The beginning of the new year，Many real estate companies have released financing plans，OCT Group is one example。Evening of January 2nd，OCT Group stated that it plans to issue “the first tranche of medium-term notes in 2019”，The subscription range is 4.4%-5.3%，Planned issuance scale is 2 billion yuan，Term is 3+N years，Launch date is January 8。

It’s worth noting，In the past 2018，OCT Group issued a total of four tranches of medium-term notes，The issuance scale is 2 billion yuan respectively、2 billion yuan、2.5 billion yuan and 2.5 billion yuan，Total 9 billion yuan；At the same time，Five tranches of ultra-short-term financing bonds were also issued，Financing amount exceeds 10 billion yuan。OCT Group’s financial report is also displayed，Cash inflow from the company’s financing activities in the first half of the year 406.5.5 billion yuan，37 year-on-year increase.62%。

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While intensive financing，OCT Group also frequently disposes assets。According to incomplete statistics from China.com financial reporters，Oct.com Group has about 18 assets listed for sale and pre-disclosed in 2018，The sale subject involves OCT Group and its OCT shares、OCT Asia, etc.。

China.com financial reporter combed and found，The above-mentioned real estate projects included in the sales plan of OCT Group，Mostly located in Beijing、Shanghai、First- and second-tier cities such as Shenzhen and Chengdu。January 2018，OCT Group transferred 51% equity of Beijing Qiaoxi Investment Co., Ltd. to Tahoe Group，Tahoe Group has previously transferred 49% of its shares from the former，This also means that OCT Group is 108.Completely sold the land 11 for a consideration of 6.2 billion yuan.70,000 square meters new project of Fengtai Sophora japonica in Beijing。

OCT plans to “dispose” of three projects in Shanghai、2 located in Shenzhen、4 located in Chengdu，Among them，The projects in Shanghai are respectively 50% equity of Shanghai Huahe Real Estate Development Co., Ltd.、100% equity of Shanghai Wanjin Real Estate Development Co., Ltd. and Shanghai Overseas Chinese Town Sino-Italian Cultural Plaza Phase II project。As understood，Shanghai Huahe Real Estate is each held 50% by OCT and China Resources，Its main projects are Tianmu community projects。This time it is listed for sale，Meaning that OCT Group will completely withdraw from project development。

The two Shenzhen projects are 100% equity of Shenzhen Wanlin Investment Co., Ltd. and Shenzhen Xiehao Real Estate Development Co., Ltd.；4 projects in Chengdu，Respectively 100% equity of Chengdu Anren Overseas Chinese Town Renjia Cultural Tourism Development Co., Ltd.、100% equity of Chengdu Anren Overseas Chinese Town Renli Cultural Tourism Development Co., Ltd.、51% equity of Chengdu Tianfu Overseas Chinese Town Hubin Commercial Management Co., Ltd. and 51% equity of Chengdu Dirun Real Estate Development Co., Ltd.。

Then，Why did OCT Group embark on the road of “selling, selling, selling”？A senior official of OCT Group told a China.com financial reporter: “It is mainly to speed up the return of cash，Continuous adjustments to improve overall asset turnover efficiency。”

Yan Yuejin, Research Director of the Think Tank Center of E-House Research Institute, also said in an interview with a financial reporter from China.com，The above actions of OCT Group，Follows the reform ideas of central enterprises，At the same time, business adjustments are also made from the perspective of the current development of the cultural tourism industry，Sales of some non-core assets，On the one hand, funds are withdrawn，On the other hand, more resources are allocated for industrial transformation。

Total liabilities exceed 250 billion yuan

Behind constant financing and frequent asset sales，OCT Group’s debt has been rising。As of June 30, 2018，OCT Group’s total liabilities are 265.2 billion yuan，An increase of approximately 48.5 billion yuan compared with 216.7 billion yuan at the beginning of the year；Asset-liability ratio 69.38%，67 at the beginning of the year.2%；Among short-term borrowings、Long-term borrowing、188bet Online Sports Betting and Casino The total amount of interest-bearing liabilities such as bonds payable is approximately 122 billion yuan，compared to 89 billion yuan at the beginning of the year。

Meanwhile，OCT Group’s operating cash flow is also in a state of “making ends meet”，The net traffic generated in the first half of 2018 was -58.1.4 billion yuan，And the same period in 2017 was -226.1.9 billion yuan。

It’s worth noting，OCT Group’s real estate sales growth rate is also quite lagging behind in the industry。"Sales Growth Ranking List of Chinese Real Estate Enterprises in 2018" shows，The sales amount of OCT Group in 2018 is 275.600 million yuan，With 215 in 2017.an increase of 28 compared to 300 million yuan.01%，Ranked 75th in terms of growth，At the same time, Country Garden、The sales of Evergrande and Vanke have both exceeded 500 billion yuan。

Why is OCT Group’s real estate business “doing better and better?” Baoken Huangshaoyao expert said in an interview with a financial reporter from China.com，This may be related to OCT’s “cultural tourism + real estate” development model。

However，For the gradual shrinkage of real estate business，Not everyone in the industry seems to agree。Sun Hongbin, the boss of Sunac, once said: “Some companies’ strategic positioning is small but beautiful，In my opinion，The real estate industry will not be small and beautiful in the future，Only small but gone。”For cultural tourism business，The above-mentioned real estate expert said: “In recent years, Huaqiang Fantawild、Companies such as Songcheng Entertainment 188bet online sports betting and Wanda have increased their investment in this business，Facing such a strong competitor，OCT Group wants to break out，Not an easy thing。”

*Source of this article: China Net，Author: Anping，Original title: "Oct.com’s revenue from house sales in 2018 was less than 30 billion, and it accelerated financing and selling assets under high debt》.