China Fund News reporter Wu Yu
The darkest moment for real estate companies is still continuing. Last night, a post was posted on Vanke , saying that it would "save food and reduce food" to prepare for the winter to flood the screen. Today, another real estate company was directly beaten by the cold winter.
Today, Hong Kong stocks Xiangsheng Holdings Group's stock price crashed directly, plummeting by more than 50%. In addition, real estate companies' bonds plummeted by 27% suspended trading .
Real estate company Xiangsheng Holdings Group flash crash exceeds 50%
In the morning of today, the stock price of Hong Kong stock Xiangsheng Holdings Group crashed 20% after the opening of the market. After the opened in the afternoon, the decline accelerated after . As of press time, it still fell by more than 50%, and the stock price fell below HK$1.6, and the market value evaporated directly from HK$10 billion to HK$4.84 billion.
From the transaction details, Xiangsheng Holdings Group has made a large transaction before the opening of the market, with a price of HK$3.45 per share, involving 9 million shares and 31.05 million yuan. Subsequently, there were large orders of 2.2 million and 1.11 million respectively, with a total of more than 12 million shares sold, laying the foundation for today's flash crash.
was terrified downgraded
Sales of 68.3 billion yuan in the first 10 months
Information shows that Xiangsheng Holdings Group is a large comprehensive real estate developer, and the company's headquarters is located in Shanghai and deeply rooted in Zhejiang Province. US dollar bond financing will be launched after listing in Hong Kong in November 2020. Currently, three US dollar bonds are still within the expiration date , which will expire in January, June, 2022 and August 2023 respectively; in addition, Xiangsheng will issue a RMB 500 million housing rental special private bond on Shenzhen Stock Exchange in December 2020, which will expire on March 2, 2023.
On October 18, Moody's adjusted Xiangsheng Holdings' rating outlook from "stable" to "negative". On November 2, S&P downgraded the issuer's credit rating of Xiangsheng Holdings from "B" to "B-", and downgraded the long-term issuance rating of its US dollar notes from "B-" to "CCC+".
S&P pointed out that Xiangsheng Holdings' liquidity will tighten in the next 12 months.
As of the first half of this year, Xiangsheng Holdings' total assets were 172.656 billion yuan, total liabilities were 153.093 billion yuan, and the debt-to-asset ratio was 88.67%.
Xiangsheng's previous announcement revealed that the company completed sales of approximately RMB 4 billion in October, while in July, RMB 5.5 billion in August, RMB 5.6 billion in August, and RMB 3.3 billion in September. The cumulative sales from January to October were 68.3 billion yuan.
The bonds of real estate companies plummeted by 27% and suspended trading
In terms of the bond market, "19 Aoyuan 02" was temporarily suspended during the trading session this morning, and fell by more than 27% before the suspension
Vanke internally issued a document "Save clothes and reduce food" to prepare for the winter
It is worth noting that last night, Vanke, the leader of real estate companies, posted an internal document to flood the screen.
Vanke internally issued an "Initiative on "save food and reduce food" and create a "wartime atmosphere" at the headquarters of Vanke Group", proposing to change the inertial way of thinking in the golden age, carry out business philosophy throughout, and subtract actions and expenses that do not generate value, and spend a small amount of money to do big things.
’s main work requirements include: transforming the inertial way of thinking in the golden age, and permeating business philosophy throughout the work and decision-making; subtracting actions and expenses that do not generate value, spending small money to do big things; clarifying the goals to be achieved, forming an action plan and resolutely implementing them; not causing trouble to the front line, helping the business win; cultivating the awareness of being a family, setting an example, and forming a demonstration effect from top to bottom; grasping the scale, and having differences between the inside and outside, not only making stakeholders feel comfortable, but also paying attention to the emotions of employees; persevering for a long time, and timely reviewing and reflecting in the process.
According to the initiative, Vanke proposed that in actual work, the job responsibilities and work that belong to employees will never be completed by partners or suppliers, reducing unnecessary expenses and causing loss of professional capabilities. Assess the necessity of outsourcing business in work, refuse to be a "hands-off boss" and a "setup" and avoid only doing superficial and paper talks.
At the same time, Vanke requires employees to "eyes downward and bodies sink", understand business pain points and difficulties, and help the front-line solve problems. The focus of work cannot be just the execution level of "I did it", but we must focus on "how the results are done" and be responsible for the quality of the process.
In order to reduce unnecessary expenses, Vanke requires management to set an example, be thrifty and eliminate waste. For example, reasonably plan travel and turn off the lights when people walk on, etc. according to the principle of optimal cost. At the same time, avoid excessive reception in internal communication, refuse unnecessary pick-ups, banquets or souvenirs, etc., and prevent front-line units from giving gifts or specialties to the headquarters during festivals.
htmlOn November 3, Vanke released sales data showing that from January to October, Vanke achieved a cumulative contract sales area of 32.045 million square meters, a year-on-year decrease of 11.76%; the contract sales amount was 521.07 billion yuan, a year-on-year decrease of 4.4%. In October, Vanke achieved contract sales of 41.95 billion yuan, a year-on-year decrease of about 19.7%.Judging from the actual profit situation, Vanke achieved operating income of 271.49 billion yuan in the first three quarters, an increase of 12.4% year-on-year; and achieved net profit attributable to shareholders of listed companies of 16.69 billion yuan, a decrease of 16% year-on-year.
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