Clothing, real estate and investment are Youngor’s “troikaâ€. In recent years, Youngor, who started out as a costume, has been clamoring to “return to the clothing industryâ€, but in fact, the two “side businesses†of real estate and investment are taking the lead.
On May 24, Youngor won the CX06-05-02g plot of Ji Shigang Town, Haishu District, Ningbo at a price of 75.096 million yuan. According to public information, this is a medical and sanitary land covering an area of ​​about 81,300. According to the regulations, the investment intensity of the project is not less than 21,000 yuan / square meter, which means that Youngor's investment in the project will not be less than 1.7 billion yuan.
For Youngor who just fell in the investment of CITIC shares, 1.7 billion yuan is not a small number. Regarding the intention behind Youngor's commitment to medical care, Time Finance tried to understand Youngor, and the other party said that he could not respond.
According to its announcement of land acquisition, the medical care is to pave the way for the layout of old-age real estate, and to explore the transformation of the real estate business into emerging related industries such as health care, old-age care and healthy towns.
26 years of real estate ups and downs
For the industry in Jiangsu, Zhejiang and Shanghai, Youngor's name is no stranger. Since its establishment, Youngor has experienced 26 years of ups and downs in the real estate industry.
Opening the official website of Youngor's real estate subsidiary, Youngor Real Estate, you can see that its last update was eight years ago. The relevant introduction to the page reads, “Yager Real Estate was founded in 1992. It is a first-class qualification enterprise of the Ministry of Construction. It has been rated as one of the top 30 real estate enterprises in the province by the Zhejiang Housing Association for three consecutive years. It ranks among the top 100 real estate companies in China and is currently in Ningbo. One of the most influential city operators."
This introduction maps the glory of Youngor. As a local clothing giant in Ningbo, Youngor relied on the advantage of “local warfare†to shock Ningbo in the East Lake Garden project around 2000. After the name was born, Youngor opened the “grab land grab†mode in the Jiangsu, Zhejiang and Shanghai regions. Because of the large handwriting, Youngor was once named the “land king harvesterâ€.
2007-2010 was the most ferocious period of Youngor's expansion. According to the incomplete statistics of the times, in the past four years, Youngor has won more than 7 plots of land in Fujian, Hangzhou, Suzhou and Shanghai, including many “land kingsâ€. In 2007, Youngor photographed the Hangzhou Business School site and created a floor price record of 15,719 yuan / square meter. In 2010, Youngor spent nearly 6 billion yuan, winning the Shanghai Changfeng unit price king and Hangzhou Shenhua unit price king.
Originally, I wanted to expand the scale of the real estate business by this round of radical expansion, but Youngor failed to think that before and after 2011, a new round of real estate regulation and control came, under strict control, Youngor’s “real estate carriage†lost momentum. During the period 2011-2013, Youngor faced the dilemma of falling profits year after year.
The housing leaks coincided with the night rain, and the crisis of falling profits has not been lifted. The Younggar Hangzhou Shenhua plot was plunged into the situation of “flour and bread†because of the downturn of the market, and the project was delayed. In order to stop the loss, Youngor made a decision to retreat in June 2013. To this end, Youngor paid 484 million yuan and the profit fell by nearly 14% year-on-year.
However, the deflation in the land market cannot affect Youngor’s enthusiasm for real estate, and Youngor, who suffered heavy losses, tried to use the power of capital to continue the development of the real estate business. In January 2014, Youngor plans to take the initiative to spin off its real estate business, but this restructuring was a month later due to the failure of the main planner Gong Dongsheng to provoke the official.
Successively, the real estate business of Youngor quickly fell silent. At that time, Youngor’s chairman Li Rucheng said frankly that the country is constantly regulating real estate, and the real estate road is difficult for Youngor to get through. Therefore, Youngor plans to invest 10 billion yuan to innovate new materials, new fabrics, new processes, new brands and new services, and threatened to "recreate a Youngor in five years."
For Youngor, real estate is “difficult to get through,†but it’s not easy to return to the main business. According to media statistics, during the period 1998-2017, Youngor Garment generated a net profit of 9.59 billion yuan, a total net profit of 10.68 billion yuan, and a total net profit of 12.73 billion yuan.
The above data shows that Youngor has a high degree of reliance on real estate business and investment business, which makes it impossible for him to truly succumb to "retreating." Therefore, since the beginning of last year, Youngor’s real estate business has recovered, and its presence has once again appeared in the land market and the M&A market.
In July last year, Youngor announced that it planned to jointly invest 2 billion yuan with its wholly-owned subsidiary Youngor Real Estate Holdings Co., Ltd. to establish Shanghai Youngor Real Estate Development Co., Ltd. For the purpose of re-establishing a real estate subsidiary, Youngor said, “This move is to seize the development opportunities of the national real estate industry, search for high-quality projects and land plots through mergers and acquisitions, enlarge and strengthen the company's real estate business, and foster new profit growth. point."
Youngor Real Estate, which was “retrofittedâ€, spent nearly 4 billion yuan on land acquisition last year and won three plots in Ningbo and Zhoushan. This momentum has also continued this year. In early April of this year, the wholly-owned subsidiary of Youngor, Suzhou Yuda Enterprise Management Co., Ltd. spent 1 billion yuan to successfully bid for Tianjin Yihao Building through online bidding.
The Youngor Annual Report shows that as of the end of 2017, there were 9 projects under construction with a construction area of ​​986,000 square meters. There are 4 land reserve projects involving a land area of ​​403,500 square meters and a construction area of ​​617,500 square meters.
Betting on "big health" and old-age real estate
The real estate business has re-launched, but the advantages of the past have ceased to exist. Youngor began to seek transformation, and the old-age real estate based on the concept of “big health†has become its new goal.
Regarding the reasons for joining the big health field, Youngor once explained that "With the enhancement of China's overall national strength, the improvement of people's living standards and the in-depth advancement of national medical reform, the medical and health industry will usher in broad development prospects and huge investment opportunities. ."
In 2015, Youngor established the Youngor Health Industry Fund with its own funds, thereby proclaiming the official march into the “big health†field. The first phase of the fund is 1 billion yuan. The first phase of the fund is 500 million yuan, and the fund has a duration of 5 years. The wholly-owned subsidiary Youngor Investment Co., Ltd. is the manager and is responsible for finding investment projects around the medical and health industry.
The industry interprets Youngor's move as a model of “health health industry + old-age real estateâ€. As Youngor has certain local advantages in Ningbo, it is more convenient and flexible to acquire land, which is conducive to its transformation to the old-age real estate.
The adoption of the medical land in Ningbo Haishu District confirmed this statement. According to local media reports in Ningbo, the planning of the plot has been completed before taking the land. Youngor plans to build a top three standard hospital with a building area of ​​236,160 square meters and 1,600 beds.
Responding to the hospital is the planned supporting pension center. According to the report, Youngor will set up a pension center in the land adjacent to the hospital in 2020, with a planned area of ​​150,000 square meters and 1,200 suites.
However, Liu Cheng, a researcher in urban development, pointed out that unlike traditional residential or commercial development, old-age real estate is a “high thresholdâ€. “Many domestic pension projects have a construction cycle of 8-10 years, for development funds, development and The operational capabilities have set high requirements, and even if it is successfully built, the process of operation and maintenance will be very long in the future."
Times Finance found that Youngor has a sample in the field of pension real estate. In February 2004, Youngor built a pension project called “Yager Old Age Park†in Yinzhou District of Ningbo. The total construction area of ​​the project is 73,113 square meters, with a total investment of 220 million yuan. It is the prototype of Ningbo “nursing real estateâ€.
“Although in terms of comprehensive strength, Youngor is not a brand house enterprise, but through the fame of clothing brands and the resources accumulated in the early years, Youngor can still get some good opportunities in Ningbo, as long as he seizes the opportunity and realizes the real estate by relying on the old-age project. It is not impossible for the business to 'turn over'."
In fact, in addition to pension real estate, Youngor is still testing water tourism real estate. According to Youngor, at present, Youngor has completed projects such as Cixi Da Pengshan Hotel, Suzhou Youngor Fugong Hotel, Suzhou Radisson Hotel and Bridge Farm.
It should be noted that no matter how Youngor tries to reverse the real estate business, the decline in performance is the primary problem that needs to be solved now. The Youngor Annual Report pointed out that in 2017, its completed operating income was 9.839 billion yuan, a year-on-year decline of 33.94%. In this regard, Youngor said that the main reason for the pre-reduction of performance last year was that during the reporting period, there was no centralized delivery project in the real estate sector, and the net profit attributable to shareholders of listed companies was 51.48 million yuan, down 86.58% from the same period of the previous year.
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