2024-08-13
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Jiang Chuya, reporter of Yangtze Business Daily Pentium News
The debt repayment pressure of Gemdale Group (600383.SH) has gradually eased.
A reporter from the Yangtze Business Daily learned that on August 12, a US$480 million overseas bond of Gemdale Group matured, which is the company's largest bond maturity this year.
It is reported that the bond was issued by Gemdale Group in August 2021 with a coupon rate of 4.95%. On August 9, Gemdale Group deposited US$491 million into the bank account designated by the paying agent to fully repay the principal and interest of the matured notes. After the payment of this period of notes, Gemdale Group has no outstanding US dollar medium-term notes.
According to CRIC's monitoring, Gemdale Group has 9 domestic bonds, 1 overseas bond, and 3 ABS (securitized financing instruments) due in 2024, involving a total amount of about 18 billion yuan. The repayment pressure is mainly concentrated in the first half of the year, with a total of 9.1 billion yuan of bonds due.
It is understood that this year, Gemdale Group has successively redeemed domestic bonds such as "21 Gemdale MTN001", "21 Gemdale MTN002", "21 Gemdale MTN003", "21 Gemdale MTN004", "21 Gemdale MTN005" and "16 Gemdale 02". Together with the US dollar bonds redeemed this time, the total amount of public market debt repaid exceeds 17 billion yuan. At present, the company has only two medium-term notes due in the public market this year, with a total amount of 2.2 billion yuan.
However, Gemdale Group, whose debt pressure has eased, has seen its sales continue to decline due to the overall downward trend of the industry. In 2023, Gemdale Group's cumulative contracted area was 8.77 million square meters, a year-on-year decrease of 14.01%; the cumulative contracted amount was 153.55 billion yuan, a year-on-year decrease of 30.77%.
The downward trend continued in 2024. The announcement showed that in July, the contracted area of Gemdale Group was 439,000 square meters, a year-on-year decrease of 25.64%; the contracted amount was 6.10 billion yuan, a year-on-year decrease of 41.94%.
Overall, from January to July, the cumulative contracted area of Gemdale Group was 2.842 million square meters, a year-on-year decrease of 46.38%; the cumulative contracted amount was 42.21 billion yuan, a year-on-year decrease of 56.18%.
In terms of performance, the always stable Gemdale Group also experienced fluctuations. The company experienced an increase in revenue but not in profit for two consecutive years from 2021 to 2022.
In 2023, the company's revenue and net profit both declined, with operating revenue of 98.125 billion yuan, a year-on-year decrease of 18.37%; net profit of 888 million yuan, a year-on-year decrease of 85.48%. The decline in the company's net profit was mainly due to the decline in the settlement profit of real estate projects and the provision of impairment for projects.
In the first quarter of 2024, Gemdale Group suffered a net loss of 276 million yuan. According to the performance forecast, the company expects the net profit attributable to the parent company in the first half of this year to be between -3 billion yuan and -3.6 billion yuan, turning from profit to loss year-on-year.
In terms of land reserves, the company's saleable resources are still mostly concentrated in first-tier and second-tier cities, which will provide strong support for sales performance in 2024. Gemdale Group said that this year it will pay more attention to improving operating quality, continue to do a good job in cash flow, and ensure the company's stable and healthy development. As of 2023, Gemdale Group's total land reserves are about 41 million square meters, and its equity land reserves are about 18 million square meters, of which first-tier and second-tier cities account for about 73%.