After the establishment of Banna Aviation Investment，The listed real estate company Yunnan Chengtou Real Estate Co., Ltd. (referred to as "Yunnan Chengtou") has recently entered Xishuangbanna again，Its holding subsidiary Xishuangbanna Yunyu Real Estate Co., Ltd. bid for 100% equity of Xishuangbanna Shengjing New City Investment and Development Co., Ltd. (the target company)， At a cost of over 300 million yuan，Acquired nearly 1,000 acres of tourism real estate land reserve。

Xishuangbanna is a hot spot for tourism real estate investment，Real estate developers gather together，House prices are soaring。Yunnan Urban Investment Advances into Xishuangbanna，Its intention is to share more。

In Yunnan Chengtou’s external statement，Tourism real estate has now become the company’s new core business。"Big M&A" based on one of the development strategies，Yunnan City Investment is in full development，Spending money to acquire land and hoard it，Expand the boundaries of tourism real estate and cultural tourism business，In order to quickly occupy and expand the market。

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The location of Yunnan Chengtou’s confidant’s “life gate”，Proposed “focusing on improving ‘high turnover’ capabilities，Strengthen the full development and operation capabilities”，In order to solve the two hurdles of lack of funds and operational capabilities in advancing cultural tourism。The reality is，The barrier is difficult to break，The journey is long。

Xishuangbanna investment boom

Obtained 100% equity of Shengjing New City through bidding，Yunnan City Investment wins Xishuangbanna Lanlanba Four Seasons Resort project，The project is located in the east of Menghan Town，22 kilometers away from Jinghong City, the capital city of Xishuangbanna Dai Autonomous Prefecture，The project is close to the 4A-level scenic spot Dai Garden，935 acres of land acquired，And the total built area is about 7.40,000 square meters。

According to Yunnan Urban Investment Announcement，Paying 2922.340,000 yuan outside，Yunnan Urban Investment still needs to repay creditors RMB 2 on behalf of Shengjing New City to its controlling shareholder Jinghong State-owned Assets Investment Co., Ltd..9.6 billion yuan，And the interest on the amount from the date of actual investment by Jinghong State Investment to the date of repayment。Converted，Yunnan Urban Investment paid a total of 3.2.5 billion yuan。

Yunnan City Investment mentioned in the announcement，The Xishuangbanna Lanlanba Four Seasons Resort project has location、Advantages such as natural landscapes and cultural landscapes,If Banna Yunyu 188bet online sports betting can get this project，Can further increase the company’s (Yunnan Urban Investment) land reserve，Enhance the sustainable profitability of the company (Yunnan Urban Investment)。 

Yunnan Urban Investment has previously established a presence in Xishuangbanna。As early as early April 2016，Yunnan Urban Construction Investment Group Co., Ltd. (referred to as "Yunnan Urban Construction Investment Group"，The controlling shareholder of Yunnan Urban Investment) signed an agreement with the Xishuangbanna government，Construction in the city、Strategic cooperation in cultural tourism and key people’s livelihood areas，The former plans to invest up to 50 billion yuan。At that time，Yunnan Urban Investment and Jinghong Urban Investment have developed Dream Yunnan·Yulinlanshan in Xishuangbanna、Dai Lao Jinwan、InterContinental Hotel in Xishuangbanna and many other projects，Involving tourism real estate、Residential real estate、Hotels and other fields。

Among them, Dream Yunnan Yulin Lanshan is the first tourism real estate project of Yunnan City Investment in Xishuangbanna as early as 2014，covering an area of ​​more than 800 acres。

July 10 this year，Yunnan City Investment announced，The company plans to invest 67 million yuan to jointly invest with Chengdu Xinyi Enterprise Management Co., Ltd. to establish Xishuangbanna Aviation Investment Co., Ltd. in Xishuangbanna，Mainly carry out project expansion in Xishuangbanna，Get potential project opportunities，Mainly engaged in air travel、Real estate development and operation、Leasing、Sales, etc.。

Xishuangbanna has become an important corner in the fierce competition among real estate giants.Except Yunnan City Investment，Wanda、Poly、Century Gold Source、OCT、Yajule、Zhonghong Shares、Red Star Real Estate and others are involved or have been involved，The layout of tourism real estate continues from 2012 to the present。

Based on the main control indicators of the "Xishuangbanna Prefecture Land Use Master Plan (2006~2020)" approved by the Yunnan Provincial Government，By 2020，The total urban and rural construction land in Xishuangbanna is controlled within 240,000 acres，This is a rigid indicator。But in 2009，The scale of construction land in Xishuangbanna Prefecture exceeds 34.980,000 acres，Has overdrafted more than 100,000 acres of land quota。

Data is displayed，In 2017, Xishuangbanna Prefecture received more than 33.1 million domestic and foreign tourists，A year-on-year increase of 31.36%。Tourism higher，Plus Xishuangbanna’s own ecological climate and cultural tourism resources，Add Yunnan tourism development、“One Belt, One Road” policy boost，And Hainan issued a purchase restriction policy in April this year，Internal and external factors have pushed Xishuangbanna to remain a hot spot for tourism real estate investment。

Tourism real estate is also in short supply。Mentioned in CCTV’s report on June 27，Starting from August 2017，Jinghong’s house prices have nearly doubled from more than 4,000 yuan per square meter in three months；The price of a property has increased by 3,000 yuan/square meter in three months，Sold for 1 in June this year.60,000 yuan/square meter。Other unverified data is displayed，The average property price in Xishuangbanna around June this year exceeded 10,000 yuan，Up to 10734 yuan/square meter，158 year-on-year increase.99%。The unit price of some resort real estate projects is as high as 30,000 yuan/square meter、20,000 yuan/square meter，The rise is strong。

June 6 this year，Xishuangbanna Jinghong Municipal Government issued purchase restriction policy，It is stipulated that the deed can only be traded after two years of tax payment、Only two houses can be purchased for the same project with the buyer’s personal identity document。Less than one month later，Xishuangbanna Prefecture Government steps up efforts to rectify and standardize real estate market policies，Proposed that it will be implemented in the subordinate counties and cities、The park implements “one city, one policy”，Adopt purchase quantity restrictions on the sale and purchase of commercial housing、Purchase qualifications and transaction conditions and other measures，Stabilize the real estate market。

Under the circumstance that the construction land quota in Xishuangbanna is not loose，Yunnan City Investment once again explores the Xishuangbanna tourism real estate market through mergers and acquisitions，It is a roundabout but effective move。

M&A, M&A

Except Xishuangbanna，Yunnan City Investment in Dali、Kunming and other places have laid out the "Dream Yunnan" series of tourist real estate，There is no specific statistical information yet。

According to the established development strategy of Yunnan Urban Investment，It will create two major product lines and a business model, the "Rongcheng" series of urban residential complexes and the "Dream Yunnan" series of tourism real estate,Residential complex and tourist real estate、Industrial linkage business model of senior care real estate，Xiang Kangyang、Transformation of cultural tourism and exhibition industry，Formation of traditional real estate development sector、Healthcare, Culture and Tourism Industry Sector、Three major product models in the future city segment。

According to incomplete statistics，In addition to "Dream Yunnan" tourist real estate，Yunnan Chengtou also owns Jiasa Huayao Dai Tourism Town、Shilin Kanglv Pastoral Complex Project、The "Ancient Southern Yunnan Cultural Tourism City Service Area" project (planned to be developed into the Dianchi Lake International Health and Retirement Resort) and other cultural tourism formats。

Yunnan is a key area for deep cultivation，Yunnan Urban Investment’s layout also focuses on the whole country。

March this year，Yunnan Urban Investment stated that it will sign the "Mianning New District Development Project Investment Agreement" with Mianning County, Liangshan Yi Autonomous Prefecture, Sichuan Province，Investment and construction of 2,500 acres of cultural tourism project in Mianning New District。The estimated investment amount of the project reaches 12 billion yuan，Investment period is 8 years。

This belongs to the full development scope of the project，But looking at the layout actions outside the province in recent years，Yunnan Urban Investment has gradually adopted two methods of full-scale development + mergers and acquisitions，Change to a mode more inclined to mergers and acquisitions or investment。

June 22 this year，Yunnan City Investment announced，With 235.The proposal to acquire Chengdu Metropolitan Exhibition (100% equity) for a huge amount of 7.2 billion yuan was passed。At that time，The market value of Yunnan Urban Investment is 83.8.2 billion yuan，Only about 35% of the market value of Chengdu 188bet online sports betting Metropolis Exhibition.6%。This is regarded as a "snake swallowing the elephant" transaction，Yunnan Urban Investment’s one-year wish has been achieved。

The full name of Chengdu Exhibition and Convention Center is "Chengdu Global Century Exhibition and Tourism Group Co., Ltd."，owns Holiday Inn Century City、InterContinental Century City、Four hotels including InterContinental Hotel Global Center and InterContinental Heilongtan Hotel，Holding subsidiary Century City Property、Century City Convention and Exhibition Center、Heilongtan Changdao and other property assets。

According to the commitments of both parties to the transaction，If this acquisition is completed by the end of 2018，During the profit commitment period from 2018 to 2020，The cumulative net profit realized by Chengdu Exhibition and Convention Center in the past three years after deducting non-recurring gains and losses is approximately 6.3 billion yuan。

And 2015、2016 and January to August 2017，The revenue of Chengdu Metropolitan Exhibition is 16.8.1 billion yuan、16.4.5 billion yuan、10.9.4 billion yuan，Net profit is 87.87 million yuan respectively、2.6.1 billion yuan and 1.8.5 billion yuan，Compared to 6.3 billion yuan in promised profits，huge difference。

Yunnan Chengtou doesn’t seem worried，It said there are 5 projects under construction in Chengdu、3.02 million square meters of land reserve (including the proposed project area)，Projects are located in Chengdu and its surrounding areas，Multiple projects are expected to be completed and delivered between 2018 and 2020，These projects will bring substantial growth in performance。

If the acquisition goes through as expected，Yunnan Chengtou’s exhibition business segment will increase dramatically，Become a giant in the southwest exhibition industry。Mentioned by Yunnan Urban Investment in the 2017 annual report，The Chengdu Metropolitan Exhibition involves a land area of ​​approximately 4530 acres,If reorganization is completed,The regional layout will be further improved,Accelerate the creation of business in the southwest region and the country、A first-class enterprise in residential real estate development。

Also as early as May 25th，Yunnan City Investment announced，Plan to acquire Hainan International Convention and Exhibition Center comprehensive real estate project，The total consideration is about 19.8.5 billion yuan。If the acquisition is completed，Yunnan Urban Investment will conduct subsequent investment and operation management of this project。

Specifically，Yunnan Urban Investment will acquire Hainan Tianli Investment Development Co., Ltd. (Tianli Investment) held by Tianli Group、Hainan Tianlianhua Real Estate Investment Co., Ltd. (Tianlianhua Company)、Hainan Tianli Resort Hotel Co., Ltd. (Tianli Resort) 70% equity each and Hainan Tianli Hotel Co., Ltd. (Tianli Hotel) 75% equity。

According to announcement content，The Hainan International Convention and Exhibition Center comprehensive real estate project that is developed and operated by Tianli Investment and other four target companies，Total project land area 291.3 acres，Total building area 44.930,000 square meters，Project includes hotel、Residential、Office building、Business、Villa；The total project investment (excluding tax) is about 4 billion yuan，Already invested approximately 2.5 billion yuan，The remaining investment amount is about 1.5 billion yuan。

Yunnan Urban Investment’s more frequent acquisitions are the series of Yintai 188bet online sports betting projects。November 2016、March 2017，Yunnan Urban Investment proposed to acquire 8 companies each of Yintai Group，A total of 16 company equity，Involving Zibo、Harbin、Hangzhou、Ningbo、Taizhou  Chengdu, Wenzhou and other places.

Yunnan City Investment said,These two acquisitions help accelerate its national strategic expansion，Improve business operation capabilities，And effectively drive the company’s performance growth。

Data is displayed，There were 9 Yintai projects for sale under Yunnan Urban Investment last year，Contributed more than 23% of sales performance to Yunnan Urban Investment。Last year, Yunnan Urban Investment’s annual sales were 10.8 billion yuan，Become one of the national tens of billions of real estate companies。

Two difficult questions about the "gate of life"

Successive mergers and acquisitions、Horse racing enclosure，Filling the business territory of Yunnan Urban Investment、Performance improvement，Some direct results are currently visible。But behind every move is a substantial amount of money，For a company that is not very large，Intensified financial pressure will follow，High debt。

April 9，Yunnan City Investment announced，Received the Shanghai Stock Exchange's "Letter of Inquiry Regarding the Post-Audit Review of the 2017 Annual Report of Yunnan Chengtou Real Estate Co., Ltd."，Require Yunnan Urban Investment to start from the operating conditions of primary land development business、Major transactions、Further additional disclosure information on financing arrangements and other aspects。

The inquiry letter mentioned that “as of the end of the reporting period, the company’s asset-liability ratio was approximately 88.82%,And the company’s interest expense during the reporting period was as high as 17.5.9 billion yuan, is 6% of the company’s net profit attributable to the parent company.66 times,The company’s financing situation has become an important aspect affecting its operating conditions”。

Zhihui sorted through the annual reports of Yunnan Urban Investment in recent years and found that2013-2017，The asset-liability ratio is 79.82% 、85.26% 、87.65%、89.23%、88.82%；Net profit attributable to parent company is 3.19.9 billion yuan、4.40.7 billion yuan、2.78.6 billion yuan、2.44.1 billion yuan、2.64 billion yuan；Excluding non-net profit respectively are 71.64 million yuan、1.64.8 billion yuan、-1.80.7 billion yuan、-3.64.8 billion yuan、1.12.1 billion yuan。

The asset-liability ratio in the first quarter of 2018 was 88.83%，Net profit attributable to parent company is -49.88 million yuan，Excluding non-net profit is -49.92 million yuan。

2013-2017，The net cash flows generated by Yunnan Urban Investment’s investment activities are -9.11.5 billion yuan、-14.0.3 billion yuan、-10.7.8 billion yuan、4.18.5 billion yuan、-25.0.3 billion yuan，The overall situation is unable to make ends meet，A year-on-year decrease of 697 in 2017.98%。

Data display，Yunnan Urban Investment’s cash assets in 2017 were approximately 53.3.3 billion yuan，Short-term debt is as high as 147.0.1 billion，There is a huge gap between the two。In addition，Yunnan Urban Investment’s current ratio at the end of 2017 was 1.44，Quick ratio is 0.29，It means that its asset liquidity and asset realization ability are still weak。

June this year，Yunnan Urban Investment announced that it plans to sell the equity of two of its companies: 80% equity of Dali Manjiang Kanglv Investment Co., Ltd.、51% equity of Xi'an Yuncheng Real Estate Co., Ltd.。The purpose is to obtain investment income，Realizing fund recovery，Increase the company's cash liquidity。

When abandoning the Sun Mountain project，The financial 188bet Online Sports Betting and Casino pressure of Yunnan Urban Investment has been revealed。

The full name of the Taiyang Mountain project is "Yunnan Chengjiang Taiyang Mountain International Ecological Tourism Leisure Resort Community Project"，Located on the east bank of Fuxian Lake，The total development land area is 6618 acres，Started development around 2013，The development entity is "Yunnan Chengjiang Eagle Land Tourism Resort Co., Ltd." (referred to as Eagle Land Company)，By Yunnan Urban Investment Group、Huashangzhijia (Yunnan City Investment holds 40%) and Yongchang Development Co., Ltd. (overseas enterprise) hold 60% each、30% and 10%。

First half of 2013，The Yunnan Yuxi Municipal Government increases the protection of the ecological environment of Fuxian Lake，Sun Mountain project encounters obstacles，November of that year，60% equity interest each in Yingyingdi Company and Taiyangshan Company planned to be transferred by Yunnan Provincial Urban Investment Group，Yunnan Urban Investment chose to give up its right of first refusal，The reason is “taking into account the risks of environmental protection，11th anniversary of development cycle，Large amount of subsequent investment，The period of positive cash flow return is long”。

Favorable factors have emerged since then，The number of development projects including those around Fuxian Lake in 2014 has been reduced from 25 to 13，Surviving Sun Mountain project development and reduced competitive pressure，Yunnan Province released a signal to re-support the development of Fuxian Lake in early 2017。But Yunnan Urban Investment chose to give up the initiative for the second time。

June 2017，Vanke intervenes in Taiyangshan project，Transfered to two other shareholders of Huashang Home for Centenary Property、Yunling Tianlai holds 25% respectively、15% equity，At that time, Yunnan Urban Investment still chose to give up the right of first refusal，Similar reason: considering that the follow-up development period of the Taiyang Mountain project will be longer,Investment pressure is high,At the same time, it strategically introduces well-known domestic first-tier real estate companies to Eagle Land,Conducive to the subsequent development of the Sun Mountain Project。

In the end, Yunnan Urban Investment and Vanke each held 40% of the shares in the latest development company，But developed by Vanke。

Financial problems linger.

According to incomplete statistics，May 22 to July 11，Yunnan City Investment plans to pass bonds、Trust loan、Raised nearly 7 billion yuan through bond financing and other methods，Planned to be used to repay the debts of the company (including subsidiaries)、Supplementary working capital or project investment, etc.。

Yunnan Urban Investment once proposed “to improve the ‘high turnover’ capability as the core，Strengthen the full development and operation capabilities”，These are exactly the two difficult "vitals" of cultural tourism projects including tourism real estate: funds、Operation；Huge capital investment，Longer development payback period、Capital precipitation period，It is the first level，Refined trading and operation capabilities，is the second level。

Everyone in the game breaks through the game together. How can Yunnan City Investment break through the game?