When Evergrande unveiled six new energy cars in one breath, my cousin was shocked.

The huge PPT is permeated with a strong veteran cadre style. except for Evergrande's Lion head Logo, there are no parameters and even no mileage. Jia Yueting can at least talk about Faraday's 100km acceleration and mileage, and such a press conference is unique.

After all, Musk spent 17 years and spent hundreds of millions of dollars, so there are two real mass-produced models, the Model X and the Model 3.

You say Evergrande Bitzilla is richer?

If I hadn't read Evergrande's financial report, I would have believed it. From the perspective of financial reporting, Evergrande is short of money to the bone.

According to the 2019 annual report, Evergrande's long-term and short-term borrowing exceeded 800 billion yuan, capitalized interest exceeded 100 billion, and interest expenses exceeded 22.7 billion. The company is running with ultra-high leverage, and the company has to pay hundreds of millions of dollars in interest every day.

You can't eat and sleep if you owe hundreds of thousands of dollars to the bank. Evergrande owes nearly trillion yuan, but it is still in high spirits.

This is the gap between ordinary people and the rich.

As we all know, not many new energy vehicles really make money, and hundreds of billions of new car-building forces have been burned, most of which have ceased to exist, leaving only NIO Inc., ideal and XPeng Inc. to survive.

What is the purpose of building new energy cars when housing companies do not build houses well?

I. the plight of housing enterprises

On August 4th, Evergrande, Vanke and Country Garden Holdings, the three major real estate developers, released their unaudited business results from January to July.

1. Evergrande said that the cumulative contract sales reached about 399.14 billion yuan, an increase of about 23.9% over the same period last year, and the cumulative contract sales area was 44.019 million square meters, an increase of about 46.6% over the same period last year.

Contract sales is a very metaphysical thing, corresponding to Evergrande's operating income of 226.976 billion yuan in the first half of 2019.

2. Vanke said that the total contract sales area was 24.71 million square meters, with a contract sales amount of 379.5 billion yuan.

In the first half of 2019, Vanke's operating income was 139.32 billion yuan.

3. Country Garden Holdings said that the total amount of contract sales vested in the company's shareholders' rights and interests in July 2020 was about 54.28 billion yuan, an increase of 27.52% over July 2019 compared with the same period last year, and the contract sales floor area belonging to the company's shareholders' rights and interests was about 6.37 million square meters. an increase of 33.38% over July 2019.

In the first half of 2019, Country Garden Holdings's operating income was 97.599 billion yuan.

Real estate contract sales, equity contract sales, business income and other different caliber, what does it mean?

Contract sales mean the amount of the contract signed. Generally speaking, it will take 3 or 5 years from signing the contract to living in a house. When signing a contract to receive customer payment, it is included in the contract liability (advance payment), and the contract sales are about the income in the next 3-5 years as the development progress continues to turn into income.

Equity contract sales are due to the large-scale use of equity participation and holding by housing enterprises to develop real estate projects, and the part of the shares to which the company belongs is the equity contract sales.

Participation in the development of real estate by holding is a subject of learning. It is also a tool for listed housing enterprises to adjust the scale of revenue, which is often ignored by investors.

The profits of real estate enterprises are the most virtual, not because they are fake, but because under the existing accounting standards system, the accountants of real estate enterprises have too many skills to adjust profits.

From the perspective of revenue scale, Evergrande is much larger than Vanke, but if you are a little more careful, you will find that the contract sales of the two are about the same.

How does a similar contract sales amount eventually turn into a much worse operating income?

The secret lies in the participating holding company.

Take Vanke as an example, the 2019 annual report shows that there are nearly 300 holding subsidiaries. With the exception of 100% holding, most of the shareholdings are between 30% and 60%.

The accounting treatment of this shareholding subsidiary is also very interesting.

According to accounting standards, those with actual control, even if the proportion of equity is not more than 50%, can still be consolidated. In that case, the shareholding projects with better revenue can be incorporated into the report system of listed companies; the shareholding projects with poor revenue can not be incorporated into the revenue on the grounds that they have no real control.

Due to the large number of holding companies, the revenue scale of listed housing enterprises simply does not represent the actual scale.

When Wang Shi was in Vanke, he put forward the idea of light assets and heavy operation, that is, a large number of real estate development projects were spun off from listed companies in the form of non-merger tables, although the growth rate of revenue slowed down, but the company's return on net assets has been greatly improved.

But the number of real estate projects actually handled by the company has not declined.

In other words, who is the real boss of the industry, it is difficult to say, can not just look at the revenue data in the financial report.

As a result of the epidemic, highly leveraged real estate companies have experienced the cruelest Spring Festival home buying season in history, although they have been strongly supported by financial technology to optimize their quarterly results, but the extreme shortage of cash flow is on the verge of breaking.

Second, behind the car-building of Evergrande

As the most leveraged real estate company, what is the reason for Evergrande to build cars?

Tesla, Inc., as the leader in sales of new energy vehicles in China, is selling 20, 000 vehicles a month. How many car-building bases are there in China?

One, Shanghai Super Factory.

As the best-selling new energy car driver, NIO Inc. even dares to fight bayonets with BBA at the price of 400000. How many car-building bases are there?
One, Jianghuai OEM.

… …

Evergrande as a new force in the car-building industry, how many car-building bases are there?

Five.

Moreover, what we have in common is that the area is very large.

Why do you have so much land when sales are uncertain?

Congratulations, you can rush to answer.

According to news materials, Shenliao New Energy, a subsidiary of Evergrande New Energy, acquired nearly 80200 square meters of land in Shenyang at a price of 470 million. The parcel number is "HN-19001", and the average price is 5856 yuan per square meter.

The price is similar to that of picking up for nothing, but what is more interesting is that this piece of land is used for "residence and commerce", with a fixed-life residence of 70 years and a commercial life of 40 years.

Tianjin National Energy Life Service Co., Ltd., owned by Evergrande New Energy, has won a piece of land in the Binhai Science and Technology Park in Tianjin Binhai New area, according to the website of Tianjin Land Exchange Center. The land has a transfer area of about 72400 square meters and is used for urban residential and commercial land. The transaction price in this area is 364.9 million yuan, with an average price of 2800 yuan per square meter.

……

Under the banner of building cars, Evergrande has enclosed a lot of land all over the country, a considerable part of which is residential and commercial land.

As for what to do, there must be no need to say any more.

At the same time, almost all car-building projects have cooperated with the local government and signed a large number of cooperation agreements and preferential loans.

With the problem of the capital chain, we can catch our breath.

Evergrande New Energy said it would simultaneously develop 15 models and build 10 vehicle production bases at the same time to become the world's largest new energy vehicle group in three to five years and achieve a capacity of 5 million vehicles in 10 to 15 years.

What is the concept of 5 million new energy vehicles?

1. The sales volume of new energy vehicles (passenger cars) in 2019 is 1.2 million.

2. Tesla, Inc. now has an annual production capacity of 150000 vehicles.