129760833649687500_55Vanke inventory pressures continue to increase applications of 3 billion trust loan in an emergency
Hand $ 33.9 billion cash, yet to the related parties for assistance up to $ 3 billion trust of borrowings, which wanke, was even better, still snowy weather? On March 5, China Vanke (vanke A,000002.SZ) to CR szitic Trust Limited (hereinafter referred to as "CR trust") amount to $ 1 billion and 20Worth of two trusts borrowed into the 7 projects, loan period is 2 years, interest rates and 10.6%, respectively.
Vanke has stated, the future will continue to look for opportunities to cooperate and China resources. In case of real estate regulation yet loose
tera gold, branches of higher working capital strategies is encountered a new challenge. Sharp rise, high proportion of foreign expiredCare reimbursement rate, always close to the critical point of complex and the abrupt end to take action, sign displays, wanke was far from the imagination that peace of mind. Financing through the trust associated branches can be seen in the 2011 year, the fundraising to 7 projects 5 projects were started after in August last year, expected date of completion in December this year to 20Between December 13.
However gold field in Dongguan, Dongguan violet is back in Washington before 2010 have already started, completion date of August 2011 and June respectively. "Is still in its financing, the two projects may not be completed or scheduled, did not rule out capital factors lead to project delays. "The market guessing�� For this and 10.5% costs of the trust, said one trust, the current domestic real estate trust cost limit for acceptable housing and Enterprise 15%~16%, enterprise's financing costs to reach 12%~13%.
In accordance with this statement, wanke CR trust financing costs are relatively low. Low course is dueBoth sides of "blood ties"--China resources trust is a subsidiary of China Resources group, China vanke was its equity participation in the company.
If counting last December wanke CR trust to raise another $ 1 billion in investment projects in Shanghai trust loans, China vanke has accumulated in the near future to China resources associated trust trusts a loan of $ 4 billion. This series trust of borrowings are branches from last year and China resourcesDiscussion group established steps for financing cooperation platform.
Last April, wanke announced that with the help of China Resources group financing cooperation platform and its affiliates, including loan contract with commercial bank in Zhuhai, China resources of trust funds and trust fund jointly owned by Han Wei capital investment, involving some $ 4.42 billion. "China resources trust so big in a rowVanke lend reason may be related to recent rumours that regulators require the trust to objects of the real estate trust tilt to top 10 domestic real estate enterprises concerned.
"The above trust said. Despite repeated claims to be diversified finance, but since the stock market after disconnection, vanke financing almost exclusively to choose between Bank lending and trust. In the tightening of bank loansCase, vanke is quite active in trust finance.
Company displayed in the 2011 year, large amount of trust balance of 8.118 billion yuan, period interest-bearing debt ratio exceeds 15%. Guotai Junan securities, according to recently released research report, China vanke's trust funds, due in January and February respectively this year amounted to $ 1 billion, become the first wave of real estate investment trust of the year honour peakIn the period, due the trust issue larger payment maximum room pressure and enterprises.
Total scale of the trust due to its 2012 the year 4.318 billion yuan, ranking listed enterprises trust scale 2nd due in 2012. Vanke why no additional financing channels of financing problems
tera power leveling, a private equity Fund Manager believes that General real estate private equity requirementsReturn of between 15%~20%, may now be higher, vanke exercise requires incentive ROE growth of just is not less than 14%, that many lose interest on branches of the Fund. "Vanke pattern itself of such a high turnover rate of profit is not high, so it is not willing to pay the higher financing costs. "Financial risks since the beginning of this year, China vanke, notOnce said that pressures are on the rise in inventories, working capital requirements were increasing, which is its main reason for continued financing. Vanke has announced 2011 year corporate bond track rating report, China vanke inventory was completed in developing products for 3.97%, under construction and proposed to develop products together accounted for more than 95.96%, this means China vanke funds for subsequent development requiredFinding is significant. Vanke 2011 three quarterly shows, its monetary funds to $ 33.9 billion, short-term borrowing and total non-current liabilities due within one year is 23.744 billion yuan.
However, taking into account the branches still has a lot of price is not paid, therefore does not rule out branches without short-term financial pressure. Since the last 1.5 years, notice in the branches occur most often when its projectLoan guarantees. By the end of 2010, China vanke gross foreign assets of only 7.26% per cent, and by 2011 medium-term, this number has rapidly risen to 22.94%. As of now, the significant increase in proportion to the 31.41%. Guaranty percentage rising so quickly, has appeared since the shop stalls constantly, vankeFinancial pressures increased dramatically, and financed increasingly narrow space.
In addition, the "quick ship" the branches are most dependent on the weapon are exposed weakness under the current market conditions.
The first two months of this year, China vanke total sales area of 1.909 million square meters, sales amount $ 19.05 billion, up down and 13.35%
tera power leveling, respectively. February 21From United States China vanke was briefly home Chairman Wang in Hong Kong said, "previously vanke pursued ' 5,986 ' start that took 5 months to 9 months sales, sold the first month seven, products must be 80% is residential, but now have changed to ' 5,946 ', sold 40% sold the first month is very good. "" Vanke huge land reserves, project, and its fastSpeed flow model is also enlarged its financial risk to a certain extent, one of the biggest risks is, trust bank debt payments that are due.
"Analysts say. Vanke has reacted to this. Company amount to steep per cent drop last year 48% and 24% of the total sale amount, far below the standard of China vanke's 50%. The first two months of this year, with the exception ofAnd to Guangzhou Huangpu district: the external, branches no longer moves in February or "zero". March 3 ~ 18th during the Shenzhen vanke qinglinjing launched together with Tian Yu project on the theme "March 30 sets of 3 million offer, March 3, vanke Hui Zhen long" promotions. There is news in recent days, China vanke in March will also be making aLarger round of comprehensive price action.
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