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Central China's tallest building suspends, China's top 500 skyscrapers also lack money?

Time: 2019-11-18 06:56 Source: Internet Author: admin Hits: 1321 times
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Behind this "highest building in Central China" is the Greenland Group, which has declared that it will build a skyscraper landmark in every city in China. It is the head real estate company that once surpassed Vanke, but now because of its own financial pressure, He couldn't give the funds needed for the project progress, and stopped the project.

From the beginning of 2011, when it was determined to build the "China's tallest building" that surpassed the center of Shanghai, it later shrank to 500 meters and downgraded to become the tallest building in Central China. The top design also had to be changed from the "tip" of "rocket launch" For the "flat head", and the construction process is slower than originally planned, the completion time originally expected in 2017 has also been extended to 2019. Coupled with the suspension of the China Construction Third Bureau, the deadline for resumption of work is unknown, and it may not be easy to complete this year.

In terms of the development of Greenland Group, this is not surprising. After all, this is not the first skyscraper to be shut down or slow.

Greenland has promised to build at least 50 skyscrapers (over 150 meters) around the world and claimed that cities will "refresh people's imagination of the skyline".

However, statistics show that nearly half of the 50 skyscrapers promised by Greenland are still in an unbuilt and slow-built state, and most of them took land around 2013.

Therefore, Greenland is a line day. Greenland has disclosed a bond issuance announcement of its subsidiaries. The announcement roughly means that Greenland Group issued a new fixed-rate bond of US $ 370 million through its subsidiary Greenland Global.

As far as the plan is concerned, the current outstanding balance of bonds issued by Greenland is as high as USD 4.27 billion, plus RMB 1.5 billion, which is not a small amount.

Greenland's asset-liability ratio has exceeded 88% for six consecutive years, and its net debt ratio has reached 203.93% in the first half of the year. The total debt has soared from 528.06 billion in 2015 to 927.62 billion in 2018. There is a tendency to normalize.

In an era when the economy is basically facing good conditions and local development is soaring, the image of the professional households in Greenland Skyscraper has really won the favor of all places. At that time, skyscrapers were the face of the place, so more than half of the green space was obtained through bid invitations and agreements.

But skyscrapers have never been a profitable business. High vacancy rates, high operating costs, and poor profitability have been fatal problems in the development of green space.

First, it has to do with high subsidies. In 2018 alone, Greenland received subsidies of 540 million yuan, which can rank sixth in A-share listed companies.

In addition, the local government's policy preferences for developers, such as matching commercial and residential land, have also attracted green land to adhere to this front. Due to the location of the skyscraper, it is either the central area of the city or the core area intended to be built by the place. Therefore, after winning the land, the potential for land appreciation is great, and it can also sell for a good price.

For example, when building the Wuhan Greenland Center project, Greenland acquired two residential and commercial sites in Wuhan's Binjiang Business District, with a total construction area of more than 600,000 square meters. In the past, the houses next to these skyscrapers were shot before they were even built.

But now, the wishful thinking of green land is miscalculated. With the suspension and postponement of the construction of several greenfield skyscraper projects, public opinion has begun to criticize this kind of enclosure without any movement, and some places have also begun to reserve greenfield and continue to reduce their support.

Today, Greenland is working hard to transform and take a different approach. For example, the establishment of infrastructure business and the core business of the "one main three major" strategy. In 2019, the revenue of Greenland Infrastructure was 107.7 billion yuan, a year-on-year increase of 39%, and its contribution to revenue was as high as 53.4%.

However, problems such as the large amount of funds and long cycles that come with the infrastructure business have undoubtedly increased the pressure on the green space. Moreover, because the real estate business itself is a highly cyclical industry, none of the heavyweight business segments of Greenland can form a complementary echelon business with real estate.

With such a vicious circle of green space, it is not surprising that project shutdowns frequently occur now. If the development model is not switched and the huge pressure of the capital chain break is relieved, the prospect of green space is worrying.

(Responsible editor: admin)
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