Leveraging the mixed ownership of state-owned enterprises，OCT Group has completed several large-scale capital operations through its platforms。However，The "tourism + real estate" model has destined OCT Group to quickly enclose land，In order to capture the market、Add layout。

July 1，Xi’an Qujiang Cultural Tourism Co., Ltd. (hereinafter referred to as “Qujiang Cultural Tourism”， 600706.SH) issued an announcement saying，OCT Western Investment Co., Ltd. (hereinafter referred to as "OCT Western Investment"), a wholly-owned subsidiary of OCT Group, and Xi'an Qujiang Cultural Holdings Co., Ltd. (hereinafter referred to as "Qujiang Cultural Holdings")、Qujiang Cultural Industry Investment (Group) Co., Ltd. (hereinafter referred to as "Qujiang Cultural Investment") signed an agreement，OCT Western Investment plans to increase capital and expand shares，Acquired 51% of the shares of Qujiang Cultural Investment, the indirect controlling shareholder of Qujiang Cultural Tourism，Became the controlling shareholder of Qujiang Cultural Tourism。After completion of capital increase，The actual controller of Qujiang Cultural Tourism will be changed from Xi'an Qujiang New District Management Committee (hereinafter referred to as "Qujiang New District Management Committee") to the State-owned Assets Supervision and Administration Commission of the State Council。

Data display，Qujiang Cultural Investment is a wholly-owned subsidiary of Qujiang Cultural Holdings，Qujiang New District Management Committee holds Qujiang Cultural Holdings 99.9% equity。Qujiang Cultural Investment is mainly engaged in park construction、Cultural Tourism、Film and TV、Exhibition and cultural tourism project development and other fields，Is the main body of operation and development of Qujiang New District in Xi'an。In addition，After the completion of the transaction, OCT Western Investment’s shareholding ratio in Qujiang Cultural Tourism will exceed 30%，Thus triggering a general tender offer obligation，So OCT Western Investment should issue a comprehensive offer to the company’s other shareholders except Qujiang Tourism Group，The offer price is 19.85 yuan/share。

Meanwhile，Xi’an Food (000721.SZ) also issued an announcement saying，The company’s controlling shareholder, Dongxi Travel Group (holding 1.0.5 billion shares，Accounting for 21% of the company’s total share capital.04%) signed an agreement with OCT Group，The former plans to transfer 74.86 million shares (accounting for 15% of the company's total share capital) to the latter，3014 to be held at the same time.160,000 shares (accounting for 6% of the total share capital.04%) voting rights、Proposal rights and other rights are authorized to OCT Group。After the equity transfer is completed，OCT Group holds 15% shares of Xi'an Catering，Have 21 at the same time.04% of the voting rights。The actual controller of Xi’an diet，It will also be controlled by the Xi’an State-owned Assets Supervision and Administration Commission behind the West Travel Group，Changed to State-owned Assets Supervision and Administration Commission of the State Council。

The speed of OCT Group’s deployment 188bet app download in Xi’an is as fast as lightning。June 19 before that，OCT Group and the Xi’an Municipal Government signed a comprehensive strategic cooperation agreement worth 238 billion yuan。

According to the content of the agreement，Next 5 years，OCT Group will focus on Xi’an’s local historical and cultural resources and modern city construction needs，Built through a series of projects，Transplant the company’s “culture + tourism + urbanization” development model to Xi’an。

“OCT Group is currently focusing on the development model of “culture + tourism + urbanization”，Seeking cooperation opportunities across the country、Layout investment projects。”For this strategic cooperation，Secretary of the Party Committee of OCT Group、General Manager Duan Xiannian stated this at the signing ceremony。

He further revealed，Cooperation with Xi’an Municipal Government，Taking "Zhou, Qin, Han and Tang culture + modern international metropolis" as the main line，Implementing the “1+7” series of major project construction，Create a large carrier of “culture + tourism + urbanization”、Big platform、Big Industry。In the above-mentioned “1+7” series of major projects，“1” refers to the comprehensive strategic cooperation agreement signed by the Xi’an Municipal Government and OCT Group，“7” refers to the investment platform and cooperation projects in Qujiang New District, Xi’an、Xi’an State-owned Assets Supervision and Administration Commission “Silk Road Culture” Project、Fengdong OCT large-scale cultural tourism comprehensive project、Qinling OCT National Ecological Tourism Resort Project、Beilin OCT Xingqinggong Urban Cultural Living Room Comprehensive Project、Weiyang OCT Hancheng Lake Theme Cultural Comprehensive Project and Lianhu OCT North Gate Urban Renewal Comprehensive Project。

“This is the largest investment project in Xi’an in recent years。” A staff member of Xi’an Municipal Government told reporters，238 billion yuan investment scale，For Xi’an，No matter official or private，Everyone can understand the weight of it。

There is another background to this strategic cooperation，That is the change of identity of Duan Xiannian, the head of OCT Group。Before taking up his duties at OCT，Duan Xiannian was once the deputy mayor of Xi’an，Also known as "the founder of the brand era in Xi'an real estate market" and "the founder of Qujiang New District"。So the collision between OCT and Qujiang naturally attracts attention。

It’s worth noting，In the big frame of 238 billion yuan，OCT Group will also join hands with Xi'an City to implement mixed reform in central and prefecture areas，Participate in the reform of state-owned enterprises in Xi'an，Strategic reorganization of several listed cultural and tourism companies，Promote the upgrading and transformation of Xi'an and even Shaanxi's cultural industry。

“It took less than half a month to announce a large investment in Xi’an and acquired two listed companies in Shaanxi，The truth behind it is that OCT Group used its status as a central enterprise to pass the central-regional mixed reform、PPP mode、Investment, mergers and acquisitions and other models to promote their own cultural tourism projects。Therefore，Participate in the mixed reform of local state-owned enterprises，is a major feature of OCT’s investment layout。" An insider close to OCT Group said。

The same investment routine has also been performed in Yunnan。April this year，OCT Group invested in Yunnan World Expo by increasing capital and expanding shares、Yunnan Wentou。It is reported，Yunnan World Expo、Yunnan Cultural Investment Co., Ltd. is a subsidiary of the Yunnan Provincial State-owned Assets Supervision and Administration Commission。After completion of capital 188bet app download increase and share expansion，OCT Group holds the World Expo through its wholly-owned subsidiary in Yunnan、51% equity ratio of Cultural Investment each，Yunnan Provincial State-owned Assets Supervision and Administration Commission holds the remaining 49% equity。In addition，OCT Group subscribes 100% of Yunnan Tourism 11 through OCT Yunnan Company.300 million fixed increase。Yunnan Tourism is controlled by Yunnan Expo，Shareholding ratio 49.52%。Therefore，Through controlling Yunnan World Expo，OCT also achieved indirect control of Yunnan Tourism。After controlling stake，OCT holds a total of Yunnan Tourism 57.07% equity，The actual controller of Yunnan Tourism was changed from the State-owned Assets Supervision and Administration Commission of Yunnan Province to the State-owned Assets Supervision and Administration Commission of the State Council。

ER Holdings Yunnan Tourism，It also gives OCT Group another “real estate + cultural tourism” listing platform besides OCT A。Yao Jun, Vice President of OCT Co., Ltd. pointed out in an interview with the media，“OCT passed and Yunnan World Expo、Yunnan Wentou、Comprehensive cooperation between the three major cultural tourism groups of Yunnan City Investment，Holding listed company Yunnan Tourism，Prepared a financing platform and financial support plan for the project。The good development of the project will feed back the development of capital factors。”

It can be seen from this，In asset-heavy operation mode，Need a lot of funds，This is exactly the “tourism + Internet + finance” model proposed by Duan Xiannian earlier，That is, using internal and external integration of the enterprise、Reorganization、Mergers and other means，Investment by equity、Strategic Cooperation、Acquisitions and Mergers、Participate in various operation methods such as primary land development，Increase efforts to obtain resources and layout of urbanization projects。In addition，The company devotes itself to the reform of state-owned enterprises，Exploration and Industrial Capital、Interactive integration of financial capital。

For OCT，Holding Yunnan Tourism is an experiment of state-owned assets reform that it participated in。From a business perspective，As a well-known cultural tourism company in China and the world、Theme Park Operator，After the development of traditional theme park business enters a mature stage，It is imperative for OCT to find new growth points，Yunnan’s rich tourism resources attract OCT，This reorganization enables Yunnan Tourism to complete the mixed reform，And the change of actual controller，Becomes the first state-owned enterprise reform of a listed company in the cultural travel industry where the actual controller has completely changed。

Compared to the frequent mergers and integrations between central enterprises，In recent years，There are very few central enterprises like OCT that directly participate in the reform of local state-owned enterprises。Many brokerages believe，As a pioneer in the mixed-ownership reform of state-owned enterprises，OCT introduces private capital、Reducing state-owned shareholding ratio and management equity incentives and other measures，Provides reference samples for the mixed reform of other central enterprises and state-owned assets。

While accelerating external expansion，OCT Group also integrates internal business。July 5，Culture and Tourism Technology, controlled by OCT Group, officially terminated its listing on the New Third Board。And one month ago，Cultural tourism technology has already changed，Transformed from OCT A holding to direct holding of OCT Group，This series of actions shows OCT Group’s intention to expand the tourism technology sector。

Data display，Cultural Tourism Technology was established in 2009，Logged on the New Third Board in 2015，188bet app is the main enterprise in the cultural science and technology industry sector of OCT Group。Currently，Cultural Tourism Technology is mainly engaged in the technological development of amusement projects、Digital film, television and animation design、Production and other high-tech cultural tourism products。

Judging from the 2016 annual report，Culture and Tourism Technology achieves operating income 3.2.7 billion yuan，36 year-on-year increase.78%，Realized net profit 8913.830,000 yuan，YoY increase of 32.85%，Gross profit margin reached 46.33%，Higher than the gross profit margin of OCT A’s comprehensive tourism business。Cultural Tourism Technology in 2014、Net profit in 2015 reached 59.15 million yuan respectively、67.61 million yuan，The gross profit margin in 2015 was even about 10 percentage points higher than the gross profit margin of OCT A’s tourism business。

Talk about the termination of listing on the New OTC Market，OCT Group also announced that it was aiming to be listed on the main board，Expand the tourism business，Reconstructing the company’s valuation system。actually，Cultural Tourism Technology is a cultural and technology industry enterprise controlled by OCT Group，This is not the first time that the intention of listing on the main board has been revealed。

Back in December 2015，Xi'an Hongsheng Technology Development Co., Ltd. ("ST Hongsheng" for short) is named 9.600 million yuan to subscribe for 60% of the equity of the cultural and tourism technology company held by OCT A, a subsidiary of OCT Group at that time，It is also planned to purchase 40% equity of Cultural Tourism Technology from three other natural persons by way of asset swap, issuance of shares and payment of cash。If the transaction is completed at that time，OCT A will hold ST Hongsheng 26.48% shares，Become the largest shareholder，ST Hongsheng’s controlling shareholder will be changed to OCT A，Culture and Tourism Technology has also completed its backdoor listing。

But，August 2016，OCT A issued an announcement，Termination of sale of 60% equity of Cultural Tourism Technology due to complex transaction plan and other reasons，The backdoor listing of Cultural Tourism Technology failed to materialize。OCT Group said，The purpose of Cultural Tourism Technology’s listing on the New Third Board is to add “Internet + Capital Market” to the company’s own “culture + tourism + technology”，Interaction with the capital market，Backdoor listing or delisting may involve queuing up for listing，It is also to expand the comprehensive tourism business with the support of the capital market，Enhance competitiveness as a theme park manufacturing and service provider。

Cultural Tourism Technology had already sent out a signal to expand the sector before it terminated its listing on the New Third Board。April 12，OCT A announced two equity transfer related transactions，Plan to transfer 100% equity of Taizhou OCT to OCT Group’s wholly-owned subsidiary Overseas Chinese Town East Investment Co., Ltd. and OCT Shares，At the same time, it will hold 60% of the equity of Cultural Tourism Technology to OCT Group。Among them，OCT Group pays in cash 10.Acquisition of 60% equity of Shenzhen OCT Cultural Tourism Technology Co., Ltd. held by OCT Shares for 1.7 billion yuan。After transaction，OCT Holdings no longer holds equity in Cultural Tourism Technology。This also means，Culture and Tourism Technology was spun off from OCT A，Became a directly controlled subsidiary of OCT Group。

About the transfer of cultural tourism technology，OCT Shares Explanation，The company’s cultural tourism technology-related business accounts for a small proportion of the company’s overall business，After reorganization, the company can focus more on developing its main business，reasonable with company strategy；On the other hand，The 188bet sports betting app download current transaction price has increased significantly compared with the company’s initial investment in cultural tourism technology，Can bring better investment income to the company。

“Due to the continuous expansion of OCT Group’s own scale，It is necessary to sort out the internal business sectors，Therefore，By divesting Cultural Tourism Technology from OCT A，The realization of direct holdings of OCT Group will help to deepen the development of their respective business sectors。"The above-mentioned securities insider pointed out。

With the termination of listing of Cultural Tourism Technology，The listed companies controlled by OCT Group are OCT A、Konka Group、OCT Asia、Yunnan Tourism，Including Qujiang Cultural Tourism, which recently invested in shares、Xi’an Food，OCT Group’s territory in the capital market is also constantly expanding。

The development of the cultural industry of OCT Group began in 1989，He created China’s first cultural theme park Splendid China in Shenzhen。Afterwards，OCT Group goes out of Shenzhen，To Beijing、Relocation expansion in cities such as Shanghai。The development of OCT Group is mainly focused on tourism + real estate business collaboration。The real estate business has never been the protagonist of OCT business，His role is mainly to support the tourism business。

“Both the tourism and real estate markets have strong regional characteristics，If you want to be bigger and stronger，You must continue to obtain high-quality resources，Carry out point layout on a larger scale。This is to expand the scale of business、Requirements to maintain industry status，It is also the inevitable means for OCT’s performance to achieve sustained rolling growth。”The above-mentioned insider close to OCT pointed out。

Everyone knows，After OCT Group injected major assets into its listing in 2009，OCT A has become the main body through the construction of tourism real estate projects。In the future development，The net profit scale of OCT A attributable to the parent company has increased from 17.0.6 billion increased to 68.8.8 billion yuan，The compound growth rate reached 22.7%，Higher than the compound growth rate of main business income 18.3%。

Take Happy Valley in OCT A as an example。According to data from China Index Academy,Since 2009 after completing asset injection, OCT A has acquired a cumulative planned construction area of ​​17.37 million square meters,Land investment amount 115.7 billion yuan，Average land cost 6662 yuan/square meter，The average market sales price of the company's current projects is 33,741 yuan/square meter，The asset appreciation rate is huge。

In the project mode developed by "Theme Park Packaging"，OCT A was the first to participate in the overall construction bidding of the government theme park project，Obtain project development rights。The land needed for park construction will be obtained through bidding, auction and listing，In addition to the land required for entertainment facilities for the construction of theme parks，Also includes residential and commercial projects。Data statistics display，The proportion of park investment in the past few projects of OCT A to the total investment is an average of 28%，The lower the proportion of park investment, the higher the overall project income will be for the company，The average construction area of ​​real estate is 1.02 million square meters。

While developing theme parks to reserve low-priced land for the company, OCT A will also undertake the investment and construction tasks of the theme park。Currently，The cumulative number of "Happy Valley" and "Happy Coast" projects invested and planned to be invested by OCT A is 188bet sports betting app download 11，The average investment amount of a single project is 3.2 billion yuan。If the theme park investment is regarded as the overall development cost，The current average sales price of available projects in OCT A, a core second-tier city, has exceeded 20,000/square meter，Average cost 3190 yuan/square meter，Project sales of about 180,000 square meters are enough to recover the investment in the park。

Judging from the current main business income of OCT A，Divided according to the business nature of subsidiaries，Including comprehensive tourism business、Real estate business and other businesses (paper packaging, etc.)。Comprehensive tourism business includes the operating income of the main park、Two parts of tourism real estate income，The above-mentioned revenue scale in 2016 was as high as 16 billion，45% of total revenue，The real estate business is the real estate development income of other pure real estate business subsidiaries，Revenue in 2016 was 18.9 billion yuan，53% of total revenue。Therefore，From the perspective of actual operation，The real estate development business consists of two parts: tourist real estate (projects near theme parks) and general real estate。Calculated based on the financial report caliber of 2016，The above income is 30 billion yuan，Accounting for 84% of total revenue，is the profit core of OCT A。

Looking at the entire real estate industry，OCT A’s overall profit rate level is significantly higher than other companies in the real estate industry，This is mainly due to the company’s land acquisition price advantage。Data display，In 2009-2016，The average gross profit margin level of OCT A’s comprehensive tourism and real estate development is 56.7%，Even if the industry is subject to policy regulation、Period when prices fall, The company’s settlement gross profit margin can also be maintained above 50%。

In 2016，Oct A’s real estate contract sales reached 27.5 billion yuan,Ranked 62nd among the top 100 real estate companies，The layout has entered 14 cities，Three of them are first-tier cities，9 second-tier cities and 2 third-tier cities。As of June 2017,The total planned construction area of ​​the projects developed by OCT A is 19.77 million square meters，The unsettled construction area is 13.71 million square meters，Unsettled equity area is 10.31 million square meters，Equity value 379.2 billion。“Judging from the resource reserve scale and annual sales scale of OCT A，The overall development pace is slow，Sales have remained at around 15 billion in the past few years。With the acceleration of the expansion of the entire group，The overall development efficiency of OCT A will be improved。”

Many years in the past，OCT relies on the "tourism + real estate" model to enclose land and build a town，Use scenic spots、Hotel、Different business types such as residential buildings form a whole，In-Product Function、Complementing each other in terms of profit methods，And solve the problem of short-term cash flow and long-term sustainable profitability。“But the barriers built by OCT are not difficult to break down，The group is currently facing unprecedented fierce competition。Industry competition has entered the Red Sea，There is an international giant in front of OCT Group，There will be domestic tigers in the future，Even real estate companies have become involved in the cultural and tourism industry，OCT Group must find new growth points，Get rid of the boundaries of tourism + real estate、Enhancing the competitiveness of business models。” the above-mentioned person familiar with the matter pointed out。

*Source of this article: Real Estate Magazine (dichanzazhi)，Original title:《OCT “Horse Racing Enclosure”》