Yesterday, R & F Properties announced that plans to issue 6,000,000,000 yuan of the total size of the time 5 to 10 years of bonds and notes for the repayment of bank loans, as well as a part of the operating funds. R & F Properties reporters to the Department of Public Affairs of the R & F Properties Miss Ye understand the reasons for issuing bonds, but the writing, has not yet been responded to.
Centaline Property (China) Liu Yuan, analysts believe that with the same period last year, large-scale real estate enterprises doubled the size of the universal, but through the capital market access into the capital, and only last year, a considerable; and sales than last year Decline, in which case, all developers are short of money, R & F is no exception.
Lack of money for a long time
As early as the beginning of this year, there are rumors that R & F is about to break the chain of funds. In November, speculation has turned into "R & F is about to collapse." The reason is that high R & F's balance sheet, a large number of this year due to credit and land to sell gold to pay.
According to the R & F Properties in the first half of the annual report, as of June 30, 2008, R & F Properties of the total bank borrowings of approximately 20.6 billion, due within one year 8,073,000,000 yuan for short-term borrowing and long-term loans to 12,516,000,000 yuan, assets Liabilities as high as 139.4 percent; R & F Properties are 8.8 billion of outstanding land payments, to pay 3.8 billion in the second half, but held only 1.9 billion in cash.
Due to the extremely tense capital, R & F Properties Lian Li, chairman of the Hong Kong media had said to be good this year, in an effort to sell and, if necessary, can even consider selling part of the medium and long-term operation of investment properties.
To address the lack of money, R & F has tremendous efforts for return of A shares. As early as in early 2007, Lian Li has time and again expressed hope that the return of A shares, and then in June to submit a return to the Shanghai Stock Exchange A share of the application, but as of yesterday, the return of R & F A shares were not successful.
Sales pressure
Capital market financing blocked at the same time, R & F Properties of the market also hit the rock, failed to bring Days sales outstanding. Earlier this year, R & F laid down 240 million sales goal. However, in the first half of the annual reports of R & F Properties in the 1 to June sales of 7.9 billion. Although the plan failed to meet half of the year sales, but at the time that Li Lian, has completed the sale of the established goals. This is because R & F in the second half of a large number of properties for sale to launch sales in the second half of the year is the sale of "decisive battle."
According to Centaline Property (China) research analyst Liu Yuan, R & F Properties in September sales of about 20 billion yuan, in October was 15 billion yuan. 8, 9 months of sales to less than 9, 10 months. If such a sales process to be completed throughout the year 24,000,000,000 yuan of sales targets, is unlikely almost.
Even so, R & F Properties has been no substantial price reduction. Liu Yuan told reporters in the R & F national average price for all items for sale is 9500 yuan / sq m, more stable price trend.
However, the price of a large-scale activities or far away. Yesterday, Kunshan Dianshan Lake River Bay R & F's sales force reporters to reveal their upcoming promotions. A5, A6 will be part of the single-family house to enjoy the preferential treatment of the original 11,000 yuan / sq m price will be reduced to 7,000 to 8,000 yuan / square meter.
Centaline Property (China) Liu Yuan, analysts believe that with the same period last year, large-scale real estate enterprises doubled the size of the universal, but through the capital market access into the capital, and only last year, a considerable; and sales than last year Decline, in which case, all developers are short of money, R & F is no exception.
Lack of money for a long time
As early as the beginning of this year, there are rumors that R & F is about to break the chain of funds. In November, speculation has turned into "R & F is about to collapse." The reason is that high R & F's balance sheet, a large number of this year due to credit and land to sell gold to pay.
According to the R & F Properties in the first half of the annual report, as of June 30, 2008, R & F Properties of the total bank borrowings of approximately 20.6 billion, due within one year 8,073,000,000 yuan for short-term borrowing and long-term loans to 12,516,000,000 yuan, assets Liabilities as high as 139.4 percent; R & F Properties are 8.8 billion of outstanding land payments, to pay 3.8 billion in the second half, but held only 1.9 billion in cash.
Due to the extremely tense capital, R & F Properties Lian Li, chairman of the Hong Kong media had said to be good this year, in an effort to sell and, if necessary, can even consider selling part of the medium and long-term operation of investment properties.
To address the lack of money, R & F has tremendous efforts for return of A shares. As early as in early 2007, Lian Li has time and again expressed hope that the return of A shares, and then in June to submit a return to the Shanghai Stock Exchange A share of the application, but as of yesterday, the return of R & F A shares were not successful.
Sales pressure
Capital market financing blocked at the same time, R & F Properties of the market also hit the rock, failed to bring Days sales outstanding. Earlier this year, R & F laid down 240 million sales goal. However, in the first half of the annual reports of R & F Properties in the 1 to June sales of 7.9 billion. Although the plan failed to meet half of the year sales, but at the time that Li Lian, has completed the sale of the established goals. This is because R & F in the second half of a large number of properties for sale to launch sales in the second half of the year is the sale of "decisive battle."
According to Centaline Property (China) research analyst Liu Yuan, R & F Properties in September sales of about 20 billion yuan, in October was 15 billion yuan. 8, 9 months of sales to less than 9, 10 months. If such a sales process to be completed throughout the year 24,000,000,000 yuan of sales targets, is unlikely almost.
Even so, R & F Properties has been no substantial price reduction. Liu Yuan told reporters in the R & F national average price for all items for sale is 9500 yuan / sq m, more stable price trend.
However, the price of a large-scale activities or far away. Yesterday, Kunshan Dianshan Lake River Bay R & F's sales force reporters to reveal their upcoming promotions. A5, A6 will be part of the single-family house to enjoy the preferential treatment of the original 11,000 yuan / sq m price will be reduced to 7,000 to 8,000 yuan / square meter.
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