After selling Qibao Vanke Plaza in February of this year, Vanke will sell its Nanxiang Impression City MEGA commercial project in Shanghai. According to Vanke's previously disclosed financial report information, the Nanxiang Impression City project ranks second in the top ten commercial projects (ranked by revenue) managed by Vanke, second only to Shanghai Qibao Vanke Plaza.
After selling Seven Treasures Vanke Plaza in February this year, Vanke will sell its MEGA commercial project in Nanxiang, Shanghai.
According to Tianyancha, the equity of Shanghai Xingxinman Enterprise Management Co., Ltd. changed in June. The equity ratio of RECO YIYUAN PRIVATE LIMITED changed from 50% to 98%, while that of Shenzhen Yinli Management Co., Ltd. decreased from 50% to 2%.
According to market rumors, the enterprise that acquired the above-mentioned project from Vanke is the Government of Singapore Investment Corp (GIC). According to information from Qichacha, RECO YIYUAN PRIVATE LIMITED was established in January 2018 and registered in Singapore.
Regarding these rumors, a source close to Yinli told reporters that there is currently no information that can be publicly disclosed.
The subject of the above-mentioned equity changes is Jading Impressions City in Shanghai.
According to information released by Jiading District Government website in May 2017, Jiading Impressions City is implemented by Shanghai Xingxinman Real Estate Co., Ltd. The project covers a total land area of 0.054 million square meters, the total construction area exceeds 0.31 million square meters, integrating large stores, retail, dining, entertainment, public transportation transfer stations and other comprehensive functions. The construction site is located at the intersection of Deyuan Road and Chenxiang Road in Nanxiang Town, with a total investment of approximately 2.57 billion yuan.
"At present, the amount of this transaction is not clear to the public, but according to the information disclosed by previous public channels, the transaction scale can be roughly compared with the previous investment." An analyst at a real estate agency said.
According to the financial report information previously disclosed by Vanke, Shanghai Nanxiang Impressions City MEGA has a building area of approximately 0.3368 million square meters, with a high rent rate of 99% as of the end of June 2023 and a revenue of approximately 0.193 billion yuan in the first half of 2023. Among the top ten commercial projects (ranked by revenue) operated by Vanke, Shanghai Nanxiang Impressions City MEGA ranks second, second only to Shanghai Seven Treasures Vanke Plaza.
In fact, Vanke's disposal of assets is constantly accelerating this year.
Before this, Link Real Estate Investment Trust announced on February 20 that it had completed the acquisition of the remaining 50% equity of Shanghai Seven Treasures Vanke Plaza. The project is known as the most profitable commercial project under Vanke, and with the completion of this acquisition, Link becomes the new owner of the project, while Vanke completely exits.
According to information disclosed in the announcement of Shenzhen Public Resources Trading Center on May 27, the land use right of the T208-0053 plot of Shenzhen Bay Super Headquarters Base transferred by Vanke was jointly won by Shenzhen Iron and Steel and Shenzhen Baishuo Yinghai Company at the listing price of 2.235 billion yuan.
Regarding the disposal of assets, Vanke told reporters that promoting asset transactions has always been one of the company's highly valued business operations. Vanke also publicly stated at the annual earnings conference that it will strengthen its work in bulk trading and equity trading this year, with a return of over 30 billion yuan.
At the 2023 annual shareholder meeting held on April 30, Vanke's board chairman Yu Liang made it clear that Vanke will launch a "slim-down" plan. Yu Liang said that the company has formulated a package plan for slimming down and keeping fit, planning to adjust financing methods, reduce risks, and focus on three main businesses: comprehensive residential area development, property services, and rental apartments in the future. This will enable the company to return to sustainable operation, and continue to lead in the new stage of real estate development.
Regarding financing, according to information released by Vanke on July 2, by pledging collateral, Vanke signed a total credit agreement with Bank of Communications and obtained a credit line of RMB 5.736 billion yuan.
According to preliminary statistics of Vanke's announcement, since June, Vanke has obtained approximately 14.893 billion yuan in loans through such methods.
Recently, there has been news that Vanke plans to apply to regulatory authorities for the issuance of real estate investment trusts (REITs) with a scale of approximately RMB 1 billion yuan, with its long-term rental apartment project as the target. As this plan is still in its initial stage, relevant details such as the scale of issuance will be adjusted according to market changes and regulatory requirements. Regarding this, reporters sought confirmation from Vanke, but Vanke has no comment on the matter.
In terms of sales, in June this year, Vanke achieved a contract sales amount of 25.13 billion yuan; From January to June 2024, Vanke has cumulatively achieved a contract sales area of 9.395 million square meters and a contract sales amount of 127.33 billion yuan.
According to data from CRIC, Vanke ranks third in terms of overall sales amount from January to June this year, behind Poly Developments and China Overseas Land & Investment.
Another phenomenon worth noting is that Vanke has added multiple projects since April.
Vanke disclosed that since the sales briefing in April 2024, the company has added 2 new development projects, both located in Shenyang, with Vanke's equity ratio being 51%, and their equity land prices to be paid are 0.248 billion yuan. Since the sales briefing in May, Vanke has added a new development project in Tongshan District, Xuzhou, and its equity land price to be paid is 0.536 billion yuan.