According to the statistics of the reporter of China Securities Journal, at present, more than 15 listed real estate enterprises have announced the postponement of the disclosure of the 2021 annual report. Most of the real estate enterprises that have disclosed their annual reports are facing the pressure of declining performance growth and gross profit margin. At present, real estate enterprises are more cautious in setting sales targets for 2022. Institutional sources said that more real estate enterprises may no longer set sales targets for 2022.
annual report “dystocia”
The impact of the epidemic, debt accounting and the replacement of auditors are the main reasons for the delay in the disclosure of the 2021 annual report of real estate enterprises.
On March 25, R & F real estate announced that it expected a loss of no less than 8 billion yuan in 2021, mainly due to the decline in sales revenue due to the decrease in agreed sales and the recognition of property sales, as well as the decline in gross profit margin, the increase in accrued inventory impairment due to the decline in project selling price and the decrease in other income recorded. At the same time, the company said that due to the severe epidemic situation in Hong Kong, it is not expected to complete the audit of the annual report before March 31.
On the same day, China Olympic Park also announced that due to the impact of the epidemic, the preparation of the company’s 2021 annual report and the preparation of financial statements were seriously delayed. In addition, in view of the changes in the company’s business environment since the fourth quarter of 2021, the company’s management needs more time to evaluate potential impairment provisions, which may have a significant impact on the performance of 2021. In addition, the company’s auditors need to conduct additional review procedures according to the current working capital status, so the 2021 annual report cannot be published before March 31.
China Olympic Park said that according to relevant regulations, if the company cannot publish the 2021 annual report before March 31, the trading of the company’s shares is expected to be suspended from the morning of April 1.
On March 24, Baolong real estate announced that Luo Bingxian Yongdao certified public accountants had resigned as the auditor of the company, which took effect from March 24. At the same time, due to the impact of the epidemic, the company limited its ability to collect necessary documents in time, and the company is expected to be unable to publish the annual report of 2021 before March 31.
profit under pressure
According to the data, in 2021, the national commercial housing sales reached 18.19 trillion yuan, a year-on-year increase of 4.8%; The sales area of commercial housing reached 1.794 billion square meters, a year-on-year increase of 1.9%. Although the scale of commercial housing transactions reached an all-time high in 2021, the growth rate dropped significantly. Especially since the second half of 2021, the real estate market has cooled significantly, and the commercial housing transaction, land market, real estate development investment and new construction area have shown a downward trend month by month.
Many real estate enterprises fall into the embarrassing situation of increasing income without increasing profits. Xuhui holding group achieved a revenue of 107835 billion yuan in 2021, a year-on-year increase of 50.2%; The net profit attributable to shareholders’ equity was 7.613 billion yuan, a year-on-year decrease of 5.2%. COSCO Group achieved a turnover of 64.247 billion yuan in 2021, a year-on-year increase of 14%; The profit attributable to owners of the company was 2.729 billion yuan, a year-on-year decrease of 4.78%.
Poly Developments And Holdings Group Co.Ltd(600048) 2021 performance express shows that the company achieved a total operating revenue of 285048 billion yuan, a year-on-year increase of 17.2%; The net profit attributable to the parent company was 27.577 billion yuan, a year-on-year decrease of 4.74%. The company said that a certain increase in revenue in 2021 was mainly due to the completion, delivery and carry over of the company’s sold real estate projects within the year. At the same time, due to the decline in the gross profit margin of carry forward projects, the operating profit of the company has decreased to a certain extent.
China Merchants Shekou Industrial Zone Holdings Co.Ltd(001979) 2021, the operating revenue reached 160643 billion yuan, with a year-on-year increase of 23.93%; The net profit attributable to shareholders of listed companies was 10.372 billion yuan, a year-on-year decrease of 15.35% China Merchants Shekou Industrial Zone Holdings Co.Ltd(001979) at the performance presentation meeting held recently, the company said that the cost of land acquisition was relatively high in 2017 and 2018, and these land were carried forward successively in recent years, so the company’s carry forward gross profit margin has gradually decreased in recent years.
carefully determine the sales target
Industry insiders said that due to the changing trend of the industry, it is predicted that the scale of the industry will gradually decline from the top in the future. This may become a key factor for real estate enterprises to carefully determine the sales target in 2022.
Xuhui holding group achieved contract sales of 247.3 billion yuan in 2021, a year-on-year increase of 7%, and failed to achieve the annual sales target. At the recently held 2021 performance presentation meeting, Lin Zhong, chairman of the board of directors of Xuhui holding group, did not give exact figures on the sales target of 2022.
When explaining the sales target for 2022, Lin Weiguo, chief executive of China Construction Development International, said that because it sold about 165 billion yuan last year, he wanted to arrange according to this target first.
At the 2021 performance presentation meeting held a few days ago, China Merchants Shekou Industrial Zone Holdings Co.Ltd(001979) director and general manager Jiang Tiefeng said that it is expected that the company will have a new construction area of 13 million square meters and a completed area of 13 million square meters in 2022. Considering the uncertainty of the external environment, the annual sales target is set at 330 billion yuan, which is basically the same as last year’s sales target.
“The completion of the sales target of real estate enterprises in 2021 is mostly not ideal. It cannot be ruled out that more and more real estate enterprises will no longer determine the annual sales target this year.” Some institutions told reporters.
