January twenty _ ninthEvergrande Property ServicesIssued an announcement to buy 100% equity of Ningbo Yatai Hotel property Service Co., Ltd. with 1.5 billion yuan.
According to the announcement, through this acquisition, Evergrande Property Services will manage an area of more than 380 million square meters, which will not only further consolidate the scale advantage in property management, but also greatly enhance the company's management capacity and talent reserve in the fields of public buildings and urban public services, which will help Evergrande Property Services to further improve the layout of diversified property services.
What is the strength of Ningbo Yatai?
Evergrande Property Services pointed out in the announcement that Ningbo Yatai Hotel property Service Co., Ltd. wholly-owned Zhejiang Asia Pacific Hotel property Service Co., Ltd., ranked 54th among the top 100 property service enterprises in China in 2020. There are 940 projects under management in 39 cities in 13 provinces, including Zhejiang, Jiangsu, Shandong and Sichuan, with an area of more than 80 million square meters. Covers residential buildings, office buildings, urban complexes, large-scale industrial parks and other industries, serving more than 2 million owners At the same time, the company also has 33 urban public service projects and has rich management experience in 5A scenic spots, subways, high-speed rail, airports, hospitals and other public buildings and urban public services.
Evergrande Property Services also mentioned profit and income guarantee in the announcement. Ningbo Yatai guarantee Target Group achieved total operating income of 2 billion yuan and net profit of 120 million yuan in 2021, and total revenue of 2.3 billion yuan and net profit of 140 million yuan in 2022.
If Ningbo Yatai does not meet the requirements, Evergrande Property Services has the right to voluntarily pay Ningbo Yatai's equity transfer consideration or to deduct 20% of the difference in operating income from Ningbo Yatai's distributable profits.
According to the financial information provided by the target company, Ningbo Yatai's net profit before tax is 353 million yuan in 2019 and 1.014 billion yuan in 2020.
Mergers and acquisitions have become the mainstream means of property companies.
According to Evergrande Property Services's previous prospectus, as of June 30, 2020, Evergrande Property Services had a total area of about 254 million square meters under management and a contracted area of 513 million square meters. After completing the acquisition of Ningbo Yatai, Evergrande Property Services's management area will exceed 380 million square meters. It is one step closer to the military writ target set by Evergrande Property Services at the beginning of the year, "to increase the administrative area by 30 million square meters per month; and the net profit per quarter is more than 50% higher than that of last year's annual net profit." If the above two major goals are achieved, Evergrande Property Services's managed area will exceed 600 million square meters, net profit will exceed 3.9 billion yuan, and both scale and profit indicators will set a new record for the whole industry.
According toFlush (300033)According to iFinD data, Evergrande Property Services reported in 2020 that the net profit attributed to the shareholders of the parent company was 1.149 billion yuan, a year-on-year growth rate of 181.91%. In terms of the composition of business income, property management service income was 2.824 billion yuan, accounting for 61.88% of the total income, that is to say, property fees are Evergrande Property Services's main source of revenue.
Silver persimmon financial reporters previously analyzed the phenomenon of property companies listed in a pile, some industry insiders said that the current property companies are polarized, the strong Hengqiang situation, most of the head property companies occupy the main share of the market. And the business source of most head property companies are extremely dependent on the parent company, in the management area and operating income are mainly related companies.
"judging from the current development model of property companies, there are mainly three directions: first, new property services are needed after the sale of new properties, such asCountry GardenThe mode; the second is to seize the stock business from others, which requires the owners' committee to change the property, which is not small; the third is to expand through mergers and acquisitions of small property companies. "
The industry insiders said that the scale expansion through mergers and acquisitions of small property companies has become the mainstream means of large property enterprises. In addition, the expansion of value-added services is also the main transformation direction of the current property companies, but it has not been reflected in the specific financial data.
According to institutional data, by 2020, the listed property management company with the largest area under management is Yasheng, which is more than 500 million square meters.Country Garden Services HoldingsFollowed by 400 million square metersColorful lifeRanked third with 380 million square meters, Evergrande Property Services is expected to surpass Lai Life to become the first echelon in the acquisition of the Empress Dowager Wanya.
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