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"COFCO intends to integrate the real estate, commerce, tourism, hotels and other sectors together to promote the listing of these assets in Hong Kong." On October 11, COFCO insiders revealed. The long-rumored blueprint of COFCO's "land" is gradually emerging. At the same time, the destiny of COFCO Real Estate Co., Ltd., which was designated as the integrated platform of COFCO's real estate business, has become more difficult to speculate.
Target Hong Kong stocks
On October 12, a middle-level cadre of COFCO Real Estate confirmed that the group did choose H shares as the overall listing channel for real estate assets. The above-mentioned insiders of COFCO said that the integration work is still in the preparation stage, and the group has gradually selected the leading candidates for various tasks such as personnel and finance. But it did not disclose the timetable for integration.
Huang Lichong, an investment banking expert and the managing director of Shengfu Capital International Co., Ltd. speculated: "There are many types of assets involved in the integration, and the internal equity structure of large central enterprises is relatively complicated. In addition to the preparation time for listing, the entire process will take at least 2 to 3 years. . "
COFCO chose to sprint H shares instead of gradually injecting real estate assets into A-share COFCO Real Estate. This move was understood by an analyst who has long tracked COFCO Real Estate as the overall listing is more conducive to COFCO Group to sort out assets and avoid peers Competition is the established strategy of COFCO. "In contrast, investors in the H-share market prefer companies with comprehensive business types to A-shares."
The sectors within the COFCO Group's integration plan include real estate, commerce, tourism, and hotels. The group has about five secondary subsidiaries (or departments) involved in the above businesses. Including COFCO Property, COFCO Real Estate, COFCO (Shenzhen) Co., Ltd., hotel platform hotel business department and tourism real estate platform COFCO (Hainan) Investment Development Co., Ltd.
The most important one is the integration of COFCO Property and COFCO Real Estate. Among them, the total assets of COFCO Real Estate as of the end of June 2010 was 13.7 billion yuan. Insiders of COFCO Real Estate have revealed that the company's assets exceed 30 billion yuan, and the other real estate assets of the group are about 30 billion yuan.
In addition, COFCO will expand 20 large-scale commercial real estate projects nationwide in the next 5 to 10 years, with total assets reaching 70 billion yuan, accounting for 30% of COFCO's total assets.
"This asset scale is very attractive to Hong Kong stock investors." Xiao Jian, an analyst at Southwest Securities, believes.
Huang Lichong said that if COFCO's plan can be realized, its performance in the Hong Kong stock market may be similar to other real estate stocks with the pedigree of central enterprises-the stock price was discounted during the initial IPO, and the market outlook received a higher price due to the advantage of land costs. Earnings expectations.
Subtle COFCO Property
Earlier, there have been many rumors about the integration of COFCO's real estate business. One of the focuses is the dispute between the two major real estate operation platforms-COFCO Property and COFCO Real Estate.
COFCO Land should have a first-mover advantage. As the only real estate listed company of COFCO, it has always been regarded as an integrated platform for the real estate business of major shareholders. From the perspective of securities institutions, its greatest value is precisely the asset injection expectations brought about by the commitment of large shareholders.
However, in this regard, COFCO Properties' progress is not smooth. In 2008, the Group's intention to transfer 9 real estate asset equity to COFCO Property died. In September 2009, COFCO Real Estate announced the rights issue to acquire the equity of 5 residential development companies held by the Group. In September 2010, due to the expiration of the consideration period of the shareholders' meeting, COFCO Real Estate announced fine-tuning of the plan and stated that the matter is still in progress. Under review by China Securities Regulatory Commission.
Now that we are planning to integrate assets to go public in Hong Kong, why should COFCO insist on this asset injection? Xiao Jian believes that the two are not contradictory.
"This is more like a balance. The established grand strategy means that the subsequent asset injection is expected to be completely defeated. The major shareholders choose to inject assets into COFCO Real Estate and still hope that COFCO Real Estate will have a stable performance in the capital market." Xiao The sword said. However, the above-mentioned analysts who have long tracked COFCO Real Estate said that the assets injected in the rights issue plan did not meet expectations. The investment institution originally hoped to see COFCO's production capacity benefit from the major shareholders' commercial real estate development plan, that is, to obtain more large-scale integrated commercial projects.
Where will COFCO Real Estate go? Xiao Jian said that there are two possibilities: One is that the main business began to transform under the leadership of the group. The other is to stop expecting the injection of assets from major shareholders, and to continue to develop the real estate business on its own. Even so, there are still unavoidable obstacles for COFCO Properties. As far as the former is concerned, it is still questionable whether the minority shareholders approve of the shift of the main business from the long-term positive real estate industry; if the latter is chosen, it will be unavoidable to compete with the new real estate platforms listed in Hong Kong.
Since 2010, COFCO Properties has been active in the land market. According to the Tianxiang Investment Advisory Report, as of the end of August, the company spent a total of 2.4 billion yuan to acquire 4 pieces of land in Beijing, Hangzhou and Chengdu, respectively, and newly added equity construction area of ​​320,000 square meters. The construction area of ​​the land bank reached 2.95 million square meters.
On October 9th, COFCO Real Estate won the gold plot of Shenyang City Huanggu District Aviation College for 3.1 billion yuan, with a planned total construction area of ​​nearly 850,000 square meters, and intends to build it into another Joy City.
On the other hand, the mid-term report shows that as of the end of June, COFCO Properties had about 940 million yuan in monetary funds. Some analysts pointed out that at the end of the reporting period, the company owned 112 million shares of China Merchants Securities, 9.04 million shares of China Merchants Bank and 4.83 million shares of Everbright Bank. The total value of the current market is about 2.5 billion yuan, which can provide funds for the company's expansion.
At the end of September, COFCO Real Estate had sold 9.04 million shares of China Merchants Bank to supplement liquidity.
"If there is no support for the injection of assets from major shareholders, COFCO Real Estate will rely on itself to obtain land, which will be a test of its financial strength. According to its current situation, I judge that it will be difficult to develop rapidly in the next 5 to 10 years." The above-mentioned long-term tracking of COFCO Real estate analysts believe.
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