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visual china map < / P > at 6:00 p.m. on August 10, Longhu group (00960. HK) held a telephone communication meeting. Wu Yajun, executive director and chairman of the board of directors, Shao Mingxiao, vice chairman and executive director, Chen Xuping, executive director and CEO, and Zhao Yican, executive director and CFO, attended the meeting. < br > < div class =" contheight "> < / div > on August 10, Longhu group closed at HK $20.9, down 16.4%, and its share price hit a new low since November 2018, with the lowest intraday value of HK $20.1 and the largest drop of 19.6%. As of the end of the day, the total market value of Longhu group was HK $127.335 billion, and the one-day market value fell more than HK $24.6 billion. < br > < div class =" continheight " "> < / div > in the communication meeting, Longhu group responded to the rumor of commercial bill default recently, saying that it was totally a rumor. The company has not added new commercial bills since last year. At present, the balance of commercial bills is about 700 million yuan and will be gradually cashed before the end of the year. < br > < div class =" height "> < / div > it is worth noting that on the evening of August 10, the Shanghai Stock Exchange announced that a large number of commercial bills of Longhu Group Holdings Co., Ltd. were” overdue “recently record. It is verified that as of August 10, 2022, Longhu Group Holding Co., Ltd. has no record of commercial bill default and dishonor, and the related rumors are not true. Shanghai bill exchange is committed to maintaining the smooth and orderly operation of the bill market and condemns such acts of disturbing the market order through rumors< Br > < div class = "height" > < / div > regarding the impact of sales downturn on cash flow and future sales expectations, Longhu group responded that it had previously purchased commercial real estate with the accumulated funds in the sales year, and the sales in the first half of this year decreased< Br > < div class = "height" > < / div > regarding the land acquisition strategy and land acquisition intensity, Longhu group responded that new land acquisition is concentrated in more core places (such as Hangzhou, Beijing, Chengdu and Hefei)< Br > < div class = "height" > < / div > according to the new project information released by Longhu group, in the first seven months of this year, the company obtained 17 projects in total, with a total equity land price of 11.419 billion yuan< Br > < div class = "height" > < / div > at the meeting, the organic organization asked how to view the cooperative projects, whether the company needs to acquire the cooperative projects of insurance, and how about the current pre-sale supervision and sales speed< Br > < div class = "height" > < / div > according to Longhu group, the first tier cities have a good sales situation. The Hangzhou project will be opened in August, and it is expected to be cleared soon to improve the purchasing power of customers. At present, Longhu has entered 68 cities, with the narrowest coverage among the top 10 real estate enterprises. This year, the whole market sales of the third and fourth tier cities are still at a low level, and the house prices continue to fall< Br > < div class = "height" > < / div > for cooperative projects, Longhu group responded that the company does not conduct non-standard financing and controls project level financing. The shareholders can only take part of the cost + estimated profit of the project, and the partners are strictly screened, and there are few risky projects< Br > < div class = "height" > < / div > according to the introduction of Longhu group, it will reserve enough money for the project to isolate the risks of the partners. The list of partners’ access is strict, and it is not allowed to mortgage the equity of the partners< Br > < div class = "height" > < / div > under what circumstances will sales bring pressure on cash flow? Under the present circumstances, has the management changed its guidelines for the future< Br > < div class = "height" > < / div > according to Longhu group, at present, the debt structure is good, the cash short debt ratio is less than 10%, and it will live within its means. The epidemic situation in the first half of the year and the loan interruption in July have an impact on sales. It is expected that the sales and profits of the whole year will still increase year-on-year (positive)< Br > < div class = "height" > < / div > the annual report of Longhu group shows that by the end of 2021, the net debt ratio of the group was 46.7%, and the average financing cost was 4.14%; The comprehensive loan was 192.07 billion yuan, and the cash on hand was 88.53 billion yuan. The net debt ratio (net debt divided by total equity) was 46.7%, and the asset liability ratio after excluding advance receipts was 67.4%< Br > < div class = "height" > < / div > at the meeting, Wu Yajun said, “I didn’t care much about the sharp drop in the stock price today. It was caused by the panic in the market, and the company didn’t have any problems. I also felt responsible for the investors, so I held this meeting. Because it is currently in the quiet period and the sensitive period, I can’t buy the company’s shares.”< Br > < div class = "height" > < / div > Wu Yajun said that this year’s dividend management did not take cash, but only stocks. Longhu is prepared for the current situation and is still preparing for future development. At present, it is time to look at the opportunities rather than the risks. At present, the risks have been taken. The highly leveraged radical enterprises have paid the price. In the future, there will be more opportunities for high-quality real estate enterprises. The policy level will not be flooded, but will be gradually introduced. After the industry is cleared, Longhu has always had opportunities.