Looking back on 2022, "guaranteed delivery" is a major issue for many housing enterprises. On the one hand, "delivery ability" has become the core competitiveness of real estate enterprises, because it affects the purchase intention of consumers to a certain extent; on the other hand, the delivery progress is mainly subject to the financial strength of real estate enterprises.
"Red Weekly" observed that in the previous "uncompleted buildings" and "disaster-stricken areas", it was also the key area where the policy of "guaranteed delivery" landed, such as the acceleration of "guaranteed delivery" of real estate in Henan local real estate enterprises, but according to the owners, the progress of "guaranteed delivery" of some real estate projects in Henan is still lagging behind. Some of the projects that have been delivered are also suspected to have delivery reduction, quality problems and so on.
Since the second half of 2022, the central and local governments have been accelerating the implementation of policies related to "guaranteed delivery". On January 3, Wang Yi, deputy director of the Department of Housing and Urban-Rural Development of Henan Province, said at a press conference that (in 2022) Henan would make every effort to promote "guaranteeing the delivery of buildings and stabilizing people's livelihood", strive for the first batch of special loans of 20 billion yuan to support 337 overdue projects sold by the state, have completed and delivered more than 9500 sets, and are now actively striving for the second batch of special loans.
In this context, as a local real estate enterprise in Henan, Jianye Real Estate, "Baojiaolou" has also been significantly accelerated. According to the official micro-blog of Jianye Group, in 2022, Jianye Group delivered 166 batches and 748000 apartments, with a delivery area of 1099. Compared with its delivery report card in 2021, 132 batches of houses were delivered, with a total delivery area of 65200 apartments and 981.
However, the special funds for "guaranteed delivery" are limited. In order to ensure the orderly implementation of the project, the revitalization ability of the real estate enterprises themselves is also very important. It is worth noting that, according to the 2022 Interim Report, as of June 30, 2022, there are 192 projects under construction in Jianye Real Estate, with a corresponding construction area of about 3143. According to the survey of Red Weekly, the construction progress and delivery time of many projects in Jianye Real Estate have been questioned by the owners.
"Red Weekly" in the leadership message board platform found that there are many complaints about the delayed delivery of Jianye Real Estate. For example, on January 29, 2023, an owner of Puyang Jianye Puyuan said that he had purchased the No.13 building of Jianye Puyuan Phase 2, which should be delivered on December 31, 2022 according to the contract, and is now overdue. The owner asked the sales staff and was told that (developers) were short of funds, waiting for government financial assistance, and did not know when to start construction.
For example, on January 10, when the owner asked about the Zhumadian Jianye Zunfu project, the relevant departments of Zhumadian responded that "due to the impact of the epidemic, the project sales are difficult. At present, the shareholders of the project are actively negotiating equity acquisition, raising funds from various sources, and striving for the resumption of the project as soon as possible."
of Jianye Real Estate in 2022 and January 2023 is not very optimistic. Jianye Real Estate has announced that as of December 31, 2022, the Group has achieved a total property contract sales of 24.049 billion yuan, a decrease of 60% compared with the same period last year; The total contracted sales area was 3.4487 million square meters, a decrease of 57. The average sales price per square meter was 6973 yuan, a decrease of 5.
Among the real estate enterprises that announced the annual target of 2022, Jianye Real Estate was also a real estate enterprise with low target completion. Yang Mingyao, CEO of Jianye Real Estate, said at the company's performance conference in 2021 that the sales target of 53 billion yuan is based on the development strategy of sound operation and cash flow as the starting point. We are confident of achieving our goals and will actively pursue higher growth on this basis. However, in fact, the contract sales of 24.049 billion yuan of Jianye Real Estate in 2022 only achieved 45% of its annual target.
By 2023, the sales of Jianye Real Estate "downhill" has not yet reversed. Recently, in January 2023, the sales list of real estate enterprises was released, and Kerui data showed that Jianye Group completed sales of 1.66 billion yuan in January, down 25% from 2.09 billion yuan in the same period last year.
Due to the year-on-year decline in sales, price-for-volume, one-time assets and inventory impairment, the company recorded its first loss in 30 years, with a net profit loss of 5.605 billion yuan in the first half of 2022, a sharp decline of 868. It is not difficult to see that the decline in sales has a great impact on the company's performance, and the sustained decline in the recent sales performance of Jianye Real Estate also means that. The future performance will be negatively affected for a long time.
"Three red lines" deterioration
of debt repayment pressure is obvious
, the plight of Jianye Real Estate is not only reflected in the aforementioned delivery and sales level, but also directly reflected in its capital side. According to the data of Jianye Real Estate in mid-2022, it can be clearly seen that the deterioration of the company's capital situation and the aggravation of operational risks.
For example, in terms of "three red lines", Jianye Real Estate has changed from "yellow" to "red", in which the asset-liability ratio excluding advance receipts has risen from 86.4% at the end of 2021 to 92.9% in the middle of 2022, and the net debt ratio has increased sharply from 94.9% at the end of 2021 to 315.6% in the middle of 2022; The ratio of cash to short-term debt also dropped from 1.46% at the end of 2021 to 0 in the middle of 2022.
In November 2022, the S & P report also downgraded the rating of Jianye Real Estate to "CCC-", indicating that in the absence of refinancing channels in overseas markets. Jianye Real Estate is highly dependent on overseas bonds (as of June 30, 2022, accounting for 63% of total debt).Three senior notes totaling $900 million mature in April, August and November 2023; interest payments of approximately $73 million are also payable over the next six months. The likelihood of the company defaulting on offshore senior notes and interest payments has increased over the next six months.
Red Weekly also found that since January, many projects under Jianye Real Estate have been complained on platforms such as leadership message boards, suspected of being in arrears with workers'wages. A construction worker said that from June 1, 2022 to July 15, 2022, 12 workers, including himself, were engaged in the installation of exterior wall aluminium panels in Dongwang, Jianye Longcheng, Yibin District, Luoyang City, with a total of 100,000 yuan in arrears. In this regard, Luoyang Municipal Administration Service Center said that the project manager promised to pay the remaining wages when the project funds were in place after the festival.
In addition, Zhoukou Jianye Shihefu, Zhumadian Queshan Jianye City Section I, Xiangcheng County Jianye Guiyuan Phase II and other Jianye Real Estate projects are in arrears of workers'wages.
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