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on august 30, sunac china holdings (601155.sh) released its 2024 semi-annual report. in the first half of the year, the company's operating income was 33.904 billion yuan, a year-on-year decrease of 18.83%. among them, real estate development and sales revenue was 27.55 billion yuan, a year-on-year decrease of 24.19%, with a gross profit margin of 10.93%; property leasing and management revenue was 5.804 billion yuan, a year-on-year increase of 19.29%, with a gross profit margin of 72.21%.

in terms of profit, during the period, sunac china holdings' net profit attributable to shareholders of the listed company was rmb 1.318 billion, down 42.16% year-on-year; net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was rmb 1.318 billion, down 31.98% year-on-year. the decrease in profit was mainly due to the decrease in real estate delivery income.

senior management of sunac china's listed companies begins to change

this is the first regular report released by sunac china holdings after its actual controller wang zhenhua was released from prison.

the paper has learned that wang zhenhua has intervened in the company's management. several employees of new town holdings said that wang zhenhua has not yet made a public appearance in the company. as of now, wang zhenhua is still the controlling shareholder of three new town-related listed companies, but he does not have a public position. among the three listed companies, only one has a change in senior management.

on august 28, new town joyful service released its interim results and announced the replacement of its chief financial officer. zuo wei resigned from the position of chief financial officer due to other work arrangements within the new town group, and 42-year-old chen nina was appointed as chief financial officer. zuo wei was appointed as the financial director of new town joyful service on april 1, 2019; chen nina joined new town holdings in may 2014 and served as budget manager, tax manager, and financial general manager of the real estate development and commercial management division.

the overall market is sluggish, but some first-tier and strong second-tier cities are showing signs of recovery

from january to june, sunac china holdings completed contract sales of rmb 23.554 billion, down 44.45% from the same period last year, and achieved contract sales of 3.2622 million square meters, down 36.86% from the same period last year. during the period, the company realized a full-caliber capital recovery of rmb 24.7 billion, with a full-caliber capital recovery rate of 105%.

during the period, sunac china holdings completed and delivered 61 sub-projects with a total construction area of ​​6.9031 million square meters (including joint venture projects). at the end of the period, the company had 194 sub-projects under construction with a total construction area of ​​30.7011 million square meters (including joint venture projects); the company's unsold area was 19.1644 million square meters (including joint venture projects).

the management of sunac china holdings said in the announcement that the market was driven by short-term impulses and differentiation was significant under the policy stimulus. the real estate market in some first-tier and strong second-tier cities showed a recovery trend under the strong policy stimulus. first- and second-tier cities and high-end improvement projects were favored by customers. the hot sales of high-end improvement projects, in contrast to the overall sluggish market, reflected the differentiation phenomenon of uneven hot and cold between cities, regions and projects.

under the strategy of "investment based on sales", real estate companies are still cautious in acquiring land. at the same time, after the ministry of natural resources proposed "reasonable control of the supply of new commercial residential land", local governments slowed down the pace of land promotion. in terms of land bidding, auction and listing, only some high-quality plots in hot cities can still be sold at a premium, and most cities' plots are sold at the reserve price or even fail to sell. the overall average floor price of transactions fell by 8.0% year-on-year, and the premium rate fell by 2.5 percentage points compared with the same period last year.

in terms of land reserves, sunac china holdings said that it will continue to deepen its presence in the yangtze river delta region and focus on other core urban agglomerations, deploying in the most economically vibrant and densely populated regions in the country, forming a layout system focusing on urban agglomerations such as the yangtze river delta, bohai rim, guangdong-hong kong-macao greater bay area, the middle reaches of the yangtze river, and chengdu-chongqing. among them, first- and second-tier cities account for about 40% of the company's total land reserves, and third- and fourth-tier cities in the yangtze river delta region account for about 19% of the company's total land reserves.

the company has rmb 15.782 billion in cash and a net cash flow from financing activities of rmb -3.425 billion.

during the period, sunac china holdings had current liabilities due within one year of rmb 15.357 billion, compared with rmb 19.323 billion at the beginning of the period, and repaid rmb 1.970 billion of domestic and overseas open market bonds. at the end of the period, the equity interest-bearing liabilities of joint ventures totaled rmb 3.952 billion.

at the end of the period, sunac china holdings had rmb15.782 billion in cash and cash equivalents, compared to rmb18.971 billion at the end of the previous year, of which rmb4.157 billion was restricted funds, compared to rmb6.15 billion at the beginning of the period.

during the period, the net cash flow generated by sunac china holdings' operating activities was rmb 2.088 billion, a decrease of 71.91% from rmb 7.434 billion in the same period last year, mainly due to the decrease in the contract value of real estate projects, which led to a decrease in cash inflow from operating activities; the net cash flow generated by the company's investment activities was rmb 140 million, a year-on-year decrease of 75.19%.

during the period, the net cash flow generated by financing activities of sunac china holdings was -3.425 billion yuan, an increase of 62.93% from -9.238 billion yuan in the same period last year.

the cash inflow from financing activities totaled rmb 10.279 billion, of which rmb 8.156 billion was received from borrowings, compared with rmb 10.655 billion in the same period last year; rmb 1.36 billion was received from issuing bonds, compared with rmb 1.903 billion in the same period last year; and rmb 763 million was received from other financing-related cash, compared with rmb 1.804 billion in the same period last year.

the cash outflow from financing activities totaled rmb 13.703 billion, compared with rmb 23.630 billion in the same period last year. among them, cash paid for debt repayment was rmb 10.85 billion, compared with rmb 18.111 billion in the same period last year; cash paid for dividends, profits or interest payments was rmb 1.817 billion, compared with rmb 2.339 billion in the same period last year; and cash paid for other financing activities was rmb 1.037 billion, compared with rmb 3.18 billion in the same period last year.

total revenue from commercial operations in the first half of the year was rmb 6.212 billion

from january to june, sunac china holdings' total commercial operating revenue was 6.212 billion yuan (i.e. rental income including tax), including: rent, management fees, parking lots, diversified operations and other miscellaneous management fee income from shops, office buildings and shopping centers; in the same period of 2023, the company's total commercial operating revenue was 5.201 billion yuan (i.e. rental income including tax).

wuyue plaza's opening area reached 15.2798 million square meters, with an occupancy rate of 97.24%. during the period, wuyue plaza achieved a total commercial operating income of 6.195 billion yuan, including tax rental income, a year-on-year increase of 19.55%.

in terms of commerce, "wuyue", a commercial complex project brand under new town holdings, opened its first shopping mall, wujin wuyue plaza, in 2012. at the end of the period, there were a total of 201 wuyue plaza urban complexes opened or under construction across the country, distributed in 137 large and medium-sized cities in china, including shanghai, tianjin, chongqing, nanjing, changsha, and xi'an.

at the shareholders' meeting of sunac china holdings on may 28 this year, wang xiaosong, chairman of the board of directors, said that no matter how difficult the past few years have been, the company has basically opened heavy asset businesses on schedule every year. these new businesses can replace credit bonds with mortgage loans.

wang xiaosong introduced at the shareholders' meeting that, as of now, there are about 35 wuyue plazas that have not been mortgaged, with a (valuation) of nearly 30 billion yuan. in addition, the company has 15 wuyue plazas that have not yet opened and are heavy assets, which will be opened in the next two years. these 50 heavy asset shopping malls can be used as mortgage loans in the future to replace the company's remaining debt of about 1.7 billion us dollars.

wang xiaosong said that the mortgage rate of commercial property loans is about 30%-50%. previously, it was mainly some small-scale banks that were doing this business, with low amounts and high interest rates. in addition to adding some new loans, the company is also replacing some of the existing ones.

wang xiaosong also gave another supplementary path for repaying outstanding debts in the public market. this year, the company's business management revenue is about 12.5 billion yuan, with a gross profit margin of 70%. there will also be several billion yuan in cash flow as a supplement, and the net profit should be 4 to 5 billion yuan.