Yi Xiaodi, one of the "Six Gentlemen of Wantong"，Always relatively low-key in the real estate market，But recently, Li Yapeng has received attention again because of his debt of 40 million yuan，The reason is that his real estate company 188bet mobile login 100 took over in 2015，Became the operator of the Lijiang Snow Mountain Art Town once led by Li Yapeng，And this small town is also where the aforementioned debt originated。

Yi Xiaodi’s 188bet mobile login 100 Once Highlighted，That was 2004-2008，It has been ranked among the top ten of the top 100 real estate companies in the country for 5 consecutive years，It’s just that now many of the “younger brothers” in the past have stepped into the 100-billion-dollar real estate industry，188bet mobile login 100 is still tens of billions。

In public information，188bet mobile login is considered to have a stable personality，Especially after the Hainan real estate bubble in 1993，Make it more stable，Even labeled as "Buddhist"、Discreet label。

188bet mobile login once mentioned in an interview with the media，I am a timid person，Excessive caution causes companies to lose many expansion opportunities。

Natural，It’s not like he doesn’t want to expand at all，Including expansion in cultural 188bet mobile login real estate，Having considered leading the transformation of the enterprise，Also has the intention to expand the field for the enterprise。

Just，The Xueshan Art Town he took over is still in trouble，This has become a typical footnote。

The transformation of cultural 188bet mobile login in the midst of swings, the dilemma needs to be solved

The fate of 188bet mobile login 100，With the two transformation decisions of the leader Yi Xiaodi，Ups and downs。

2014，With the push of Yi Xiaodi，188bet mobile login 100 was successfully listed on the Hong Kong Stock Exchange。Also in this year，This traditional residential developer，Start transition to non-residential business。

One consideration for the transformation of 188bet mobile login 100 is，Focus on operations and services，To reduce the proportion of residential development with lower profit margins，Improve the company's overall profit level。But，The other side of the coin is，Operation and service are actually more important，Focus on both operational and service capabilities，And the capital return period is long，Not as "simple or even superficial" as residential project development，This also brings a lot of "pitfalls"。

2015，Yi Xiaodi increases investment in cultural 188bet mobile login real estate，He took a fancy to the Snow Mountain Art Town that was "shaky" in the hands of Li Yapeng，Intention to revitalize。

June 2015，188bet mobile login 100 to 1.RMB 93.8 billion to take over 51% of the equity in the Snow Mountain Art Town project，At that time，This project is facing a shortage of passenger flow、Low removal rate、Stubborn problems such as declining unit sales prices。After Yi Xiaodi took over，Change the town from residential to commercial，Adjusted to neighborhood complex。

Service apartment will be turned into an inn，Art Hotel、The artist studio becomes an open block format，Business form becomes the main body。Also，Previously, the walls of each villa with an area of ​​190-300 square meters were opened，The property rights are divided into shops of 29-35 square meters，Or divided into 6-8 rent-back apartments，The area of ​​each unit is between 22-55 square meters。

External comments，Yi Xiaodi took over the project knowing that it was not allowed to be done and did it on purpose，Although he is considered to be the most knowledgeable about real estate in the industry、One of the best house builders，But he may not be an expert in cultural tourism real estate，Yi Xiaodi failed to turn decay into magic，The decontamination situation of Xueshan Art Town is still sluggish。Discovered by combing 188bet mobile login 100 financial report，5 years from 2015 to 2020，The total sales rebate amount of the Xueshan Art Town project is only 2.1.6 billion yuan。

Due to the lack of high turnover and strong financing capabilities，188bet mobile login 100 inevitably encounters a period of transformation。2015 to 2018，The company’s asset-liability ratio is above 80%，Dismal performance。During this period，Yi Xiaodi, who has a Buddhist personality and is cautious, wavers between residential and non-residential business，The reason is that the transformation did not realize 188bet mobile login 100’s expectation of “new business accounting for half of the company”。At the 2017 interim results meeting，Yi Xiaodi said that he will "gradually increase the proportion of residential buildings，Optimize our repayments”，Going back。

The Sword of Damocles under financial pressure，188bet mobile login sells items、Selling land to save cash flow crisis。

According to public information，2019，188bet mobile login 100 sells residential project equity and the corresponding property value is 11.7 billion yuan，Confirm after-tax income 19.2.4 billion yuan。Chongqing 188bet mobile login 100、Zhuoxing Group、Dongguan Qingyuan Incubator、Wenzhou CITIC Haoyuan and others have become the target assets for sale by the company。Among them，The property development project of Longtang Town, Qingcheng District, Qingyuan City, Guangdong Province, its largest project, was sold to Kaisa，Chongqing International New City project and Ciyun Temple Old Street project were sold to Sunac，The total cash out is about 6 billion yuan。

Residential land compared to commercial and apartment land，Can be better removed，Recover funds faster。Therefore，Frequently sell land，Not so much preparing for transformation，It is better to say it is 188bet mobile login's "self-rescue"。

2019，188bet mobile login 100 ushered in the second turning point。At that time, Yi Xiaodi finally realized，It’s hard to have your cake and eat it too，So he gave up the parallel approach of residential business and complex。

At 188bet mobile login 100 2019 Midterm Meeting，Yi Xiaodi made a decision - to leave the mainstream residential real estate market，All-out attack by the commercial complex、Himalaya Serviced Apartment、Innovative product line composed of cultural tourism towns。

These three innovative product lines，marks the three tracks prepared by Yi Xiaodi for the 188bet mobile login 100: a suburban market represented by Arles Cultural Tourism Town，Commercial district complex represented by Phoenix Street，and Himalayan Serviced Apartments。

The role of cultural tourism has also been enhanced。In the 2019 interim report released by 188bet mobile login 100，Yi Xiaodi’s idea，Cultural tourism products will become an important business segment for 188bet mobile login 100’s future development。

Among them，What is more curious is，Yi Xiaodi also attaches great importance to the cultural tourism market around Beijing。September 2019，188bet mobile login 100 announced a high-profile investment in the Beijing-based cultural tourism project Rehe Valley (according to 188bet mobile login 100’s 2020 financial report，The contracted sales area of ​​Jehol Valley in 2020 is 312 square meters、Contracted sales amount is only 5.1 million yuan，De-elimination performance is cooler)。

From 2018，188bet mobile login 100 has been deployed in many places around Beijing，Acquired two projects, 188bet mobile login 100 Tianta Himalaya and 188bet mobile login 100 Nankai Himalaya, through equity acquisition。

July 2020，The "188bet mobile login 100·Arles in Beijing" project located in Xinglong, Hebei Province was unveiled，According to city planning，Xinglong and even Chengde have been vigorously developing tourism products for Beijing and Tianjin。

To know，2017，Beijing issues the strictest purchase restriction order，The first circle city around Beijing is directly related，Market downturn。2019，China Fortune Land Development, one of the “troika” of real estate companies in Beijing, is already in decline，188bet mobile login, who has always claimed to be "timid", has been heavily involved in Beijing，It’s really confusing。

Transformation is the trend of the times，It’s just that 188bet mobile login’s “stepping points” are not very good。

Putting money and effort into a situation that requires a significant upfront investment，In commercial complexes and cultural 188bet mobile login towns with slow turnover，Is it a smart business？Yi Xiaodi, who is considered a cautious Buddhist, has his own persistence and considerations。

According to the Matthew Effect in the real estate industry，As the residential market becomes saturated、New financing regulations for key real estate companies start，The domestic housing market structure will show that the strong are stronger、A situation in which the weak are weaker，Small and medium-sized real estate companies do not have much market share，Profit margin will continue to deteriorate。Therefore，Small and medium-sized real estate companies represented by 188bet mobile login 100 seek differentiated and innovative development，It is the way to settle down and live well。

Confidence for 188bet mobile login 100’s transformation，Comes from the high-quality land bank with advantages that Yi Xiaodi said，Qieyi Xiaodi spends most of his money on land。

Zhihui checked the annual report of 188bet mobile login 100 and found out，Since 2014，188bet mobile login 100’s land reserves have always been around 10 million square meters。As ​​of December 31, 2020，The total land reserve area of ​​188bet mobile login 100 is 10.47 million square meters，The corresponding value is nearly 200 billion yuan。According to Yi Xiaodi’s public interview，Even if calculated based on an annual sales pace of 20 billion yuan，Land with 100 188bet mobile login can be sold for ten years。

The huge land bank also provides space for the transformation of 188bet mobile login 100，On the one hand，Developing existing land reserves can sustain current business expansion；On the other hand，The existing existing projects themselves are also one of the sources of 188bet mobile login 100’s transformation。

188bet mobile login 100 2020 Financial Report Disclosure，As the land in the Yangtze River Delta heats up，188bet mobile login 100’s primary development project in Wenzhou is maturing，The value will be gradually released。

How many problems does 188bet mobile login have?

According to Yi Xiaodi’s idea，After withdrawing from the residential business，Cultural tourism business will become one of the important performance supports for 188bet mobile login 100 in the future。

But a design is a design, and the results will depend on the data.

Based on the data disclosed in 188bet mobile login 100’s 2020 financial report，188bet mobile login 100’s transformation results are not obvious，Profits are still dominated by residential sales，Contracted sales account for 73% of total sales。

Already mentioned above，The removal rate of Jehol Valley and Snow Mountain Art Town is low，The sales estimates for the six Arles town projects on sale in 2020 are not ideal either，188bet mobile login 100’s total contracted sales disclosed in the 2020 financial report is 47.9.4 billion yuan。

No outstanding cultural tourism projects、The disposal rate of existing projects is not high，188bet mobile login 100’s cultural and tourism transformation can only be called mediocre at present。

Image source: 188bet mobile login 100 2020 Financial Report

Yi Xiaodi has now shed the halo of “Six Gentlemen of Wantong”，As a hunter, I am less "bloody"。The Buddhist character caused him to miss many good opportunities: 2003，Domestic implementation of land bidding, auction and listing system，When other real estate developers are frantically grabbing land to complete primitive accumulation，Yi Xiaodi is developing the brand。2009，When housing prices in first-tier cities are rising rapidly，188bet mobile login 100 made the misjudgment of shifting its focus to second- and third-tier cities to third- and fourth-tier cities。Repeatedly missed the bonus period，Former first-tier real estate company seed player，Now it has become a small and medium-sized real estate company。

2020，The epidemic disrupted Yi Xiaodi’s pace again，Cultural 188bet mobile login projects and commercial street sales have been greatly affected。Yi Xiaodi had no choice but to re-increase the development proportion of large-scale residential projects，At the same time, increase the intensity of primary land development。

March 30，188bet mobile login 100 China releases 2020 annual performance announcement，Achieved operating income of approximately RMB 57 during the period.600 million yuan，Decreased by about 30% year-on-year.5%；Net profit attributable to company owners is about 4.400 million yuan，Decreased by 75% year-on-year.7%。

For 2020 results，188bet mobile login should be more worried than happy。

Happy to have exceeded performance targets。In 2020 Interim Report，188bet mobile login 100 guarantees annual sales of over 10 billion。Early this year，188bet mobile login 100 disclosed its contracted sales amount of 105 in 2020.300 million yuan，Completed 105% of the full-year goal。

But you have to know，Contracted sales target for 2019 is 15 billion yuan，Contracted sales target for 2018 is 17.5 billion，Although it is indeed affected by the epidemic，But it is true that the target amount has declined year after year，This may reflect its prediction 188bet mobile login market environment、And lack of confidence in improving one’s own performance。

Where are the worries？Several major problems that 188bet mobile login needs to worry about next，It is high debt repayment pressure，Liquidity crisis，There are also cash flow sources of questionable sustainability。

Solvency，Look at the net debt ratio、Cash short-term debt ratio。188bet mobile login 100 2020 Annual Report Display，The company’s net debt ratio is as high as 186.8%，The asset-liability ratio after excluding advance receipts is 76.2%，Unrestricted cash short-term debt ratio is 0.24，Low short-term solvency。Therefore，All the “three red lines” of the new financing regulations for key real estate companies were stepped on by 188bet mobile login 100，Being in the ranks of “red gear”，means no new interest-bearing liabilities are allowed。

March 1，188bet mobile login 100 announcement，Repurchased and canceled in the open market7.HKD 500 million due in 2023 at 4.80% interest-bearing convertible bond。S&P believes，Given that participating bondholders received lower returns than originally promised，This repurchase is a discounted repurchase，Equivalent to breach of contract。

According to statistics，Currently there are 4 existing overseas bonds of 188bet mobile login 100 China，Survival scale 6.USD 2.8 billion，3 of them will expire this year，Maturity size exceeds US0 million，As of the end of 2020，188bet mobile login 100 China has cash and cash equivalents 30.7.1 billion yuan，It faces greater pressure on centralized payment。

The company’s debt situation has also aroused the vigilance of rating agencies，S&P downgraded the issuer credit rating of 188bet mobile login 100 China to "CCC-"。

Cultural 188bet mobile login project cycle is long，Large initial capital investment，The current basic model for getting involved in enterprises is to "transfuse" cultural 188bet mobile login business through residential business。Yi Xiaodi who focuses on non-residential properties，Frequently sell projects in poor condition to withdraw funds，Releve cash flow pressure，It is inevitable to make people question it，What can we rely on to continuously and stably replenish cash flow？

Also，According to 188bet mobile login 100 2020 Financial Report，Its product inventory has reached 19 billion yuan，How to speed up the removal of inventory products？The pressure in front of Yi Xiaodi is not small。

In summary，High debt，Weak credit status makes financing more difficult，Duble solvency，A dark cloud has been cast over 188bet mobile login 100, which was already in poor profitability。