Of course, the decision to cooperate between developers comes from various reasons. Among them, avoiding capital risk, acquiring high-quality land, introducing advanced experience and broadening financing channels are the most desirable effects for developers.
Vanke: 20 12 predicts that 80%~85% of the projects will be jointly developed.
In response to the changes in the macroeconomic environment, the focus of national economic work has gradually shifted from ensuring economic growth to managing inflation expectations, and monetary policy has also shifted from moderate easing to stability. In the fourth quarter of 20 10, the central bank raised interest rates twice, and in February of 2010, the central bank raised the benchmark interest rate of RMB deposits and loans of financial institutions again. Moreover, the regulatory authorities require banks to strengthen the risk management of housing loans, and the control of real estate trust financing is also stricter. According to statistics, in 20 10, the proportion of domestic loans decreased from 19.8% in 2009 to 17.3%. In addition, several cities have introduced supervision schemes for pre-sale of commercial housing to restrict the use of pre-sale funds.
"In the coming period, the tightening of industry funds will become the general trend, which means that enterprises must strengthen fund management and pay more attention to fund safety. On the other hand, enterprises also need to improve the efficiency of the use of existing resources and strengthen endogenous growth capabilities. " Vanke said that in today's environment, Vanke pays special attention to its own capital security and capital utilization.
The capital chain is like blood for blood supply, and the payment of land transfer fees is often the most "bleeding" time for housing enterprises. Therefore, when taking land, joining hands with peers to take away huge amounts of land can obviously share the financial risks.
Take the cooperation between Vanke and Minmetals Construction as an example. Because the latter is a central enterprise, under the strict credit policy, the position advantage is somewhat reflected in obtaining loans. At the same time, state-owned enterprises similar to Minmetals Construction's non-main real estate business entered the real estate industry late. Due to lack of experience, it is also a very favorable choice to provide brand and technical support with the help of large and mature real estate enterprises in the initial stage.
Spreading a sum of money to multiple projects is also a way for Vanke to reduce risks in today's environment. In other words, in the current environment of tightening financing channels for housing enterprises, it is necessary to reduce the dependence on credit, and at the same time improve the turnover rate and market share. That is to say, resources such as funds used to do one project are now scattered to multiple projects.
Tongce, a real estate consultancy, pointed out in a report, "Take Vanke's seven newly-added projects in Beijing, Shenzhen, Guangzhou, Nanjing, Tianjin and Shenyang as an example, of which four projects only account for 49%~50% of the equity. In the process of cooperation, Vanke showed all the tricks to make money, which not only integrated resources, reduced its own costs, dispersed risks, but also reduced its dependence on finance. Vanke said that it is expected that by 20 12, the proportion of cooperative development projects in total projects will increase to 80%~85%. "
Vanke's 20 10 annual report shows that there are dozens of real estate enterprises that have cooperative relations with Vanke, such as Poly Real Estate, COFCO Real Estate, AVIC Real Estate, Yunnan Chengtou, Zhejiang Du Nan Song Cheng, etc.
On the other hand, Vanke's cooperation in development projects has played a powerful role in promoting its rapid development.
Vanke's sales of10865438+600 million yuan last year, a considerable part of which came from cooperative development. According to the data provided by Vanke, in 20 10, the projects jointly developed by Vanke accounted for 80% of all projects.
This is a fairly high proportion, but Vanke did not disclose the equity figure of10865438+600 million yuan in sales. Yu Liang, president of Vanke Group, just said: "Vanke's sales include the sale of Vanke, or Vanke's LOGO, and some projects are handed over to others for trading."
But what is certain is that the bold and large-scale cooperative development mode between M&A and agent construction has played an important role in Vanke's rapid expansion of market share. In terms of sales amount, Vanke's market share in the country last year was 2.06%, an increase of 0.62 percentage points over 2009.
Poly: Join hands with China Merchants Property to seize high-quality land.
Housing enterprises get married for different reasons. For example, for Poly, it is worried that it is a headache to obtain high-quality land at present and in the future.
With the continuous development and standardization of the real estate market, the concentration of the real estate industry has gradually increased, and many large enterprises outside the industry have also set foot in the real estate industry in large numbers, resulting in increasingly fierce competition in the industry, especially in the land market.
What makes Poly deeply feel is that it is increasingly difficult to obtain high-quality real estate projects in the core area, and its concerns are indeed well-founded. Observing a series of land acquisition news conducted by Poly from last year 1 1 to February this year, we can find that among the land acquired by Poly, there is very little land in the urban center.
As land resources are necessary capital to maintain a certain development scale, how to obtain the land necessary for development at a reasonable cost and improve the gold content and distribution rationality of the company's project reserves has become a major challenge for Poly.
Under such circumstances, Poly has obtained a large number of high-quality project resources through cooperative development, acquisition and merger, first-class development and participation in the transformation of the old city.
Its last joint venture with a strong player was in June last year, 1 1. Guangzhou Jindi Real Estate Development Co., Ltd., a wholly-owned subsidiary of Poly, and China Merchants Property acquired the plot of Jimei New Town in Xiamen through listing. The land use of urban plot is urban residential compatible wholesale and retail land, with the total transaction price of1012.2 million yuan, and Poly bears 50% of the land price.
Judging from the annual report of Poly Real Estate, the large-scale housing enterprises that cooperate with Poly Real Estate include Vanke and Fortune Real Estate.
Jindi: Vigorously carry out equity cooperation based on the project level.
Jindi, which has been brave in exploring in the field of real estate finance, is more willing to understand the means of strong alliance as a disguised financing method from another angle.
Gemdale has always been in a leading position in developing diversified financing channels. In 20 10, the company continued to maintain this rhythm, and realized the new bank loan of 7.5 billion yuan in the overall credit crunch environment. In addition, Gemdale said that in 20 10, the company actively deepened its strategic cooperative relationship with partners such as UBS and Ping An Trust, and cooperated in many projects such as Shenyang, Wuhan and Shenzhen. In addition to providing sufficient financial guarantee, equity cooperation also enables many projects to be carried out.
"In terms of financing, in the case of tight domestic capital market, Gemdale will continue to explore financing channels for diversified companies and vigorously carry out equity cooperation based on project level." Di Chin said.
Last year, Gemdale adopted a long list of equity cooperation projects. 20 10 65438+ 10 On October 8th, the company cooperated with UBS to complete the initial raising of real estate funds; 20 10/May 0 1 1, participating in the equity cooperation of Yantai Central Agricultural University project; 20 10 cooperated with glory trading co., ltd. on June 23, and cooperated with eternal United development co., ltd. to develop Dalian (20 10)- 18 plot; 201August 13, cooperative development project with Waigaoqiao; 20 10 10 9, approve the cooperation plan of four new projects in Wuhan, etc.
In the land acquisition strategy, Gemdale reduces the cost of land acquisition through cooperation, thus reducing the investment risk. On the other hand, Gemdale also has its own risk aversion considerations in choosing landmarks.
Taking the acquisition of Yantai Central Agricultural University 5 1% and Zhuhai Xiangzhou Meihua North China Project as examples, Qu Ruiming, a real estate industry analyst of Guosen Securities, believes that Gemdale's total investment in these two plots is low, occupying less capital and the unit price is not high. The floor price of Yantai project is only 1.876 yuan/square meter, which has a large profit margin. In addition, the construction area of the two projects is about 654.38+10,000 square meters, which is a typical short-term quick turnover project with high turnover rate, which can quickly develop and withdraw funds. Therefore, these two projects should be able to achieve a high return on investment and the risks are under control.
Foundation of cooperation: establish a project company and avoid friction.
After joint land acquisition, real estate enterprises enter the stage of joint development, which often leads to some frictions.
The land jointly delisted by a number of housing enterprises may restrict each other in the development process. For example, if one of the funds is not in place or the start time is relatively late, it will have an impact on other housing enterprises. Because this plot is issued with a construction land planning permit, that is, only one plot can be handled, so slow developers will drag down the progress of other developers.
Other conflicts may also occur in project positioning and financial system. Therefore, it is the best choice for the partners to jointly establish a project company with certain development qualifications to develop the project. Of course, it is also common for both parties to cooperate without joint land acquisition in the early stage. It is not uncommon for one party to own land resources and the other party to later intervene in the project company.
Cooperation mode: define operators and investors, with clear rights and responsibilities.
The more investors there are in a project company, the more frequent and obvious the friction will be. At this time, it will be more conducive to the development of the project to divide each investor into two teams, the operator and the investor, with clear rights and responsibilities.
The strong alliance between housing enterprises was a wave in 2005.
In fact, as a cyclical fluctuation of the real estate industry, the wave of strong cooperation has been staged many years ago. In 2005, the real estate industry also faced a series of regulatory measures. The introduction and implementation of policies such as "central bank's interest rate adjustment", "national eight articles" and "opinions of seven ministries and commissions" made the developers at that time in the cold winter, and the land shortage, tight capital chain and sluggish sales caused by the policies made the developers make suggestions and form alliances to tide over the difficulties.
In difficult times, housing enterprises with poor strength were merged by more powerful peers, and equity transfer transactions were concentrated. At the same time, large housing enterprises are also in full swing to achieve complementary advantages or enhance their strength through strong alliance.
In a land auction in Guangzhou in 2005, six of the seven plots were "carved up" by three powerful brand real estate enterprises, namely R&F Real Estate Group, Poly Group and Zhujiang Real Estate, among which R&F Real Estate Group monopolized four plots of Zhujiang New Town with 770 million yuan. There were countless examples like this in that year.
In the past year or so, the real estate industry, similar to 2005, once again experienced the trough in the fluctuation cycle, which seems to witness that the industry is repeating the past history.