融创还会在长三角，尤其是上海区域，继续拿地扩张。

Melting and will be in the long triangle，Especially in Shanghai area，Continue to give land expansion。

　　

本报记者 刘娟 发自上海 Our reporter liu Juan from Shanghai

　　明星地块加上话题大佬，7月上海的土地市场，聚焦太多镁光灯。

Star block plus two topics，July Shanghai land market，Focusing too much magnesium light。

　　7月25日，位于上海浦东唐镇的一幅宅地，以16.44亿元总价、15054元/平方米楼板价成功出让，创下今年沪上宅地拍卖新高。夺魁者上海绿顺房地产开发有限公司（以下简称“上海绿顺” ），背后则站着新掌舵手—融创中国董事长孙宏斌。

July 25，Located in Shanghai pudong tang town of a picture homestead，With 1.644 billion yuan price、15054 yuan/square meters floor price transfer success，This year in Shanghai homestead auction highs。Top dogs Shanghai green paramagnetic real estate development co., LTD（Hereinafter referred to as“Shanghai green the” ），Standing behind the new steering hand - melting and China chairman ieee distribution planning working group report.radial distribution。

　　地产江湖里，孙宏斌是一个三起三落而东山再起的传奇人物。年轻时曾与柳传志反目成仇，创业后叫板王石却一败涂地。孙宏斌书写着60后房地产企业家传奇故事，并借与绿城的合作返回上海滩。

Real estate in the river，Ieee distribution planning working group report.radial distribution is a three within three fall and comeback legend。When she was younger and liu into beasts of burden，After business often hears wang shi but bite the dust。Ieee distribution planning working group report.radial distribution in 60 writing after real estate entrepreneur legend，And borrow and green city on the cooperation to return to the bund。

　　在上海拿地后第二天，孙宏斌对时代周报记者表示，在现有项目开发销售的同时，他还会在长三角，尤其是上海区域，继续拿地扩张。为此，公司已经准备了约45亿元用于接下来的铺点。

In Shanghai to take the second day，Ieee distribution planning working group report.radial distribution to times weekly newspaper reporters，In the existing project development sales at the same time，He will be in the long triangle，Especially in Shanghai area，Continue to give land expansion。therefore，The company is ready to about 4.5 billion yuan in the next spread point。

　　

6年后重返上海滩 Six years later return to the bund

　　“上海绿顺原是绿城全资控股，负责开发浦东玉兰花园项目，但经过一揽子协议，现在已由融创主导。”绿城集团首席财务官冯征在接受采访时表示，本次唐镇拿地不属于绿城集团战略层次的考虑，具体细节应该问融创的人，“绿城今年没有扩张计划。虽然公司已经度过了最困难的时期，但在扩张上仍会很谨慎。”

“Shanghai green along the original is wholly-owned and share-controlled green city，Responsible for developing pudong yulan garden project，But after package agreement，Now already by melting and leading。”Green city group chief financial officer FengZheng said in an interview，The tang town take to do not belong to the green city group strategy level of consideration，Specific details should ask melting and people，“Green city this year no expansion plans。Although the company has had the most difficult time，But in the expansion is still be cautious。”

　　事实上，在此前的6月22日，绿城与融创共同出资20亿元，组建合营公司“上海融创绿城控股有限公司”（暂定名），双方各持股50%，绿城将旗下在上海、天津及苏南区域的9个项目注入到合营公司当中，这其中就包括上海绿顺。

In fact，In the previous June 22,，Green city and harmony and mutual investment 2 billion yuan，Form the joint venture company“Shanghai melting and green city on the holding co., LTD”（ZanDingMing），Each holding 50%，Green city on the will of hotels in Shanghai、Tianjin and sunan area of 9 project into the joint venture company of，These include the Shanghai green shun。

　　换言之，上海绿顺公司在投资和销售等重要环节的主导权，已交到了融创手中。

In other words，Shanghai green paramagnetic company in investment and sales, and other important link dominant right，Already given to melt and hands。

　　而融创销售总监李公杰告诉时代周报记者：合营公司目前还在工商登记中，因此融创方面先以上海绿顺名义拍地，“也就是说，未来还有一次股权变更，这块地还是会转移到合营公司里面去。”

And melting and sales director LiGongJie told reporters times weekly：The joint venture company is still in the industry and commerce registration，Therefore melts and aspects in Shanghai the first green name to shoot，“That is，The future and a shareholding modification，The land will transfer to the joint venture company to go inside。”

　　“公司跟踪这块地已经有两年左右，有合适的机会肯定要拿下。”孙宏斌对于此地块，可谓是志在必得，亲自派人代表上海绿顺参与现场竞拍，并频频叫价。

“The company follow the land have two years or so，Have any suitable opportunity are sure to have scored。”Ieee distribution planning working group report.radial distribution for this land，It is in the bag，Send someone in person on behalf of the Shanghai green in the auction，Bids and frequently。

　　在7月26日举办的记者问答会上，孙宏斌坦言，这幅地块与玉兰花园仅一路之隔，可以认作是二期项目，且地价非常便宜，完全可以摊薄整个项目的综合成本。“与绿城2009年竞得的相邻同质地块的楼板价（19040元/平方米）相比，融创本地地块楼板价约为15054元/平方米，仍处于较低水平，具备较强可操作性，”汉宇地产分析师付伟介绍，而1.5的容积率将有望继续走高端产品路线。

On July 26, the journalist held at question and answer，Ieee distribution planning working group report.radial distribution said，This picture block and the only way between yulan garden，Can be regarded as the second phase of the project，And the land price is very cheap，Can completely diluted the whole project of comprehensive cost。“And green city on the 2009 race of adjacent homogeneous block of the floor price（19040 yuan/square meters）Compared with，Melting and local block floor price is about 15054 yuan/square meters，Still in lower level，Have strong operability，”Han yu real estate analysts FuWei is introduced，And 1.5 volume rate is expected to continue to go high-end product line。

　　此外，孙宏斌已开始有意识地加快项目周转速度。“我的设想是，这个项目今年年底开工，10个月后销售，面积小一点，总价控制在每套千万元以内。”孙宏斌说，绿城项目品质一流，但是产品面积过大，导致总价过高，使得销售在限购的大环境下有所制约。“现在玉兰花园大多都是300-400平方米，总价2000万元的房子，销售有难度。”

In addition，Ieee distribution planning working group report.radial distribution has started to make a conscious effort to speed up project turnaround speed。“My idea is，This project started by the end of this year，10 months after sales，Area smaller，Total price control in each within ten million yuan。”Ieee distribution planning working group report.radial distribution said，Green city on the project quality first，But too much product area，Lead to price is too high，Make sales in purchasing under the environment of curbed。“Now yulan garden mostly is 300-400 square meters，Total price 20 million yuan house，Sales have difficulty。”

　　当然，在合作仅一月有余，融创就“急吼吼”地抢滩土地市场的行为，也被看做是孙宏斌试图在上海大展拳脚的一大信号。

Of course，Only a month and in cooperation，Melting and will“Urgent roar”To enter the land market behavior，Can also be seen as ieee distribution planning working group report.radial distribution in Shanghai of trying to make it into a large signal。

　　6年前，孙宏斌一手创建的顺驰，倒在了2007年地产“牛市”的前夜。激进扩张却惨遭楼市调控，这位“地产狂人”不得不断臂求生，将顺驰以超低价拱手卖给路劲基建，并就此退出上海房地产市场。

Six years ago，Ieee distribution planning working group report.radial distribution skill created ShunChi，Fell in the 2007 real estate“Bull market”On the eve of the。Radical expansion but were the property market regulation，the“Real estate fury”Have to brokeback survival，Will ShunChi with super low price sell way surrender strength infrastructure，In the Shanghai real estate market exit。

　　而近两年，融创一直伺机进入上海。“自去年以来，融创一直有进入上海的计划，这次和绿城的合作只是一次契机。” 李公杰称，如果不和绿城合作，融创也会进入上海的。但不可否认，联姻绿城后，融创站到了更高的起点。

And nearly two years，Melting and has been bided in Shanghai。“Since last year，Melting and have been into Shanghai plan，This and green city on the cooperation is a chance。” LiGongJie says，If not green city on the cooperation，Melting and also will go to Shanghai。But there is no denying the，Marriage after green city on the，Melting and stood in a higher starting point。

　　“融创一直在苏南做产品，一直未进入上海。通过和绿城的合作，终于成功地进入上海市场。“孙宏斌称，本来进入上海需要10年甚至更长，但借助绿城的品牌，融创迅速进入上海。

“Melting and has been in southern jiangsu do products，Has not into Shanghai。Through the and green city on the cooperation，Finally successfully into the Shanghai market。“Ieee distribution planning working group report.radial distribution says，Originally into Shanghai need 10 years or even longer，But with the aid of green city on the brand，Melting and quickly into Shanghai。

　　

重新定位绿城项目 Repositioning green city on the project

　　“我们是一个联合体，不论是绿城还是融创，未来凡在上海和苏南区域拿地，都将通过合营公司这一平台操作。”孙宏斌说，这个虽然不在合作协议里面，但是君子协定。

“We are a combo，Whether green city or melt and，The future and in Shanghai and south jiangsu area to take，The joint venture company will be through this platform operation。”Ieee distribution planning working group report.radial distribution said，This although not in cooperation agreement，But a gentleman's agreement。

　　“我的战略很清晰，就是高端精品，再加上天津、北京、重庆、上海以及苏南地区。”孙宏斌又重申了融创的深耕战略。

“My strategy is very clear，Is high-end products，Plus tianjin、Beijing、chongqing、Shanghai and south jiangsu area。”Ieee distribution planning working group report.radial distribution and reaffirmed the harmony and subsoil strategy。

　　而按照他的意思，合营公司未来发展重点基本在上海和苏南，而上海则是近期深耕的重点。在现有9个项目开发销售的同时，合营公司还会在长三角继续拿地扩张。

And according to his meaning，The joint venture company future development key basic in Shanghai and south jiangsu，While Shanghai is the focus of the recent subsoil。In the existing nine project development sales at the same time，The joint venture company will be in the long triangle continue to give land expansion。

　　孙宏斌表示，合营公司9个项目的估值在500亿-600亿元，预计5年可以销售完毕，每年销售量在100亿元。在这同时，合营公司还会继续寻找机会。

Ieee distribution planning working group report.radial distribution said，The joint venture company valuations of 9 projects in 50 billion - 60 billion yuan，Estimated 5 years can the sales，Sales each year in 10 billion yuan。At the same time，The joint venture company will continue to look for opportunities。

　　这一目标，也被不少业内人士认为是对于合营公司的一项巨大挑战。

This goal，Was also a lot of the personage inside course of study thinks of the joint venture company is to a great challenge。

　　“当前市场环境下，这些项目的价格并非特别有吸引力。”申银万国分析师李红介绍，与绿城合作的 9 个项目中，有5 个项目均价在4万-7 万元/平方米不等，这不仅比多数融创自身在售的楼盘还要高出一个档次，受到限购的影响也无疑更大。因此在项目规划设计、产品结构调整上，都有必要作一些改善来迎合市场的需求，而这需要花费一些时间。

“The current market environment，The price of these projects is not particularly attractive。”ShenYin universal analyst li hong is introduced，And green city on the cooperation of 9 projects，There are five project average price is in 40000-70000 yuan/square meters inequality，This not only than most melt and their own in the sale building and a higher level，Restricted by the influence of no doubt also more big。So in project planning and design、The adjustment of product structure，It is necessary to make some improvement to meet the demand of the market，But this need to spend some time。

　　工银国际分析师谢骐聪也认为，之前无锡蠡湖香樟园项目的差别定位，就耗费了融创好几个月的时间，现在，新收购的9个项目都需要融创重新定位，这可能会对融创本来的运营产生一定的影响。

Work silver international analysts XieQi chung also think，Wuxi lihu lake before ofspicy camphor garden project difference positioning，It took melting and several months，now，New acquisition of 9 projects need to melt and repositioning，This may be to melt and original operation produce certain effect。

　　不过值得注意的是，有投资人士介绍，融创在此外的电话回忆中，就曾暗示，项目设计在融创接手主导项目运营后仍存在一定的改善空间，比如可售面积有望通过缩减一些配套设施有所增加，从而提升资产包的总体价值。

But it is worth noting，Has the investment personage introduction，In harmony and in memory of the telephone，It was suggested that，Project design in melt and take over the leading project after operation there still exists certain improvement space，For instance can sale area is expected to cut through some supporting facilities increased，So as to enhance the overall value of assets bag。

　　事实上，尤其是与绿城合作后，孙宏斌不止一次提及，绿城项目价值被低估，这也就意味着，融创入股绿城后，将提高绿城项目价格。他说，绿城项目价格调高，才能提升购房者对绿城的信心。

In fact，Especially with the cooperation of green city，Ieee distribution planning working group report.radial distribution to more than once，Green city on the project value has been underestimated，It also means，Melt and become a shareholder after the green city，Will improve green city on the project price。He said，Green city on the project price raised，The person that buy a house can ascend to the confidence of the green city。

　　这一点也得到了融创内部人士的肯定。“在评估过绿城项目后，价格没有完全体现其价值，以上海绿城黄浦湾为例，依然与周边房价存在距离，将来在重新定位后，或将提高售价。”

It also got melt and the affirmation of the insiders。“In evaluating a green city on the post project，Price not fully reflects its value，With Shanghai greentown HuangPuWan as an example，With surrounding house prices still exist distance，In the future again after positioning，Or will improve price。”

　　此外，孙宏斌也认为，限购对高端产品而言，也并不一定是纯粹打击。他坦言，限购是好事，因为限购就惜购了，惜购就买最好的。而高端产品一旦解决销售周期困扰资金链问题，盈利能力并不低于低端产品。

In addition，Ieee distribution planning working group report.radial distribution also think，To be restricted in high-end products，Also it is not pure blow。He said，Purchasing is a good thing，Be restricted because it bought precious little，Cherish purchase would buy the best。And high-end product once to solve problems capital chain sales cycle，Profitability is not lower than the low end product。

　　

预算45亿购地 Budget 4.5 billion purchase

　　然而在进军土地市场的问题上，孙宏斌似乎又开始了新一轮冒险。易居中国企业研究中心总经理周建成就对媒体表示，现在的融创，还是带有鲜明孙宏斌特色的融创，很大程度上承接了孙宏斌喜扩张的风格。

However, in the march on the issue of land market，Ieee distribution planning working group report.radial distribution seems to have started a new round of adventure。Easy in China enterprise research center ZhouJianCheng general manager to media said，Now the melting and，Or with distinctive characteristics of the melt and ieee distribution planning working group report.radial distribution，To a large extent to undertake the ieee distribution planning working group report.radial distribution xi expansion style。

　　“考虑到融创公司在很多场合下，都表示有继续拿地的强烈渴望，这让投资者产生了公司可能配股的担忧。”上述申银万国分析师称，市场对于融创资产负债表及可能由此引发的再融资担忧，会很大程度上减弱公司当前强劲的销售所带来的催化作用，从而抑制股价的表现。

“Considering the melting and company in many occasions，Said they had a strong desire to continue to take the，It makes investors produced the company might match concerns。”The above ShenYin universal analysts say，The market for harmony and balance sheet and may be caused by the refinancing concerns，Will largely weaken the company the strong sales brought about by the catalytic action，Thus inhibiting share price performance。

　　“现在我们的现金流蛮健康的，加上原本筹集准备拿万柳地块的钱没有花出去，现在应该可以有更多的资金投入上海土地市场。”孙宏斌介绍，融创已经在合营项目投入45亿元，今年还设定另一半，约45亿元的预算用于购地。

“Now our cash flow pretty healthy，Add originally raise prepare to take wanliu block of money without spending out，Now should be able to have more money into Shanghai land market。”Ieee distribution planning working group report.radial distribution is introduced，Melting and has been in the joint venture project investment of 4.5 billion yuan，This year also set up the other half，About $4.5 billion budget for purchase。

　　且不说，融创还有销售来保证资金回笼。数据显示，前6个月，融创共完成合约销售金额125.2亿元（其中合同销售112.2亿元），完成全年220亿元销售目标的56.9%。

Apart from，Melting and and sales to ensure that the money collecting。Data display，First six months，Melting and complete sales total contract value of 12.52 billion yuan（The contract of sale of 11.22 billion yuan），Complete annual 22 billion yuan sales target by 56.9%。

　　但有好事者称，截至2011年底，融创因扩张而日益攀升至104%的高负债率，处于快速上升期的融创将面临控制资金杠杆的难题，而这一切似乎都押宝在了今年的销售上。现在销售业绩突出，但后面几个月的销售情况不可预料，在拿地，项目开发等方面，又怎能保证持续的资金供给？

But someone just said，By the end of 2011，Melting and for expansion and growing up to 104% of the high debt，In rapid pepe melting and will face the problem of capital control lever，And all these seem to stake in the this year's sales。Now sales outstanding，But a few months behind the sales of unpredictable，With the land，Project development, etc，How to ensure sustainable supply of capital？

　　“顺驰所犯的错误，让我牢牢记住了两点：第一，不能在很多城市铺开做房地产，要在几个地方深耕、深挖；第二，一定要保证现金流安全。”孙宏斌称， 我们的原则是，有钱才买地，不能等着销售回款付地钱，那风险就大了。

“ShunChi made a mistake，Let me remember two：The first，Not in many cities spread do real estate，In a few places where subsoil、Deep excavation；The second，Must assure safe cash flow。”Ieee distribution planning working group report.radial distribution says， Our principle is，Money to buy，Can't wait for sales returns to pay money，The risk is big。

　　据悉，融创中国以现金流绝对安全为目标，并对此有一套以杠杆率来平衡企业负债率的解决方案。而至少预留15亿元的周转现金，则是融创设立的财务底线。

It is reported，Melting and China to cash flow absolute safety as the goal，And it has a set of to leverage to balance ratio enterprise solutions。Reserve at least 1.5 billion yuan cash flows，Is melting and the establishment of the financial the bottom line。

　　在孙宏斌眼中的房企杠杆率中，第一是销售，第二是应付土地款，第三才是负债。要三个一块管，才会有良好的现金流，而最重要的是销售。虽然企业应付土地款本身不体现在资产负债表上，在实操中，很多房企也存在拖欠土地款的事情。但“公司应付的土地款已全部付清”被他反复强调。他以绿城举例表示，绿城的问题就是出在销售额上，如果销售很好，根本不会出现这样的风险。

In the ieee distribution planning working group report.radial distribution eyes room enterprises in the leverage ratio，The first is sales，The second is to cope with a land funds，The third is the liability。To three a piece of pipe，Would have good cash flow，But the most important thing is the sales。Although enterprise deal with land funds itself is reflected on the balance sheet，In the real operation of，A lot of room to also exists in arrears of land of things。but“The company cope with the land funds already pay in full”Was he repeatedly。He said, for example green city，Green city on the problem is out in sales，If sales is very good，Don't appear such risk。

　　孙宏斌表示，公司目前不会通过发债和股权融资。但在银行贷款的档期中间，会做些信托融资，一般信托计划2.5-3年，不过融创1年就会归还。

Ieee distribution planning working group report.radial distribution said，The company will not through the FaZhai and equity financing。But in bank loans between sessions，Will do some trust financing，General trust plan 2.5-3 years，But harmony and 1 year will return。