分拆上市也是企业扩充资本的方式之一。

Split listed is one of the ways to expand capital enterprise。

　　瑞安房地产正打算把旗下新天地商业物业进行分拆，冀藉此为业务扩展筹集更多的资金。

Ryan is going to put new real estate under commercial property split up，Through this for business expansion in raises more money。

　　世茂房地产也一直拥有同样的想法。数年前，世茂房地产就有分拆酒店业务的构思，后更计划将酒店业务包装成旅游地产概念上市。

Shimao property also has always had the same idea。Several years ago，Shimao property has split the hotel business conception，More plan will be after the hotel business packaged into tourism listed property concept。

　　然而，在瑞房积极推进新天地分拆的同时，世茂房地产却选择放弃分拆。

however，In the red room actively promoting new world split at the same time，Shimao property but choose to give up spin-off。

　　日前有消息指，世茂房地产拟放弃分拆上市的安排，取而代之引入策略投资者共同发展业务，甚至不排除将个别酒店项目的权益出售。

News that the have recently，Shimao property intends to give up a spin-off of the listed arrangement，Instead introducing strategy investors common development business，Don't even ruled out of the rights of the individual hotel project will sell。

　　据悉，世茂房地产正积极与私募基金等潜在买家洽谈，希望获得较佳的合理估值。

It is reported，Shimao property is actively and private equity funds, as well as other potential buyers negotiate，Hope to get better reasonable valuations。

　　世茂房地产副主席许世坛早前曾透露，希望籍旗下酒店业务分拆，筹集逾百亿元的资金。不过近年来，世茂房地产在分拆一事上的推进并未见有太多的突破。

Shimao property vice President xu earlier said the altar，It is hoped that in its hotel business spin-off，Raise more than $ten billion of the money。But in recent years，Shimao property in the split in the advancement of the did not see too many breakthrough。

　　如今放弃分拆，市场猜测是世茂房地产认为现时投资者对集团旗下商业物业估值偏低所致。

Now give up spin-off，Speculation is shimao property think now investors to commercial real estate group, which caused by low valuations。

　　资料显示，世茂房地产目前运营的酒店共12家，其中，绍兴假日酒店、南京滨江希尔顿酒店、佘山艾美、皇家艾美、外滩茂悦、牡丹江假日酒店等六家酒店先后于2010年、2011年陆续开业。

Data shows，Shimao property at present the operation of the hotel a total of 12 home，Among them，Shaoxing holiday hotel、Nanjing binjiang Hilton Hotel、Sheshan Amy、The royal Amy、Bund MAO yue、Holiday hotel, mudanjiang six hotel successively in 2010、In 2011 the opening。

　　截至2011年底，该六家酒店拥有客房总数近2700间，营业额为8.92亿元，较2010年世博年减少8.4%，但较2009年增长近39%。

By the end of 2011，The six hotel guest room number has nearly 2700 rooms，Turnover was 892 million yuan，A 2010 world expo years reduced by 8.4%，But a nearly 39% increase in 2009。

　　除此以外，世茂房地产另有六家在建酒店项目，包括绍兴世茂皇冠假日酒店、厦门康莱德、沈阳希尔顿酒店、天津生态城希尔顿酒店、福州州际酒店及芜湖希尔顿逸林酒店。

In addition，Shimao property another six hotel project under construction，Including shaoxing shimao crowne plaza hotel、Xiamen con、Shenyang Hilton Hotel、Tianjin an eco-city Hilton Hotel、Fuzhou interstate hotel and wuhu Hilton Hotel from Lin。

　　根据世茂房地产2011年年报所示，预计上述已开业及在建的12家酒店估值约186亿元人民币，占整个集团资产净值456亿元约41%。

According to shimao property annual report 2011 shows，The above has been under construction and is expected to 12 hotels valuations of RMB 18.6 billion yuan，Accounting for the entire group net assets of 45.6 billion yuan of about 41%。

　　另据2011年3月集团发行债券时所披露的资料，世茂房地产计划发展中或规划中合共逾20间酒店，券商野村早前曾就此预期，估值将高达270亿元。

According to a March 2011 group when bonds issued by the information disclosure，Shimao property development plan in total in the planning of more than 20 or hotels，Nomura securities in earlier expectations，Valuations will be as high as 27 billion yuan。

　　但有分析指出，由于世茂房地产目前已投入营运的酒店，多数于近年才开业，并未能达到港交所的财务准则。此外，近年受欧债危机影响，市况疲弱，如同一潭死水，新股市场的估值未如理想。

But there are pointed out，Due to the real estate has already put into operation by the hotel，Most only opened in recent years，And failed to reach the Hong Kong exchange financial criteria。In addition，By European debt crisis in recent years，Weak market，As a pool，New market valuations not such as ideal。

　　对此，包括依旧推进分拆工作的瑞房亦持同样的观点。罗康瑞早前曾公开表示，此时并非是分拆上市的最佳时机，如果时势不好，新天地可能会推迟上市。

this，Including still promote split the red room and the work of the same opinion。LuoKangRui earlier has publicly said，At this time is not the best time to split listed，If the bad，New world may be delayed for listing。

　　当然，为了尽可能及早筹措资金，也有不少公司以低定价来取悦投资者。同样地，也有部分企业开始另觅融资渠道。

Of course，As close as possible to raise money as soon as possible，There are many company with low pricing to please investors。similarly，There are some enterprises began to find another financing channels。

　　在放弃分拆消息传出的同时，另悉，世茂房地产近期已经转向私募基金靠拢，希望透过出售部分股权来取代上市集资，当中更考虑可以拆细出售个别酒店项目，具体则视乎投资者洽商条件而定。

In giving up a spin-off from news at the same time，In another development，Shimao property recently has turned to close private equity fund，We hope through to sell some of equity to replace the ipo，More consideration of fine could dismantle sell individual hotel projects，Concrete is depending on investors the terms and conditions。

　　不过，世茂房地产出售酒店业务的前景也不被看好。分析认为，由于酒店等持有型物业需要前期大量的资金投入，回报慢，且开业初期多数处于亏损状态，故有兴趣参与酒店兴建的投资者不多。

but，Shimao property sell hotel business outlook is not promising。Analyzed that，Due to the hotel, the need to type property hold large amounts of money into，Return slow，And the early days of the start most in the red state，It is interested in participating in the hotel for the construction of a few investors。

　　放弃分拆改为项目出售，分析人士指出，不排除世茂房地产想尽快回笼更多现金。

Give up split to project for sale，Analysts say，Don't exclude shimao property want to pull more cash as soon as possible。

　　值得一提的是，近期有消息传出，世茂房地产正在洽商一笔6亿至7亿美元(约46.8亿至54.6亿港元)的银团贷款，冀藉此进一步纾缓紧张的资金流。

It is，There has been a recent news broke，Shimao property is the a $600 million to $700 million(About 4.68 billion to 5.46 billion hk dollar)Syndicated loans,，Hebei through which further ease strain of cash flow。

　　而在此前，更屡屡传出世茂房地产意欲配股集资，不过已遭到世茂房地产否认，称从未有配股考虑，即使股价升至20元水平。

But previously，More often spread shimao property to PCCW，But have been shimao property denied，Say never have rights issues to consider，Even if the share price rise to $20 level。