Evergrande Group Is Fully Involved In Retail Or Deposit Pressure.
< p > recently, Hengda commercial group is recruiting employees for its supermarket companies, department stores and theaters.
Heng Da's official website shows that Heng Da business group is a wholly owned subsidiary of Heng Da real estate group, which is responsible for the operation and management of more than 300 commercial projects of Heng Da real estate group in more than 130 main cities across the country.
The commercial projects cover many commercial forms such as community despot, commercial center, Hengda Movie City, large centralized commercial and commercial complex, and the total business area of management and operation is more than 2 million square meters.
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< p > Hengda said, with Evergrande commercial group management and operation of the total business area will be more than 4 million square meters, total business assets reached 100 billion scale.
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< p > industry insiders say that < a href= "//www.sjfzxm.com/news/index_c.asp" > retail industry < /a > can upgrade and support the Hengda residential projects, speed up the operation of the urban commercial complex, but may bring new challenges.
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< p > < strong > use the cinema to pull < a href= "//www.sjfzxm.com/news/index_c.asp > > shopping malls > /a > /strong > /p >
< p > if we say that Wanda is pulling the commercial plaza with cinemas, Hengda hopes to use the movie theater to pry the community shopping mall.
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< p > Hengda's blueprint for the commercial real estate is as follows: its 10 large commercial complex projects in Chengdu and more than 130 Hengda movie city projects will be opened in succession, and the continuous construction of community business projects will be put into the market one after another. The total commercial area of Hengda business group will exceed 4 million square meters, and the total business assets will reach 100 billion scale.
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< p > in January this year, Hengda film city took a substantial step forward, and built four small shopping arcade with four small cities in Zhongshan, Xi'an, Yueyang and Danzhou.
In the future, Hengda cinema will cover 17 provinces and autonomous regions in China, with a total of more than 150 theaters.
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< p > "Hengda movie city" is a four storey small business building, set up in residential areas.
1-2 of them are chessboard shops, the 3-4 is Hengda theater, with a total area of 10 thousand ~2 square meters.
Cinemas hope to provide living and entertainment services for the community and its surrounding residents.
This kind of community business model is called Hengda theater mode.
Hengda's investment promotion departments explained that "cinema is actually the main store of community shopping centers".
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Mr. P, regional corporation manager of Wanda cinema, received an invitation from Hengda at the end of last year, hoping to join Hengda movie city.
Because of the rapid expansion, Hengda also hopes that Mr. Chen will introduce the practitioners in the circles around the cinema.
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Mr. P did not agree to Evergrande's invitation.
One reason is that he believes that Hengda hopes that the cinema will bring tourists to the mall. The goal is not to operate the cinema itself, or even to ask for no revenue.
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< p > followed by slower expansion than planned.
"Hengda introduced 25 movie studios this year and 70 next year."
Mr. Chen said, "but they said this when they were in 2011."
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"P >" according to the incomplete statistics of the economic observation newspaper, in addition to the four in January, Datong, Liuyang, Yueyang and other places will be open in June.
At the same time, with the movie theater as a gimmick, these studios and other floors of the investment work is also in progress.
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< p > Hengda is in the community of the three or four line cities. "Convenience stores are hard to get here, let alone cinema".
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< p > however, the existence of cinemas has indeed brought business to other studios.
A businessman in Hengda film city told the economic observer that the movie city has a certain effect on the attraction of the crowd, especially at the hot time of viewing in the evening.
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< p > the Economic Observer newspaper learned from a three line city that more than 4000 houses sold by Hengda community, plus the population of the surrounding residential areas, has formed densely populated residential areas.
However, the owners need to drive to two stores away from the mall, and there is also a supermarket convenience store nearby.
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< p > according to the business management department of Hengda regional Corporation, community cinema is only one form. Hengda cinema will also make more large-scale cinema, which is located in Hengda commercial complex.
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< p > < strong > department stores, supermarkets, amusement < /strong > /p >
When p was released as early as the first half of 2010, Xu Jiayin said that Hengda will be involved in commercial real estate in a timely manner.
The term "timely" refers to waiting for Hengda to have enough cash flow and scale support.
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< p > Xu Jiayin said that when the four indicators reached the first place in the industry, Evergrande would invest heavily in expanding commercial real estate.
These four indicators are land reserves, operating area, sales area and sales volume.
At that time, it was revealed that the timing of commercial real estate is expected to arrive in the second half of 2011, with the goal of a landmark urban complex dominated by provincial capitals and developed cities.
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Less than P, 2011, Hengda took the paramount land beside the Fushun municipal government in Liaoning, and built the first large-scale urban complex project called "win business network Hengda Plaza", covering shopping centers, commercial streets, hotels, office buildings and other formats.
Data show that this year, the company set up a business group.
Later, the company built "Hengda Plaza" in Guilin, North High Speed Rail Station and other places.
At that time, there was propaganda that Heng Da group's own commercial brands include Heng Da department store, Heng Da SPA Water Association, Heng Da KTV, Heng Da studios, Heng Da game, Heng Da fitness club, which will further boost the orderly development of the business group of the group.
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< p > up to now, some of the above four indicators still do not reach Xu Jiayin's ideal at that time, but Hengda's projects in the tourism complex and landmark commercial complex have entered the stage of attracting investment, including 10 large-scale commercial complex projects such as Chengdu and Ningbo.
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< p > there is media saying that Xu Jiayin announced at the internal meeting to build "upgraded version of Wanda Plaza".
To this end, Hengda also learned Wanda, set up department stores, supermarket management companies and amusement management companies under the commercial group, and entered the retail industry in an all-round way.
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< p > according to Hengda's official website, Hengda department store has an area of 30 thousand square meters, relying on Hengda's commercial projects and commercial complex projects to build a strong brand of China's chain stores, while Hengda supermarket shows that the business area reaches 1000-8000 square meters. As the main living support is set up in Hengda Real estate projects and large-scale commercial projects, by 2015, the number of Hengda supermarket stores will exceed 300.
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"Hengda department stores will enter the commercial complex and supermarkets will be stationed in some remote residential areas," said P, a business administration member of a central regional Corporation in Hengda.
The community business and urban complex projects are invested by regional Corporation, and the business group is responsible for guiding and assisting the operation of various commercial projects, the person said.
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Lin Shisong P, director of the Guangzhou and Shenzhen store department, seems to be copying the Wanda model.
"Wanda mode" is to sell residential units after commercial placement, and quickly withdraw funds.
Among them, through their own department stores, business part can also enter the operation state quickly.
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< p > take Hengda Plaza in Fushun as an example.
In October last year, the project signed a strategic cooperation agreement with merchants.
In addition to the shopping malls in the northeast of China, there are also brands such as Watsons, child king and so on.
Hengda cinema, Hengda KTV, Hengda SPA water and many other Hengda retail brands are also among them.
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< p > although it is a landmark urban complex, Hengda's project is in the three or four line city after all.
"Retail brands are better able to match their own expansion speed," said a business administration official of regional Corporation in North China.
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< p > < strong > > a href= "//www.sjfzxm.com/news/index_c.asp" > after-sale leaseback < /a > /strong > /p >
< p > on the other hand, when Hengda came to recruit for its commercial companies, an unconfirmed source said that some new projects in Wanda do not have department stores.
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< p > under the impact of the electricity supplier, department stores, supermarkets and other formats.
Public data showed that in April this year, the retail sales of 50 key large retail enterprises decreased by 7% compared with the same period last year. This is the 1-2 decline in retail sales after the negative year-on-year growth in retail sales. In the first quarter of this year, the retail sales of 50 key large retail enterprises increased by only 0.1% over the same period last year, and the growth rate slowed sharply by 9.1 percentage points.
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< p > in the view of a former executive of Wanda Department store, Hengda has abundant real estate resources, but this is a necessary but not sufficient condition for self-employed department stores.
"Only when we find the right department store business model, we will not become a business to consume cash flow."
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< p > does Hengda have enough funds to support retailing? According to 2013 performance data, Hengda benefited from sales in 2013, and net debt ratio decreased by 14.7 percentage points to 69.5%.
But rating agencies such as S & P and Moodie still regard Hengda's leverage ratio as the highest among real estate developers.
The reason is that Evergrande issued 25 billion last year's perpetual debt.
In terms of financial treatment, the perpetual debt is included in the permanent capital instrument as a net asset rather than a liability.
However, rating agencies should not ignore the debt character of perpetual debt.
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< p > data showed that Hengda had 53 billion 650 million cash, but most of the cash came from borrowing.
In 2013, net borrowing increased by 48 billion 550 million in one year, and 108 billion 800 million at the end of the year.
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< p > we can see that there is a pressure to enter the retail industry in this way.
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< p > the function of community cinema is not limited to attracting customers, but also attracting investors.
At present, a number of Hengda studios have been sold or sold as a whole, and have agreed with the owners for after-sale rental.
One cinemas project has produced a stable return of five for 50% years and a steady return of 350 yuan per day.
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People close to Hengda film city have already signed contracts with investors, which can only be rentals with fixed rents and fixed terms. The investment process is quite passive, P said.
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< p > Lin Shisong introduced: "after sale rent is actually selling returns, which may hide some financial techniques.
In order to achieve the agreed rate of return, the rent of commercial projects may exceed the average rent level of the market.
Because this part of the high rent, project assets assessment may be estimated by tens of millions.
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< p > Lin Shisong said that the real estate developers do the retail business, and the more successful ones are Li Jiacheng.
Hutchison's retail company, such as Watsons's parkshop and Watsons, pfers capital pressure to the capital market through spin off.
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< p > not only is the movie city of the community, but the commercial street shops of the urban complex project are also exploring whether there is a need to make an agreement with the investors about the after-sale rent.
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< p > a senior business investment advisor said that if the after sale rents are rented to the seller's own retail companies, these retail companies are "synergy units", which jointly assess the assets value of commercial property.
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