hengda Real estate has become the second largest shareholder of the development of Langfang. At present, the development of Langfang suspension.

and the development of Langfang Jiakai city is quite similar to fortune. data show that the development of the controlling shareholder of Langfang Langfang Investment Holding Group Co., Ltd., the actual control of the SASAC, Langfang city. Currently mainly involved in the development and construction of new towns, land development, urban transformation of the old city, the protection of housing construction and other fields. Its 2015 loss of 64 million 151 thousand and 300 yuan, in 2015 there are personnel shocks. Previously, "raised a brother" Yawei had the largest holding, under the banner of Yun Feng securities investment set trust fund plan and dropped out of the top ten shareholders.

this car buying spree, side of the car in the Hong Kong stock repurchases. Statistics show that currently Hengda Real estate major shareholder shareholding ratio has been close to 75% with the acquisition of Jiakai, seems to have heard the Hengda Real Estate return to a shares of footsteps. Back to its A logic, after Wanda Commercial Hong Kong stocks delisting plan is the best interpretation: undervalued, low price earnings ratio.

however, consulting with the policy research director Zhang Hongwei has a different view.

he believes that the layout of A shares and H shares H shares two real estate financing platform is more likely. In the future, once there is a tightening of financing channels, the company also can continue financing in another financing channels, the overall risk of relying on a single financing platform can be avoided. For the domestic part of the brand in terms of housing prices, to risk averse domestic and foreign listing financing channels, have begun to practice creating a dual platform, such as Vanke, green, gold, and has in the territory of the overseas respectively, to create a platform for listed companies. < p > Hengda Real Estate released by the end of March 2015 annual report showed that as of December 31, 2015. < strong > Hengda Real estate annual total contract sales 2013.4 billion, a constant Daquan annual sales record, 1315 billion in 2014 compared to the surge in 53.1%, the growth rate ranks first in the country.

however, market has been kept on its high debt, high leverage questioned.

Zhang Hongwei wrote that, according to the standard & Poor's research, Hengda Real estate financial leverage significantly worse. Borrowing surge in 2015, total debt rose to 370 billion yuan (including sustainable capital instruments), and in 2014 the total debt level of 212 billion yuan. By the end of 2015 the ratio of debt to income tax and depreciation and amortization (EBITDA) rose to 15 times, higher than the 9.1 times in 2014. < according to the "Chinese business newspaper" report, Vanke 2014 issue of U.S. dollar bonds with a coupon rate of 2.625%, other state-owned housing prices can also get 3% coupon rate, Hengda Group in recent years, dollar bills are between 9% - 12%. And its financing costs in the domestic market is relatively low.

if the return to the country, will be able to better solve this problem.

at present, and other large housing prices are the same, Hengda also diversified transformation, in the financial, tourism, culture and the layout of the field, the hope can be realized through financial investment to light asset model transformation. The return of A shares, no doubt more conducive to this transformation. Zhang Hongwei, Hengda city Jiakai 52.78% stake acquired, can obtain Jiakai city of Jiangsu, Zhejiang and other places of the land reserve, thus Hengda through the scale of acquisition to generate sustainable cash flow can still be to gain the support of the capital market, "Redemption" own large amounts of capital.

however, back to A is not an easy thing, the reality is often more brutal, Hengda also faces many uncertain.

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