The Real Estate Business Dualplatform Strategy.docx

The Real Estate Business Dualplatform Strategy.docx

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TheRealEstateBusinessDualplatformStrategy

TheRealEstateBusiness,Dual―platformStrategy

　　Abstracttheestatebusinessesintherealleadingposition，mosthaveachievedorareachievingA+Hsharescross-listedin"dual-platform"strategy.Inthispaper，GreenlandGroup，forexample，takingthecasethatitachievedlistinginHongKongbyholdingSPGLandaswellasthecaseofachievinglistinginShanghaiStockExchangebyborrowingJinfengInvestmentastheanalysisobject，weanalyzehowtherealestatebusinessesbuildstheA+Hshares"dual-platform"strategyandachieve"doubleplatform"modelstrategy.

　　Keywordsrealestatebusinessbackdoorlistingdual-platformmotivation

　　I.Introduction

　　Inrecentyears，therealestateindustry'sstrategicmodelhasamajorchange，themajorrealestategiantcompaniesarelistedinHongKong.In2011，Gemdalethroughitswholly-ownedsubsidiaryBrilliantBusinessCo.，Ltd.invested836millionHongKongdollars，tobuy61.96%stockrightofHKCheungInvestmentCompanyheldbyBillionUpLimited，addedH-sharefinancingplatformfortheGroup.January18，2013Vankeannouncedthe"BswitchH"transferscheme，proposedthatitsdomesticallylistedforeignshares（Bshares）wouldtransferlistinglocation，listedandtradedontheStockExchangemainboardinHongKongbyawaytointroducelisting，andchangedittoHongKong-listedforeignshares（Hshares）intheHongKongStockExchangeforthelisting.April24，2013，awhollyownedsubsidiaryofChinaMerchantsPropertyEurekaInvestmentCo.，Ltd.andasubsidiaryofTonicIndustriesHoldingsLimitedsignedanagreementthatEurekaInvestmentCo.，Ltd.intendstotransferHuijuLimited100%equityandrelatedclaims，HuaminInvestmentLimited100%equityandrelatedclaims，LokFuInvestmentLimited100%equityandrelateddebt，HuipengRealEstateDevelopmentLimited50%equityandrelateddebt，includingtheabove-mentionedtargetcompanyandsomeofitsholdingcompaniestoTonicIndustries.

　　Thisseriesofmovesoftherealestatetycoonswhoarepregnantwithanewstrategicmodeof"dualplatform"strategy.Insimpleterms，the"dualplatform"strategyreferstotheRealEstateCompanyarecrosslistedinChinaandtheHongkongstockexchangetorealizethestrategyofA+Hsharestwolistedplatform.Today，the"doubleplatform"strategymodehasbecomethemainstreammodeofrealestateindustry.Thisstrategynotonlybroadenthefinancingchannelsofrealestateenterprises，andalsopromotestheinternationalizationprocessoftherealestatebusiness.Inordertoanalyzethecauseofimplementingthe"dualplatform"strategyofrealestateenterprises，thispaperwillaimtheperspectiveatthecaseofbackdoorlistingofGreenlandGroup，thenanalyzesthetwobackdoorlistingbehavior.　　IItheGreenGroup"doubleplatform"listing

（1）GreenGroupbackdoorSPGlandlistedinHongKong

　　1Recombinantbackground.GreenlandGroupwasfoundedinJuly18，1992，mainlyengagedinrealestatedevelopmentbusiness，anddeveloppillarindustrysuchasenergy，financial.In2012，GreenGroupthroughouttheyearachievedthemainbusinessincomeof243billionyuan，anincreaseofnearly39%overthepreviousyear.Amongthem，therealestatebusinesssaleamountwasmorethan105billionyuan，andthepre-saleareawasabout1.18millionsquaremeters，respectivelyrankedsecondandthirdinthenationalindustry.In2012，GreenGroupaddthelandreserveof10557acres，buildingareaof19.8millionsquaremeters；theprojectintheconstructionareawasmorethan52millionsquaremeters，andhasbeenalloverthecountry25provinces70City，andJejuIslandinSouthKoreastartedconstruction.

　　SPGlandwaslistedinHongkongin2006，andmainlyengagedinrealestatedevelopmentandhotelmanagement.Inthesecondhalfof2012，inordertoeasethefinancialpressure，SPGlandstartedtheassetsaleplan.In2012June，SPGlandsolda263000squaremetersoftheprojectinWuxitoHengdaRealEstatewiththepriceof965millionyuan；theninNovember，30%rightsofwhollyownedsubsidiaryShanghaiZhongxinassetswassoldtoShanghaiChinaBuildingwiththeprice95millionyuan；theninthebeginningof2013，andthen60%ofthesharesindirectlyheldbyWuxiXindurealestatedevelopmentcompanywastransferredtotheWuxiTaihuMetroDevelopmentGroupwith1.09billionYuanprices.Atthesametime，thedebtrateofSPGlandhasbeenhigh，in2011Junethecompany'sdebtratioreached107%，totheendof2012thecompany'sliabilitiesratereached81.3%.

　　2Acquisitionbyagreement.IntheeveningofMay8，2013，SPGlandandGreenlandGroupannouncedthatGreenlandGroupwilltoapproximatelyHK$3billionprice，throughitswhollyownedsubsidiaryregisteredinHongkong（glycopyrroniumXimaInternationalLimited），subscribeShengGaoZengfa'sordinarysharesa