Wang Zhenhua, the former chairman of Xincheng Holding, was detained on suspicion of defaming the girl. On July 3, he was detained by the Putuo Branch of the Shanghai Public Security Bureau. The case caused the online public opinion to continue to ferment, and the netizens and the government agreed to swear by the law, and claimed that the suspects were not as good as the animals and animals, aiming at guarding the rights of children and the safety of minors.

The sudden scandal caused New Town Holdings to close the market for two consecutive trading days on July 4 and 5, and the New Town investors are more worried about how many down-limits there are in the future. Only from a quarterly report, 132 fund products of 44 fund companies were trampled on the ground and the citizens were injured.


The industry-leading housing enterprises have the reputation of the top ten real estate. People buy the properties of the new city. They are optimistic about their big brands, such as the Wuyue Plaza, which is located in the third- and fourth-tier cities, and the combination of commercial and residential facilities. There is a strong momentum than the shoulder Wang Jianlin Wanda Plaza. As the founder of the new city, Wang Zhenhua was exposed by the scandal. Overnight, people were set to collapse. The prospective owners who bought the new city commercial housing would inevitably not be afraid of their own million property. The house slaves could not help but ask: Can the 期房 be delivered on time and the quality of the house? Is there a guarantee?

The house is for living, not for speculation. However, in the past 20 years since the housing reform, real estate has clearly deviated from the nature of living, but has been heavily influenced by financial attributes. Housing companies rely on high-leverage financing and high capital turnover to maintain high growth. Because the scandal is smeared in the new city, it will face a brand credit crisis, will financing be hindered and affect the normal operation of the company? Although this is a nonsensical issue, it is still necessary to discuss it.


First of all, from the perspective of the real estate market capital chain, the real estate market has taken hundreds of millions or even hundreds of billions of investment, almost empty gloves and white wolves, relying entirely on the financing of financial institutions and debt products to issue bonds, and The old model has become the new normal, constantly participating in the competition for land auction and realizing the strategic layout of recycling.




从年报来看,新城2016 - 2018年的合约销售额分别为650.6亿元,1264.72亿元和2,210.98亿元。销售业绩呈爆炸性增长,表明土地收购迅速。 2019年上半年,征地金额为543亿元,在房地产企业中排名第五。随着市场份额的增加,资本压力也在增加。过去三年的成本为533.81亿元,893.55亿元,1112.17亿元。显然,高增长意味着高负债。

截至2018年底,新城控股的负债总额为2773亿元,而2017年末为1575亿元。债务增长率为77%。在过去三年中,它一直处于高额债务状态。 2019年第一季度,新城控股的资产负债率为85.47%,公司账面债务总额为3,333.48亿元,合同负债为1403亿元(销售未结算会计收益),实际负债为1734.08亿元。



新城投资的增长率逐年上升。高杠杆率和高流动率的问题是,今年第一季度有一个拐点。营业总收入43.3亿元,增长率-16.39%。营业利润为2.43亿元。 -49.57%,收入和利润增长率急剧下降。




7月3日晚,公司第二代新任董事长王小松成功地削减了公司创始人的负面影响。然而,该公司的《公开信》被指控道歉并没有诚意,这是一个失败。 4月份,上海证券交易所的七页审查和询问函质疑其16个问题,主要原因是利润膨胀和涉嫌关联交易的利益转移。但该公司凭借出色的会计技能享有良好的声誉。但该公司创始人于6月29日的丑闻将公司推向了最前沿。