The real estate industry ushered in a new stage of development.
One department begins history, half of Beijing. Shoukai Co., Ltd., which is known as "the first brother of Beijing real estate enterprises", relies on flat and efficient management, pays close attention to the destocking of stock houses, strictly controls sales and capital costs, strives to overcome the influence of multiple unfavorable factors such as sluggish sales, and gradually realizes high-quality transformation and development.
Recently, Yan Li, Chairman of the First Capital Corporation, accepted an exclusive interview with a reporter from china securities journal. Yan Li has special enthusiasm and expectation for the current restoration and healthy development of the industry. He believes that a series of policies have released positive signals, and the market has begun to recover, opening up new growth space for high-quality housing enterprises. In 2023, the industry can stabilize. The previous model of "high leverage, high debt and high turnover" in the real estate industry will not come back.
● Our reporter Zhang Chaohui Dong Tian
steady
The first shares have always had the reputation of "the first brother of real estate enterprises in Beijing". Apart from the main real estate business, the business of the first shares involves urban renewal, pension real estate, long-term rental apartments and other fields, and penetrates into all aspects of Beijing’s urban development.
In recent years, the First Capital Co., Ltd. has diversified its business, carried out extensive cooperation with large-scale housing enterprises, universities and financial institutions, made flat and efficient management, paid close attention to the removal of stock houses, strictly controlled sales and capital costs, overcome the influence of unfavorable factors in the counter-cyclical environment of the industry, and gradually realized high-quality transformation and development.
"In the past two years, in order to adapt to market changes, the company has actively adjusted its organizational structure and improved its management efficiency. Through the adjustment of organizational structure, we further strengthened the development and management of the project, deepened and clarified the business objectives, strengthened the control of operation nodes, strictly controlled the project risks, established an early warning mechanism, and persisted in preventing risks. " Yan Li told reporters.
As a state-owned real estate company, under the steady leadership of Yan Li, First Capital Co., Ltd. improved the overall financing situation by expanding channels, improving structure and reducing costs, and made efforts to "downgrade". Yan Li said that the group company provided some short-term financial support to the joint-stock company, and the interest rate was relatively low, with the balance exceeding 4 billion yuan. The company initiated the establishment of a special fund for shed reform with financial institutions, raising a scale of 10 billion. In addition, the First Capital Co., Ltd. actively promoted the long-term rental of apartments, "business-run to rent" and docking with financial institutions to obtain financial and financial service support.
In terms of foreign cooperation, the First Capital Co., Ltd. has carried out effective cooperation with real estate enterprises such as Jinmao, China Shipping, Vanke, Longhu and Poly. In addition, the company has accumulated rich experience in government-enterprise cooperation, bank-enterprise cooperation and school-enterprise cooperation.
Li Yan summed up the high-quality development of the first shares with "two chases, one to keep in mind": keeping up with the national strategy, keeping up with the high-quality development, and keeping in mind the social responsibility of state-owned enterprises.
Yan Li said that when arranging this year’s work, the First Capital Co., Ltd. repeatedly stressed the need to deeply and comprehensively understand the spirit of the central government, and make targeted work arrangements, focusing on "products adapt to improve demand, enterprises reduce leverage, reduce liabilities, increase equity and increase cash" to carry out specific work. As always, we will undertake the construction of major national projects and strengthen people’s livelihood security. At the same time, further strengthen the development management of the project, strictly control the project risks, and establish an early warning mechanism. Ensure the smooth financing channels, strengthen the fine management of funds, and strictly control the cost of new financing.
Gain momentum
Recently, favorable policies for the real estate industry have been intensively introduced, and the attention of the outside world to the real estate industry has never been higher.
In Yan Li’s view, since September 2022, the "16 financial articles", the "three arrows" of credit, bonds and equity financing have been issued together, and overseas financing has resumed, which has provided great support to high-quality housing enterprises. In particular, the resumption of mergers and acquisitions of housing enterprises and the refinancing of listed housing enterprises after six years has opened up new growth space for high-quality housing enterprises.
The policy has pointed out the direction for the high-quality development of the industry. "These policies are of great significance in the historical coordinates of industry development. The real estate industry has ushered in a new stage of development. The first shares will grasp the policy requirements and market demand, and promote the healthy development of the industry with high quality. " Yan Li said.
"The real estate industry has climbed over the hill, gradually restored confidence and developed in a good direction. With the continuation of the positive effects of the policy, the backlog of housing demand in previous years is expected to be released one after another. The industry ushered in a positive trend, and the pace of market recovery accelerated. Deterministic factors have gradually strengthened the foundation for stabilization, and the industry’s stabilization in 2023 is worth looking forward to. " Yan Li said.
Yan Li believes that the continuous release of favorable policies is an important support for the market to regain confidence. At present, the market has shown signs of recovery. Yan Li, for example, said that according to the data released by the National Bureau of Statistics on the changes in the sales price of commercial housing in 70 large and medium-sized cities in January, the price of new houses stopped falling for the first time. The second-hand housing market, which can best reflect the real supply and demand situation of the market, also shows signs of recovery.
"With the introduction of policies, we believe that the painful period has passed. The combination of real estate regulation and control policies in recent years is very targeted. What we need to solve is the "three highs" situation of "high leverage, high debt and high turnover" in the real estate industry, so that enterprises and industries can gradually return to a healthy, rational and scientific development state. After this round of adjustment, few real estate enterprises will think that the industry will retaliate and rebound, and then there will be bad phenomena such as land speculation, real estate speculation, high debt and high turnover. " Yan Li told reporters.
Yan Li believes that coordinating the relationship between real estate development and safety and promoting the high-quality and healthy development of the real estate industry will better play the pillar role of the real estate industry in stabilizing the economy and protecting people’s livelihood; At the same time, guiding the balance sheet of high-quality housing enterprises to return to a safe range, focusing on the main business operation and promoting the smooth transition of the industry to a high-quality development model will be the theme of high-quality development of the industry in the future.
promote
"2022 is a year in which the real estate industry has been baptized, and the performance of real estate companies that have released performance forecasts is generally unsatisfactory. Factors such as the reduction of project carry-over profits and the provision for asset impairment are common problems faced by everyone. " Yan Li said that as a listed company with a deep layout of the real estate sector, the First Capital Co., Ltd. also had to face the grim situation prevailing in the industry in the past year. First Capital Co., Ltd. has achieved positive results in implementing the theme of "management creates efficiency" and focusing on the goal of "breaking through the bottleneck of efficiency and tapping the profit space", keeping the safety bottom line and laying a solid foundation for the company’s subsequent high-quality development.
Yan Li said that in 2022, the First Capital Company acquired three plots in Beijing. Under the guidance of the policy, the two new land projects of the First Capital Co., Ltd. have achieved a speed of only three months from land acquisition to opening, which is six months shorter than in the past. The third land parcel project obtained at the end of 2022 is expected to open in the first quarter of 2023, and the speed of entering the market has improved.
"It can be said that last year’s investment we stepped on the right time and got the right good project. In 2023, the first opening still insists on the effective improvement of quality in terms of investment, which will play a positive role in maintaining the leading position in the Beijing track for the first opening in the future. " Yan Li told reporters.
It is worth mentioning that compared with companies in the same industry, the sales ranking of the first shares in real estate enterprises in 2022 has improved. "The development of the company is like sailing against the current. If you don’t advance, you will retreat. Through unremitting efforts, the ranking of the first shares has been promoted against the market, and it has entered the current policy dividend period safely. In the future, the company will continue to stand firm in the Beijing market and maintain its dominant position in the Beijing market. " Yan Li said.
Regarding the future performance forecast of the industry, Yan Li told reporters: "With the follow-up to the principle of high-quality development, the market will recover steadily in 2023. Of course, there is inertia in project carry-over, and the performance of housing enterprises may still remain low and sideways in the short term. In the future, after the risks of housing enterprises are cleared and the confidence of the industry is restored, the market will enter a virtuous circle, and the performance of housing enterprises will improve. In addition, the future development of the industry will be diversified, and commercial housing development, long-term rent, urban renewal and pension real estate will all be the main forces to enrich the development of the industry structure. Whether it is development business or diversified business, the real estate industry is expected to usher in new development opportunities. "
"For housing enterprises, it is necessary to improve the quality of assets in hand at this time, prudently manage the level of leverage, and seize the opportunity to increase the concentration of the industry, so as to cross the cycle and usher in new development opportunities. High-quality housing enterprises are expected to take the lead in entering a virtuous circle in terms of sales recovery, land acquisition intensity, financing scale and profit improvement. " Yan Li said.