Chapter 213 Cooperative financing on July 31, grain storage for the winter

Since 2004, Vanke has carried out a series of cooperation actions, including overseas powerful investment institutions, such as GIC (Singapore Government Investment Corporation), HI (HypoReal Estate Bank International, a German international professional real estate investment bank); A trust fund for product innovation value; other outstanding companies in the same industry such as China Merchants Real Estate. Vanke announced in August 2008 that its application for issuing corporate bonds of no more than 5.9 billion yuan was approved by the China Securities Regulatory Commission, and will continue to announce the specific issuance arrangements. Since the first half of 2008, when bank loans and equity financing encountered resistance, issuing corporate bonds has become a new means of financing for listed real estate companies.

Statistics show that after Gemdale Group issued 1.2 billion corporate bonds in March 2008, the China Securities Regulatory Commission has intensively approved the corporate bond issuance plans of listed real estate companies, of which Poly Real Estate, Xinhu Zhongbao, Beichen Industrial and COFCO Real Estate have been listed respectively. Issued 4.3 billion yuan, 1.4 billion yuan, 1.7 billion yuan and 1.2 billion yuan of corporate bonds. Corporate bonds have undoubtedly eased the tension in the capital chain of the real estate industry.At present, issuing corporate bonds is a better choice for real estate companies. Bank loans are tight, and additional issuance encounters resistance. If you want to obtain financial support, you can only choose to issue corporate bonds.

In the first half of 2008, the sales of real estate companies showed inflection points one after another.According to Vanke's semi-annual report, judging from its monthly sales data, the sales area and sales amount have experienced a year-on-year continuous decline since June, and the gross profit margin of the real estate business has also dropped by 4.63%. Due to the uncertain situation, real estate companies are paying more and more attention to cash reserves.Vanke's interim report held cash at the end of the period reached 15.37 billion yuan, exceeding the sum of short-term loans and long-term debts due within one year.Accounts received in advance reached 26.5 billion yuan, accounting for 35% of total liabilities.

With sales and loans increasingly difficult, corporate bonds have become an important source of capital, but not all companies have been able to do so.According to the "Pilot Measures for the Issuance of Corporate Bonds", the company that issues corporate bonds must have a good bond credit rating by a credit rating agency; the average annual distributable profit realized in the last three fiscal years shall not be less than one year's interest on corporate bonds; The cumulative balance of corporate bonds after the first issuance shall not exceed 40% of the net assets at the end of the latest period.It is difficult for small-scale, non-standardized and non-listed companies to obtain opportunities for bond issuance financing.

Issuing corporate bonds has almost become the "privilege" of leading listed companies. Although it will increase the company's financial burden and debt ratio, under the current market situation, the most important thing is to be able to obtain funds to "overwinter" safely. Facing the severe economic situation, entrepreneurs in any industry must be prepared for danger in times of peace, stockpiling grain and cotton-padded clothes for the winter.At this time, various forms of financing are obviously a pragmatic move.