On December 24, the listing application of Zhong'an smart life, a property company of Zhong'an group (00672. HK), expired.
Zhong'an smart life is a typical micro property management company. It is disclosed that by the end of 2020, the company had a total of 89 contract projects, with a total contract area of about 13.8 million square meters; The pipe area is about 10.8 million square meters; In the same period, its income scale was only 200 million yuan.
Now, unlike in the past, the property management companies in the same period in 2020 are the "meat and potatoes" of the capital market, setting off a wave of listing, but now they have entered a cooling off period. After the successive table submission in the first half of 2021, the current property enterprises are facing an intensive expiration period.
According to the statistics of Jiahe family industry, a third-party research institution, the number of new forms delivered increased rapidly in 2021, and the number of new forms delivered enterprises reached 33 in the first nine months; After six months of waiting, the prospectus including tohara Renzhi service, Mingyu business service, Haiyue life, Yujia life service and LIGO healthy life failed one after another. Zhongliang Baiyue Zhijia service passed the hearing recently after the second submission, while Xiangsheng chose to suspend the IPO process after the hearing.
The material enterprises with invalid prospectus are not only small-scale property companies, but also enterprises with the largest re management scale in the industry, such as century Jinyuan service and Great Wall property. Among them, as the Great Wall property with a management area of more than 100 million square meters, it is the largest independent third-party property enterprise, and there is no associated real estate company behind it.
Tang Xiaochen, research director of Kerui property business department, told China first finance and economics that the HKEx has recently tightened the approval of property companies. "For real estate related property companies, they are mainly affected by the fluctuations of the upstream real estate industry and their expectations are unstable. While independent third-party property companies are uncertain about their own growth due to fierce industry competition, questionable profitability and great uncertainty."
Jiahe family believes that the scarcity of property stocks has decreased and the homogenization is prominent. The property enterprises to be listed will face stricter listing approval. At the same time, during the downward period of the real estate market, the panic and bad mood of capital can easily be transmitted to the property industry. A head property management enterprise also mentioned at an investor meeting that "now in this market, other leaders may not be able to go to the market in the short term".
The data show that since 2021, there have been 13 material enterprises that have successfully landed in the capital market, of which 11 have completed listing before mid July, and there has been no new face in the Hong Kong stock property sector in the four months from mid July to mid November. It was not until November 10 that JIAYE in Beijing broke the ice.
However, Beijing JIAYE is only the scale of small properties. As of May 2021, its area under management is 30.54 million square meters and 183 properties under management. In the view of Jiahe JIAYE, one of the major advantages of Jingcheng JIAYE is its parent company urban construction group with state-owned assets background. According to the prospectus data, from 2018 to 2020, more than 60% of the revenue of Beijing JIAYE came from urban construction group; At the same time, JIAYE's services in Beijing also include bird's nest, Ditan hospital and more than 300 hutongs.
"In the market environment where the real estate market is declining, the attitude of capital towards risk is particularly conservative, and the state-owned assets background may be a reassurance, which is expected to better avoid non systematic risks." Jiahe JIAYE thinks.
The living conditions of private real estate enterprises in the adjustment period directly affect the operation and development of related material enterprises. Since this year, a number of listed or upcoming property management companies have been put on the shelf, or their business strategies have changed.
For example, Blu ray Garbo service, color life and R & F property have been sold to country garden service successively; Sunshine Zhibo, who submitted the prospectus, terminated the listing plan and was Yango Group Co.Ltd(000671) exchanged for 4.8% equity of omnicloud; Evergrande property was put on the shelf, and Aoyuan health was also informed of potential acquirers; The sale of Xinli service, which handed in the form in March, came out due to the explosion of Xinli holdings.
Such uncertainty makes the pressure on the property management plate obvious in the near future. Data show that the Evergrande property with a P / E ratio of 33 times six months ago is now less than 7 times; Previously, rongchuang service with a P / E ratio of 118 times also fell to only 21 times recently; Even for China Resources Vientiane life with the background of central enterprises, its P / E ratio has been adjusted back to 52 times from 124 times, and country garden service has been reduced from 81 times to 38 times. Overall, the price earnings ratio remains more than 30 times, leaving only six.
According to the data of Sinolink Securities Co.Ltd(600109) , as of December 21, 2021, the hengshengguan index fell by 47% compared with April 20, 2021, and the leading index of kroney real estate stocks fell by 40% in the same period.
"Recently, the market's attitude towards property stocks is expected to change, and the stock price fluctuates greatly. The stock price of many companies has returned to a new low for more than a year." Tang Xiaochen said.
"We believe that this is mainly because the real estate industry has been cleared and many real estate enterprises are facing many problems, which makes the market question the future growth of the property management company and raise concerns about the ownership of the company's future control. The survival of related real estate enterprises has become the core factor determining the valuation of the property management company." Sinolink Securities Co.Ltd(600109) the research report predicts that after the Spring Festival next year, the competition pattern of the real estate industry will become clear, and the valuation of the property management sector will be repaired at that time.
(First Finance)
