Hangzhou Song Dynasty Tourism Development Company Limited ("the Sung Dynasty Village Tourism") IPO on the GEM application has been so, the company stressed that the listing is purely tourism projects (mainly area and Hangzhou Song Dynasty City theme park), but Huang Qiao-Ling Song Cheng, chairman of Tourism said: "The theme park is a brand, a single theme park could not survive." The paradox of the Sung Dynasty Village tourism investors to help but worry about future performance, more analysts have pointed out, Song Cheng Tourism earnings before the plate is one of the major real estate to tourism projects enclosure to real estate profits is a lot of business practice, if the accident would cause huge economic losses to the business and reputation damage.
Not short of money, have to market
A few years ago, Song Cheng was ready for all listed information, or even relevant approvals have also been adopted in the last step because the Huang Qiao Ling and the words "do not want to outflow of profits" and give up the listing. Now, why travel Songcheng GEM IPO? Songcheng tourism gives this explanation of yesterday, the expansion and upgrading of tourism projects. The listing prospectus, the company will issue 4,200 million shares, the total share capital after the release of 16,800 shares, all of outstanding shares, Galaxy Securities as lead underwriter, to raise funds of about 606.6 million yuan to be used for park renovation and expansion of Hangzhou, Hangzhou animation park alterations and Songcheng area and supporting reform based on three major projects.
Theme parks, the Sung Dynasty Village tourism with OCT, as the local theme park areas considered one of the best domestic companies. Sung Dynasty Village area now tourists each year about 250 million passengers this year, the Shanghai World Expo will be held, bringing many tourists to its first half net profit of 71.0838 million yuan to achieve Songcheng tourism, equivalent to 81.7 net profit last year %. Information, Songcheng Travel June 6, 2007 general meeting of shareholders held in 2006 decided to 1.5 yuan for every 10 shares of dividends, the total dividends 9,000,000 yuan; then the company has in the June 10, 2008, April 27, 2009 and 25 January 2010 of three consecutive annual dividend 21 million yuan, 1,200 yuan and 25.2 million yuan.
As can be seen from the above data, Songcheng tourism is not short of money. Are close to the company analysis, Huang Qiao-Ling and his family members share in the company of listed shares may be more than practical benefits.
Huang Qiao-Ling has always been interested in culture and tourism, the theme park's "Eternal Love Song Dynasty City" has a lot of night driving market share. However, as was "Time" magazine portrayed the image of a nouveau riche, so a few years ago, Huang Qiao-Ling several low-key out of the rich list. However, through the listing, he could not no longer on the rich list. Listing prospectus, Huang Qiao-Ling addition to the direct holding 12.14% stake pre-release, but also holds the controlling shareholder of the Sung Dynasty Village Tourism holding 55.53% stake in Song Cheng, and the second largest shareholder of 65.38% stake in South home.
Currently, the equity structure of the Sung Dynasty Village Tourism: Songcheng Holdings accounted for 46.27%, accounting for 16.75% South home, landscape investment accounted for 14.29%, 12.14% total Qiao-Ling Huang, Eastern Star Venture Capital 4.76%, 3.17% stake Liu Ping and Zhang Hui example, 2.62% stake. Market projections such as the issue price of 36 yuan market, then, Huang Qiao-Ling Sung Dynasty Village Tourism directly and indirectly about 6146.917 million shares, its net worth may reach 2.2 billion, while its sister Liu Ping 8.5 billion.
Tourism and real estate in parallel
OCT theme park and a business model similar to the Canadian real estate, tourism is tourism and real estate Songcheng parallel.
At present the company in addition to Hangzhou park, there's real estate landscape, a Sung Dynasty Village, Ltd., and Hangzhou, although the theme park theme park project, the main income comes from the days of the city related to real estate, sold its two years of about 5 million square meters property of 90%, just from the real estate investment has been recovered, 70% to 80%. Insiders pointed out that since 2006 the government of Hangzhou in Hangzhou, China National Tourism Administration jointly held the first session of the World Leisure Expo, the Sung Dynasty Village, before and after the investment in tourism for nearly 80 million, proposed to build a collection of recreation, holiday, business, living four blocks as one of the leisure community, when the plan also proposed including the construction of Zurich, the Mediterranean, including villas and other residential areas. But it is worth noting that Songcheng tourism investment projects mostly involved in the nature of land for tourism sites, tourism, land prices and real estate sites varied widely, often in more than 10 times, and the former life of about 40 years, lower cost, the latter for 70 years, the cost is higher. If the tourist sites of tourist facilities for supporting real estate development is possible, but not as a separate sale of real estate projects, tourism and land development real estate projects not related to real estate license to the purchaser.
Some media said that this year in January, the people of Hangzhou Xiaoshan District, Hangzhou, Ho bought a house in Orlando, a small town real estate, as housing quality problems, it will be real estate developers, Real Estate Co., Ltd. Hangzhou Orlando sued. The Sung Dynasty Village Tourism to hold a 10% stake in the developer. According to the owners, the project was originally a 2006 Hangzhou World Leisure Expo's core projects. Was set up jointly with others Songcheng Hangzhou Tourism Orlando Properties Limited, the development town of Orlando. The owners of the survey also found that inclusion of the project land for residential land for tourism, but also because the nature of the causes of this land, many owners can not get the land certificate.
Songcheng tourism yesterday stressed that the public's business is scenic and Hangzhou Song Dynasty City theme park, is purely tourism projects do not involve real estate, because the GEM single company's main business requirements. But the data show, Hangzhou, Hangzhou World Leisure Expo Garden Paradise, a theme park in the plate, its customer base and revenue and Leisure Expo Garden, and other items that are not unrelated.
Huang Qiao-Ling has said publicly that the theme park is a brand around a series of real income from real estate, culture and other projects, a single theme park could not survive. In fact, Canadian real estate mode of travel in the same industry is also widely used, such as OCT Happy Valley every development project, will be the corresponding real estate projects in the surrounding development, to theme parks with high real estate prices, which make a profit. In this regard, Huamei Zhao Huan Yan, Chief Knowledge Expert analysis: "enclosure for tourism projects to benefit the real estate business is a lot of practice, but must pay attention to the nature of land risks. Otherwise, a judge would have caused huge economic losses related businesses and reputation damage. "