01
On the basis of data, the judgment of Xinli ’s true strength, There will be polarization and a roller coaster-like feeling.
In 2019, Sunpower Holdings achieved contract sales of 91.423 billion yuan, but equity sales were only 45.109 billion yuan.
The proportion of equity sales that is far below the industry level makes people feel that this is just a “fake tiger” to impact the scale. Of course, we cannot be so eager to draw conclusions.
The new land is fierce. In 2019, 36 new projects were acquired. The equity land price is 19.444 billion yuan, which is approximately equal to half of the equity sales; the total equity floor area attributable to equity is 2.8 million square meters, which is equivalent to 80% of the sales area. .
At this point, Xinli’s equity land bank has risen to 15.09 million square meters. If it is a full-caliber land bank, it is expected to exceed 30 million square meters.
For a real estate company with an annual sales area of less than 3.5 million square meters, such continuous scale growth and strong replenishment of land reserves can definitely be said to be strong.
From another perspective, the strength of Xinli will become more intuitive.
Real estate is a capital-intensive, cyclical business, ranging from buying land to opening for payment, ranging from half a year to more than a year.
Therefore, cash inflows and outflows such as opening rhythm, sales receipts, investment, engineering, and operating costs must achieve seamless coordination and dynamic balance.
For example, if you ca n’t sell the money back at the end of the year, you can only use the money to buy land, so you will miss investment opportunities.
From this perspective, the best proof of the strength of a housing company is:
Enough cash flow. Xinli did exactly this.
At the end of 2018, Sunli ’s unrestricted cash was only 7.1 billion yuan, and the total amount of loans due within one year was 9.225 billion yuan.
According to the book, it is difficult to imagine that in 2019, if we want to increase tens of billions of sales, we will also spend 20 billion yuan to buy land.
Zhang Huayuan ’s secret lies in: continuously using his wealth to “transfuse” Xinli Holdings.
Xinli’s 2019 cash flow statement shows that the net cash flow from operating activities was -3.839 billion yuan, the net cash flow from investment activities was 9.62 billion yuan, and the net cash flow from financing activities was 16.625 billion yuan.
For rapidly growing housing companies, it is normal for the first two figures to be negative, indicating that Xinli cannot rely on its own operating activities to generate positive cash flow, support the company ’s reinvestment development, and rely heavily on financing support.
Where does Xinli ’s financing come from? Among the cash flow from financing activities, the three groups have the largest cash flow.
“Proceeds from interest-bearing bank and other borrowings are 21.748 billion yuan, and corresponding repayment of interest-bearing bank and other borrowings are 18.529 billion yuan”
“Advances to affiliates are 23.498 billion yuan, corresponding repayments to affiliates are 23.79 billion yuan”
“Advances from affiliated companies of 47.699 billion yuan, corresponding repayment of advances from affiliated companies of 43.387 billion yuan”
There are also three large cash inflows, with non-controlling shareholders of subsidiaries contributing 5.68 billion yuan (increasing cooperation projects), IPO proceeds of 1.973 billion yuan, and issuance of senior notes of 1.161 billion yuan.
After the addition and subtraction of these data, the net cash flow from financing activities is approximately 16.625 billion yuan. Overall, the third group of cash flows mentioned above, that is, advances from affiliated companies gave Xinli the largest cash flow, is higher than bank borrowings, and may even be higher than sales repayments.
Among the “advances of affiliated companies” of 47.699 billion yuan, payments from joint ventures and associates were 5.299 billion yuan and 2.39 billion yuan respectively; payments from companies controlled by controlling shareholders amounted to 39.259 billion yuan.
In turn, in the “repayment of advances to affiliated companies” of 43.387 billion yuan, payments to joint ventures and associates were 1.871 billion yuan and 1.462 billion yuan, respectively, and to companies controlled by controlling shareholders were 39.102 billion yuan.
That is to say, other companies from the controlling shareholder, Zhang Huanyuan, will “transfusion” up to 40 billion yuan in cash for listed companies in 2019.
It needs to be emphasized here that 40 billion yuan is a cumulative number for the whole year. For example, 20 billion yuan was lent to listed companies in January, 20 billion yuan was paid back in April, then another 20 billion yuan was borrowed in August, and then back in December 20 billion yuan.
The final report also borrowed 40 billion yuan and paid back 40 billion yuan. Of course, it may be 10 billion turnover of 10 times, as long as the funds are not afraid of trouble.
Therefore, Zhang Huayuan is not a listed company with a blood transfusion of 40 billion yuan. Financial auditors judged that the reasonable estimate should be between 5 billion and 15 billion yuan.
“Blood transfusion” accompanies the whole process of Xinli enlargement. From 2016 to 2018, Xinli’s advances from controlling shareholders were 740 million yuan, 8.482 billion yuan, and 11.251 billion yuan, respectively.
This means that Xinli is a company that relies heavily on Zhang Huayuan’s blood transfusion. During the rapid growth of the scale, the controlling shareholder needs to provide funds at any time to smooth cash flow and maintain the company’s operations.
Then the question is coming, where does Zhang Huayuan ’s money come from?
02
In the real estate industry, some bosses, in addition to the listed companies that specialize in real estate, also have other industry sectors, and “transfusion” is performed inside and outside the listed company system
