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Original first release | Jinjiao Finance (F-Jinjiao)
Author | Hu Yeyuan
Shenzhen's real estate market has always been hot, but can you imagine that , a real estate project that has not sold a house for ten years in the paradise of wealth creation?
is located at Luohu , where Wenjin North Road and Tianbei Second Road meet, 8 new and clean oval buildings with clean exterior walls stand on the roadside. The exterior wall is brown and white, and the glass is ink blue. The balcony that was picked out was spacious and empty, and of course, there were no clothes or anything on it. From 2009 to 2019, this property has not even sold a single brick.
This plate is Dehong World Huafu, and is a famous luxury house plate in Luohu District, Shenzhen. What is famous is that it has not been sold to the public since its cap in November 2010, and it has been nearly ten years. Recently, news of the opening of finally came out, and the marketing center is also under emergency decoration. All the intermediaries around arrived when they heard the news and were so excited that they were ready to go. What is more excited about
than the intermediary is the developer Maoye Group . In the ten years of closure for sale, Dehong Tianxia's total value has increased by 6 times. Unfinished, haunted, sealed by the court... This property has been surrounded by these rumors for a long time. What exactly have they experienced in the past ten years? If you drag it to the current front line, you can win 10 billion yuan, giving Maoye Group a breath. Everything is absurd.
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The "unfinished building" that has been closed for ten years
These 8 buildings are projects under Shenzhen real estate developer Maoye Group, Dehong World Huafu.
In November 2010, this property was topped off, but it has not been on sale. It was not until nearly 10 years later that there were signs of official opening.
There is a real estate agent saying that this time the property will launch small apartments and duplex large apartments with a price of less than 80 square meters, of which the total price of small apartments is expected to be more than 6 million yuan. Although the specific price remains to be announced by the developer, based on this calculation, the unit price of Dehong World Huafu is also above 80,000 yuan.
Dehong Tianxia Huafu is close to Metro Line 7 Honghu Station and Line 3 Cuizhu Station . It is only more than 300 meters away from the nearest Honghu Station. It can be reached within 3-5 minutes. It is not far from Cuizhu Station. The distance is about 1 kilometer and can be classified as a "double subway plate". In addition, there are Honghu Park, People's Park and Shenzhen Children's Park around, with rich ecological and municipal supporting resources.
In addition to these extremely advantageous conditions, the property also has the biggest ace - Shenzhen Middle School (junior high school) not far from the project. This is one of the four famous schools in Shenzhen. With the trump card of this high-quality degree house, Dehong World Huafu can easily sell at a high price.
The average price of high-quality second-hand houses around this property is above 80,000 yuan, and those below 80,000 yuan are basically old and dilapidated in the surrounding area. According to the Shenzhen Real Estate Information Network, the total construction area of Dehong Tianxia Huafu is 265,187.878㎡ and the residential area is 174,935.455㎡. Based on this, the value of the residential property of the project can be as high as 14 billion yuan.
However, before this, it was the tortuous and ups and downs of this property.
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Don't dare to sell
The decade of Dehong World Huafu being closed is also a decade of continuous collision with Shenzhen's real estate policies.
Dehong World Huafu started construction at the end of 2008, nearly 11 years ago. Before this, in 2006, Shenzhen issued the "70/90 Policy", stipulating that for newly approved and newly started commercial housing construction, the proportion of housing units with a construction area of less than 90 square meters (including affordable housing) must reach more than 70% of the total development and construction area.
But Dehong the world is the Huafu, but he did the opposite.
Under the influence of the policy at that time, large apartments became scarce products, and the market was full of paranoid preferences for large apartments. In order to meet the market's demand for large apartments and to seek greater profit margins, many developers have designed residential buildings into double-part or even multiple-part apartments, and then sold them according to luxury home standards.
Dehong World Huafu is no exception. The planned area of the entire project is 200 square meters to 1,000 square meters large apartments or super large apartments. has long exceeded policy restrictions. Logically speaking, such a property should not have a chance to be born. The successful construction of Dehong World Huafu was achieved by using the common tricks of the luxury housing industry - double-company or multi-company apartments.
Simply put, it is a large-scale house, corresponding to multiple property certificates within 90 square meters. In this way, home buyers can use 2-3 purchase quotas to buy large-scale houses, thus avoiding policy restrictions.
However, Dehong Tianxia Huafu was born at the wrong time. On the eve of the opening of 2010, Shenzhen introduced a purchase restriction policy. The policy stipulates that even if you have a Shenzhen household registration, you can only buy two houses in Shenzhen. The regulation of
directly cuts off the gameplay of Dehong World Huafu. After the purchase restriction policy was introduced, the housing tickets could compete with degrees in the Shenzhen real estate market. This directly leads to the need for home buyers to spend two to three precious housing tickets when purchasing Dehong Tianxia Huafu.
How many housing tickets can the entire family of three have? Dehong Tianxia Huafu suddenly fell into a dilemma. The final result was that the project had been delayed for nearly ten years, and people who were uninformed thought that the former luxury house had become an unfinished building.
is just one of the reasons why Dehong World Huafu has not been able to sell.
Some people believe that Dehong World Huafu has not entered the market for many years because the project construction exceeds the land use red line. For example, the balcony of some apartments is isolated from the interior, which does not belong to the building area, and is prepared to pass the acceptance before placing a board.
This is a way for developers to avoid planned area restrictions when developing projects. By leaving a suspended area during construction, it is made into a hollowed-out shape, and after the acceptance is completed, it is then built into a usable area by placing a board. In essence, this is still an illegal building.
data once pointed out that Dehong World Huafu built an additional 70,000 square meters of illegal buildings based on the original plan.
On June 25, 2019, the Shenzhen Municipal Planning and Land Planning Commission issued an announcement that Dehong Tianxia Huafu needs to adjust the scope of land use red lines and economic and technical indicators, substation location, building height and underground garage entrance and exit location. In September 2016, the project also applied to adjust the plot plan. This proves to some extent the possibility of the second guess.
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.3 billion entered the market, harvesting 12.2 billion
closed and finally entered the market for ten years. This is not the biggest reason why Dehong World Huafu attracted a lot of attention - developers earn more than 10 billion lying down, which is the focus of attention of the melon-eating people.
Dehong Tianxia Huafu project is located in the east of Wenjin Road and the north of Tianbei Second Road, with the land number H307-0038. The site obtained the "Construction Land Planning Permit" as early as 1998 and the "Construction Project Planning Permit" in 2008. It is understood that the plot was originally owned by Shenbao Industrial Co., Ltd.
In 1997, Shenzhen Bao Industrial and Shenzhen Jitai Investment Co., Ltd. planned to cooperate in the development of the land. The name was "Shenbao Commercial City" at that time. However, in the later period, Shenzhen Jitai failed to complete the project approval work in a timely manner. Maoye Group replaced it and paid about 146 million yuan of cooperative development income and about 34 million yuan of land price.
In addition, Maoye Group will also pay about RMB 55 million to refund the amount of RMB 55 million to Shenzhenbao Industrial and the land development expenses, municipal government supporting expenses, and land use rights transfer fees that Shenzhenbao Industrial has previously paid are approximately RMB 34 million. This also means that in order to participate in the development of the plot, Maoye Group has paid at least about 269 million yuan.
But this price is too worthwhile for Maoye Group. The most important thing is that no matter how much subsequent investment in , Maoye has completely become the "reaper" of the future income of this land.
According to the "Cooperative Housing Construction Contract" and "Cooperative Housing Supplementary Agreement" signed by the two parties at that time, Shenbao Industrial is responsible for handling the relevant procedures for building and selling houses, while Maoye is responsible for the cost of building houses and enjoys the income from selling houses.However, after Maoye joined, the so-called "Shenbao Commercial City" still disappeared for ten years; until 2008, the project obtained the "Construction Project Planning License" and transformed into a "Dehong Tianxia" residential project.
At the beginning of 2011, the average price of new houses in Luohu District was only 17,000 yuan per square meter. If the project was launched at that time, considering the premium positioning of luxury houses, about 4 million yuan might be able to buy a 200-square-meter luxury house with a degree from a prestigious university.
According to the normal sales cycle, Dehong World Huafu should be sold out before 2013. At that time, the average price of Luohu was 36,500 yuan per square meter. Nowadays, the average price of Luohu has exceeded 60,000. The Kaisa Jincuiyuan near Dehong Tianxia Huafu is priced at 99,000 yuan, and rounded to 100,000 yuan per square meter.
A market insider who is familiar with the project revealed that Dehong Tianxia Huafu itself is a luxury house, which is in line with surrounding education, commercial facilities, and the current hot market conditions, and the average price may be more than 100,000 yuan.
According to this calculation, you can now sell 70,000 more per square meter. Dehong Tianxia Huafu, which has a construction area of 266,000 square meters, has a residential area of 174,935.455 square meters. According to this, developers can earn about 12.2 billion more. Of course, you can do a happy business by making money. But for Maoye Group, this property may be more than just making money - it is a life-saving bank.
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Maoye Group: Crazy mergers and acquisitions, the 24-year-old second generation just took over
Maoye Group is considered a veteran real estate developer in Shenzhen. Tianyan Check shows that the company's chairman Zhang Jing is the wife of Maoye Group founder Huang Maoru .
Huang Maoru was born in 1965 and his ancestral home is Huilai County, Jieyang City, Guangdong Province. There are six people in the Huang family genealogy, Huang Maoru has three brothers, namely, Chairman of the Board of Directors of Greater China International Investment Group, Huang Shizai , Chairman of Guodu Group Huang Maozhan, and Huang Zhenhua, the head of Xinhe Real Estate, are all famous figures in the Shenzhen business community.
In 1992, 27-year-old Huang Maoru and his wife Zhang Jing had already gotten involved in real estate. At that time, they developed their first real estate project "Maoye City" in Buji outside Shenzhen. This year, the two also became Belize citizens.
In 1995, Huang Maoru founded Maoye Group, and the year afterwards, Shenzhen Maoye Commercial Building was established. Since then, Maoye has successively developed several residential projects such as Urban Garden, Century Haoting and Xiangmi Lake Haoting. In 1997, the first department store, Maoye Shenzhen Dongmen Store, opened. Maoye has turned to the "real estate + department store" model. In 2004, Huang Maoru was on the Hurun China Rich List and ranked 19 with a wealth of 3 billion yuan. Because he ranks among the richest in Shenzhen, he is called the "richest man in Shenzhen".
0 Shenzhen’s richest man’s career begins parallel to Maoye’s merger and acquisition path. In 2005, Maoye Group acquired (65.75% of the shares of chengshang Group for 380 million yuan, and later renamed Maoye Commercial. While listing through a backdoor listing, it successfully entered the Sichuan market, becoming the first foreign-funded enterprise to successfully acquire the controlling rights of a listed department store in China.
Three years later, Huang Maoru packaged 15 stores and Chengshang Group to list in Hong Kong through a series of asset restructuring. That is, Maoye International , raising nearly 3 billion yuan. Since then, Huang Maoru led Maoye International to embark on a crazy "buy, buy, buy, buy, buy, and deploy across the country.
From October 16 to November 3, 2008, Maoye International has successively raised bids for three A-share listed companies, Shenzhen Guoshang, Bohai Logistics, and Commercial City, namely Shenzhen local retail enterprises and Qinhuangdao City 's largest commercial distribution enterprise and a state-owned retail enterprise in Shenyang.
From June to July 2012, Maoye International spent 450 million yuan to purchase 4.5% of Dashang shares. Two years later, Zhongzhao Investment, a subsidiary of Maoye International, acquired 10% of the shares of Ginza shares in Shandong's leading commercial enterprise in two times.
htmlWith 29 years, Huang Maoru sniped six listed companies in succession and was in the market The market is regarded as a "trading maniac".
In 2016, Maoye International took action again and acquired Inner Mongolia Victoria Commercial (Group) Co., Ltd. for 1.5653 billion yuan. The latter has 13 years of business experience and is the largest commercial group in Inner Mongolia. In February of the same year, Maoye International also completed the acquisition of two Renhe Spring stores, Chengdu Rendong Department Store and Guanghua Department Store, with a cash price of about 2.474 billion yuan.
In addition, the purchase of land plots in cities such as Taiyuan, Qinhuangdao, Taizhou, and Zibo has invested more than 5 billion yuan in land purchases alone. In addition, the large amount of construction funds after buying the land is even more huge. Ruchengshang Group's Yanshikou project is expected to invest 1 billion yuan.
roughly calculated that Maoye Group spent more than 10 billion yuan to basically complete the first round of market seizing tasks.
As more and more mergers and acquisitions cases are increasing, Maoye's plate is getting bigger and bigger. As of June 30, 2019, Maoye operated and managed 59 stores in 21 cities across the country, with a total operating area of about 2.95 million square meters, of which the operating area of its own properties accounted for 76.46%.
But on the road to business, scale is not exactly equivalent to profit. After Maoye spent huge amounts of money on mergers and acquisitions, it failed to bring considerable profit returns in addition to bringing Maoye 59 stores in 21 cities across the country and a total operating area of about 2.95 million square meters.
At present, Maoye International is in a growth dilemma and its profits have even regressed.
According to the company's 2018 annual report, during the reporting period, Maoye International's sales proceeds and leasing revenue were approximately 15.79 billion yuan, a year-on-year increase of 0.5%, and net profit reached approximately 1.127 billion yuan, a year-on-year decrease of 11.1%. In this regard, management blamed it for the deterioration of the macro economy and the trade issues between China and the United States. There is also a recession in the retail industry that has also been used as one of the reasons.
But perhaps crazy mergers and acquisitions are the problem of Maoye.
Wind data shows that since 2010, Maoye Commercial's revenue has grown steadily, from 1.711 billion yuan to 13.105 billion yuan in 2018. Among them, the growth was the fastest in 2016, with revenue reaching 9.414 billion yuan, nearly quadrupled compared with the previous period.
Coincidentally, in 2016, Maoye spent more than 4 billion to acquire three companies, which made it quadrupled.
In addition, Maoye has the characteristics of high premium when acquiring Qinhuangdao Maoye. According to the review report released, the book value of Qinhuangdao Maoye's net assets was 347 million yuan, while the transaction price determined by the acquisition was 1.79 billion yuan, the appraised value was 1.443 billion yuan, and the premium rate was 415.63%.
Maoye may hope that high premiums will bring high returns, but the wishful thinking will not be effective every time. Since 2015, the operating conditions of Qinhuangdao Maoye have not been optimistic and their revenue has slowly declined. According to the latest audit report, in 2017 and 2018, the company achieved revenue of 1.069 billion yuan and 1.081 billion yuan, and net profit of 113 million yuan and 130 million yuan.
Even so, Maoye is still willing to pay high acquisition payments because these are all their own brothers.
Qinhuangdao Jinyuan Supermarket was established in 2001. In June this year, Zhongzhao Investment, controlled by Maoye Commercial Group, became the only shareholder of Qinhuangdao Maoye. Maoye Commercial, the main body of the acquisition this time, is also controlled by Maoye Commercial Group. This is a thorough related transaction.
But such a high premium acquisition is likely to not be able to return the real money and silver returns. This can be seen from Maoye's previous acquisitions.
When Maoye acquired Rendong Department Store and Guanghua Department Store, the other party did not make any performance commitments. In 2018, the net profits of the two companies were RMB 43 million and RMB 107 million respectively. Compared with the predicted amounts at the time of acquisition, RMB 42 million and RMB 73 million, the completion ratio was only about 50.35% and 59.19%.
At that time, the five companies including Heping Maoye acquired by Maoye Commercial when it went public through a backdoor listing also failed to fulfill their performance commitments. The performance difference from 2016 to 2018 was RMB 142 million, RMB 17.0098 million and RMB 12.1964 million, respectively.
spent a huge amount of acquisition money, but the performance was not as good as expected. In other words, many of them were lost.
In the first half of this year, Maoye’s financial data showed that profit growth further regressed. During the reporting period, sales proceeds and leasing revenue were approximately RMB 7.63 billion, a decrease of 3.2% from the same period in 2018, and net profit revenue was approximately RMB 422 million, a decrease of 17.1% from the same period in 2018.
At this time, Huang Maoru and his wife quickly arranged for their son to come in to take over.
On November 12, Maoye Commercial Co., Ltd. announced that the board of directors recently received a written resignation report submitted by the company's director Ye Jing and President Gao Hongbiao. At the same time, announced the appointment of the new president as 24-year-old Tony Huang.
24-year-old young man can become the controller of a listed company? There is only one answer.
Tony Huang's Chinese name is Huang Weizheng, male, born in 1995, with a bachelor's degree, is the son of the legal representative of Shenzhen Maoye Commercial Building Co., Ltd., the controlling shareholder of Maoye Company, and the son of Mr. Huang Maoru, the actual controller of the company.
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