Behind the "acceleration" of Jianye Real Estate's delivery, it is suspected that the volume of delivery is reduced and quality problems are frequent.

Xiong Ying Red Weekly

The dilemma of J

Behind the "acceleration" of Jianye Real Estate's delivery, it is suspected that the volume of delivery is reduced and quality problems are frequent.

Xiong Ying Red Weekly

The dilemma of Jianye Real Estate is not only reflected in the delivery and sales level, but also directly reflected in its capital end. According to the data of Jianye Real Estate's mid-year report in 2022, it can be clearly seen that the company's financial situation has "deteriorated" and its operational risks have intensified.

Looking back on 2022, "Baojiaolou" is a major topic for many housing enterprises. On the one hand, "delivery power" has become the core competitiveness of housing enterprises, because it affects consumers' intention to buy houses to a certain extent; On the other hand, the delivery schedule is mainly subject to the financial strength of housing enterprises.

"Red Weekly" observed that in the previous "uncompleted residential flats" and "hardest hit areas", it was also the key area where the policy of "walking the building" landed. For example, Jianye Real Estate, a local housing enterprise in Henan, has accelerated its pace. However, according to the owner, the progress of some projects of Jianye Real Estate is still lagging behind, and some delivered projects are also suspected of reduced delivery and quality problems.

Under the background of "Baojiaolou":

Funding problems limit the delivery speed.

Since the second half of 2022, the central government and local governments have been accelerating the implementation of the relevant policies of "ensuring the delivery of buildings". 6543813, Wang Yi, deputy director of the Housing and Urban-Rural Development Department of Henan Province, said at the press conference that (in 2022) Henan will make every effort to promote "ensuring the delivery of houses and stabilizing people's livelihood", strive for the first batch of special loans of 20 billion yuan from the state, and support 337 overdue projects that have been sold. More than 9,500 sets have been completed and delivered, and the second batch of special loans is being actively sought.

In this context, Jianye Real Estate, as a local housing enterprise in Henan, has also significantly accelerated its "Baojiaolou". According to the official micro-display of Jianye Group, in 2022, Jianye Group delivered 166 batches with 74,800 suites, with a delivery area of10.9989 million square meters. Compared with its 20021year delivery report, 65,200 houses were delivered in 32 batches, with a delivery area of 98 1.6 1 10,000 square meters. It can be seen that the delivery area increased by 12.05% year-on-year.

However, the special funds for "Baojiaolou" are limited. In order to ensure the orderly implementation of the project, the revitalization of the housing enterprises themselves is also very important. It is worth noting that according to the 2022 interim report, as of June 30, 2022, there were 65,438+092 projects under construction in Jianye Real Estate, with a corresponding construction area of about 365,438+0,438,000 square meters. According to the survey of Red Weekly, among them, the construction progress and delivery time of several projects of Jianye Real Estate were questioned by the owners.

"Red Weekly" found on the leadership message board platform that there were many complaints about the delay in delivery of Jianye Real Estate. For example, at 65438 on October 29th, 2023/KLOC-0, an owner of Puyang Jianye Puyuan said that he had purchased the residence of Jianye Puyuan Phase II 13 building, which was due to be delivered on February 3rd, 2022/KLOC-0 according to the contract, and it has been overdue. The owner asked the salesperson and was told that (the developer) was short of funds and was waiting for the government's financial assistance. I don't know when to start.

According to the data of Tianyancha, Puyang Jianye Urban Construction Co., Ltd. (hereinafter referred to as "Puyang Jianye"), the developer of Puyang Jianye Puyuan, was involved in many lawsuits. In 2022, Puyang Jianye was brought to court by five companies, including Master Construction Group, Linyi Cai Jun Trade, Shanghai Yuheng Materials, Xinxiang Yue Hong Materials, and xian county Li Sheng, for a dispute over the right of recourse. In addition, at the end of 2022 and the beginning of 2023, Puyang Jianye was executed twice by the court for failing to fulfill its legal obligations on time, and the total execution amount exceeded 6.5438+0.5 million yuan.

It is worth noting that Red Weekly obtained information from Puyang real estate one-stop convenience service network and found that at present, the above-mentioned real estate Jianye Puyuan still has 155 suite source display for sale.

"Red Weekly" combed a number of complaints about the delay in delivery of Jianye Real Estate, and found that financial problems were one of the main factors affecting the progress of delivery. Many local departments have mentioned the impact of financial problems on the delivery of Jianye Real Estate when responding to property buyers.

For example, on June 5438+1October 10, when the owner asked about the Zhumadian Jianye Zunfu project, the relevant departments of Zhumadian City replied that "due to the epidemic situation, the project sales were difficult. At present, project shareholders are actively discussing equity acquisition, raising funds from various sources, and striving for the project to resume work as soon as possible. "

In addition, some owners asked, "When will Jianye No.1 city-state resume work?" 65438+ 10/8, Huixian Municipal Committee replied that "huixian city has applied to the Provincial Housing and Construction Department for a special loan for Jianye No.1 city-state project, and strived for supporting financing for the" Baojiaolou "project and related financial loans for real estate enterprises. In the next step, after the funds are in place, the construction unit will be urged to reverse the construction period, speed up the construction progress and hand over the house as soon as possible. "

The shopkeeper questioned the quality of delivery.

Suspected shipments and distribution are reduced, and quality problems are frequent.

For some Jianye real estate owners, if they don't pay the house, they will worry about the problem of paying the house. "Red Weekly" combed and found that in the eyes of the owners who have already handed over the house, the frequency of suspected handover reduction and quality problems is also very high.

June 5438+this year 10, Jianye Long Fu, located in Yichuan County, Luoyang City, ushered in the delivery date. However, Red Weekly found that some owners complained about the illegal delivery and false propaganda of Jianye Long Fu on the voice of the people in Luoyang convenience hotline official website. The owner pointed out that the building not only has obvious cracks in the wall, water leakage, elevator failure and other quality problems; There are also serious shortcomings, such as turning stones into red bricks, turning luminous latex runways into asphalt paint, turning gardens into turf, and stealing delivery marks and fingerprint locks. In addition, there are many problems such as delayed delivery and refusal to pay compensation.

The announcement posted by the Housing and Construction Bureau of Yichuan County on April 4th, 2023/KLOC-0 also shows that "Jianye Long Fu has not reached the delivery acceptance standard and does not have the delivery conditions. The specific delivery date is subject to the acceptance of delivery conditions. "

The phenomenon of Jianye Long Fu is not a case. 65438+1October 16, some owners pointed out on the People's Voice platform that there was false propaganda in the Yuefu government when Yiyang Jianye was established, which reduced the situation of handing over houses. Not only did the road surface collapse, but the greening and water system previously publicized were also seriously inconsistent. Yiyang County Housing and Construction Bureau also replied on June 5438+1October 2 1 that it had contacted the project leader and asked him to investigate the recent demands.

Since 2022, more and more real estates have experienced delivery quality problems and delivery delays, and the "delivery power" representing delivery quality and timely delivery has therefore become the core competitiveness of housing enterprises. The quality of "delivery power" is also reflected in the sales performance of real estate enterprises to a certain extent.

The sales performance of Jianye Real Estate in 2022 and 2023 1 month is not very optimistic. Jianye Real Estate once announced that as of June 65438+February 3 1 in 2022, the Group had achieved contracted sales of 24.049 billion yuan, down 60% year-on-year. The contracted sales floor area totaled 3,448,700 square meters, down 57.8% year-on-year. The average sales price per square meter was 6,973 yuan, down 5.3% year-on-year.

Among the housing enterprises that announced the 2022 annual target, Jianye Real Estate is also a housing enterprise with low target completion. Earlier, Yang, CEO of Jianye Real Estate, said at the company's 20021performance conference that the sales target of 53 billion yuan was based on the development strategy of steady operation, starting with cash flow. We are full of confidence in achieving our goals and will actively pursue higher growth on this basis. But in fact, in 2022, the contracted sales of 24.049 billion yuan of Jianye Real Estate only achieved 45.38% of the annual target.

By 2023, the sales "downhill" of Jianye Real Estate has not been reversed. Recently, the sales ranking of housing enterprises in 5438+2023 10 was released. According to Kerry's data, Jianye Group achieved sales of10.66 billion yuan in June 5438+ 10, down 25.9% from 2.09 billion yuan in the same period last year.

It is worth noting that Jianye Real Estate clearly stated in the 2022 interim report that due to the year-on-year decline in sales, price-for-price exchange, one-time assets and inventory impairment, the company recorded its first loss in the past 30 years, and its net profit loss in the first half of 2022 was 5.605 billion yuan, a sharp drop of 868.77% year-on-year. It is not difficult to see that the decline in sales is very destructive to the company's performance, and the continuous decline in the recent sales performance of Jianye Real Estate also means that the future performance will be negatively affected for a long time.

"Three Red Lines" Deteriorated

The pressure of debt repayment is obvious.

The dilemma of Jianye Real Estate is not only reflected in the aforementioned delivery and sales level, but also directly reflected in its capital end. According to the data of Jianye Real Estate's mid-year report in 2022, it can be clearly seen that the company's financial situation has deteriorated and its operational risks have increased.

For example, in terms of "three red lines", Jianye Real Estate changed from "yellow" to "red", and the asset-liability ratio after excluding advance payment increased from 86.4% at the end of 20021to 92.9% in mid-2022; The net debt ratio surged from 94.9% at the end of 202/kloc-0 to 315.6% in the middle of 2022; The short-term debt ratio of cash also decreased from 65,438+0.46% and 5,438+0 at the end of 2026 to 0.59% in the middle of 2022, indicating that the company's cash on hand cannot cover short-term liabilities and the liquidity pressure is high.

In June 2022, 1 1, Standard & Poor's report also downgraded the rating of Jianye Real Estate to "CCC-", and showed that in the absence of refinancing channels in overseas markets, Jianye Real Estate's high dependence on overseas bonds (accounting for 63.3% of the total debt by June 30, 2022) brought the risk of repayment in the near future. Three senior notes with a total amount of $900 million will expire in April, August and June 2023; About $73 million in interest will be paid in the next six months. In the next six months, the possibility of the company's overseas senior notes default and interest payment default will increase.

"Red Weekly" also found that since June 5438+ 10, many projects of Jianye Real Estate have been complained on platforms such as leadership message boards, and it is suspected that there is a phenomenon of wage arrears for workers. A construction worker claimed that 12 workers, including himself, were engaged in the installation of aluminum panels for external walls in Dongwang, Jianye Longcheng, Yibin District, Luoyang City from June/kloc-0 to July 1 5, and owed 12 workers RMB 654.38+million. In this regard, Luoyang Municipal Service Center stated that the project leader promised to pay the remaining salary after the project funds were in place.

In addition, the projects of Jianye Real Estate, such as Zhoukou Jianye Shihefu, Zhumadian Queshan Jianye City and Xiangcheng Jianye Guiyuan Phase II, are all in arrears with workers' wages.

(This article was published in Red Weekly on February 4th. The stocks mentioned in this article are only examples, and trading is not recommended. )