本报记者 郭海飞 发自北京 Our reporter from the Beijing GuoHaiFei

　　9月9日晚8时，在璀璨的两江夜景、红毯、音乐的衬托下，方兴地产（中国）有限公司（以下简称为“方兴地产”，00817.HK）2012年重庆战略发布会在重庆大剧院隆重举行，方兴地产重申投资100亿元在空港新城建设重庆国际贸易中心项目，打造由五星级酒店及酒店公寓、商务写字楼组成的城市综合体。

On September 9, 8,In the two bright at night/Red carpet/Against the background of music,FangXing real estate(China)Co., LTD.(Hereinafter referred to as the"FangXing real estate",00817. HK)In 2012, chongqing strategic conference was held in chongqing grand theatre,FangXing reiterated that real estate investment 10 billion yuan in the airport new town construction chongqing international trade center project,Make by 5 star hotels and hotel apartment/Business office of the city synthesis.

　　但是半个月前的8月24日，其公布的2012年中期业绩报告却显示，方兴地产今年上半年净利润剔除物业升值部分，同比下跌44%。除此之外，方兴地产尚有10个项目处于开发建设中，其中包括总投资60亿元的长沙梅溪湖国际广场项目和占地1500亩的海南三亚崖州湾项目。

But half a month before the August 24,The published by the middle of 2012 performance report but display,FangXing real estate in the first half of this year net profit to eliminate property appreciation part,Fell 44% year-on-year.In addition,FangXing property there are 10 projects in development construction,Including a total investment of 6 billion yuan of changsha may XiHu international square project and covers an area of 1500 acres of hainan sanya cliff state bay project.

　　虽然背靠世界500强公司中化集团，但是大手笔布局商业、旅游地产，依然使方兴地产的盈利下降、信用状况恶化。穆迪发布的研究报告称，方兴地产今年上半年的财务业绩疲弱，对其信用状况有负面影响。业内人士认为，商业、旅游地产均属于投资大、回报周期长的项目，如果收入增长幅度跟不上投资频率，方兴地产的盈利能力或将进一步下跌。

Although back on the world's top 500 companies sinochem group,But big commercial layout/Tourism real estate,Still make FangXing real estate profits decline/Credit deterioration in the.Moody's study, released the report says,FangXing real estate in the first half of this year's financial performance weak,To its credit conditions have a negative impact.The personage inside course of study thinks,business/Tourism real estate all belong to large investment/Return cycle long project,If the income increase couldn't keep up with investment frequency,FangXing property of profitability or have further to fall.

收入倍增净利却下跌44% Earnings multiply but net profit fell 44%

　　8月24日，方兴地产发布的2012年中期业绩报告显示，今年上半年，该公司实现营业收入36.18亿港元，同比上升96%，主要为物业销售收入上升所致。

On August 24,,FangXing real estate from 2012 released interim results report,In the first half of this year,The company to realize the business income is 3.618 billion hk dollar,Up 96%,Mainly for the property sales revenue caused by rising.

　　期内，方兴地产物业销售收入为17.53亿港元，较上年同期大幅上升。物业租赁收入5.47亿元，较上年同期增长11%。物业租金收入主要来源于北京的凯晨世贸中心和中化大厦、上海金茂大厦三栋写字楼。

period,FangXing property sales revenue for 1.753 billion hk dollar,Year-on-year rise sharply.Property rental income 547 million yuan,A 11% year-on-year increase.Property rental income mainly come from the world trade center and the Beijing KaiChen sinochem building/Jinmao tower in Shanghai three office building.

　　方兴地产的酒店经营收入10.63亿港元，较去年同期下降2%。“这主要是由于受欧债危机等影响国际客流回升放缓，以及中国经济增长速度放缓的影响，国内商旅及度假市场需求有所放缓。”方兴地产主席罗东江在8月24日的业绩发布会上解释。

FangXing property of hotel business income is hk $1.063 billion,Compared to the same period last year dropped 2%."This is mainly because of the European debt crisis influence international passenger flow rebound slow,China's economic growth rate and the influence of the slowdown,Domestic business and holiday market demand has slowed."FangXing property chairman LuoDongJiang on August 24 performance conference interpretation.

　　与营收大涨形成鲜明对比的是，净利润方面若剔除物业升值部分同比下降44%。“大部分销售物业收入将在今年下半年入账”，罗东江解释，截至今年8月20日，方兴地产已实现累计未交付物业销售131亿元，而全年销售目标为130亿元。

And revenue of contrast,Net profit or eliminate property appreciation of 44% year-on-year drop."Most sales property income in the second half of this year will enter an item in an account",LuoDongJiang explain,So far this year on August 20,,FangXing real estate realized accumulated non-delivery property sales of 13.1 billion yuan,The annual sales target for 13 billion yuan.

　　按说，方兴地产上半年的整体入账收入同比是明显增加的，为何净利润却同比大幅下降？方兴地产相关人士向媒体解释，“这是一个香港会计方式造成的。因为去年同期，我们售出了一栋写字楼，是以"公司出售"的方式销售的。即将持有该物业的项目公司出售，而非仅仅将物业本身出售。这种手法在香港很多见，但在内地确实比较少。”

ordinarily,FangXing real estate in the first half of an overall income is obvious compared to the increased,But why net profit year-on-year decline sharply?FangXing real estate relevant personage to the media to explain,"This is a Hong Kong accounting caused by the way.For the same period last year,We sell a house office,is"Sell the company"The way of the sales.Will hold the property of the project company to sell,Not only will sell property itself.This kind of gimmick in Hong Kong saw a lot,But in the mainland do less."

打造商旅地产巨无霸 Make business real estate big MAC

　　从半年报可以看出，方兴地产正在筹划着把自己打造成为国内商业地产的“巨无霸”而忙碌着。

Annual report from the half can be seen,FangXing real estate is planning to put their efforts into domestic commercial real estate"Big MAC"busy.

　　罗东江称：“下半年及今后一段时期内，本公司将秉承既定发展战略，坚持高端定位，走精品路线，以城市综合体和高端住宅为开发重点， 在一线城市和二线区域中心城市以及国家级旅游景区积极拓展，通过"销售+持有"双轮驱动，实现"快速增长"和可持续发展，成为中国领先的高端商业地产开发商和运营商。”

LuoDongJiang says:"Second half and for a period of time,The company will be adhering to the established development strategy,Adhere to the high-end positioning,Go high-quality goods route,With the city synthesis and high-end residential for developing key, In a line cities and two line regional central city and national tourist scenic spot actively expand,Through the"Sales + hold"Two-wheel driven,realize"Rapid growth"And sustainable development,Become China's leading high-end commercial real estate developers and operators."

　　1月27日，方兴地产便以底价9200万元获得丽江古城区核心位置200亩土地。该地块位于丽江高端酒店、度假物业聚集的束河片区，毗邻方兴地产原“遗产公园”的500亩土地，方兴地产计划将新获取地块与现有地块形成整体连片开发，将丽江项目打造成西南乃至中国高端旅游度假综合体标杆项目。

Jan. 27,FangXing real estate and the base price 92 million yuan for the lijiang ancient city core position 200 mu of land.This plot is located in lijiang high-end hotel/Holiday property gather beam river area,Adjacent to the original FangXing real estate"Heritage park"500 mu of land,FangXing real estate plan will get new block and existing block form whole shall development,Lijiang project will be to create a China southwest and high-end tourism resort complex benchmarking project.

　　2月，方兴地产又以10.2亿元的价格拿下重庆市九龙坡区大杨石组团地块，拟打造为集住宅、商业为一体的城市综合体。2012年5月，方兴地产又联手中国投资有限责任公司与重庆市渝北区签订投资协议，计划联合投资100亿元在空港新城建设重庆国际贸易中心项目，同样打造由五星级酒店及酒店公寓、商务写字楼组成的城市综合体。

February,FangXing real estate and with 1.02 billion yuan price with the chongqing Kowloon slope area big YangShi group block,Intends to build for set housing/Business for the integration of urban complex.In May 2012,FangXing real estate and to China investment co., LTD and chongqing YuBeiOu signed investment agreements,Plan joint investment 10 billion yuan in the airport new town construction chongqing international trade center project,Also make by 5 star hotels and hotel apartment/Business office of the city synthesis.

　　与此同时，方兴地产亦在布局海南旅游地产项目。4月25日，方兴地产斥资1.5亿元收购海南兰海集团旗下一项目公司51%股权，拟通过项目公司取得海南三亚一幅占地1500亩土地的一级开发权。罗东江在2012年中期业绩发布会上表示看好旅游地产，称方兴地产还计划在土地对面区域填海建人工岛，有关申请正等待政府审批。如获批，集团将增加1500-2000亩的土地面积。

meanwhile,FangXing real estate also in the layout of hainan tourism real estate projects.April 25,FangXing real estate spend 150 million yuan purchase hainan LanHai group, the project company a 51% stake,Proposed by the project company get hainan sanya a picture covers an area of 1500 mu of land development right level.LuoDongJiang in 2012 interim results conference tourism real estate has said,Say FangXing real estate also plans in the land reclamation area built artificial island,The application is waiting for the government approval.If approved,The group will be increased by 1500-2000 acres of land area.

　　6月15日，方兴地产旗下亿丰置业有限公司以7.4亿元的底价成功竞得长沙梅溪湖国际广场项目，计划投资60亿元建设长沙大河西区的新地标。

June 15,,FangXing real estate its yifeng real estate co., LTD with 740 million yuan floor price competition success to changsha may XiHu international plaza project,Plans to invest 6 billion yuan to build changsha big hexi district new landmark.

　　截至目前，方兴地产在梅溪湖项目中投资已达120亿元，据报道，该项目总投资达600亿元。方兴地产投资关系部郑经理向时代周报记者表示，方兴地产负责该项目的一级土地开发，投资额是128亿元，分7-8年开发完成。“今年我们卖地的收入已经超过10亿元，卖了200多亩，去年卖了591亩，卖了27亿元。现在差不多已经全部拆迁完成了，总面积是4800亩，计划每年卖600亩以上。”

So far,FangXing real estate in May XiHu project investment has reached 12 billion yuan,According to the report,The project total investment of 60 billion yuan.FangXing real estate investment relations manager zheng to times weekly newspaper reporters,FangXing real estate is responsible for the purpose of land development level,Investment is 12.8 billion yuan,Points, 7-8 years development completed."This year we of sale income has more than 1 billion yuan,Sold more than 200 mu,Sold 591 mu last year,Sold 2.7 billion yuan.Now almost already all demolition completed,Total area is 4800 mu,Plan to sell each year 600 mu above."

财务信用状况恶化 Financial credit conditions worsen

　　然而，大手笔布局商业、旅游地产，在商业地产的道路上疾驰得太快，方兴地产不得不为此付出代价。虽然背靠中化集团，方兴地产依然不得不面对盈利大幅下滑，信用状态恶化的阵痛。

however,Big commercial layout/Tourism real estate,In the commercial real estate on the path of spin too fast,FangXing real estate have to pay the price.Although back sinochem group,FangXing real estate still have to face a sharp slowdown in earnings,The credit status of the deterioration of the pain.

　　8月28日，穆迪发布的研究报告称，方兴地产今年上半年的财务业绩疲弱，对其信用状况有负面影响，其在今年3月将方兴地产的展望由稳定修订为负面时，已经考虑其表现疲弱的因素。

On August 28,,Moody's study, released the report says,FangXing real estate in the first half of this year's financial performance weak,To its credit conditions have a negative impact,The march this year will FangXing prospect of real estate by stable revision for the negative,Have consider its weak factors.

　　“在今年上半年，方兴地产的销售入账的数字较低，净债务及利息成本增加，对其利息覆盖倍数造成压力，以致该指标相对其评级属偏弱水准。”穆迪副总裁兼高级分析师曾启贤补充称。

"In the first half of this year,FangXing real estate sales enter an item in an account number is low,Net debt and interest costs,The interest covering multiple causes pressure,So that the index relative its rating of weak level."Moody's vice President and senior analysts CengQiXian added.

　　方兴地产2012年的中期业绩报告显示，其手握现金及现金等价物106亿港元，短期银行贷款和其他借款93亿元，其他应付款和应计款项127亿元，长期贷款176亿元。

FangXing real estate 2012 interim results report,The hand cash and cash equivalents hk $10.6 billion,Short-term bank loans and other loan 9.3 billion yuan,Other payables and accrued money 12.7 billion yuan,Long-term loans 17.6 billion yuan.

　　同时显示，目前，方兴地产共有上海国际航运服务中心、上海东滩金茂逸墅、北京广渠金茂府、丽江金茂雪山语、丽江雪山金茂逸墅、青岛蓝海新港城、长沙梅溪湖、重庆职业技术学院、北京来广营、金茂梅溪湖10个项目处于开发建设中，尚需大笔资金投入。

At the same time show,At present,FangXing real estate has Shanghai international shipping service center/Shanghai east beach JinMaoYi tree name/Beijing JinMaoFu wide channel/Lijiang jinmao snow mountain language/Lijiang snow mountain JinMaoYi tree name/Qingdao blue ocean new city/Changsha may XiHu/Chongqing vocational and technical college/Beijing come wide battalion/JinMaoMei XiHu 10 projects in development construction,Still needs to be large sum of funds.

　　“在资金方面，方兴地产继续积极拓展多种渠道筹集资金，上半年总额2亿美元的俱乐部贷款获得银行审批。另外，其旗下的中国金茂（集团）有限公司成功发行人民币7.5亿元短期融资券，获得投资者近4倍的超额认购，成本锁定低位，为后续项目开发及新项目投资提供了充足的资金保障，”罗东江称。

"In the capital,FangXing real estate continue to actively expand the channels to raise money,The total in the first half of the $200 million loan club a bank for examination and approval.In addition,Under the Chinese jin MAO(group)Co., LTD successful issuance of RMB 750 million yuan of short-term financing bonds,Gain investors nearly four times oversubscribed,Cost lock low,For subsequent project development and new investment projects provides adequate funding,"LuoDongJiang says.

　　虽然罗东江解释，主要是由于公司交付结算的物业集中在下半年，但盈利的下降与方兴地产大手笔投资商业、旅游地产不无关系。

Although LuoDongJiang explanation,Is mainly due to the company delivery settlement property focused in the second half,But profit decline and FangXing real estate financial investment business/Tourism real estate not relationship.

　　为此，时代周报记者向方兴地产副总裁盖剑高提出采访要求，其以“开会”为由婉拒，要求记者找公司新闻发言人曾飞。9月11日，方兴地产工作人员则以“曾飞今天没来上班”为由婉拒采访要求。

therefore,Times weekly newspaper reporter to FangXing real estate vice President cover sword put forward high request of interview,the"meeting"For decline,Asked the reporter find company news spokesman once flew.On September 11,,FangXing real estate staff the"Once flew didn't come to work today"Interview requests for decline.

　　而郑经理却极力否认，投资商业、旅游地产会影响公司的现金流以及财务状况，“我们做商业地产做了很多年了，我们有租金收入已经很多年了。我们上半年的租金收入加酒店共15亿多元（按全年计算将超过30亿元），你看看内房股板块有哪个公司的年租金收入有30多亿元？”

And zheng manager was vehemently denies,Investment in commercial/Tourism real estate impact on the company's cash flow and financial status,"We do commercial real estate made for many years,We have the rental income for many years.The first half of our rental income plus hotel a total of 1.5 billion yuan(According to the calculation of more than 3 billion yuan),You look inside the room stock plate which company yearly rent income have 30 more than one hundred million yuan?"