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after ten years, the State Grid, a state-owned enterprise with non real estate as its main business, has finally planned out a way to “check out”. The 100% equity of Luneng Group will be transferred to China Green Development Investment Group Co., Ltd. (hereinafter referred to as “China green development”). Less than two days after the new destination was finalized, Luneng group began to make a big show, winning two plots in Guangzhou and Tianjin, with a total cost of nearly 5 billion yuan.
on August 12, the first plot of “touching the roof and shaking the number” in Nansha, Guangzhou, was released and won by Shandong Luneng Genfu Development Co., Ltd. It is worth noting that the parent company of Shandong Luneng Genfu Development Co., Ltd. is Guangyu development, a listed company of Luneng Group, which is its first entry into Guangzhou.
the plot won by Luneng is 2020njy-9, to the west of Gangqian Avenue in Nansha Bay area, Nansha street, with a total construction area of 75000 square meters and a starting price of 1.129 billion yuan. Excluding the allocation, the starting floor price is 15051 yuan / m2. It is located in the hot area of Nansha, close to the Nansha passenger port subway station, which is very popular.
this plot adopts the method of “land price limit + competition for construction + lottery”. The maximum price limit is about 1.29 billion yuan. When the price reaches the maximum limit, the bidding mode will be changed to the construction of talent apartment (residence). When the maximum competitive area is 7400 square meters, the online bidding will be stopped and the lottery will be changed to determine the winner.
before 3:00 p.m. on August 10, under the bidding of more than ten real estate enterprises, such as Luneng, Yuexiu, CCCC, China Resources, poly, Longguang, and Zhonghai, the land has reached the maximum limit of land price and entered into the phase of competitive construction. After a total of 21 rounds of bidding, the maximum land price of 1.292 billion yuan and the construction of 7400 square meters were reached. Instead, the winner was determined by lottery in the afternoon of August 12.
six real estate enterprises entered the lottery process, including Tiandiyuan, Longguang, Luneng, CCCC, Skyworth Group, and Skyworth construction in Guangzhou. In the end, Luneng became the lucky one and stood out from the tight encirclement. With a construction area of 1.29 billion yuan + 7400 square meters, Luneng won its first plot in Guangzhou, with a floor price of 19117 yuan / m2.
it is worth mentioning that the floor price of the plot has set a new record in Nansha. The “unit price land king” in Nansha has been maintained by Yuexiu real estate. In January 2018, it won a homestead at Lingshan Island tip in Mingzhu Bay of Nansha with a floor price of 17000 yuan / m2, with an average price of 34000 yuan / m2.
Lingshan Island tip has always been the price highland of Nansha, and Nansha Bay is comparable with it. Shell housing data show that the nearest project on sale from Luneng is xingheshan Bay, with an average price of 36000 yuan / m2.
on the same day of Guangzhou land acquisition, Guangyu development of Luneng also defeated five real estate enterprises, including Vanke, Zhonghai, poly, financial street and yanheng, and won a large block in Tianjin with a total price of 3.62 billion yuan, equivalent to 26000 yuan / square meter of floor price (excluding the area of construction), with a premium of 24.83%.
as a real estate listed company under Luneng Group, Guangyu development has not been very active in acquiring land in the open market in recent years. After taking two plots of land in one breath, Guangyu development issued a special announcement to explain that the acquisition of the above-mentioned plots will help the company and its affiliated companies to further expand their main business, increase land reserves and promote the sustainable and healthy development of listed companies.
the origin between Luneng group and Guangyu development can be traced back to 16 years ago. As early as 2004, Luneng Group became its largest shareholder by acquiring 25.29% shares of Guangyu development. In order to solve the problem of horizontal competition, Luneng Group’s restructuring plan was approved in 2017.
the reorganization plan in 2017 mainly injected more than 20 residential and commercial housing projects of Luneng in Chongqing, Yibin and other five cities into Guangyu development, but only a small part. According to disclosure, Luneng has 18 subsidiaries engaged in real estate related business after the injection.
according to the estimation of Tianfeng securities in 2017, the real estate business volume of Luneng group that has not been injected into Guangyu development exceeds 20 million square meters, and the value of goods exceeds 400 billion. At that time, Luneng Group also made a commitment that when these residential development projects meet the conditions, it will gradually inject into the listing platform.
at the same time, in the cities where Guangyu has been developed, Luneng will not acquire land reserve for new residential real estate development business on its own in principle, and will no longer engage in new residential real estate development projects. Luneng Group’s existing projects in cities or residential projects obtained by itself due to financial strength will also be given priority to Guangyu development or Guangyu development will lead the development.
However, even with the support of central enterprises, Guangyu’s development is still a little weak. According to the financial report data, from 2017 to 2019, the sales volume of Guangyu development was 27.11 billion yuan, 22.175 billion yuan and 10.426 billion yuan respectively. By the end of 2019, the accumulated land reserve of Guangyu development was 1.771 million square meters, and the remaining developable building area was 1.8235 million square meters.
Luneng Group, established in 2002, is one of the 21 state-owned enterprises directly under the state owned assets supervision and Administration Commission and holding real estate “license”. In 2017, Luneng Group’s commercial housing contract sales reached 89.37 billion yuan, ranking 21st in the annual sales list of real estate enterprises released by Kerry. But since then, Luneng Group has not released real estate sales data.
in 2010, under the background of frequent “Diwang”, the central enterprises involved in real estate have been in the forefront of the storm before and after the property market regulation in the first half of the year. In order to make the central enterprises focus on the main business, SASAC made it clear in March that, in addition to 16 central enterprises with real estate as the main business, 78 central enterprises not in the main business of real estate will withdraw from the real estate business after completing the phased work such as the development of their own land and the implemented projects, and the State Grid of China is on the list.
since it had been engaged in real estate business before it was acquired by State Grid, and its scale was very large. In February 2011, Luneng became one of the five central enterprises approved to retain real estate business. At that time, the director of the Planning Bureau of the state owned assets supervision and Administration Commission (SASAC) once said that central enterprises that did not mainly engage in real estate business could not acquire land after completing the project, but could not limit their investment or joint stock to do real estate development with others. According to this understanding, the exit of central enterprises is actually a relative exit.
on March 22, this year, the official website of the Central Commission for Discipline Inspection and the State Supervision Commission published the notice of the Party group of the State Grid Corporation of the Communist Party of China on the progress of the third round inspection and rectification of the 19th Central Committee. The State Grid of China proposes to stick to the main responsibility and main business of the power grid, make up its mind to quit the traditional manufacturing industry and real estate business, and resolutely complete the task of deepening the reform of collective enterprises on schedule.
in this context, on August 10, the State Grid’s “check out” strategy was released, which will transfer 100% equity of Luneng group to China green development, whose main business is intelligent logistics packaging. According to tianyancha app, China green development is wholly owned by China Chengtong, and the actual controller is SASAC. On August 3, new real estate development and related businesses were added.
according to the information disclosed by Guangyu development, after the equity transfer of Luneng Group, Luneng Group is still the controlling shareholder of the company, and the SASAC of the State Council is still the actual controller of the company. Guangyu development will also become a subsidiary listed company of China green development. The equity of China green development will be jointly held by China Chengtong, State Grid and China Guoxin, with shareholding ratios of 40%, 30% and 30% respectively.
Luneng group told the interface news that the relevant commitments made by Luneng Group during the restructuring will not change. It still regards Guangyu development as a professional platform for integrating and developing its residential real estate development business, and takes effective measures to actively and steadily promote the relevant work to solve the competition in the same industry.