2021 is definitely the "year of thunderstorms" for real estate companies.
Since the beginning of this year, not only the number and frequency of “thunder-burst” incidents in the real estate industry have increased, the level of “thunder-burst” housing companies has also become higher and higher.
However, among many real estate companies, there are "poor students" and "high students".
For example, Longfor Group has been able to stay in the "three red lines" green housing enterprise camp for 5 consecutive years.
Real estate business is, in the final analysis, a capital game. And the "three red lines" manage the financing of real estate enterprises.
Longfor Group has been green for 5 consecutive years. The most direct benefit is reflected in its financing cost.
data show,In the first half of 2021, Longfor Group, a private enterprise, had an average financing cost of only 4.21%, which was at the same level as the central enterprises Zhonghai and Poly.
Such a low financing cost can definitely envy a real estate company.
However, Longfor Group's green status is not completely impeccable. One doubt is the sharp increase in minority shareholders' equity; the other is the larger-scale securitization product.
Minority shareholders' equity: 5 years soared 11 times _span8 The asset-liability ratio afterwards was 68.3%, the short-term debt ratio of cash reached 5.48 times, and the “three red lines” remained at the green level.
We know that the "three red lines" indicators are directly related to the ownership rights of real estate companies.
For example,The formula for calculating the net debt ratio is: (interest-bearing liabilities-monetary funds)/net assets, where the net assets are the owners' equity.
Then, if you want to lower the net debt ratio, one operation is to increase the owner's equity, that is, to increase the denominator of net assets.
And Longfor Group clearly understands this, and the specific operation is to rapidly increase minority shareholders' equity.
Data show that at the end of 2014, the minority shareholders' equity of Longfor Group accounted for only 4% of net assets. Since then, its minority shareholders' equity has surged, making the proportion of its net assets also rise sharply.
From the end of 2015 to the end of 2020, the minority shareholders' equity of Longfor Group has increased from 7.34 billion yuan to about 90 billion yuan, a sharp increase of more than 11 times in five years.
In the same period, Longfor Group's equity attributable to parent shareholders increased from 55.13 billion yuan to 108.34 billion, which was only 0.96 times higher in 5 years.
In this context, as of the end of June 2021, Longfor Group’s net assets of 200.65 billion yuan,The equity attributable to parent shareholders reached 109.70 billion yuan, and minority shareholders’ equity reached 90.95 billion yuan. The latter accounted for 45.3% of net assets.
It can be said that the substantial increase in the minority shareholders' equity of Longfor Group is one of the main reasons why its debt ratio has remained low for five years.
However, the surge of minority shareholders' equity has caused Longfor Group's minority shareholders' profit and loss to increase significantly at the same time.
Data show that from 2016 to 2020, the minority shareholders' profit and loss of Longfor Group will increase from 780 million yuan to 8.8 billion yuan, and the minority shareholders' profit and loss will increase from 7.8% to 31.0% of the net profit.
In the same period, the net profit of Longfor Group from 9.15 billion to 20 billion yuan, the growth rate is significantly lower than the minority shareholders' profit and loss.
That is to say, the increase in the minority shareholders' equity of Longfor Group has caused the rapid growth of its minority shareholders' profit and loss, which greatly squeezed the growth space of Longfor Group's net profit attributable to the parent.
However,Although Longfor Group’s minority shareholders’ profits and losses have increased significantly, its proportion of 31% of net profit is still significantly lower than the proportion of minority shareholders’ equity of 45.3% of net assets.
This also means that Longfor Group also has the suspicion of "real stock debts", but to a lesser degree.
ABS: " implicit debt _8 _span_span8 strong) Interest-bearing liabilities-monetary funds)/net assets. If you want to keep this data down, there is another trick, which is to lower the interest-bearing liabilities.
The easiest way to make low-interest-bearing debt is to borrow less.
However, as a leading real estate company, Longfor Group is going to be large-scale, and it is impossible not to borrow money.
From the perspective of land acquisition,In the first half of this year, Longfor Group acquired a total of 53 new plots with an equity amount of 38.9 billion yuan. And this money can't be Longfor Group's own funds, most of it must be borrowed.
Then, Longfor Group has to think of other tricks. From the data point of view, asset securitization products have become Longfor Group's "sweet rice cakes".
Data show that as of August 31, Longfor Group's supply chain ABS and CMBS reached 35.775 billion yuan, the total scale ranked second among all real estate companies, second only to Vanke .
The so-called asset securitization (ABS) is actually a popular project financing method in the international capital market. It is to package low-liquid assets into high-liquid securities to obtain financing.
For example, the supply chain ABS is to issue asset-backed securities based on the accounts payable of real estate enterprises and the debts on the accounts receivable.
CMBS CMBS is the underlying target property of commercial real estate such as office buildings, shopping malls, hotels, etc., and issues asset-backed securities with the underlying property mortgage creditor's rights as the underlying assets.
After all,Supply chain ABS and CMBS are both financing in disguised form, that is, debt.
However, in terms of accounting operations, supply chain ABS is usually counted under "accounts payable", "other payables" and other operating liabilities; while CMBS is usually counted as " long-term payable" Section " or "other non-current assets" and other subjects.
Such subjects are easy to miss in the statistics, which makes the book value of interest-bearing debt lower than its true debt level.
In other words, supply chain ABS and CMBS will become "hidden liabilities" through accounting means.
Then, we can also say that some or even all of the supply chain ABS and CMBS of Longfor Group's 35.775 billion yuan are not included in the interest-bearing liability account. This reduces the Longfor Group's net debt ratio.
This is also one of the real reasons why Longfor Group can achieve green files.
However, although the ABS title is fancy,But financing means the generation of debt, which is a fact that no one can change.
Through ABS, Longfor Group can form "hidden liabilities" that are not included in interest-bearing liabilities. However, in the context of stricter regulation and control in the real estate industry, real estate companies must assume the responsibility of reducing high leverage. Longfor Group, as a real estate company's "excellent students", should not use tricks to show off its "financial skills".
In addition, the overall financing environment of the real estate industry is accelerating tightening. With the restriction of such products, real estate companies that previously absorbed a large amount of operational financing will face greater short-term debt pressure.
In other words, Longfor Group, which is more dependent on ABS financing, may have a difficult time in the future.
.-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-