Recently, the company released its performance report for 2021. In 2021, Hejing Pacific achieved a pre-sale amount of 103.8 billion yuan, a year-on-year increase of 0.2%; The consolidated income according to equity is 44.283 billion yuan; The core profit in the year was nearly 4 billion yuan; The core gross profit margin and net profit margin were 21.2% and 10.7% respectively.
In addition, under the normalization of epidemic prevention and control, the rental income reached 1.9 billion yuan in 2021, a significant increase of 31%, steadily increasing from investment properties and constantly consolidating the moat of diversified businesses.
Although the growth trend has leveled off this year, the performance report still highlights its financial "resilience" in a special period of economic pressure and slowing demand. Among them, the company actively implemented a clear debt repayment plan, which gave investors and the capital market a real boost.
alleviate cash pressure and pay bonds on schedule in the first quarter
Recently, although affected by the pessimism of the industry, Fitch, S & P and other rating agencies have adjusted the ratings of private real estate enterprises. However, Fitch report pointed out that despite the challenging market conditions, Hejing Pacific still insisted on fulfilling its debt and had new financing channels and space. Fitch also mentioned that at present, the performance of Hejing Pacific has been affected by the epidemic, and the trend is basically consistent with the market.
Consistent with Fitch's evaluation, even in the case of industry downturn and continuous policy adjustment in 2021, Hejing Pacific paid a total of 14.3 billion yuan of domestic bond principal in the whole year, and a total of 750 million dollars of bonds at the level of overseas subsidiaries and cooperative companies, so as to complete the payment of maturity and resale period of domestic and foreign bonds in the current year.
In terms of cash flow, in 2021, Hejing Pacific had a cash balance of 29.4 billion yuan. It has given clear plans and measures to alleviate the pressure of working capital and honor the debts due within the year on schedule:
\u3000\u3000 "The group has ample room for new financing. After December 31, 2021, the group has held consultations with a number of banks and other institutions to ensure new financing. The group has sufficient value for sale in 2022, of which 95% are concentrated in the first and second tier cities in the core of Dawan district and Yangtze River Delta. The market demand is large, the rebound speed is fast, and the de urbanization ability is strong. The group will continue to take measures to speed up the pre-sale and sales of properties under construction and completed properties and accelerate sales Collection. "
In the first quarter of 2022, under the situation of repeated epidemic and uncertain international situation, Hejing Pacific also basically implemented the above plan. According to statistics, in the first quarter of 2022, Hejing Pacific cashed a number of bonds with principal and interest of RMB 1.765.1 billion and overseas US dollar bonds of US $250 million.
Hejing Pacific has also prepared various plans to deal with the overseas bonds due this year according to the overseas financing environment faced by real estate enterprises.
It is understood that the total amount of overseas bonds due in September 2022 is US $900 million. The company has obtained sufficient US dollar bond issuance quota from the development and Reform Commission. In the future, it will continue to pay attention to the overseas bond market window and choose an appropriate time for refinancing. Even if the refinancing window continues to close, the company can also use the sales collection of overseas projects to repay.
The project of Hong Kong qideshang · Xiangtan has been delivered, and the remaining value will be sold within this year. At that time, all the sales funds will be returned to the shareholders. The total value of the Hong Kong yawuzhou project is large, and it is expected to be sold in the first half of 2022. The above two Hong Kong projects are a powerful supplement to the company's overseas funds.
It is understood that since 4, the overall performance of Hejing Pacific's US dollar bonds has increased slightly, and institutional investors have remained active
Enter the second period of rent increase
Hejing Taifu's diversified high-quality assets have precipitated, and under the changes of the industry, it has built a thick asset protection pad.
data show that the annual rent of the group in 2021 increased by 31% year-on-year, including 47% for hotels, 27% for shopping malls and 17% for office buildings. Under the normalization of epidemic prevention and control, the passenger flow of shopping malls increased by 45% year-on-year, and the retail sales increased by 51% year-on-year
It can be seen that the investment property of the group has entered the harvest period.
In 2022, hejingyoufang shopping mall of Guangzhou Knowledge City, which is about to open, has introduced the needs of "new citizens" with high-tech talents. In the design of the shopping center, new citizens are eager to integrate into local culture and enjoy the comprehensive needs of diversified and social consumption, which has strengthened the centripetal force of hejingtaifu's urban landmark in the east of Guangzhou.
Chongqing Youfang, which has attracted much attention in the business circle, is positioned as the 24h light life enjoyment center of "art description, social networking and fun", integrating the location radiation of the Central Park business circle, the core of Chongqing Liangjiang international business center. The project plans the business form combination of double box and bar street, which brings a highly differentiated sense of cultural identity and sufficient experience to the post-90s and post-00s consumer groups from the space design, which is in line with the current consumption trend.
This layout is in line with the expectations of the capital market.
In 2021, China's tertiary industry increased by 8.2% and the proportion of added value was 53.3%. China, the world's second largest economy, will change accordingly. China's economic activities will change from "emphasizing production" to "emphasizing consumption". In 2021, China's real estate investment market ushered in rapid recovery and vigorous development. The total turnover of the whole year was locked at 273.13 billion yuan, up 32.6% year-on-year, the second highest level in history. The trading volume of commercial real estate investment in the Chinese market increased by 21% year-on-year to US $39 billion.
Recently, CBRE CBRE CBRE's 2022 investor intention survey showed that investors' long-term confidence in China's commercial real estate has increased, and 59% of respondents chose to "invest more actively" in 2022, a new high since the first investor intention survey in 2016.
According to the report, China's economic growth will gradually return to normal in 2022, and countercyclical regulation and structural transformation will jointly inject vitality into the new cycle of commercial real estate. The trend of "greening" of commercial real estate will be further accelerated, and the investment market will enter the era of "300 billion".
Some studies have shown that as the needs of the post-90s and 00 young groups for personality, socializing and pleasing themselves increase, they socialize with circle culture, are willing to pay for their interests, and create their own "social capital" while consuming.
This will usher in spring and hope for enterprises with strong control over diversified space and space design that can balance aesthetic taste and grasp future trends. Hejing Taifu, which has artistic appreciation, innovative planning and consumption insight, and has cultivated diversified channels for many years, is easier to attract high-quality consumers and promote cash return.
market expectation differentiation, second quarter recovery, confidence growing
For the later outlook, the prediction of domestic and foreign institutions shows a differentiation trend in the near future.
Recently, the pessimism of foreign-funded institutions towards Chinese real estate enterprises, especially private enterprises, is still strong.
Previously, Goldman Sachs reported that China's real estate industry is still under pressure, among which the valuation of private enterprises is low. The current price level of most private real estate enterprises covered is only 0.1 to 0.5 times the P / E ratio in 2021, about 50% lower than the historical low, reflecting that the real estate industry is facing greater financial pressure than in the past in this downward cycle, which is believed to be due to the weak market and the contraction of financing channels.
At the same time, Goldman Sachs also said in its report that the private real estate enterprises that survived the current downturn in the market believe that the valuation will improve. At the same time, it pointed out three real estate companies and said that once the physical market returns to stability and the credit risk is solved, these companies are expected to get the opportunity to readjust, including Hejing Pacific.
Some investors pointed out that in today's market environment, rating companies are more pessimistic, so they can only uniformly tighten the evaluation criteria and basically reduce the level without difference. Such a rating structure adds real difficulty to investors' decision-making and judgment.
According to the data of the National Bureau of statistics, in the first quarter of this year, real estate development investment rose slightly, and the growth rate fell continuously. Data show that from January to March, the national investment in real estate development was 2776.5 billion yuan, a year-on-year increase of 0.7%. There are obvious signs of recovery under the epidemic. Insiders pointed out that it is expected that in the second quarter, with the improvement of the epidemic situation and the implementation of good policies, high-quality real estate enterprises and high-energy cities will be able to release more housing purchasing power and consumer demand.
