Open a new stage: the long road of "check-out" for central enterprises in non-real estate industry

On August 12, a plot in Nansha District, Guangzhou was sold by lottery, and was finally taken by Luneng at a total price of10.29 billion yuan and a construction area of 7,400 square meters. The floor price is close to 20 thousand yuan/square meter. Luneng, who entered Guangzhou for the first time and drew lots to get the land, was very lucky. However, in recent years, the industry has paid more attention to Luneng's equity transfer. If China Green Hair succeeds, Luneng's parent company, State Grid, will formally withdraw from the real estate business.

At the beginning of this year, the State-owned Assets Supervision and Administration Commission (SASAC) clearly pointed out in a notice that central enterprises should standardize their investment in shares, strictly control the investment direction of their main businesses, and must not carry out prohibited businesses such as commercial real estate stipulated in the negative list of investment projects of central enterprises by means of shares. This has once again given a shot in the arm to the non-real estate central enterprises that have been withdrawing from the real estate business for many years. However, the check-out of central enterprises is far more complicated than expected.

Central enterprises "check out" to open a new stage

State Grid's withdrawal from the real estate business has long been a clue.

On March 22 this year, when the State Grid reported the progress of inspection and rectification, it said that it would stick to the main business of the power grid with a higher political position and make up its mind to quit the traditional manufacturing and real estate business, and further improve the exit and transformation plan according to SASAC's opinions to speed up the rectification work.

Subsequently, for the real estate platform wholly owned by the State Grid, Luneng Group will attract media attention. After the overall transfer, it also shows that all the dust has settled. Although State Grid holds 30% of the shares of China Green Hair, it still indirectly holds Luneng shares, but it has no right to speak about Luneng's operation.

According to public data, Luneng achieved sales of 64.67 billion yuan and 89.37 billion yuan in 20 16 and 20 17 respectively, ranking 20th in the sales ranking of Kerui real estate enterprises for two consecutive years. However, from 20 18, Luneng began to inject some real estate business into guangyu development and became the controlling shareholder of the latter. Since then, Luneng has not released sales data.

Regarding the equity transfer, Luneng said in the statement that the inclusion of China Green Hair will help to continue to give full play to the management, talent and market advantages accumulated by the company's development, promote the sustained and healthy development of enterprises through reform, and also help to amplify the competitiveness and influence of state-owned capital and enhance the vitality of the state-owned economy.

High-profile land acquisition in Guangzhou is "dragon crossing the river", which also shows that Luneng is making continuous efforts in the real estate industry.

Yan Yuejin, a well-known real estate analyst, said in an interview with Nanfang Daily that Luneng's equity transfer is a representative case of "check-out" of central enterprises in the process of advocating detachment from reality to virtuality, or it will promote the subsequent divestiture of real estate business by central enterprises.

For a group of central enterprises, it is a task to quit the real estate business, but it is a long process.

The "check-out" has not been completed for ten years.

As early as March of 20 10, the State-owned Assets Supervision and Administration Commission (SASAC) asked 78 central enterprises whose main business is real estate to speed up the adjustment and reorganization, and quit the real estate business after completing their own land development and implementation projects, leaving only six central enterprises whose main business is real estate, such as China Construction, Poly and OCT, and then expanding to 2 1.

At that time, many interpretations believed that the reason for asking central enterprises to "check out" was that housing prices remained high, and central enterprises frequently took land at high prices to speculate on "land kings". After SASAC's speech, 78 non-real estate central enterprises all submitted their exit plans within 15 days. Some people think that it is difficult for central enterprises to "check out" in a short time.

Historical reports show that the State-owned Assets Supervision and Administration Commission issued regulations that 14 non-real estate central enterprises withdrew in that year, and by 2012 * *, 27 non-real estate central enterprises were publicly listed and 40 real estate enterprises were transferred. However, in the following years, the voice of "check out" of central enterprises gradually weakened, and there was a phenomenon that non-real estate main enterprises continued to take land.

On 20 15, luneng began to expand its land acquisition on a large scale. Although Luneng is on the list of 2 1 enterprises designated by SASAC, the State Grid holding Luneng 100% shares is not on the list.

The biggest noise comes from space science and technology. 20 15, 10 In June, the Third Inspection Team of the Central Committee sternly pointed out that many units of aerospace science and technology turned a deaf ear to the central real estate regulation and control policies and project development was prohibited.

By 20 16 10, aerospace science and technology reported the rectification situation, saying that "there are still nine third-class enterprises engaged in real estate development, some are still taking land after the ban is issued, and even illegally building high-end hotels" have been cleaned up, rectified and investigated, and will be withdrawn or transformed on September 30, 20 16.

Yan Yuejin believes that the withdrawal of central enterprises from real estate faces resistance. On the one hand, the real estate sector of central enterprises itself does not want to retreat, and many real estate businesses have significantly more income than other physical industries, which is somewhat inert. On the other hand, the reform itself is difficult, and many real estate projects have complicated historical relations, especially their own enterprises have also undergone restructuring, so it is difficult to really divest.

Risk of the receiver

Since 20 16, aerospace science and technology has gone through a long process of withdrawal. 2065438+September 2009, China Aerospace Construction Group, a subsidiary of Aerospace Science and Technology, publicly listed and transferred 100% equity and 24100,000 bonds of Shaanxi Aerospace Real Estate Development Co., Ltd. on the Beijing Equity Exchange at the reserve price of 2170,000 yuan.

This transfer is the last step for aerospace science and technology to complete the "check-out". However, Nanfang Daily reporter noticed that the company is still in Beijing Equity Exchange today, and the end date of information disclosure has been postponed to August this year 19, and there is no news that the company was taken over.

Similar "check-out" difficulties also occurred in AVIC. From 20 16 to 10, it has been more than three years since it was clearly put forward to divest the real estate business. Chengdu Zhonghang City was listed on June 5, 20 18, and was not bought by Blu-ray Development until April 20 19. AVIC Licheng (Hong Kong) planned to sell all the shares of Suzhou Su Hang Real Estate last year, but it stopped listing because no one was interested.

However, some real estate enterprises that took over the AVIC project encountered troubles in the subsequent development and operation. Located in zhu cun, Zengcheng, Guangzhou, China Aviation City Garden was renamed Poly China Aviation City after Poly took over. However, after the delivery of the first phase of housing last year, a large number of houses were exposed to problems such as water seepage, mildew and wall cracking, and many owners refused to accept the house. At that time, Southern Metropolis Daily reported that the statistics of Zengcheng Housing and Construction Bureau showed that as of June 20th last year, the number of problems reported by the owners of Poly Zhonghang City for the first time was 269 13, and 17576 had been settled, with a settlement rate of 65.5438+0%.

Some project-related people once told Nanfang Daily that a large number of quality problems of Poly Zhonghang City originated from the "poor foundation" of the property. Since the first few buildings were basically built before Pauli took over, Pauli began to rectify after taking over, including repaving the floor and painting the facade, but there were still a lot of problems that could not be solved in time before the formal delivery. On the contrary, Paulie seems to be "lying down" on this matter.

Yan Yuejin believes that housing enterprises can obtain better land assets projects by taking over the "check-out" of central enterprises, which is worthy of recognition. From the risk point of view, it is really necessary to pay attention to prevent the project operation from becoming more difficult due to improper operation after the acquisition. The quality problem of Guangzhou Zhonghang City's real estate has caused great pressure to Poly, which reflects that we must have enough understanding and grasp of such problems when purchasing projects, so as to truly guard against risks.