Barrie Cook real estate prices Vanke refused to follow the rate of expansion of unabated
Posted on Feb-29-2008· by china investor
Compared Vanke A (000002. SZ) pessimistic, Barrie Cook, real estate (600,048. SH) is the real read the faction.
Vanke all prices of the flats, on February 27, 2008, Barrie Cook real estate-related securities to the person responsible for this reporter, Barrie Cook price. "We are not adjusted sales strategy, before Barrie Cook relatively reasonable real estate prices." He said.
It is understood that the company plans to direct investment this year 300-350 million. "Barrie Cook-expansion" will still staged in 2008.
May choose to equity financing in accordance with the plan Barrie Cook, 30 billion to funds for the three main directions: one built in item 112 billion yuan, 10.8 billion proposed project, the company will use 8 billion -130 billion capital expansion project. From the main source of funding consists of three parts. "Days sales outstanding are expected to be 20 billion, with bank loans and other financing. Trust, we may try, including financing, the company, also carrying more than 40 million on the balance of funds not a problem." Said head of the foregoing.
Shun Tao Xueming securities analysts predict the company may conduct equity financing. The company started in 2008 under the new 6.3 million square meters, than in 2007 increased by 50%. If the market price and land to maintain the current level, the company needs to make quick sales than the 2007 pre-sale area at least 100 percent, or through the capital markets for financing to achieve the management objectives of rapid development.
Xue-Ming Tao pointed out that the current market environment will be reduced if sales of excessive profit margins and therefore suitably fast sales of capital market financing, it is more reasonable choice. Take into account the end of 2007 the company's assets-liability rate to 68.62%, in order to reduce the rate of assets and liabilities, companies should choose to equity financing.
October 11, 2007, Barrie Cook had announced that the company will issue 4.3 billion debt. Barrie Cook property, the issuance of corporate debt, mainly to the more diversified financing channels, from the financial point of view considering issuing bonds can be more capital structure optimization, and the cost of issuing bonds in the cycle of interest rate increases will be under the bank Loan lower.
The aforementioned responsible person said: "At present the Commission is still waiting for approval, we have the material submitted to the authorities and actively promote the management of the issue, but now there is no clear timetable."
Not by the rate of expansion of the earlier, the real estate notice said Barrie Cook, in January 2008 the sales area of 77,500 square meters, the amount of retail sales 863 million yuan. And the December 2007 compared to the amount of sales and sales were down 53% and 45%. Sales compared to the same period last year and 14.12%, but the amount of retail sales rose 41.92 percent. This was due to the market downturn and high-grade projects in those parts.
In December 2007, only 108 Kungkuan Barrie Cook (108 sets), and other real estate for sale, priced 27,000 yuan / sq m, together with other late. The January calendar year is the low season, the company only sold in the Guangzhou-snow-capped mountains, the price 11,000 yuan / m 2. The aforementioned responsible person said, "Apart from the outside Guangzhou, the company's sales have not been affected too much."
Everbright Securities analyst Zhao Qiang pointed out that in 2007, Barrie Cook, in the area of sales in Guangzhou reached the 580,000-meters, in the face of big ups and downs in the market changes, management took appropriate marketing strategies for the 2008 performance lay the foundation for growth. 2008, the company plans to start new area of growth from 73 per cent year-on-year decline to 53%, from the planned sales growth of 104% year-on-year decline to 41%. However, since 2007 sold to the lag of settlement projects, the company's performance in 2008 will maintain a growth rate of about double the high growth rate.
Earlier this year, the company spent 1.7 billion take in a number of cities, showed the company's determination to expand.
Barrie Cook, real estate executives said, the real estate and long-term trend has not changed for the better, but the short-term adjustment is inevitable. The current market price fluctuations will be driven by transactions return to a rational, long-term industry to the healthy and stable development of professional norms brand enterprises is adjusted opportunities. In 2008 the company will continue to be actively concerned about as a result of macro-control industry concentration, increased the possibility of concern through the acquisition and merger or cooperative development, and other companies to expand the operation scale of the opportunity.
2007, Barrie Cook real estate 8.11 billion yuan of income, an increase of 101%, attributable to the shareholders of a listed company's net profit was 14.9 billion yuan, an increase of 122 percent, the company's performance has maintained a high growth doubled. In 2008 the company will strive to be completed 3.5 million square meters, the annual sales income of 24 billion yuan.
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