Tahoe Group (000732)’s 2020 semi-annual board of directors operating review contains the following contents:
1. Overview
In terms of macroeconomics, in the first half of 2020, the new crown epidemic The sudden outbreak of the pneumonia epidemic has had a serious impact on my country's economic and social development. In the first half of 2020, my country's GDP was 45.6614 billion yuan, a year-on-year decrease of 1.6. At present, the domestic epidemic is already in a stable stage of prevention and control, but the overseas epidemic is still accelerating its spread. The decline in external demand may cause a certain drag on the domestic economic operation.
In terms of the real estate industry, in the first half of 2020, the sales and resumption of work in the real estate industry were seriously affected by the epidemic, and both sales volume and price showed a year-on-year downward trend. Data from the National Bureau of Statistics show that in the first half of 2020, national fixed asset investment (excluding rural households) was 28.1603 billion yuan, a year-on-year decrease of 3.1%, and real estate development investment increased by 1.9%; the national commercial housing sales area decreased by 8.4% year-on-year, and commercial housing sales decreased by 5.4% year-on-year.
In terms of real estate policy, "housing is for living, not for speculation" and "policies tailored to the city" are still the main themes of real estate policy. On February 21, the central bank held the 2020 Financial Market Work Conference and deployed six key tasks in 2020. As far as real estate is concerned, it will maintain the continuity, consistency and stability of real estate financial policies, and continue to implement "city-specific policies" to implement real estate policies. Long-term management mechanism to promote the smooth operation of the market; on May 18, the Central Committee of the Communist Party of China and the State Council issued the "Opinions on Accelerating the Improvement of the Socialist Market Economic System in the New Era", pointing out that we should steadily advance real estate tax legislation, improve the local tax system, and adjust Improve the local tax system, cultivate and expand local tax sources, and steadily expand local tax management rights; on May 22, at the 2020 National Two Sessions, the "Government Work Report" once again reiterated that "adhering to the positioning that houses are for living in, not for speculation, because "We should implement policies to promote the stable and healthy development of the real estate market"; on August 6, the People's Bank of China released the "China Monetary Policy Implementation Report for the Second Quarter of 2020". The report pointed out that we firmly adhere to the principle that houses are for living in, not for speculation. We insist on not using real estate as a short-term means of stimulating the economy, insisting on stabilizing land prices, house prices, and expectations, maintaining the continuity, consistency, and stability of real estate financial policies, and implementing a prudent real estate financial management system.
During the reporting period, the company continued to adhere to the real estate business as its core, adhere to the brand concept of "building culture in China", and adhere to the high-quality and high value-added products of "creating works for the city and dedicating high-quality products to the times" route, focusing on first- and second-tier core cities.
During the reporting period, the company continued to deepen its original project layout in cities and did not conduct new land acquisition or regional expansion. At present, the company's real estate projects are mainly located in first-tier and core second-tier cities, including the Beijing-Tianjin-Hebei region centered on Beijing, the Yangtze River Delta region centered on Shanghai, the Guangdong-Hong Kong-Macao Greater Bay Area centered on Guangzhou-Shenzhen, and Fuzhou and Xiamen. Fujian region and the central region centered on Wuhan.
The company has national first-level real estate development qualifications and rich experience in project development. Its product formats include mid-to-high-end residences, high-end apartments, Grade-A offices and urban complexes, and it already has a certain brand awareness. In addition to high-end improved courtyard series products, it also has multiple differentiated residential product lines such as large courtyard series, garden series, mansion series, mansion series, and bay series, as well as commercial real estate products with Tahoe Plaza as its core brand.
During the reporting period, the company achieved operating income of 2.463 billion yuan, a year-on-year decrease of 83.02 yuan. This was mainly due to the impact of the new coronavirus epidemic in the first half of 2020 and the settlement schedule of the company’s real estate development projects. There were no centralized delivery real estate projects. , only sporadic project delivery carried forward revenue, resulting in a significant decline in revenue compared with the same period last year.
During the reporting period, the company's net profit attributable to shareholders of listed companies was -1.582 billion yuan, a year-on-year decrease of 201.33%. The main reason was that the operating profit decreased significantly due to the sharp drop in revenue. At the same time, the investment income in the first half of 2020 was mainly from the contracts held by the company. The investment income from the investment in associates was recognized according to the equity method, and the amount was small, significantly reduced compared with the same period in 2019. In addition, during the reporting period, the company accrued estimated liabilities and paid other liquidated damages of approximately 7.76% for the loans that had expired but not yet been repaid. billion. The combination of the above factors resulted in losses during the reporting period.
In terms of revenue composition, real estate development business is still the company's main source of revenue, accounting for 86.90% of operating revenue; services, retail and other businesses account for a smaller share. During the same period, the company's gross profit margin in the real estate industry was 18.38, a year-on-year decrease of 9.71 percentage points. This was mainly due to the higher land acquisition costs for real estate projects carried forward in the current period and the significant decline in profit levels. During the reporting period, the company's real estate business operating income was 1.953 billion yuan, with a carry-over area of ??36,851.48 square meters, of which residential real estate sales revenue was 1.806 billion yuan, with a carry-over area of ??28,930.60 square meters; commercial real estate sales revenue was 147 million yuan, with a carry-over area of ??28,930.60 square meters. The transfer area is 7,920.88 square meters.
In terms of residential projects, during the reporting period, projects such as Beijing Jinfu Courtyard, Foshan Courtyard, Jinan Courtyard, and Jurong Jinzun Mansion sold well. The residential types include villas, duplexes, large flat-floor residences, and small and medium-sized units. Apartments etc. The company has always adhered to the strategic policy of high quality and differentiation, and continuously used the pursuit of artistic ingenuity in product research and development and design to meet the diverse and constantly upgrading residential needs of urban homebuyers and maintain market competitiveness. At the same time, the company actively promotes product standardization and is widely recognized by the market.
In the field of commercial real estate, Tahoe Group has formed a unique "Tahoe Model", covering development, design, investment promotion, operation, hotel management, smart payment and other fields.
Currently, Tahoe Group owns a number of large-scale urban complexes in Beijing and Fujian, including Fuzhou Wusi North Tahoe Plaza, Fuzhou East Second Ring Tahoe Plaza, Quanzhou Shishi Tahoe Plaza, Quanzhou Donghai Tahoe Plaza, Beijing Tahoe Central Plaza, etc. have deployed commercial real estate projects of different formats such as office buildings, serviced apartments, and commercial pedestrian streets in core cities such as Beijing and Shanghai.
During the reporting period, affected by the downturn in the overall real estate environment, the COVID-19 epidemic and other overlapping factors, the company’s real estate projects accounted for a high proportion of high-end residential and commercial projects that are difficult to sell, and the company’s liquidity was tight. , the continued industry control policies and the adverse impact of the epidemic, the pace of market launch has slowed down, and it is facing greater pressure to sell off. At the same time, due to the company's own large debt scale, concentrated debt payment and other issues, the company has encountered difficulties in short-term liquidity. As of 2020, On June 30, the company's due and unpaid borrowing amount was 22.525 billion yuan. As of the disclosure date of this report, the company's due and unpaid borrowing amount was 34.9 billion yuan, and the unpaid interest was 4.332 billion yuan.
Cumulative land reserve status
Development status of major projects
Sales status of major projects
Leasing status of major projects
Primary land development situation
□Applicable√Not applicable
Financing channels
Development strategy and business plan for the next year
1 , Actively solve debt problems and resolve debt risks
In the next year, the company will actively promote sales to promote repayment, and at the same time actively solve debt problems. In order to actively and steadily resolve the company's debt risks, the company has hired professional institutions to carry out debt restructuring work, assist the company in organizing and coordinating creditors' communication opinions and demands, and provide professional advice on easing short-term debt repayment pressure and optimizing capital structure. The company will integrate the opinions of all parties to form a comprehensive debt restructuring solution to realize the company's long-term value and ensure the interests of creditors to the greatest extent.
2. Introduce strategic investors and optimize the company’s equity structure
The company’s controlling shareholder Tahoe Investment Group Co., Ltd. signed a contract with Hainan Wanyi Management Services Co., Ltd. on July 30, 2020 The company believes that the signing of the share transfer framework agreement by the company's controlling shareholder will help promote the company's current debt restructuring work, revitalize existing assets, maintain normal operations, and at the same time help optimize the company The equity structure helps the company continuously improve its corporate governance, thereby helping to realize the company's long-term value and safeguard the interests of the company and shareholders.
3. Improve management level and pay attention to talent training
Provide guarantees to commercial housing purchasers for bank mortgage loans
√Applicable□Not applicable
In accordance with real estate business practices, the company provides mortgage loan guarantees to buyers of commercial housing. The guarantee is a phased joint guarantee. The guarantee period starts from the effective date of the mortgage loan contract signed by the company, the mortgage bank and the buyer, and ends when the company purchases the house. The date ends when the person has completed the "House Ownership Certificate" and assisted the mortgage bank to handle the mortgage registration and handed over the "Certificate of Other Rights" to the mortgage bank. As of the end of the reporting period, the Company's periodic guarantee amount for commercial housing buyers was RMB 26.103 billion. Since the purchaser has not defaulted so far and the current market price of the properties is higher than the selling price, the Company believes that the risks associated with providing such guarantees are relatively small.
Directors, supervisors and senior executives invest together with *** of listed companies (applicable to investors who are directors, supervisors and senior executives of listed companies)
□Applicable√Not applicable
Three , Analysis of core competitiveness 1. Strategic victory: Foresight and persistence, Tahoe Group uses unique strategic vision and professional judgment, assesses the situation, and deeply cultivates the Beijing-Tianjin-Hebei integrated area, the core area of ????the "One Belt and One Road", the Guangdong-Hong Kong-Macao Greater Bay Area, and Fuzhou High-potential areas such as Xiamen and Xiamen are in line with the national regional development strategy and enjoy regional development dividends. Tahoe Group has both strategic foresight and strategic determination, and has always adhered to its strategic plan: Regional layout: Deeply cultivate core first-tier cities, comprehensively deploy second-tier cities, selectively enter core cities and urban agglomerations, and deploy in economically developed areas; Product positioning: Always Adhering to the quality and brand line, adhering to the mission of "creating works for the city and dedicating high-quality products to the times", we have been recognized by the market with the high-quality concept and practice of "making high-quality products and building good houses"; Customer positioning: focusing on the main target customer groups The middle class with greater consumption potential will be provided with full-cycle services for home ownership and supporting services; “Tahoe” strategy: combine its own advantages, aggregate the resources of controlling shareholders, and provide “high-quality product supporting value-added services” to the majority of owners and customers. It provides full life cycle service supporting facilities and vigorously builds the "Tahoe" strategic system around education, medical care, culture, life services and other aspects. 2. Brand victory: unique brand, ingenuity and quality. In 2002, Tahoe Group took the first step to explore Chinese residential culture in Beijing. With the success of Chinese courtyards, Tahoe Group gradually established a new brand represented by the courtyard system. Special product systems such as Chinese-style courtyard boutique residences have formed mid-to-high-end residential products recognized in the industry. In the process of continuous iteration and self-improvement, through the extraction and activation of traditional Chinese culture and traditional architecture, we are the first to pioneer and adhere to " The brand concept of "Culture in China" has gradually formed Tahoe Group's unique advantages that are difficult to imitate and copy. At present, the company has gradually established a product system of "Chinese-style good life". In addition to courtyard series products, Tahoe Group has also successively launched multiple differentiated product lines such as large courtyard series, garden series, mansion series, government series, and bay series. , has formed a more complete product system focusing on high-end residences, high-end apartments, Grade A offices and urban complexes. 3. Talent wins: relying on the team and focusing on talents. Tahoe Group has always adhered to the concept of "investment in people is the most important investment for an enterprise" and has always believed that the core of an enterprise's development lies in talents. Tahoe Group attaches great importance to the construction of management teams and human resources, and relies on teams, systems, and systems to manage enterprises.
With an open and inclusive corporate culture, Tahoe Group has built a platform for talents to freely display their talents. It has also established a people-oriented training system and a relatively complete incentive mechanism based on the company's strategy, corporate culture and values ??to comprehensively build an excellent professional team. The team of managers has formed a high-level and high-quality backbone team.