Viewpoint Real Estate.com.cn on June 18, Poly bid for the land plots 095a-02 and 095b-01, Unit N070403, Lingshi Community, Jing’an District, Shanghai with a total price of 10.513 billion yuan, with a floor price of 51707 yuan per square meter and a premium rate of 8.39%.
On the same day, Poly in the fourth-tier city of the Yangtze River Delta, Zhoushan, won a total price of 757 million yuan for the plot of LC-10-01-06 in Zhoushan New Town, with a floor price of 8,947 yuan per square meter and a premium rate of 17.72%.
In the first centralized land auction in Changchun, two thousand kilometers away, Poly was continuously bidding for plots No. 135 and No. 136 of Chang Gongzi Tugua (2021) for RMB 911 million. These two plots belonged to Fufeng Poly City. Peripheral continuation projects.
After acquiring four plots in three different cities in a single day, Poly quickly began the harvesting model after the introduction of the centralized land supply policy in the first half of the year. Compared with the careful calculation of China Shipping, Poly is much bolder.
From the comparison of the above several plots, it can be found that the premium rate of the land acquired by Poly is not high, which is a relatively reasonable average level in previous years.
In 2020, the premium rate of Poly Investment’s land acquisition was 13%. As of the end of last year, Poly’s land reserves were 170 million square meters, of which 38 core cities accounted for 65%. Shanghai, Hangzhou, and Nanjing were the major cities in the Poly Yangtze River Delta. Strategically key cities.
Take Shanghai as an example. Last year, Poly launched 6 real estates in Shanghai. They called themselves “Binjiang Six”, which mainly revolved around the Huangpu River. They were Poly Shousong, Pujiang Town Project, Yangpu Project, Huamu Project, and Xuhui Project. , World Expo project, its annual sales in Shanghai area exceeded 10 billion yuan, and entered the regional TOP10.
This year, Poly also participated in the Shanghai Urban Renewal Fund jointly established by Shanghai Real Estate, China Merchants Shekou, China Communications, Vanke, China Life Investment, China Pacific Insurance, and China Insurance Investment. The total scale is about 80 billion yuan, which is currently the largest in the country. Urban Renewal Fund. The fund will be directed to invest in old district renovation and urban renewal projects.
In this first batch of centralized land supply, Shanghai has set up a new land auction rule for written quotations, which is not the policy of self-holding, bidding, and lottery lottery adopted by other cities.
Specifically, after the land auction enters a written quotation link, the quotation shall not exceed the highest quotation, and the bidder will be determined based on the principle of the closest average price. This transfer method can relatively ensure the reasonableness of land prices, allowing consumers to harvest products with more stable quality, and real estate companies will not shrink their allocation for profit.
It is worth noting that due to the bid rigging event last year, China Shipping, Vanke, and China Resources were not allowed to enter the market. This also reduced the level of competition in the local auction. Central enterprises are now the number one under the centralized land supply policy. Players.
A real estate analyst told Viewpoint Real Estate New Media that horizontally comparing the first batch of centralized land supply in multiple cities, the real estate companies that dare to acquire land and can grab land are mostly central enterprises and state-owned enterprises, such as Binjiang and Rongxin. Of private enterprises are a minority.
It believes that the financial strength is the main reason. The centralized land supply is a test of the cash flow of real estate companies, especially the centralized payment of the initial land deposit and subsequent transfer payments, which puts a test on the short-term cash reserves of real estate companies.
Taking 2020 as an example, Poly realized a cumulative sales return of RMB 470.6 billion, with a return rate of 93.6%. During the reporting period, new direct debt financing was 8.31 billion yuan, with an average cost of 3.60%, and the comprehensive cost of interest-bearing liabilities was only about 4.77%, leading the industry.
However, many large real estate companies have chosen to remain calm and restrained during the centralized land supply in the first half of the year, and diverted to other non-core cities to obtain projects. The above-mentioned people said that in the next land auction in core cities, some real estate companies may be forced by land bank pressure to increase competition in centralized land supply.
According to the new media of View Real Estate, the linked housing price inquiry of the 10 billion Poly Jing’an plot before the sale was 105,000 yuan/square meter, and the final transaction price of the plot was 51,700 yuan/square meter, which still left enough for the company. Profit margins.
The two parcels were merged into one unit for sale, namely, plot 095b-01 (east block) and plot 095a-02 (west block). The transfer area of the plot is about 71,000 square meters, of which the use proportion of the 095a-02 plot is residential ≤60%, commercial ≥20%, office ≤19%, and the building height limit is 100 meters; the use proportion of the 095b-01 plot is: Residential building ≤84%, commercial building ≥16%, and building height limit of 80 meters.
Although there are certain commercial and office volume requirements in the plot, it is not necessarily a bad thing for today’s Poly. This type of property is a good supplement to Poly Property. At the same time, Poly, which is working hard on the continuous income property side, has effectively enriched the means of acquiring land, and can reduce land costs through modes such as commercial-residential linkage and TOD.
In 2020, Poly signed 20 new shopping malls, and as of the end of the reporting period, 26 large-scale shopping malls have opened with an area of 1.78 million square meters, distributed in 14 cities including Guangzhou, Shanghai and Wuhan; in terms of hotels, 10 new contracted projects in 2020 As of the end of the period, 18 hotels had opened.
Nowadays, Poly uses more commercial and residential plots to increase land reserves and develop commerce. For example, in early June of this year, Poly bid for the TOD plot in Fengqi Community, Luqiao, Taizhou, Zhejiang at a ceiling price of 3.027 billion yuan, with a floor price of 5379 yuan per square meter and a premium rate of 34.95%.
The transfer area of the plot is 221,100 square meters, including 191,000 square meters of residential land area, 20,800 square meters of commercial land area, and 9241.2 square meters of office land area. The comprehensive floor area ratio is 2.55, and the construction area is 562,800 square meters.
Among them, the area of the TOD centralized commercial building on the No. 5 plot is not less than 38,000 square meters (the above-ground business is not less than 30,000 square meters, and the underground business is not less than 8,000 square meters), and it is not allowed to be divided and transferred.