R&F VS Vanke Who is the real boss of China real estate?
Nowadays, the financial strength, development ability and even governance structure of mainland real estate developers have greatly surpassed the past. From Vanke's "outshine others" in the past to several competitors today, this situation is undoubtedly of great benefit to the improvement of the whole industry.
At the end of May, the Research Report of China Real Estate Listed Companies 10 in 2006 was released, and Vanke A(000002. SZ) The main business income, total profit, total assets and total market value rank first, and its comprehensive strength ranks first among similar listed companies in China, and it also ranks first in domestic wealth creation ability with economic added value exceeding 800 million yuan.
At the same time, R&F Real Estate (2777. HK), which has been listed in Hong Kong for only 65,438+00 months, ranks second among the mainland 10 richest companies of the Stock Exchange with an economic added value of HK$ 6,543.80 billion. At the same time, R&F has been officially listed in hang seng china enterprises index and other series of constituent stocks, becoming the first mainland real estate developer to be included in the Hang Seng Index.
There are signs that more and more mainland real estate companies like R&F are beginning to challenge Vanke's leading position in the industry.
Technical indicators have their own strengths.
In fact, in the competition of technical indicators, Vanke and R&F have their own strengths. According to the annual report data of both parties, by the end of 2005, Vanke's total assets exceeded 20 billion yuan, while R&F was slightly lower than 654.38+0.7 billion yuan. Both sides of the land reserve are basically flat. By the end of 2005, the actual land area of Vanke was about12.09 million square meters, most of which were residential land. By the end of 2005, the land reserve of R&F was about 9.4 million square meters, of which about 840,000 square meters were added from June 5 to April this year, all of which were commercial or residential land in prime locations in the city center.
From the perspective of profitability, by the end of last year, R&F had created a net profit of nearly 654.38+0.3 billion yuan and an operating income of nearly 6 billion yuan. Vanke, on the other hand, has a main business income of over10 billion yuan and a net profit of 65.438+0.35 billion yuan.
However, Wang Shi, chairman of Vanke, once claimed that Vanke never did projects with gross profit margin exceeding 25% because it reached the standard of profiteering. Therefore, although Vanke's main business income is nearly double that of R&F, the gap in net profit is not large, which has its own origin.
At this point, Vanke has entered 16 city for real estate development, which has an unshakable advantage in regional coverage. However, from the perspective of regional market share and profit mining, it is not as good as R&F with distinctive port style. So far, R&F has only entered the north, Guangzhou and Shenzhen, but it has achieved a total profit similar to that of Vanke.
Considering the current level of the real estate industry, the profitability of real estate developers is largely determined by their land reserves. Although Vanke added nearly 7 million square meters of land reserve in 2005, most of the plots in the regional core cities are located on the edge of the city. However, R&F real estate is concentrated in residential and commercial land in the center of the city, which has strong resilience. In addition, the price obtained by R&F on residential land is more advantageous in Vivanco.
The soft indicator Vanke is dominant.
Wang Shi once said a very emotional sentence on his blog: "Twenty years after Vanke was founded, I realized that as a successful entrepreneur, it is not enough to only provide rich profits for shareholders, provide high-quality products for consumers, create a good employment environment for employees and create taxes for the government, but also fulfill social responsibilities in a broad sense. In 2005, Vanke began to pay attention to the housing problem of low-and middle-income groups; In 2006, the first set of low-rent housing will break ground; Vanke will set up the first "ancient village protection" fund and incorporate the responsibility of "corporate citizenship" into Vanke's corporate strategic planning. "
It can be said that Vanke's brand value is second to none among domestic real estate enterprises: the first national well-known trademark in China real estate industry, selected as "the most respected enterprise in China" for four times, and won the title of "the best corporate citizen in China" for two times; Ranked first among the "most promising listed companies in Asia" ... Under the guidance of the Housing and Real Estate Department of the Ministry of Construction, the activity of "Collecting housing solutions for urban low-and middle-income people" sponsored by Vanke has also achieved great social repercussions. Vanke's brand value has played an important supporting role in its national expansion.
As far as brand value is concerned, R&F still seems unable to surpass Vanke. From the perspective of corporate social responsibility, Li Silian, president of R&F, and Wang Shi have different images of intellectual "corporate citizens". He borrowed more from charitable donations from fellow villagers in Hong Kong. For example, on June 5438+065438+ 10, 2005, Li Silian, as the only representative recommended by Guangdong Charity Association, was awarded the "China Charity Award" by china charity federation. Over the past ten years, R&F has made various donations in many fields, such as culture, education, health, public security, respect for the elderly, and poverty alleviation. The total donation has exceeded 80 million yuan.
Public shareholding and dual-boss centralized system
However, the most fundamental difference between R&F and Vanke is reflected in the ownership structure. Vanke has become a typical public holding company. Since 1988 began the share reform, the shareholding ratio of the largest shareholder has never exceeded 20%, and the total shareholding ratio of the top ten shareholders has never exceeded 40%. Therefore, Vanke is one of the few real estate enterprises in China that can be in line with international standards, and it has won the Best Corporate Governance Award and the Best Annual Report Award nomination award in China of British IR magazine.
R&F is a typical private holding company, with two managers, Li Silian and Zhang Li, each accounting for 36.33% of the total shares, and the issued shares only account for about 27% of the total shares of the company. Its management is characterized by centralization. Tension is in charge of the north, focusing on regional expansion and land development; Li Silian is in charge of the South, focusing on capital operation and commercial real estate development.
In terms of financing, Vanke has joined hands with German banks, Singapore government industrial investment company, CITIC Investment and other overseas institutions to raise funds for the development of its products, and its wide channels and innovative methods are second to none in the industry. Moreover, Vanke and Japan Dacheng joined hands in Shanghai residential development and introduced Japanese executives, which also created a precedent for domestic housing enterprises.
However, R&F successfully landed on the Hong Kong Stock Exchange last year, raising billions of dollars, breaking through the capital bottleneck under the existing development scale and attracting more commercial banks to expand the scale of credit supply. Under the joint "teaching" of Credit Suisse First Boston and Morgan Stanley, the share price of R&F has soared and tripled in just 10 months, making it one of the companies with the highest market value in Hong Kong stocks. The rise of the stock price not only makes the ranking of the two R&F bosses jump, but also reflects the degree of market support they can get and the space for their future development and growth. This essence is particularly important for capital-intensive industries such as real estate. Goldman Sachs predicts that after Vanke, R&F will rank among the real estate enterprises with a net profit of 2.425 billion yuan this year.
The reality is that although the regulation is still going on, the financial strength, development ability and even governance structure of mainland real estate developers have greatly surpassed the past. From Vanke's "outshine others" in the past to several competitors today, this situation is undoubtedly of great benefit to the improvement of the whole industry.