Junfa Group, a local real estate company in Yunnan, has made frequent moves recently。Shortly after announcing “investing 50 billion within 5 years” in cultural tourism，Junfa Group appears in people’s sight again as the “King of Land” in terms of national total price。

To this，Some market participants raised questions，As a real estate company whose sales have just exceeded the 50 billion mark，Does Junfa Group have sufficient capital investment to support the construction of cultural tourism projects？Will the financial pressure be further intensified after acquiring land at a high price？China Net Finance called and wrote to Junfa Group in this regard，But no relevant reply was received as of press time。

188bet app download

Public information display，Junfa Group was established in 1998。Data disclosed by Kerrey Research Center，The traffic sales amount of Junfa Group in 2018 was 55 billion yuan，Ranked 49th among all real estate companies in the country。Junfa Group proposed a “five-year 100 billion” plan in 2013，But this goal was not achieved，Junfa Group only achieved half of its goal in 2018。

Maybe he realizes 188bet Online Sports Betting and Casino that it is not easy to make 100 billion，Junfa Group proposed a new “three-year strategy” in 2017，That is, deep cultivation in Yunnan，Layout in four major regions across the country，The overall revenue is steadily increasing at a compound growth rate of 30% per year，And achieved revenue of 67 billion yuan in 2019，The sales of the real estate sector reached the target of 50 billion yuan。

Two years have passed，Junfa Group claims to “lay out the four major regions in the country”，There are currently only 4 projects for sale outside Yunnan，Respectively located in Chengdu、Three cities: Haikou and Guiyang。However，Judging from sales results，The hope of Junfa Group to achieve its 2019 goals is still relatively high。Data display given by Kerrey Research Center，First half of 2019，The trading amount of Junfa Group is 274.100 million yuan。

The reason why Junfa Group’s goal of 100 billion was not achieved，A real estate commentator told China.com’s financial reporter: “Except for the slow nationalization process，National leading brand real estate companies are rushing to enter the Yunnan market, which has also brought pressure to them。” Yunnan real estate company sales data disclosed by Kerui in 2019，Junfa Group still leads the way with 16.1 billion yuan，But Country Garden、Vanke、Foreign brand real estate companies such as Sunac followed closely behind，Sales amount is 92 respectively.9.5 billion、81.9.5 billion and 72.6.8 billion yuan。

To maintain competitive advantage，Junfa Group continues to compete in the Yunnan market。July 26，Junfa acquires 11 land parcels in Kunming’s Xinluosiwan 188bet app download area with a total price of 9.2 billion yuan，If public facilities are added，The actual land price will be as high as 12.6 billion yuan。This price refreshed the total price record of Kunming land auction，Became the new “land king” of the country’s total price。

50 billion in cultural tourism in five years is questioned

A few days before the big acquisition of 11 land parcels in Kunming’s Xinluosiwan area，Junfa Group announced the launch of the “Most Beautiful Yunnan Plan”，Plan to use urban and rural renewal model to develop cultural tourism projects，And stated that it will invest 50 billion yuan within 5 years，Used for rural revitalization construction in Yunnan。

The above-mentioned real estate commentator told China.com’s financial reporter，This may mean that Junfa Group may suspend its national expansion。But is the above guess accurate，China.com financial reporter did not get confirmation from Junfa Group。

It’s worth noting，Due to the fact that many previous development strategies have been torn down and rebuilt，The industry has doubts about the success of Junfa Group’s new five-year plan。Also，The above commentator pointed out in an interview with a financial reporter from China.com，Junfa Group has rich experience in real estate development and operation，But it is very different from doing cultural tourism，“If you use the thinking of real estate to do cultural tourism，Then there is only a dead end”。

The commentator also emphasized，Different from the traditional real estate industry of “making quick money”，Cultural tourism development cycle is long，Need to rely heavily on supporting facilities、Resources and overall 188bet app download planning，At the same time, a strong operation team is needed for trading operations，These limitations are the "challenges" that Junfa needs to face in the future。

China.com financial reporter combed and found，Among the real estate developers planning cultural tourism projects，There is no shortage of blind enclosures、A company with a real estate mentality，Thus causing the IP to be falsely empty、Shoddy construction、Pseudo cultural tourism projects appear frequently。For this situation，The National Development and Reform Commission issued a notice in September last year，Indicates that we will resolutely eliminate a group of companies that lack industrial prospects、Deformed and alienated towns and small towns。In other words，Real estate developer doing cultural tourism，Not only will we face the problem of a long profit cycle，May also face policy risks。

13% annual interest rate bond financing

Whether it is the increase in real estate sales，It is still a cultural tourism project construction，The financing level of real estate companies、Fund flow is a great test。

Junfa Group is a non-listed real estate company，Funds may only come from non-standard channels such as bank loans and trusts。China.com financial reporter noticed，Junfa Group has frequently issued bonds with high interest rates since last year。October 22, 2018，Junfa Group’s 2018 non-public issuance of corporate bonds (first phase) was successfully issued，Issuance size 2 billion，Coupon interest rate 8%；March 18 this year，Junfa Group Co., Ltd. announced the issuance of 2 billion yuan of corporate bonds，Coupon interest rate 8%；March 29，Junfa Group announced the successful issuance of US$100 million 188bet app senior notes due in 2021，Interest rate 13%。

However，Since May this year，Real estate financing continues to tighten，Interview with the China Banking and Insurance Regulatory Commission about trust companies with excessive real estate project growth，Go to the National Development and Reform Commission to restrict real estate companies from issuing bonds overseas，In addition to the earlier regulations on front-end financing behavior in Document No. 23，Some insiders said: “Under a series of regulatory measures，Financing channels for real estate companies will be significantly narrowed，This pair is used to ‘left-hand financing，For real estate companies that hold land on their right hand，The radical capital turnover model in the past may be unsustainable。”

*This article comesSource:China.com, author:Anping, original title: "Acquiring tens of billions of land + spending 50 billion to develop cultural tourism. The real strength of Junfa Group is still a gimmick？》.