Tagged: estate companies

Why is it so difficult for young people in this class to find someone?

Although many people were unable to return home during the Spring Festival this time, it did not prevent the annual wedding urging conference from ringing on time in the WeChat group with the New Year’s bell. Putting aside the miserable imagination of our parents that we will be unattended and lonely for the rest of our lives, let’s first ask a question: Now, will you still devote yourself to a relationship or a marriage? Are the young people married or not in love this year? The emotional life of an adult is no longer just the first experience of love. Talking about money hurts feelings, and talking about feelings hurts money. To put it bluntly, in modern society, it is difficult for young people to get married at once. According to data from the Ministry of Civil Affairs, 9.273 million couples had a marriage certificate in 2019, a decrease of 8.5% from 2018. At the same time, 4.7 million couples decided to get out of the siege of marriage and apply for a divorce certificate. This number has increased by 5.4% over 2018.

Marriage rate and divorce rate in 2019 (Source: Civil Affairs Bureau)

Behind the rise and fall is that everyone’s attitude towards marriage is becoming more and more cautious, marriage requires careful consideration, and the proportion of late marriages is increasing. In 2019, the proportion of married people over the age of 30 was as high as 45.67%, which is 4% more than in 2018. Our parents always like to say: When you were your age, my children ran all over the street. But our situation is really different. The current gross enrollment rate of higher education in my country is 51.6%. In other words, about half of the young people are already 22 years old after graduation. Moreover, under the pressure of buying a house and raising a baby, marriage has become an increasing need for economic foundation. It is usually after the age of 30 for professionals to reach a higher level of income. Remembering the above data can be used to reply to the seven aunts and eight aunts who have urged marriage. Whether in love or marriage, it is an intimate relationship. However, we are used to putting the focus of intimacy on “intimacy” and often neglecting “relationship.” An intimate relationship is essentially a small practice of public life, and it has everything in public life, including the comparison and conversion of rights, status, and division of labor. To put it bluntly, falling in love is troublesome, and getting married is even more troublesome. If you don’t fall in love, what’s the matter, isn’t it good for someone to order takeaways to play games Spark Global Limited?

Some banks have suspended direct sales services

Recently, some small and medium-sized banks’ deposit products on the APP have been adjusted. Some banks asked “Where do customers come from”; some banks suspended direct banking services; and some banks silently closed the purchase entrance for bank deposits. Regarding bank deposit products, the bank has made another big move! Brokerage China reporters discovered that some small and medium-sized banks’ mobile banking client (APP) deposit products have also begun to adjust recently. Some banks have begun to ask “Where do customers come from?” Some banks have suspended direct banking services and implemented system rectifications, and some banks silently The purchase entrance for bank deposits is closed. These adjustments are the result of repeated voices by the regulatory authorities recently, emphasizing the territorial management principles of bank deposits.

On February 8, the “Report on the Implementation of China’s Monetary Policy in the Fourth Quarter of 2020” (hereinafter referred to as the “Report”) issued by the Central Bank of China set up a column for “Deposit Management”, which details “Innovative Deposit Products” and “Structured Deposits” And the rectification effect and direction of the three major regulatory focuses of “remote deposits”. With the gradual tightening of regulatory language, the “lucky heart” of many small and medium banks has also been completely shattered. After the introduction of a series of regulatory measures aimed at bank deposits, the cost pressure on bank liabilities is expected to ease, but the difficulty of “expanding balance sheets” for small and medium-sized banks is also greatly escalated. “Especially in the context of the slowdown in credit expansion, the differentiation between banks has increased, and the pressure on the volume’ side of the bank’s debt will exceed the pressure on the price’ in the future,” analysts pointed out.

Blocking off-site storage

“Are you a Chinese resident living or working in Chongqing?” Recently, Chongqing Fumin Bank added such an inquiry to the deposit product subscription link on its mobile banking app to confirm whether the customer is from the local area.

Coincidentally, on the evening of February 5, Hami City Commercial Bank announced that it would suspend the external sales of all direct bank deposit products. “After the system is reformed according to regulatory requirements, non-local customers can resume purchases.”These adjustments are the result of repeated voices by the regulatory authorities recently, emphasizing the territorial management principles of bank deposits. In January of this year, the China Banking and Insurance Regulatory Commission issued the new Internet deposit regulations clearly stated that the Internet deposit business of local banks’ self-operated channels (such as mobile banking APP) should also be based on serving users in the jurisdiction. On February 4, the central bank held a video and telephone conference on strengthening deposit management, once again urging local corporate banks to return to serving the local source and not to open deposits in other places in various ways Spark Global Limited.
originate:xmfindbbs

the Sinopharm Department resigned on the same day

Picture/Official website of Sinopharm Group

Text | Caijing reporter Xiang Xue and Zhao Tianyu

Edit | Wang Xiao

Standing at the node of the large-scale promotion of Sinopharm’s new crown vaccine, within one day, two senior executives of its subsidiaries have resigned.

On the evening of January 12, 2021, Sinopharm Holdings (01099.HK) disclosed that the company’s board of directors received the resignation of Chairman Li Zhiming on January 12.

Due to personal reasons, Li Zhiming proposed to the board of directors to resign as chairman, executive director, chairman of the nomination committee of the board, chairman of the strategy and investment committee of the board, and member of the legal compliance committee of the board of directors, and his resignation will take effect immediately.

Sinopharm disclosed that Li Zhiming confirmed that there is no disagreement with the board of directors. At present, the existing directors and management of the company are performing their duties normally, and production and operation are all normal.

On the same day, the senior executives of Sinopharm (600511.SH) also heard the news of leaving. Sinopharm Holdings holds 54.72% of Sinopharm shares.

Sinopharm announced in an announcement that Li Hui also resigned due to “personal reasons” as director, general manager, member of the strategy committee and member of the audit committee of Sinopharm, and the resignation took effect immediately.Spark Global Limited

The information of the two resignations was fermented on January 13. However, as of the close, Sinopharm Group closed at 17.94 Hong Kong dollars per share, down 0.99%; Sinopharm closed at 42.96 yuan per share, down 5.17%. There was only a slight shock in both stock prices.

The trajectory of two resigning executives in the Sinopharm Department

Li Zhiming, 59, has more than 30 years of management experience in the pharmaceutical and health products industry. He is a senior economist and chief pharmacist.

Looking back on his career, 2010 was a crucial year. Prior to this, from 1985 to 2000, he served as chief accountant and general manager of Xinjiang New Special Medicine National Pharmaceutical Company, and then continued his professional career at Sinopharm Xinjiang Pharmaceutical Co., Ltd. until 2013. During this time, he began to serve as the vice president of Sinopharm Holdings in 2010 and has been the chairman of the company since 2017.

At the same time, Li Zhiming also holds multiple positions in the Sinopharm system. For example, he has concurrently served as director and general manager of Sinopharm Industry Investment Co., Ltd., Sinopharm Accord, Director of Sinopharm Group Pharmaceutical Co., Ltd., and Vice Chairman of Hyundai Pharmaceutical.

According to Wind data, Li Zhiming has resigned some of the above positions. For example, in October 2020, he resigned as a director of Sinopharm Accord for the past six years.

Li Zhiming is still working in the Sinopharm system. He has served as the vice chairman and director of Hyundai Pharmaceutical since 2016. As of the press of Caijing reporter, he is still in office.

“If he also resigns from our company, we will definitely make an announcement.” Hyundai Pharmaceutical told the reporter of Caijing.

On January 12, the board of directors of Sinopharm Group elected Yu Qingming to act as chairman of the board. Shandong native Yu Qingming, born in 1964, has served as Party Secretary and Executive Director of Sinopharm Holdings since November 2018. He used to work in the former State Drug Administration from 1989 to 1997 as the secretary of the bureau’s leadership. He started to work in Sinopharm in 1997.

Yu Qingming not only works in the company, but also currently serves as the Vice President of the China Pharmaceutical Enterprise Management Association and the Vice President of the All-China Federation of Industry and Commerce Pharmaceutical Industry Chamber of Commerce.

Another personnel change news in the Sinopharm system is that on January 12, Li Hui, the director and general manager of Sinopharm, ceased to serve as a director of the company’s seventh board of directors, a member of the strategy committee, a member of the audit committee and general manager due to personal reasons.

The number of the company’s board of directors will not be lower than the minimum quorum for convening a board meeting due to Li Hui’s departure, which can ensure the normal work of the board of directors.

According to the 2019 annual report, Li Hui, 52, had an annual salary of 2.3 million yuan during his tenure as the company’s director, general manager and party secretary.

Personnel changes have nothing to do with the new crown vaccine business

“As of January 4, 2021, more than 4 million doses of Sinopharm China Bio-New Crown Inactivated Vaccine have been used in emergency in China, and China Biosciences has shipped more than 10 million doses of vaccine for emergency domestic use. At present, Sinopharm New Crown Vaccine In large-scale emergency use, no serious adverse reaction report was received.” Sinopharm announced in its official website.

At the moment when the vaccine is steadily advancing, why does Sinopharm Group usher in such frequent personnel changes? Outsiders have even speculated that the departure of the two executives is related to the new crown vaccine business.

On January 13, a person from Sinopharm told the reporter of Caijing that it was actually “it has nothing to do with this.”

2020 CBN China Listed Real Estate Companies Value List

Since 2019, the overall real estate policy has adhered to the basic regulation policy of “no speculation in housing and housing”, which has demonstrated a high degree of policy coordination from the central to the local level, from demand management to supply management. The Politburo meeting of the CPC Central Committee held on July 30, 2019 proposed that “real estate should not be used as a short-term means of stimulating the economy”, which fully released a clear signal of my country’s unwavering adherence to real estate regulation. Local governments have followed up in a timely manner in accordance with changes in the situation, implemented policies for each city, and implemented one policy per city to ensure the smooth operation of the market and increase the pertinence of policies. Some cities have moved from city to city to district, and implemented policies according to the situation to ensure the stable operation of the real estate market.

Entering 2020, affected by the black swan of the epidemic, the real estate market transactions in the first quarter were cold. Following the effective control of the epidemic, the social economy gradually stabilized in the second quarter, and the property market gradually stabilized. In the first half of 2020, the national commercial housing sales and sales area were 6.69 trillion yuan and 694 million square meters, respectively. Affected by the epidemic, both of them declined by different degrees compared with the same period in 2019, down 5.4% and 8.4% year-on-year, but 1 The decline in June was 5.2 percentage points narrower than that from January to May, and the real estate market gradually recovered. Among all types of properties, residential sales fell by 2.8%, office building sales fell by 28.0%, and commercial business housing sales fell by 25.5%. The office market was greatly affected by the epidemic, and the residential market as a whole was not affected too much. influences.
From the perspective of each region, in the first half of 2020, the sales area of ​​commercial housing in the eastern region was 285.11 million square meters, a year-on-year decrease of 5.4%, and the rate of decrease was 4.5 percentage points lower than that in the first five months; sales of 3,711.9 billion yuan, a decrease of 1.6%, the rate of decrease was closed Narrow by 6.1 percentage points. The sales area of ​​commercial housing in the central region was 184.5 million square meters, down 14.1%, and the rate of decline narrowed by 3.2 percentage points; sales of 1,314.7 billion yuan, down 14.4%, and the rate of decrease narrowed by 4.1 percentage points. The sales area of ​​commercial housing in the western region was 199.08 million square meters, down 5.6%, and the rate of decline narrowed by 3.7 percentage points; sales of 1,448.4 billion yuan, down 4.6%, and the rate of decrease narrowed by 4.4 percentage points. The sales area of ​​commercial housing in Northeast China was 25.34 million square meters, down 17.3%, and the rate of decline narrowed by 5.1 percentage points; sales of 214.4 billion yuan, down 12.5%, and the rate of decrease narrowed by 7.0 percentage points. On the whole, different regions are affected by the epidemic in different degrees, and their impact on the market is also different. Although sales in various markets across the country declined in the first half of the year compared with the same period in 2019, with the improvement of the domestic anti-epidemic situation and the successive introduction of relevant favorable policies by local governments, the overall situation is gradually improving.

illustration
In the first half of 2020, due to the impact of the epidemic, many real estate companies were forced to lengthen their sales cycles and slow down development, but “scale” is still the mainstream thinking in the market. The sales scale of leading real estate companies continues to grow, and the industry concentration continues to increase . In the first half of 2020, Country Garden, China Evergrande, and Vanke still firmly occupy the top three sales positions of Chinese real estate companies. China Evergrande’s contracted sales amounted to 348.84 billion yuan, a year-on-year increase of 23.8%. Country Garden’s equity sales amounted to 266.95 billion yuan, down 5.3% year-on-year; Vanke’s contracted sales amounted to 320.48 billion yuan, down 4.0% year-on-year. Evergrande’s sales volume rose against the trend, mainly due to its first implementation of “online sales” since February and a large discount. In the first half of 2020, Evergrande proactively implemented the “price-for-quantity” strategy, and the average sales price per square meter dropped from 10,756 yuan in the same period in 2019 to 9,029 yuan, a price reduction of up to 16%. This strategy helped Evergrande realize High sales growth.
When the desperately running real estate company just recovered from the epidemic, news of regulation came again. The introduction of the “three red lines” will measure the financial status of real estate companies from the overall, long-term, and short-term dimensions, and overall control the high leverage risk of real estate companies. This will not only have a profound impact on leading real estate companies, but also on small and medium-sized real estate companies. Radical acquisition of land for expansion and high turnover may be restricted. Under the new game rules and market logic, market differentiation is deepening, and a round of reshuffle is inevitable. For the real estate industry, this aspect is to ensure the overall long-term and healthy development. On the one hand, it also drives the real estate industry from a stage of rapid growth to a stage of high-quality development.
On the whole, under the impact of the epidemic in the first half of 2020, the concentration of the real estate industry has accelerated, and the competition law of “the strong always keep strong” has not changed. Although the growth rate of head enterprises has slowed down, they pay more attention to quality growth. Actively explore and practice in areas such as strengthening customer research, enhancing product capabilities, optimizing urban layout, and enhancing product effects. I believe that in the context of market pressure, future industry competition will not only be the competition of sales scale, but will also be reflected in the company’s own capabilities, such as profitability, financing capabilities, risk control capabilities, and operational capabilities. An important component of the core competitiveness of future real estate enterprises.
In the context of the regulation of the property market and the reconstruction of social order, investors will be more cautious in investing in real estate companies. Listed real estate companies are the vane and backbone of the real estate industry. Studying the value of their equity investments will help to dig out a number of benchmark real estate companies and reduce decision-making costs. Initiated by CBN, and jointly presented by the China CBN Real Estate Enterprise Value List in collaboration with Tongce Research Institute, it targets more than 200 sample listed real estate companies in terms of profitability, capital market performance, operational capabilities, and financing capabilities. Analyze the status quo and strategic direction of the industry from the perspective of equity investment value such as solvency and enterprise scale.
In this study, we added the data of the 2019 annual report on the basis of the data of the 2020 mid-year report, and weighted it with the data of the first half of 2020. Taking into account the impact of the special factor of the epidemic in the first half of the year, the financial data and sales and land bank data released by real estate companies in the first half of 2020 may be subject to large fluctuations. In order to more fully reflect the investment value of real estate companies over a period of time, while focusing on the data for the first half of 2020, we have extended the data span and added the operating data released by the real estate companies in 2019 to supplement it. This comprehensive analysis and judgment of the value research system.

With the continuous increase in industry concentration

With the continuous increase in industry concentration, competition among real estate companies has become increasingly fierce. In the context of the market’s entry into rational development and high-quality development, along with changes in the market environment and policies, the real estate industry may usher in a series of brand-new changes, including entering the stock market, demand-side upgrades, and cash flow management. For enterprises, the growth of their own assets basically means to a large extent, they have more confidence.
During the reporting period, the average value of total assets of the A-share sample companies in the first half of 2020 was 219.544 billion yuan, an increase of 15.74% year-on-year, but the increase was not as good as the same period in 2019; the average value of net assets was 412.70 trillion yuan, an increase of 23.51% year-on-year, compared with 2019 The growth rate during the same period increased by 4.52 percentage points. The average value of total assets of H-share sample companies in the first half of 2020 is 290.175 billion yuan, an increase of 14.32% year-on-year, which is lower than the same period in 2019; the average value of net assets is 561.58 trillion yuan, a year-on-year increase of 14.7%, and the increase rate is 4.7 compared to the same period in 2019 Percentage points.
On the whole, as the industry concentration continues to rise, real estate companies continue to scale up while consciously striding forward to achieve quality growth. Although the growth rate of enterprise scale has slowed down, the scale dispute between real estate companies will not immediately stop. The industry concentration is on the rise. If you don’t advance, you will retreat. Cases of big fish eating small fish have begun to increase in the industry.
In terms of revenue, in the “2020·China Listed Real Estate Companies Value List”, the average total operating income of A-share sample companies in the first half of 2020 is 17.201 billion yuan, a year-on-year increase of 2.79%, which is lower than the year-on-year increase of 27.01% in the same period in 2019. speed. The average total operating income of H-share sample companies in the first half of 2020 was 24.737 billion yuan, a year-on-year increase of 8.78%, which was lower than the year-on-year growth rate of 14.52% in the same period in 2019. The year-on-year growth rate of A-shares and H-shares slowed down in the first half of 2020, which may be related to the impact of the epidemic in the first half of the year.
Although the average revenue growth of real estate companies has slowed down, it still maintains a certain degree of growth, and it is an indisputable fact that the profitability of real estate companies is decreasing. In terms of profit scale, in the first half of 2020, the average net profit of A-shares and H-shares after deductions were 41.27 billion yuan and 56.158 billion yuan, respectively. Compared with the same period in 2019, there were different declines, a year-on-year decrease of 20.95% , 17.18%.
In terms of yield, the average return on equity (ROE) of the A-share sample companies in the first half of 2020 was 2.99%, which was far lower than the same period in 2019, down 2.73 percentage points; while the average ROA fell by 0.44 percentage points to 0.61%. The sales net profit margin also fell even more sharply. In the first half of 2020, the net sales margin of the A-share sample companies was 3.96%, which was 4.13 percentage points lower than the same period in 2019. Similarly, the sales gross profit margin also dropped by 5.69 percentage points to 29.58%.
In terms of H shares, the average return on net assets of the sample real estate companies in the first half of 2020 was 5.92%, a year-on-year decrease of 2.1 percentage points; the average net interest rate of total assets was 0.76, down 0.33 percentage points from the same period last year. In addition, the sales gross profit margin and net profit margin of non-deductible sales also declined. In the first half of 2020, the gross profit margin of sales fell 2.54 percentage points from the same period in 2019 to 30.34%; the net profit margin of non-deductible sales fell by 3.32 percentage points. To 6.21%.

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From the perspective of profitability, the overall profitability of real estate companies in the first half of 2020 was significantly lower than the same period in 2019. The main reason is that under the background of strict control of the epidemic in the first half of the year, the overall economic environment has been impacted, and customers have chosen to reduce travel due to subjective or objective factors, which has greatly affected the sales of real estate companies. In order to increase sales, many real estate companies have cut prices and sold them, which has reduced their profit scale and led to a decline in revenue.
Analyze the list with the characteristics of equity investment as the main theme of this research. Among the top 10 equity investment value rankings of A-share and H-share listed real estate companies, these companies mainly show good profitability, large enterprise scale, and strong financing capabilities Features.
In terms of A-shares, the total assets of the TOP10 real estate companies all exceed 250 billion yuan, and 9 of them are in the top 10 of the enterprise scale sub-list, and one is closely followed by the 12th. Among the TOP10 companies, there are a total of 3 real estate companies with total assets of more than one trillion yuan, which far surpasses other sample housing companies. Among them, Vanke’s total assets are 1.806 trillion yuan, Greenland’s total assets are 1.171 trillion yuan, and Poly’s total assets are 1.095. Rongsheng Development, which has the lowest total assets in the TOP10, reached 260.511 billion yuan.
In the sub-list of A-share companies, Vanke, relying on the long-term healthy development of the basic market and active exploration of diversified businesses, has ensured the long-term stable growth of the company’s main business and ranked first on the list. In the first half of 2020, Vanke achieved total operating income of 146.35 billion yuan, a year-on-year increase of 4.97%; net profit after deducting non-recurring gains and losses was 12.114 billion yuan, a year-on-year increase of 6.73%; total assets were 1,806.19 billion yuan, a year-on-year increase of 14.52%; Net assets were 291.26 billion yuan, a year-on-year increase of 25.29%. Vanke’s performance has grown steadily, ranking first among A-share listed real estate companies in terms of total assets, net assets and net profit after deducting non-recurring gains and losses. In addition, from the perspective of the growth of Vanke’s operating income and non-net profit from 2015 to 2019, the compound growth rate of Vanke’s operating income from 2015 to 2019 was 17.12%, and the net profit after deducting non-recurring gains and losses was 21.44%. The growth rate of net profit is faster than the growth rate of operating income, and the cost control ability has been improved.
TOP10 real estate companies generally have strong profitability, which means that they can bring higher returns to their shareholders and therefore have higher investment value. In the A-share profitability sub-list TOP10, the total list of TOP10 real estate companies occupy 7 seats, and there are a total of 3 net assets with a return on equity of more than 10%. They are Jinke shares 12.69%, China Fortune 12.17%, and Greenland Holdings 10.26% . Among them, China Fortune and Jinke shares are ranked in the forefront of the A-share profitability sub-list due to their high return on net assets, high return on total assets and net sales margin.
During the reporting period, China Fortune Land Development achieved revenue of RMB 37.372 billion, with an asset-liability ratio of 83.1%, a year-on-year decrease of 5.0 percentage points; the management expense ratio fell by 0.4 percentage points year-on-year, achieving three consecutive years of decline; the sales expense ratio was 1.6%, compared with the previous year Over the same period, it dropped by 0.6 percentage points. The net profit attributable to the parent was 6.062 billion yuan, and the net profit rate was 16.2%. The profitability was further released. In terms of Jinke shares, during the reporting period, the company achieved operating income of 30.306 billion yuan, a year-on-year increase of 16%; realized net profit of 4.259 billion yuan, a year-on-year increase of 34%, of which net profit attributable to shareholders of listed companies was 3.615 billion yuan, a year-on-year increase of 40% ; During the period, the net profit margin reached 14.05%, an increase of 2 percentage points from the same period last year.
In addition to leading scale and outstanding profitability, the top 10 real estate companies on the overall list also have their own advantages in financing, debt repayment, and operations. From the perspective of financing capacity, in the first half of 2020, the cash inflow generated by the A-share listed sample housing companies through financing activities reached 1,139.039 billion, with an average inflow of 21.905 billion; the data for the top 10 real estate companies on the total list reached 578.174 billion, with an average inflow of 578.17 100 million yuan, far exceeding the average financing scale of the industry. Among them, Poly Real Estate ranked first in the financing scale with 94.598 billion yuan in cash inflow from financing activities.
Poly Real Estate uses its strong background in central enterprises to obtain financing. The average financing cost in the first half of 2020 is 4.84%, and the cash inflow from financing activities is 94.598 billion yuan, ranking first in the financing ability sub-list. The company achieved total operating income of 73.706 billion yuan in the first half of the year, a year-on-year increase of 3.6%; net profit of 13.322 billion yuan, a year-on-year increase of 2.8%; net profit attributable to the parent of 10.124 billion yuan, a year-on-year increase of 1.7%, gross profit margin of 35.72%, and net profit margin of 18.07 %; Both revenue and net profit have grown steadily, achieving high-quality steady development.
In addition, in terms of operational capabilities, Greenland Holdings ranks first in the sub-list of sample companies’ operational capabilities, and is also the only large-scale real estate company with total assets of more than one trillion in the A-share operational capabilities list. Inventory turnover rate and total asset turnover rate were 0.27 and 0.18 respectively. High turnover drove the rapid expansion of enterprises. In the first half of 2020, Greenland Holdings paid back 125.7 billion yuan, and the return rate rose to 95% year-on-year. The quality of the return has improved significantly. Among them, the sales amount of residential products accounted for over 70%, and the return rate was as high as 106%.
In terms of H shares, during the reporting period, the total assets of TOP10 real estate companies exceeded 100 billion, of which Evergrande’s total assets exceeded 2 trillion, followed by Country Garden and Vanke, with total assets of nearly 2 trillion; There are three companies including Sunac, China Resources, and China Shipping; overall, the larger real estate companies still show high investment value. In the sub-list of H-share companies, China Evergrande and Country Garden have respectively become the leading models of asset scale and sales scale.
As the first real estate company whose assets exceeded RMB 2 trillion, “largest” is one of Evergrande’s main labels, and it has been leading other real estate companies so far. In the first half of 2020, China Evergrande’s total assets were 2,299.097 billion yuan, net assets were 316.455 billion yuan, and total operating income was 268.962 billion yuan, all of which ranked first among the sample companies. In terms of sales, Evergrande’s contracted sales amount in the first half of 2020 was 348.84 billion yuan, compared with 281.8 billion yuan in 2019, an increase of 23.8%, and 54% of the annual contracted sales target of 650 billion yuan was completed; the sales area was 38.632 million square meters. A year-on-year increase of 47.5%; cumulative sales collection was 312 billion yuan, a year-on-year increase of 66.5%, and the sales collection rate was 89.4%, a year-on-year increase of nearly 23 percentage points.
In the first half of 2020, Country Garden’s equity contract sales amount reached 266.95 billion yuan, and the equity sales area reached 31.85 million square meters. The sales amount and area continued to be the first in the industry; the equity contract sales return amount was 250.93 billion yuan, and the comprehensive equity return rate reached 94%, and has exceeded 90% for 5 consecutive years. From 2016 to 2019, Country Garden’s equity contract sales have a compound annual growth rate of 33%. Sufficient land reserves are the basis for the substantial growth of its sales scale. During the reporting period, Country Garden’s equity land reserves in Mainland China were 265.81 million square meters, equity saleable resources were 2,340.4 billion yuan, and equity saleable resources obtained were 1,6698 billion yuan. The potential saleable resources of equity is 670.6 billion yuan, and the abundant land reserves will strongly support the future development of Country Garden.