Focus on pension? How many mysteries of HNA investment remain to be solved

After selling 100000 square meters of real estate, HNA investment (000616. SZ), which is involved in multiple businesses, further “focuses” on pension business. < p > < p > previously, HNA Investment announced on the 18th that it plans to lease Hainan KANGLEYUAN HNA Resort Hotel, Hangzhou Huating Yunqi Resort Hotel, Kunming Crowne Plaza Hotel and Suzhou Hotel for 15 years. The overall rental cost is 826 million yuan, with a total annual rent of 55.08 million yuan, and it will increase by 5% every five years. < / P > < p > it should be pointed out that this transaction constitutes a related party transaction, and the above four hotels, hotels and HNA investment are all controlled by the same actual controller. < p > < p > the reporter of China first finance and economics found that the pension business of HNA investment layout is not “distracted”. The company’s related parties made dismal profits in the first three quarters and were heavily in debt. < / P > < p > not only that, part of the land and real estate of the above four hotels and restaurants were mortgaged, sealed up or frozen. Among them, Hangzhou Huating yunqi resort is in a state of suspension at this stage; Kunming Crowne Plaza Hotel and Suzhou Hotel are in a state of shutdown but not yet open. < / P > < p > affected by the epidemic situation, the real estate, fund management and investment business performance of HNA investment is deteriorating. The capital on the account is decreasing, but it is still expanding. < p > < p > according to the announcement, HNA investment, through its wholly-owned subsidiary Beijing Yangzheng Investment Co., Ltd., plans to cooperate with Hainan Xinglong hot spring paradise Co., Ltd. (hereinafter referred to as “Hainan Xinglong hot spring”), Hangzhou Huating Yunqi Resort Hotel Co., Ltd. (hereinafter referred to as “Hangzhou Huating yunqi”), Kunming Yangzi River real estate Co., Ltd. (hereinafter referred to as “Kunming Yangzi River real estate”) and Suzhou Hotel Co., Ltd The company (hereinafter referred to as “Suzhou Hotel”) signs a lease contract to lease the hotel and part of the hotel area held by each company. < / P > < p > the announcement also said that the pension industry layout conforms to the policy orientation and market trend, and will drive the company’s pension business into the fast lane with its own advantages, which is conducive to the sustainable development of the company in the future. < p > < p > the reporter of China first finance and economics noticed that the fundamentals of the above four affiliated enterprises are worrying. As of September 30, 2020, Hainan Xinglong hot spring has total liabilities of 815 million yuan, with a loss of 12.32 million yuan in the first three quarters of this year; Hangzhou Huating yunqi has total liabilities of 202 million yuan, with a net profit of 2.25 million yuan in the first three quarters; Kunming Yangzijiang real estate and Suzhou Hotel have total liabilities of 337 million yuan and 1.440 billion yuan respectively, with no main business income, with a loss of 482500 yuan and 8787100 yuan respectively. < / P > < p > the total liabilities of the four enterprises are nearly 2.8 billion yuan. Moreover, the hotels invested and leased by HNA all have asset mortgage and litigation situations such as land and real estate. < / P > < p > the letter of concern requires HNA investment to explain the reasons for the shutdown and suspension of operation of some hotels; the main reasons for the assets being mortgaged and sealed up, and the specific relevant details of the loan involved; whether there are other guarantees for related parties and capital transactions with related parties. According to the sky eye survey, the predecessor of HNA investment is Yicheng group. The controlling shareholder of the company is HNA Capital Group Co., Ltd. (hereinafter referred to as “HNA capital”), with a shareholding ratio of 19.98%. < p > < p > according to the public information, in 2013, HNA capital became the controlling shareholder of the listed company by transferring 19.98% equity of Yicheng group. After its name was changed to HNA investment, it started the transformation road of investment all the way. According to the regular report, real estate sales, fund management and pension services accounted for 35.25% and 64.75% of HNA’s investment revenue respectively. In the first three quarters of this year, HNA investment achieved revenue of 41.95 million yuan, a year-on-year decrease of 75.86%; net loss of 33.49 million yuan, a year-on-year decrease of 518.43%. < / P > < p > since the beginning of this year, the expansion of HNA investment has been considerable. Judging from the investment targets during the year, HNA invested heavily in the US real estate business while liquidating domestic stock real estate projects. Compared with the statement of “divestiture of real estate development business”, the action is inconsistent. < p > < p > in May 2020, HNA invested 140 million yuan to hainanhai investment No.1. In August, HNA invested 1.089 billion yuan to acquire a 59% share of Hengxing Juyuan, mainly investing in the REITs project on 34th Street in Manhattan, New York. On September 25, the company continued to invest 112 million yuan in Haitou No.1, holding 87.48% of the partnership shares of Haitou No.1. < / P > < p > according to the announcement, all shareholders of Haitou No.1 are related parties of HNA investment, investing in 422 Fulton HNA REIT, LLC through layer by layer structure, while HNA REIT invested in building a 10 storey office building on the basis of the existing building of Macy’s department store in Brooklyn, New York City. < p > < p > at the same time, HNA investment is speeding up the cleaning up of domestic real estate stock projects. On December 4, HNA investment disclosed that it had sold 100000 square meters of real estate at one go, and the takeover party was Centennial Life Insurance Co., Ltd. (hereinafter referred to as “Centennial life”). < p > < p > the agreement stipulates that Centennial life will purchase the remaining office buildings, centralized commercial buildings, shops, hotel apartments and parking spaces of Yicheng Tangting project developed and constructed by Yicheng landscape, including 103000 square meters of saleable area and 1149 parking spaces of various properties, with a total contract amount of 1.273 billion yuan. < p > < p > according to the semi annual report, Yicheng Tangting project is the last individual real estate project invested by HNA. If the transaction is concluded, HNA investment will completely liquidate the domestic real estate business. < p > < p > the attention letter of Shenzhen Stock Exchange also points out that the main consideration of this asset sale is whether it conflicts with the logic of continuous purchase or increase of real estate business from related parties in the early stage, which is right Whether it is conducive to safeguarding the legitimate rights and interests of listed companies and minority shareholders. < / P > < p > in addition, the continuous expansion of business sector through investment does not thicken the performance of listed companies, but also embezzles a large amount of book funds. According to the financial report, as of the end of the third quarter, the book capital of HNA investment was 236 million yuan, compared with 2.716 billion yuan in the same period of last year, a huge decline. < / P > < p > up to now, HNA investment has not replied to the attention letter and the inquiry letter of the company’s semi annual report issued by Shenzhen Stock Exchange on August 12, and various mysteries about the company are still to be solved. As of December 22, HNA shares closed at 2.55 yuan, down 1.92%. < / P > < p > Disclaimer: the purpose of this article reprinted by CNFC is to convey more information, and it does not represent the opinions and positions of CNFC. The content of this article is for reference only, and does not constitute an investment proposal. 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