此番万达商业赴港上市,获得了5.32倍的超额认购,募集资金约288亿港元(合计人民币230亿元),摘得了香港2014年的“集资王”的称号。 无 奈错过阿里这条“大鱼”后,港交所在2014年收尾之际终于等来了另一条“大鱼”——万达商业(03699.HK)。 作为国内首屈一指的商业地产商,万达集团早在2005年就萌发了上市的念头,然而因为种种原因,上市计划一度遭到搁浅。时至今日,厚积薄发的万达集团终将旗下主营业务,商业地产赶在平安夜前夕正式在港交所H股挂牌交易,并一举创造了港股年内最大IPO,同时还刷新了全球房地产行业IPO的历史纪录。 唯一略显美中不足的是,万达商业上市首日即告破发,这似乎也让它与这个行业一般,正面临着一个不确定的未来。 ![]() 上市首日遭遇破发 12月23日,在万达集团董事长王健林9点半敲响港交所上市锣声后,万达商业开盘后即冲到48.2港币,之后徘徊在招股价48港币附近。然而,午后一度跌幅最高达8%,最终首日秀以收盘小跌2.6%,报46.7港币告终。 但值得注意的是,万达商业获得了5.32倍的超额认购,募集资金约288亿港元(合计人民币230亿元),万达商业作为“内地商业地产第一股”成为香港2014年的“集资王”。 截至《中国房地产金融》发稿前,2014年12月26号周五收盘时,万达商业的股价停留在48.65港币,已经略高于招股价。 从万达商业地产的招股说明书可知,此次上市的万达商业地产,包括178个物业项目,分别为159个万达广场、8个万达城和11个独立开发的小项目。 此外,在招股说明书中万达商业地产还用很大篇幅谈及了公司的负债风险。公司2011年~2013年杠杆比率分别为38.8%、48.7%和53.0%,而2014年上半年,杠杆比率突然飙升至87.8%。绝对数字上,截至2014年上半年,公司的银行借款为1724亿元,另外还有73亿元的未偿还债券。而相比之下,万科的长期借款和短期借款加起来不过500多亿元。在风险提示上,万达明言:“大量债务可能造成严重后果,如果宏观经济形势下行,公司将承受更大的冲击”。 有分析人士指出,过去几年年均杠杆比率才在50%上下,2014年上半年就大幅飙升到近90%,到底是快上市才借钱,还是借钱太多非集资不可?过去一向强调财务稳健的万达2014年突然大增负债,这个时间点有点耐人寻味。 同样,作为持有物业量世界第二大的商业地产运营商,其自持物业的租金收益之低也让人担心。根据招股书中的数据,全国159座万达广场,2013年租金收入仅84.83亿元,而香港九龙仓拥有的海港城同年租金也达近80亿港元,折合60亿元人民币。即使2014年159座万达广场租金到100亿元,也仅仅相当于1.5座海港城的租金。万达旗下购物中心的租金收入仅为每天每平方米2.5元,是非常低的水平。对于憧憬成为百年老店的万达集团,究竟是对已有商场进行深耕细作,还是不断通过快速开发来获得高额利润呢?投资者等待着未来年报的答案。 风光背后的多年上市路 事实上,万达赴港IPO的背后离不开港交所的盛情邀约,特别是在错失阿里巴巴这一巨头后,港交所更是亟盼万达,连抛橄榄枝。 《中国房地产金融》在梳理万达资料时发现,今日的万达商业登陆H股看似风光的背后,其实也有着长达近十年的上市“辛酸历程”。 早在2005年万达商业地产即有意在香港上市,后因为国家颁布的“171号文件”,严格限制境外公司收购内地物业,赴港上市计划被迫放弃。 王健林在早前接受媒体采访时曾表示,“2006年本来就有机会在香港红筹上市,当时找了JP摩根、摩根士丹利等,框架都搭好了,被麦格理一忽悠,说我别做IPO了,做REITs多好,于是错过了最好的机会。”REITs无果之后,王健林再想改去香港红筹上市,但遗憾的是这条路也被监管部门封死了。 2007年,万达准备在A股IPO,架构搭好后,结果2008年又遇金融危机,紧接着房企A股被卡。2009年,该公司曾计划在香港上市,又因为定价分歧而功亏一篑。此后,万达有计划在2010年6月在国内A股挂牌上市,证监会于2010年受理了万达上市申请,但楼市调控却打乱了后面的计划。房企的融资渠道全面收紧,几乎所有房地产公司的上市工作都被迫暂停。直到2014年年初,在证监会网站公布的首次公开发行股票企业基本信息情况表中,大连万达商业地产仍显示为“初审中”。 随着6月底IPO预披露大限结束,129家多年煎熬等待A股上市的公司被终止审查,其中就有万达商业地产,同时,在深交所中小板排队的万达院线也被公告审核中止。对万达商业地产“A股上市因未更新申报材料已终止审核”的原因,曾有多方猜测,直至万达传来赴港IPO的消息,才有了最终定论。 对于最终选择在H股而非海外上市,有分析人士表示,受制于中美法律和文化差异,中国房地产企业一直都难以在美国上市,即使上市估值也较低。 跨入千亿俱乐部 对于国内房地产行业来说,万达商业成功登陆港交所后,也意味着跨入了千亿门槛的“地产俱乐部”。而在目前已经上市的地产企业里,万达商业地产也成为了国内市值最高的房地产开发商。 尽管有人提出对万达商业地产后续发展的质疑,但此刻的热闹无疑属于王健林家族。而坊间更为关注的则是王健林能否重夺“首富”冠冕。阿里的上市,使马云成功逆袭王健林,成为新一代的中国首富。2014年9月胡润百富榜显示,万达集团董事长王健林家族以1450亿元财富排名第二,马云家族以1500亿元财富排名第一。 据了解,王健林现持有万达商业地产约51.1%股权,以上市首日收盘价46.75港币计算,持有股本1069亿港币,未能超越阿里巴巴创办人马云持有逾240亿美元(约1860亿港币)市值股份,而未重新夺回中国首富的宝座。 王健林对未能重夺首富表现坦然,他在当日挂牌现场表示:“做首富不是我的目标,我的目标是把公司作成跨国企业。” 此前,胡润研究院发布的分析称,若王健林想超越马云重夺中国首富宝座,则年底万达商业地产和万达院线上市成功后,其股价必须上涨30%以上。 值得关注的是,万达旗下另一公司——万达院线IPO已获证监会发审委审核通过,登陆A股市场近在咫尺。根据市场预计,万达院线上线后估值约200亿元,而预披露显示王健林持有68%股权,上市后持股比例变为最低58.49%。因此,这家公司将为王健林增加约117亿元的身家。另外,王健林家族拥有250亿元未上市资产,包括艺术收藏、万达百货和西双版纳、青岛游艇等旅游地产以及华夏时报、万达影视等文化类资产。 虽未能重夺首富头衔,但王健林的身家在上市后暴涨。彭博亿万富翁指数显示,万达商业地产是王健林净资产的主要组成部分,目前王健林的个人财富已增加63%,达到248亿美元,排在马云、李嘉诚之后,位列亚洲第三。
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哪有什么岁月静好,不过是有人替你负重前行。 在贵州,每一帧安居乐业的幸福画...[详细]
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