First half of this year，Gree Real Estate is “extremely lively”，Not only joined the mask production "camp" across borders，Also planning to reorganize Zhuhai 188bet sports betting。September，Although the restructuring of Gree Real Estate and Zhuhai 188bet sports betting has not been completed after nearly 4 months，But in recent years, Gree Real Estate has rarely acquired land in the open market，Appeared in the market again with the “tax-free concept”，Intention to promote Hainan Islands 188bet sports betting。

Why 188bet sports betting welcomes the boom out of season

Previous autumn and winter，The warm 188bet sports betting Island usually welcomes tourists who go south to escape the cold for vacation，The hot summer is here，This is the off-season for tourism。But this year，The 2020 Spring Festival Golden Week was lost due to the sudden new coronavirus epidemic，At the same time, the risk of traveling abroad increases，188bet sports betting tourism “boomed” in the traditional summer off-season，The off-peak season changes quietly。

According to preliminary statistics from the 188bet sports betting Provincial Department of Tourism, Culture, Radio, Television and Sports，188bet sports betting province received a total of 550 domestic and foreign tourists in August.150,000 people，Monthly increase of 9.3%，Restored to 89 in the same period last year.9%；Achieve total tourism revenue of 74.3.6 billion yuan，Monthly increase of 17.6%，Restored to 98 in the same period last year.1%。The decline in 188bet sports betting’s tourist arrivals and tourism revenue indicators is gradually narrowing。

Of course，This is also related to the tax exemption policy、The return of overseas consumer demand is closely related。July 1st this year，The new 188bet sports betting shopping policy on Hainan Islands is officially implemented，Expanding the 188bet sports betting market to attract consumption back，Increase the annual 188bet sports betting shopping limit per person for outlying island tourists from the previous 30,000 yuan to 100,000 yuan，Cancel the 8,000 yuan limit for a single item，And increase the variety of 188bet sports betting goods on outlying islands from 38 to 45。

The simultaneous expansion of quotas and varieties further stimulates the development of Hainan’s 188bet sports betting market。Statistical data display，July 1st to 31st this year，The four outlying island 188bet sports betting shops in Hainan Province achieved a total 188bet sports betting sales of approximately 2.5 billion yuan，Per capita consumption 5527 yuan，Year-on-year growth of 240% and 82% respectively。General Administration of Customs data display，Since the implementation of the New Deal，As of August 31st，The amount of 188bet sports betting shopping on outlying islands under customs supervision has reached 55.800 million yuan，221 year-on-year increase.9%。

It’s not just consumers who are excited，The tax-free concept stocks in the secondary market are also booming。Since June，Wind display，188bet sports betting shop index opens higher、Continuous increase、High limit is not uncommon。

What do you want to do with land at a premium

The tempting “cake” is in front of you，Of course, there will be some competition among enterprises。

September 7，The first Phoenix Coast land parcel in Sanya Central Business District to be put up for sale is auctioned in Haikou，The starting price of listing is about 11.1.8 billion yuan。After nearly 2 hours of multiple rounds of fierce bidding，Zhuhai United 188bet sports betting with 16.5.1 billion defeated China Merchants Group、Shanghai Life、Luneng、China Resources、Baolong、Strong companies such as Gemdale Group successfully acquired land plots，The floor price is about 17689 yuan/square meter，The average price per mu is 33.4 million yuan，Premium rate as high as 47.7%。This is much higher than Sanya’s average this year，China Index Research Institute data display，First half of this year，Among the 20 land parcels sold in Sanya，The average floor price is 4110 yuan/square meter，Average premium rate 4.29%。

Tianyancha app display，Zhuhai Helian Real Estate is a wholly-owned subsidiary of 188bet sports betting。Semi-annual report display，188bet sports betting achieved a year-on-year growth of 11% in operating income in the first half of 2020.61% to 29.7.8 billion yuan， 16.The land price of 5.1 billion yuan accounted for more than half of its operating income in the first half of the year。

Meanwhile，It’s worth noting，As the policy of “three red lines” for financing of real estate companies continues to become clear，188bet sports betting is still burdened with a certain amount of debt pressure。According to 188bet sports betting’s 2020 Semi-Annual Report，The company’s asset-liability ratio after excluding advance receipts is 75.5%，Net debt ratio 214.84%，Cash short-term debt ratio is 0.34。No one of the three red lines was spared，It is imperative to reduce the scale of debt。

Then in this case，Why does Gree Real Estate still spend a lot of money to purchase land at a premium？According to the planning and development requirements of the land，It is not difficult to find the profound meaning of this move。According to plan，The land use will be strictly based on the nature of the land，Proposed to build a high-end tourism retail commercial project in Binhai，By actively introducing world-renowned high-end commercial operation brands、Enterprises with tax-free qualifications for 188bet sports betting Islands, etc.。

Actually，Gree Real Estate has already made plans to develop tax exemption。May 11，It has issued a trading suspension announcement for planning a major asset restructuring，We are planning to purchase 100% equity of Zhuhai 188bet sports betting held by all shareholders of Zhuhai 188bet sports betting by issuing shares and paying cash，At the same time, non-public issuance of shares to raise supporting funds。This restructuring announcement also made Gree Real Estate once popular in the capital market，Starting from the resumption of trading on May 25，Pulled 8 daily limits in a row。

In fact，This is related to the blue ocean of the industry，Related to the fact that the tax-free business license has been in a monopoly position for a long time。Since the 1980s to the beginning of the last century，Only 7 companies are qualified to operate 188bet sports betting goods，And no new tax-free licenses have been issued for many years，Zhuhai Duty Free is one of them。Gree Real Estate Announcement Display，Zhuhai Duty Free in 2018、The revenue in 2019 was 22.5.6 billion yuan、26.6.9 billion yuan，Net profit attributable to parent company is 6 respectively.4.3 billion yuan、9.4.4 billion yuan。

For Gree Real Estate, which is in the tax-188bet sports betting restructuring period，This time we won the "tax-188bet sports betting concept" commercial land，His "ambition" to develop tax-188bet sports betting islands is clearly revealed。

What are the odds of winning against offshore island 188bet sports betting

In the 188bet sports betting industry，China Duty Free Group is the well-deserved leader，China Free、日上、Chinese overseas Chinese are exempted、The four Haidu Duty Free stores are all 188bet sports betting brands under China Duty Free Group，Holding a share of 93% in the entire domestic 188bet sports betting market。Especially in the hot Hainan 188bet sports betting market，CDF is in an absolute monopoly position。There are currently four 188bet sports betting shops on outlying islands in Hainan，May this year，After China Duty Free has completed the integration of Hainan Airlines’ “Hai Duty Free”，The four outlying island 188bet sports betting shops are essentially operated by China Duty Free。

However, as the intention to promote the return of consumption gradually becomes clear，A more relaxed tax-free policy environment is very promising，Specific performance is as follows，The Hainan government is gradually accelerating the marketization process of the 188bet sports betting industry。August 19，Hainan Province announced，Two local state-owned enterprises have been officially approved to obtain the qualifications to operate offshore 188bet sports betting goods。July 10，Hainan’s tax-free policy is getting stronger，Hainan will operate according to the brand、Variety、Principles of price and international synchronization，Use bidding and other market-based competition methods to select and determine the newly added 188bet sports betting shopping business entities in Hainan Islands。This to a certain extent breaks the monopoly of China Duty Free Group in operating outlying island 188bet sports betting shops in Hainan Province，But it also means that competition in the offshore 188bet sports betting market will become increasingly fierce。

"In Hainan Market，China Duty Free as the leading 188bet sports betting company，Possessing geographical advantages，” said Bai Wenxi, Vice Chairman of China Enterprise Capital Alliance，But Gree Real Estate itself is the developer，Joined Zhuhai Duty Free to enter Hainan Duty Free Market，It is easier to arrange and digest the rent for tax-free business internally，In turn, the 188bet sports betting business can be used as the main store to serve the investment of one's own properties and increase the rent of one's own properties，Thus forming its own comprehensive advantages，This will make competition in Hainan’s 188bet sports betting business more intense，The industry has achieved better development。"Taken together，Gree Real Estate joins forces with Zhuhai Duty Free to challenge China Duty Free，Maybe a strong dragon can overwhelm a local snake。”He said。

However，New Era Securities Research Report thinks，Although the released policy encourages moderate competition in the industry，But compared to Zhuhai Duty Free Company, which is smaller in scale and has no experience in offshore island duty free operations，188bet sports betting Group’s first-mover advantage、Location advantage、Advantages in scale effect and supply chain supply。

“The core competitiveness of the 188bet sports betting industry is commodities、Price and location。" Bai Wenxi expressed，For the 188bet sports betting industry，Rich product categories、Rare things to live in、Most attractive brands come first；Secondly, the price must be competitive；Once again, it is to facilitate the consumption of people who are eligible to purchase 188bet sports betting goods，That is, location and payment issues。

Look at this，Even if the offshore islands are tax-free, there is a blue ocean，Gree Real Estate, which is still under debt pressure, spends money to purchase land，Not only facing the operating pressure of traditional business，Whether it will be successful after entering the outlying island 188bet sports betting market will share the "cake" with China Duty Free Company, which has early access to first-mover and geographical advantages，Occupy a place in Hainan，Still unknown。

*Source of 188bet sports betting article: Finance Network, author：Bai Zhimin, original title:《Outlying island 188bet sports betting “cake” is tempting. What are Gree Real Estate’s chances of winning?》.