On April 29, Hangzhou Binjiang Real Estate Group Co.Ltd(002244) ( Hangzhou Binjiang Real Estate Group Co.Ltd(002244) ) released its annual report for 2021. Last year, the company achieved an operating revenue of 37.9 billion yuan, a year-on-year increase of 32%; The net profit attributable to shareholders of listed companies was 3 billion yuan, a year-on-year increase of 30%; The basic earnings per share is 0.97 yuan; It is proposed to pay a cash dividend of 2.26 yuan (including tax) for every 10 shares.
As a cutting-edge real estate enterprise in China, Hangzhou Binjiang Real Estate Group Co.Ltd(002244) ‘s real estate projects are mainly concentrated in Jinhua, Jiaxing, Ningbo, Wenzhou, Huzhou and other regions in Hangzhou and Zhejiang Province. Cities outside the province include Shanghai, Shenzhen, Suzhou, Nanjing and so on. According to the data, Hangzhou Binjiang Real Estate Group Co.Ltd(002244) last year’s annual sales reached 169.1 billion yuan, with a year-on-year increase of 24%, ranking 22nd in the sales of Kerui industry. By the end of 2021, the unsettled advance payment of the company was 93.54 billion yuan, an increase of 28.5% over the beginning of the year. The continuous thickening of advance payment provided a guarantee for future performance.
During the reporting period, Hangzhou Binjiang Real Estate Group Co.Ltd(002244) added 38 land reserve projects, including 35 projects in 8 prefecture level cities in Zhejiang Province, successfully developed Lishui market and achieved full coverage of projects in 11 prefecture level cities in Zhejiang Province. Last year, the company added a total of 2.029 million square meters of land, 4.694 million square meters of land storage and capacity building area, and the total amount of land payment was 71 billion yuan.
The annual report shows that in recent years, the comprehensive financing cost of Hangzhou Binjiang Real Estate Group Co.Ltd(002244) has shown a downward trend, which was 6%, 5.8%, 5.6% and 5.2% respectively from 2017 to 2020. By the end of the reporting period, the average financing cost of the company had fallen to 4.9%, down 0.3 percentage points from the end of the previous year. Financing costs continued to decline, reflecting the market’s recognition of Hangzhou Binjiang Real Estate Group Co.Ltd(002244) investment.
150160 billion yuan is the sales target of Hangzhou Binjiang Real Estate Group Co.Ltd(002244) 2022 real estate business. According to the company’s development strategy this year, Hangzhou Binjiang Real Estate Group Co.Ltd(002244) will continue to maintain its regional development strategy in Zhejiang Province, Jiangsu Province, Guangdong Province and Shanghai. The proportion of investment is 50% in Hangzhou, 40% outside Hangzhou in Zhejiang Province and 10% outside Zhejiang Province. In terms of land reserve, keep balance on the basis that the amount of land acquired by equity accounts for 0.6 of the amount of cash collection.
In addition to real estate development, Hangzhou Binjiang Real Estate Group Co.Ltd(002244) other businesses are advancing steadily. By the end of the reporting period, the company had about 350000 square meters of office buildings, commercial podiums, community bottom businesses and apartments for rent, and achieved a rental income of 267 million yuan during the reporting period. The company’s investment real estate is measured by the cost method, and the book value at the end of the period is 6.434 billion yuan.
The announcement on the same day also showed that in order to smoothly promote the development and construction of Yongkang Zhongtai town project, Hangzhou Binjiang Real Estate Group Co.Ltd(002244) wholly-owned subsidiary Hangzhou Binmu Enterprise Management Co., Ltd. (hereinafter referred to as “Binmu company”) plans to obtain 100% equity of Hangzhou Gaoguang Real Estate Co., Ltd. (hereinafter referred to as “Gaoguang real estate” or “target company”) through relevant means.
According to the acquisition path, Yango Group Co.Ltd(000671) Group Zhejiang real estate Co., Ltd. (hereinafter referred to as “Zhejiang Yango Group Co.Ltd(000671) “) acquired 100% equity and corresponding creditor’s rights of the target company held by Zhongrong International Trust Co., Ltd. Zhejiang Yango Group Co.Ltd(000671) transferred the above equity and creditor’s rights acquired to Binmu company, and Binmu company paid the purchase price to Zhongrong International Trust Co., Ltd. on behalf of Zhejiang Yango Group Co.Ltd(000671) after Binmu company made the payment, Binmu company’s payment on behalf of Binmu company was deemed to be the purchase price paid by Binmu company to Zhejiang Yango Group Co.Ltd(000671) and Zhejiang Yango Group Co.Ltd(000671) agreed to directly change the equity of the target company from Zhongrong International Trust Co., Ltd. to Binmu company, Therefore, Binmu company obtains 100% equity of the target company and enjoys corresponding creditor’s rights to the target company.
At the same time, Binmu company pays off debts to Hangzhou binqi Enterprise Management Co., Ltd. on behalf of the target company. The payment made by Binmu company is regarded as the purchase price paid by Binmu company to Zhejiang Yango Group Co.Ltd(000671) and Binmu company has corresponding creditor’s rights against the target company.
The announcement shows that the total amount of consideration principal of the acquisition transaction is 5.632 billion yuan. Among them, the purchase price paid by Binmu company on behalf of Zhejiang Yango Group Co.Ltd(000671) to Zhongrong International Trust Co., Ltd. was 3.304 billion yuan and interest / investment income. Binmu company paid off the loan from Hangzhou binqi Enterprise Management Co., Ltd. on behalf of the target company, totaling 2.328 billion yuan.
Hangzhou Binjiang Real Estate Group Co.Ltd(002244) said that after the completion of the transaction, the wholly-owned subsidiary Binmu company will hold 100% equity of the target company, thus indirectly holding 100% equity of Jinhua Hongguang Real Estate Co., Ltd. (hereinafter referred to as the “project company”), the main project developer of Yongkang Zhongtai town.
