At the moment when the property management industry mergers and acquisitions market is in full swing, Poly Group “reversely” transfers and divides its property assets without putting it into Poly Properties (06049.HK).

On June 4, Guizhou Jiulian Group Real Estate Development Co., Ltd. (“Jiulian Real Estate”), a subsidiary of Poly Group, listed and transferred 11.49% equity of Guizhou Jiulian Group Xinlian Property Management Co., Ltd. (“Xinlian Property”) , The base price is 485,600 yuan.

Before the transfer, Yuan Jia held 63.51% of Xinlian Property, 11.49% of Jiulian Real Estate, 10.71% of Cao Jing, 9.82% of Meng Qinghua, and 4.46% of You Qiong.

The transferor Jiulian Real Estate is 99.31% owned by Poly Jiulian Holding Group, and Poly Xinlian Blasting Engineering Group holds 0.69%. The major shareholder behind it is Poly Group.

As the saying goes, fertile water does not flow to outsiders’ fields, and now the dispute over the scale of the property industry is becoming more and more fierce, why does Poly Group not directly transfer the property to its brother company Poly Property, but choose to list for transfer? Behind the seemingly reverse operation, what are the plans of Poly Group and Poly Real Estate?

Xinlian Property lost 66,000 in 4 months

As Coase’s Law says, resources will always flow to the most valuable way of use. Poly Group chooses to sell Xinlian Property at this time, or it is the value mismatch between the two.

Xinlian Property, established in 2002, has a registered capital of 3.11 million, and its legal representative is Yuan Jia, the 63.51% shareholder. When Xinlian Property was established, it was destined to be unable to expand into a larger property management market.

From the perspective of its business scope, it includes general business items: property management (below 200,000 square meters); interior decoration and decoration; construction and maintenance of landscaping projects.

The property management item is clearly marked below 200,000 square meters. If the average is 100 square meters per household, it is 2000 houses. If there are 2 units per building, 2 households per unit, and 11 floors, it is equivalent to about 45 small buildings. The scale of high-rise building area is about 2-3 medium-sized residential districts.

Judging from its revenue, in the financial statements as of April 30 this year, there was a loss in operations, with a 4-month revenue of 1,932,300 yuan and a net profit loss of about 66,000 yuan.

As of April 30, Xinlian Property has total assets of approximately 9.586 million yuan and liabilities of approximately 7.159 million yuan. If the 2019 net profit is 217,000 yuan to calculate the PE multiple of the reserve price of this transfer, the reserve price is about 2.2 times PE of 485,600 yuan, which is far lower than the average level of the merger and acquisition market.

Regardless of the quality of the subject matter, the most important thing is that the transferor Jiulian Real Estate only holds 11.49% of the equity of Xinlian Real Estate. Even if it is transferred to the brother company Poly Real Estate, it cannot be consolidated.

In this view, Poly Group’s listing and transfer of its Xinlian properties may be nothing more than normal liquidation and sorting of non-high-quality assets.

Large volume of 380 million scale

Transfer and undertaking are two-way choices. There may be other considerations behind the fact that Poly Real Estate did not directly take over Xinlian Real Estate, and from the current scale, it has its own confidence not to accept it.

In 2020, the area under management of Poly Properties has become the first among listed property companies. As of the end of 2020, the area under management of Poly Properties is approximately 380 million square meters, a year-on-year increase of 32.3%.

Among them, the area under management from third parties is about 228 million square meters, which has further increased from 55.1% in 2019 to 59.9% in 2020. Nearly 60% of the area under management comes from third parties.

In 2020, Poly Real Estate added 382 third-party contract projects, corresponding to a single-year contract value of approximately 1.72 billion yuan, of which 355 projects were obtained through bidding, corresponding to a single-year contract value of approximately 1.64 billion yuan.

The contract value of Poly Real Estate’s bid for the new extension project in 2020 is 1.64 billion yuan, which is equivalent to 33.1% of the annual property management basic service income of 4.948 billion. This also means that the performance growth of Poly Realty does not depend on the increase in mergers and acquisitions to a large extent. .

Poly Real Estate has also made new breakthroughs in third-party outreach projects. The residential and commercial property management fees from third-party projects increased by 0.1 yuan and 1.6 yuan/square meter/month respectively.

At the same time, the performance of Poly Real Estate is also growing steadily. In 2020, it will obtain 8.04 billion yuan in revenue, a year-on-year increase of 34.7%; realize a net profit of 670 million yuan attributable to the parent, a year-on-year increase of 37.3%. Although the property management of Poly Properties does not have a high gross profit margin, the net profit margin of Poly Properties shows an upward trend in 2020, which is 8.7%, an increase of 0.3 percentage points.

Article source: Leju Finance

The WeChat public account “CCTV Finance” reported on April 22 that with the hot sale of takeaways, a large number of takeaway kitchens that only serve takeout instead of dine-in have emerged. Are the food provided by these businesses safe and hygienic? The reporter recently conducted an investigation on a number of takeaway kitchen stores in Guangzhou.

Thirty or forty marinated chicken drumsticks are piled on an iron plate. This staff member, who is not wearing a mask and bare-handed, is preparing ingredients for the shredded chicken fast food. Making ingredients without gloves is not only present in this roasting shop in Tianhe Shipai, but also in a salad shop on a well-known takeaway app “Zhujiang New Town Light Salad Hot List”. The staff in the shop are also “bare-handed”, and more Some go directly into battle shirtless.

During the investigation, it is almost normal for the staff in the take-out kitchen not to wear masks and gloves. From April 9th ​​to 12th, the reporter conducted a survey of 48 take-away kitchen stores, including Xingxuan Lightning Kitchen on Dongfeng West Road in Guangzhou, and Ouzhuang Dafengwo United Kitchen. Statistics found that only 6 out of 111 shop assistants in 48 businesses wore masks and 2 wore gloves.

After the investigation, the reporter contacted the Guangzhou Municipal Market Supervision Administration. At about 2 o’clock in the afternoon that day, the two stores, Dafengwo United Kitchen and Siding Takeaway Sushi, which were investigated by the reporter, had their supervisory departments to investigate.

Staff of Huale Street Supervision Office, Guangzhou Municipal Market Supervision Bureau, Guangdong: Basically, they have complete licenses, but some may not wear masks or caps, which is a bit close.

Law enforcement officials said that a pickled cabbage fish shop in the Dafengwo United Kitchen that has been exposed has just finished sanitation. However, the reporter saw in other stores that the sanitation situation still needs to be improved, and cockroaches are still visible on the ground.

The reporter also noticed, These take-out kitchens are monitored all over the outside, but none of them are located inside the kitchen. In response to the reporter’s investigation and reporting of illegal activities such as poor sanitation and irregular food processing and production in some “takeaway shops” in Tianhe District and Yuexiu District, the Guangzhou Municipal Market Supervision Bureau reported that it quickly interviewed the relevant person in charge of the third-party online catering service platform that afternoon , From now on, a special rectification of the food safety of online catering services in Guangzhou will be carried out, and violations of laws and regulations will be strictly investigated.

(Originally titled “Reporter Investigation: The Takeaway Kitchen Is Shocking! Grab cooked food with bare hands, and some shops make salads like this”)

Recently, Sogou Input Method and Meituan Waimai have joined hands for the first time, jointly building product forms under the take-out system and review scenarios, and jointly launched the “Takeaway Review Help Write” function, which combines the deliciousness of door-to-door enjoyment with the praise generated by one-click. Provide one-click praise service for contemporary food, and solve the problem of users’ difficulty in commenting!

Sogou input method and Meituan takeaway cross-border interaction: AI helps to write reviews, making meals happier

From April 18th to April 20th, Sogou Input Method started a “delicious surprise countdown” on the official Weibo for three consecutive days, and released the poster information about the cross-border cooperation with Meituan Takeaway, which aroused enthusiastic crowds and discussions among netizens. .

In particular, the content of the copywriting in the official announcement posters such as “How to evaluate a chicken”, “Let me say what a duck is good?”, “What do I want to say after eating a chicken?” and other texts are more curious and anticipated by the majority of foodies. Sogou Input Method and Meituan Takeaway’s cross-border cooperation, what surprises and benefits will it bring?

On April 21, the answer was finally revealed. Sogou Input Method and Meituan Food Delivery official announced that the AI ​​Food Delivery Review Assistant was launched, and the topic activity of #今日吃货，一键推荐# was released. During the event, users of Sogou Input Method APP Android mobile phone tuned up Sogou Input Method to comment on food delivery on the Meituan Takeaway Evaluation interface, and then they can receive a surprise takeaway package of 66 yuan. Create an intimate assistant for users with hot reviews, sweep away hunger with one “key”, and make meals happier!

Not only that, Sogou Input Method also cooperated with Meituan Takeaway in 6,000 brand takeaway stores across the country, 23 provinces and municipalities, and simultaneously launched the “writing youth” package, so that foodies can enjoy preferential and delicious brand takeaway packages.

In addition, the Sogou input method APP and Meituan Waimai, as well as Juewei Duck Neck, Ziyan Baiwei Chicken, Yaojiwang and other branded takeaways co-branded custom skins will also be launched simultaneously, and foodies will also have their own branded skins, anytime, anywhere. Moment can feel the little fortune of being a foodie.

Sogou input method AI writing assistant, making user writing easier and more efficient

Sogou Input Method and Meituan Waimai have joined forces to bring multiple surprises to the foodies, letting the foodies be addicted. But what netizens talk about most is the “AI takeaway evaluation help writing” feature that Sogou input method launched this time.

Based on the powerful AI algorithm of Sogou input method and huge vocabulary, the AI ​​takeaway evaluation help writing function can provide foodies with a variety of candidate takeaway evaluation copywriting. These copywriting not only fit the context, but also have witty words. Users only need one. You can quickly comment by pressing the key to select the copy you are satisfied with. From then on, eating takeaways and writing praise have become efficient and simple.

In fact, this is only a sub-function of the “AI Writing Assistant” function of Sogou Input Method APP. The Sogou input method app also has many AI writing functions such as e-commerce platform shopping evaluation help writing, Moments copy inspiration template, etc., not only can help online shoppers to quickly write excellent reviews on online shopping platforms, but also help users quickly write in Moments. Write wonderful copywriting, leave wonderful comments on Weibo, and easily and efficiently deal with various writing scenes in online life, saving worry and effort.

In the long run, with the launch of a series of AI writing functions such as Sogou Input Method APP “Takeaway Comment Help Writing”, “Friend Moments Copywriting Inspiration Template”, etc., it will not only make users’ online writing expression easy and efficient, but also help to improve. The enthusiasm of online food delivery platforms, online shopping platforms and even online social platforms to participate in comment creation may be the reason why Meituan Waimai chose to work with Sogou input method to interact across borders and launch the AI ​​food delivery evaluation help writing function, which provides users with many delicious benefits Where.

Recently, Sogou Input Method and Meituan Waimai have joined hands for the first time, jointly building product forms under the take-out system and review scenarios, and jointly launched the “Takeaway Review Write” function, which combines the deliciousness of door-to-door enjoyment with the praise generated by one-click. Provide one-click praise service for contemporary food, and solve the problem of users’ difficulty in commenting!

Sogou input method and Meituan takeaway cross-border interaction: AI helps to write reviews, making meals happier

From April 18th to April 20th, Sogou Input Method started the “delicious surprise countdown” on the official Weibo for three consecutive days, and released the poster information about the cross-border cooperation with Meituan Takeaway, which aroused enthusiastic onlookers and discussions among netizens. .

In particular, the content of the official announcement posters such as “How to evaluate a chicken”, “Let me say what is good about a duck?”, “What do I want to say after eating chicken?” and other texts have made foodies curious and expectant. Sogou Input Method and Meituan Takeaway’s cross-border cooperation, what surprises and benefits will it bring?

On April 21, the answer was finally revealed. Sogou Input Method and Meituan Food Delivery official announced that the AI ​​Food Delivery Review Assistant was launched, and the topic activity of #今日吃货，一键推荐# was released. During the event, users of Sogou Input Method APP Android mobile phone tuned up Sogou Input Method to comment on food delivery on the Meituan Takeaway Evaluation interface, and then they can receive a surprise takeaway package of 66 yuan. Create an intimate assistant for users with hot reviews, sweep away hunger with one “key”, and make meals happier!

Not only that, Sogou Input Method has also jointly launched the “Writing Youth” package in 6000 brand takeaway stores across the country, 23 provinces and municipalities with Meituan, so that foodies can enjoy preferential and delicious brand takeaway packages.

In addition, the Sogou input method APP and Meituan Waimai, as well as Juewei Duck Neck, Ziyan Baiwei Chicken, Yaojiwang and other branded takeaways co-branded custom skins will also be launched simultaneously, and foodies will also have their own branded skins, anytime, anywhere. Moment can feel the little fortune of being a foodie.

Sogou input method AI writing assistant, making user writing easier and more efficient

Sogou Input Method and Meituan Waimai have joined forces to bring multiple surprises to the foodies, letting the foodies be addicted. But what netizens talk about most is the “AI takeaway evaluation help writing” feature that Sogou input method launched this time.

Based on the powerful AI algorithm of Sogou input method and huge vocabulary, the AI ​​takeaway evaluation help writing function can provide foodies with a variety of candidate takeaway evaluation copywriting. These copywritings not only fit the context, but also have witty words. Users only need one. You can quickly comment by pressing the key to select the copy you are satisfied with. From then on, eating takeaways and writing praise have become efficient and simple.

In fact, this is only a sub-function of the “AI Writing Assistant” function of Sogou Input Method APP. The Sogou input method app also has many AI writing functions such as e-commerce platform shopping evaluation help writing, Moments copy inspiration template, etc., which not only helps online shoppers to quickly write excellent reviews on online shopping platforms, but also helps users quickly write in Moments. Write wonderful copywriting, leave wonderful comments on Weibo, and easily and efficiently deal with various writing scenes in online life, saving worry and effort.

In the long run, with the launch of a series of AI writing functions such as Sogou Input Method APP “Takeaway Comment Help Writing”, “Friend Moments Copywriting Inspiration Template”, etc., it will not only make users’ online writing expression easy and efficient, but also contribute to improvement. The enthusiasm of online food delivery platforms, online shopping platforms, and even online social platforms to participate in comment creation. This may be the reason why Meituan Waimai chose to cooperate with Sogou input method to cross-border interaction, and launched the AI ​​food delivery evaluation help writing function, which gave users many delicious benefits. Where.

Recently, Sogou Input Method and Meituan Waimai have joined hands for the first time, jointly building product forms under the take-out system and review scenarios, and jointly launched the “Takeaway Review Write” function, which combines the deliciousness of door-to-door enjoyment with the praise generated by one-click. Provide one-click praise service for contemporary food, and solve the problem of users’ difficulty in commenting!

Sogou input method and Meituan takeaway cross-border interaction: AI helps to write reviews, making meals happier

From April 18th to April 20th, Sogou Input Method started the “delicious surprise countdown” on the official Weibo for three consecutive days, and released the poster information about the cross-border cooperation with Meituan Takeaway, which aroused enthusiastic onlookers and discussions among netizens. .

In particular, the content of the official announcement posters such as “How to evaluate a chicken”, “Let me say what is good about a duck?”, “What do I want to say after eating chicken?” and other texts have made foodies curious and expectant. Sogou Input Method and Meituan Takeaway’s cross-border cooperation, what surprises and benefits will it bring?

On April 21, the answer was finally revealed. Sogou Input Method and Meituan Food Delivery official announced that the AI ​​Food Delivery Review Assistant was launched, and the topic activity of #今日吃货，一键推荐# was released. During the event, users of Sogou Input Method APP Android mobile phone tuned up Sogou Input Method to comment on food delivery on the Meituan Takeaway Evaluation interface, and then they can receive a surprise takeaway package of 66 yuan. Create an intimate assistant for users with hot reviews, sweep away hunger with one “key”, and make meals happier!

Not only that, Sogou Input Method has also jointly launched the “Writing Youth” package in 6000 brand takeaway stores across the country, 23 provinces and municipalities with Meituan, so that foodies can enjoy preferential and delicious brand takeaway packages.

In addition, the Sogou input method APP and Meituan Waimai, as well as Juewei Duck Neck, Ziyan Baiwei Chicken, Yaojiwang and other branded takeaways co-branded custom skins will also be launched simultaneously, and foodies will also have their own branded skins, anytime, anywhere. Moment can feel the little fortune of being a foodie.

Sogou input method AI writing assistant, making user writing easier and more efficient

Sogou Input Method and Meituan Waimai have joined forces to bring multiple surprises to the foodies, letting the foodies be addicted. But what netizens talk about most is the “AI takeaway evaluation help writing” feature that Sogou input method launched this time.

Based on the powerful AI algorithm of Sogou input method and huge vocabulary, the AI ​​takeaway evaluation help writing function can provide foodies with a variety of candidate takeaway evaluation copywriting. These copywritings not only fit the context, but also have witty words. Users only need one. You can quickly comment by pressing the key to select the copy you are satisfied with. From then on, eating takeaways and writing praise have become efficient and simple.

In fact, this is only a sub-function of the “AI Writing Assistant” function of Sogou Input Method APP. The Sogou input method app also has many AI writing functions such as e-commerce platform shopping evaluation help writing, Moments copy inspiration template, etc., which not only helps online shoppers to quickly write excellent reviews on online shopping platforms, but also helps users quickly write in Moments. Write wonderful copywriting, leave wonderful comments on Weibo, and easily and efficiently deal with various writing scenes in online life, saving worry and effort.

In the long run, with the launch of a series of AI writing functions such as Sogou Input Method APP “Takeaway Comment Help Writing”, “Friend Moments Copywriting Inspiration Template”, etc., it will not only make users’ online writing expression easy and efficient, but also contribute to improvement. The enthusiasm of online food delivery platforms, online shopping platforms, and even online social platforms to participate in comment creation. This may be the reason why Meituan Waimai chose to cooperate with Sogou input method to cross-border interaction, and launched the AI ​​food delivery evaluation help writing function, which gave users many delicious benefits. Where.