YOUNGOR Is Dragged Into A Predicament: The Short-Term Debt Is As High As 17 Billion 400 Million Yuan.

News of Shanghai Changfeng project has been released for sale at the end of the year.

Shanghai Changfeng business plate is the Wang Wang concentration camp.

One is the total price of 7 billion, the unit price of 22409 yuan / square meter of the total price of the king; one is the unit price 25966 yuan / square meter of YOUNGOR unit price of the king.

In the total price of Zhonghai purple imperial court, close to the cost price of 38 thousand yuan / square meter opened, the unit price cost more than 35000 yuan of YOUNGOR earth king, no doubt faced with more embarrassing pricing strategy.

Li Rucheng, chairman of YOUNGOR, has publicly revealed that the macro-control of the real estate market and the collapse of the domestic stock market have led to a heavy blow to YOUNGOR's diversification strategy. Now we have to adjust our business strategy and concentrate our resources on the "old bank" brand.

Investment.

YOUNGOR is in a predicament, which is related to the cost and the lack of sales promotion.

Back in April 21, 2004,

In Suzhou, the three plots of Hudong 03, 04 and 05 in the Suzhou Industrial Park were photographed. The total price was 1 billion 413 million yuan. This is the first land king that YOUNGOR took off in different places. In July 2007, YOUNGOR purchased the plot of Hangzhou Institute of Commerce with a high price of 1 billion 476 million yuan, and the floor price was as high as 15712 yuan / square meter, which created the Hangzhou king of the year and later became the YOUNGOR West Lake project in 2010.

"After the regulation in January 2011, the project will not sell."

Insiders familiar with the real estate market in Hangzhou said.

It is understood that YOUNGOR currently has 3 projects in Hangzhou, the sale is located in the west of the imperial West Lake (hidden) and located in the left plate of Xixi sunny snow, another Shenhua plate project has not yet started.

"The 3 projects are not very good."

These people said.

YOUNGOR's 2011 Annual report shows that the proportion of pre-sale of Xixi sunny snow project is only 15.38%, and the rate of chemical removal in West Lake is only 48.59%. The two projects have been sold for at least two years in Hangzhou.

In 2010, YOUNGOR once again spent 2 billion 421 million of the sum on the Shenhua 53 and 56 plots in Hangzhou, with a premium rate of 153% and 155% respectively.

The floor price of 17751 yuan / square meter and 18114 yuan / square meter has created the latest unit price record of Shenhua plate.

In March this year, a number of projects began to "jump off the building sale". The price of housing jumped from 26000 yuan / square meter to 17000 yuan per square meter, and even 15000 yuan per square meter.

YOUNGOR in Ningbo, Suzhou, Hangzhou and Shanghai, almost all of the 4 cities, Wang in hand, for example, in February 2008, YOUNGOR home with a total price of 979 million 700 thousand yuan to win Ningbo Beijiao Road, a plot, the floor price of 13100 yuan per square metre, the Ningbo land listing price.

In Shanghai, it is the long wind king mentioned above.

The plot has commenced operation in October 2011 and is expected to be completed in 3 years, that is, in October 2014.

Therefore, the industry speculated that the introduction of YOUNGOR Changfeng king, on the one hand, was forced by two years to start construction and sales pressure, and on the other hand, to raise funds to fill the shortfall of funds brought by other kings.

A senior person in the industry told our reporter that because of the uncertainty of the real estate situation next year, YOUNGOR could not wait for the next opportunity to increase land value and property prices.

In the 5 years from 2007 to 2011, YOUNGOR's net profit from real estate was nearly 3 billion yuan, with an average annual revenue of about 600 million yuan. In most years, YOUNGOR's real estate business occupied more than 10 billion yuan, and net profit and capital investment had a strong contrast.

Such returns are even lower than the one-year lending rate of banks.

2011 Annual report shows that YOUNGOR

The operating profit rate is 65.66%, while the profit rate of real estate development is only 44.75%. In that year, the company's real estate delivery decreased by 3 billion 234 million yuan due to project cyclical factors, and the income and operating profit decreased by 46.94% and 32.12% respectively.

The profit of 3 billion yuan for YOUNGOR's tens of billions of land prices, can be said to be unable to make ends meet.

At present, YOUNGOR's book cash is 3 billion 230 million yuan, but it should deal with short-term interest bearing liabilities of 17 billion 460 million yuan.

Under such pressure on debt service, YOUNGOR has not been able to get it since 2011.

Even so, YOUNGOR's 21 billion 252 million yuan real estate inventory at the end of last year allowed it to operate on thin ice.

What is the effect of rapidly clearing the first tier urban projects? According to the information on the operation of Changfeng 8 east block, the total investment of the project is 5 billion 500 million yuan.

YOUNGOR has already paid 3 billion 393 million yuan for the land, which means that YOUNGOR needs at least 1 billion 100 million yuan in the project.

According to the publicity information, the contract price of the total construction contract signed by YOUNGOR and Hongrun construction is 240 million yuan, with a total construction area of 95318 square meters, which is equivalent to 2500 yuan per square meter of construction area.

By this end, as of the end of 2011 6, YOUNGOR 15 construction projects involved in the construction of 2 million 104 thousand square meters of construction costs amounted to only about 5 billion 200 million yuan.