In the context of the tightening of real estate financing, although it failed to participate in the investment promotion of Shekou earlier, Ping An's love for real estate could not be extricated, and he changed his posture-breaking it into parts.
Last night, Agile announced that it would take out seven national projects for Ping An to become a shareholder. On the surface, this is a shareholding at the level of each project company. Generally speaking, this is essentially a major strategic cooperation:
First, Agile collected an initial deposit of 7.05 billion yuan. Even if this part of the money is an equity transaction, plus an equal amount of shareholder loans in the future, it is a high probability event that the overall amount of funds exceeds10 billion yuan.
For Agile, whose sales scale is around 1000 billion, Ping An can definitely be called a big financier by getting more than1000 billion at one time.
Second, these seven projects come from Wanning, Hainan, Qingyuan, Zhongshan, Huizhou, Yangzhou, Jiangsu, Zhengzhou, Henan, Tianjin and other national cities, and Ping An did not refuse.
Third, the total area of the seven projects is as high as 654.38+7603 square meters, and the total construction area is expected to exceed 7 million square meters, accounting for nearly 654.38+05% of Agile's total land reserve, of which two projects have given up the position of the largest shareholder.
Obviously, this is the biggest cooperation between Agile and a single investor.
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Agile is also honest, and they think this transaction can bring four benefits:
Optimize short-term and long-term asset portfolios; Deepen the strategic cooperation with Ping An; Increase the cash flow in 2020; It is beneficial to improve the financial situation of 202 1.
Behind honesty, of course, is helplessness. The market changes too fast.
In 20 17 years, Agile still enjoys the highlight moment. With the sales of1700 million yuan of "Golden Egg" Qingshui Bay Project in Hainan that year, the company's overall sales approached 100 billion yuan.
Chen Zhuolin was very happy. Attended the 25th anniversary brand launch conference with high profile, and was interviewed by the media again after more than ten years. Not bad money, he even spent 6.2 billion yuan to buy back 30% shares in Clear Water Bay from Morgan Stanley.
Also in that year, Agile made two strategic moves. First, diversified management, environmental protection, agent construction, gardening, property management and other businesses have developed in an all-round way. The other is to expand the scale and try to replicate Hainan's cultural tourism market model throughout the country.
The Hainan Wanning Shanqin Bay Project in this transaction was taken over from Rong Sheng in the same year, and the Zhongshan Torch Project was also acquired; Tianjin project is a benchmark project to replicate the cultural tourism market.
What Chen Zhuolin didn't expect was that the market situation ran counter to his forecast.
Hainan completely restricted purchases and completely locked Agile's granary; The national replication of cultural tourism market is not satisfactory; State regulation and upgrading, housing prices in some areas fell.
Agile's wrong sales growth rate dropped sharply, high gross profit returned to normal, and financing tightened.
In 20 19, Agile had to turn to perpetual US dollar debt again, raising 9.753 billion yuan that year, pushing Agile's overall perpetual debt to13.6 billion yuan.
In 2020, Agile did not continue to issue perpetual bonds, but the sales growth was extremely difficult, just as Agile urgently needed Morgan Stanley to invest in Clear Water Bay.
Find the next gold owner.
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In addition to the San Francisco project jointly developed on 20 16, the project cooperation between Agile and China Ping An began on 20 19.
One is Huizhou Agile Bailu Lake, and Ping An invested nearly 2 billion yuan to acquire a 34% stake; Another is Agile's acquisition of Beihai First City from citic guoan, which transferred 40% of its shares to Shenzhen Sheng Jun.
A few months before the seven projects were sold, Agile and Shenzhen Hengchuang, a subsidiary of Ping An Real Estate, jointly won Zhongshan with a total price of 3.88 billion yuan.
Shenzhen Hengchuang, Shenzhen Anchuang, Tongxiang Anhao and Shenzhen Sheng Jun, which took over seven projects, are all related to Ping An Real Estate. The latter is mainly positioned as a subsidiary of Ping An Group engaged in asset management and real estate investment.
Figuratively speaking, if insurance funds are compared to ammunition, Ping An Real Estate is a commando team that delivers ammunition, and sends funds to real estate developers around the investment restrictions of insurance funds by the regulatory authorities.
Except for super-large strategic stocks such as Country Garden, Huaxia Happiness and Jinmao, which are directly implemented through China Ping An Life Insurance Company of China and Ping An Asset Management, most of other insurance funds are invested in real estate through Ping An Real Estate.
Among Shenzhen Anchuang, Tongxiang Anhao and Shenzhen Shengjunzhong, Ping An Real Estate only holds 49% of the shares, and the remaining 565,438+0% of the shares are held by Ping An Maker, which is a platform for direct or indirect investment in real estate projects within Ping An.
Ping An Real Estate's most profitable business is project investment consultant, that is, Ping An Real Estate is entrusted by Ping An Life Insurance Company of China, Ping An Property Insurance and other subsidiaries of Ping An Group to provide consulting services related to real estate investment and charge fees at a fixed rate.
In 20 19, the income of "project investment consultant" of Ping An Real Estate was12.53 million yuan, accounting for 56.99% of the company's total income. By the first quarter of 2020, this proportion has risen to 6 1.88%.
In terms of breakdown, among the income of project investment consultants in 20 19, the income from providing consulting services for Shenzhen Anchuang and Tongxiang Anhao reached 548 million yuan and 23 10/00000 yuan respectively.
Generally speaking, the fee charged by Ping An Real Estate is 1% of the total investment, that is to say, the income of more than one billion means that at least hundreds of billions of funds are invested in real estate.
It can also be seen from the financial statements of "long-term equity investment" and "debt investment" that Ping An's real estate business is thriving.
Among them, long-term equity investment increased from 8 1 billion yuan in 20 17 to 22.36 billion yuan in the first three quarters of 2020, and debt investment increased from 4.5 billion yuan to1679.6 billion yuan.
There is a gap between these two funds exceeding 40 billion yuan and the total investment of several hundred billion yuan, because Ping An Real Estate only accounts for 49% or less of all direct investment project companies.
Ping An Real Estate "guides" Shenzhen Anchuang, Tongxiang Anhao and Shenzhen Sheng Jun, and is investing in projects all over the country.
Under the "three red lines", real estate developers are hungry and thirsty, and business is better than ever.
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After taking a stake in Huaxia Happiness, Ping An Group was once labeled as "the largest investor in the real estate market in China", and public opinion was heated for a while.
Seeing that the pot of high-priced house makers is on the verge, China's largest private enterprise can no longer sit still.
Ren Huichuan, the general manager of Ping An Group, was very angry at the performance conference in early 20 19. "This statement is completely wrong." He probably responded to two points:
Ping An's investment in real estate assets is far below the proportion stipulated by the policy, but the amount of funds of Ping An is relatively large, and it seems that the total amount of investment is relatively large;
Ping An's real estate investment is pure financial investment and long-term investment, and does not interfere with the normal operation of enterprises. It is an international practice for insurance funds to invest in real estate assets.
Ren Huichuan's words are obviously evasive and only tell half the truth.
According to the requirements of the CBRC, the proportion of insurance funds invested in real estate assets shall not exceed 30%. According to Ping An Group's 3 trillion yuan insurance fund investment portfolio, the upper limit of investment funds is about 900 billion yuan.
In the first eleven months, China real estate development enterprises received 17 trillion yuan.
From this point of view, Ping An's nearly one trillion funds are absolutely decisive, not to mention Ping An's insurance funds are still growing at a high speed every year.
One year later, he left Huichuan, but the demand for Ping An capital allocation is still strong, and the mode of "blood transfusion" in real estate will not stop.
At present, financial operations are separated, and Ping An is actually the only financial institution with mixed operations in China. Their exposure to real estate comes not only from insurance funds, but also from many subsidiaries such as Ping An Bank, Ping An Securities and Ping An Fund.
Real estate is also a special industry in China, and the growth of real estate asset bubble is independent of people's will.
China's special peace and China's special real estate are doomed to be an amazing adventure that cannot fail.