Although the OCT model is questioned, it still does not hinder its Tianjin land acquisition.

[May Point Network] With the advancement of “grab land grabbing”, OCT’s tourism business has expanded rapidly across the country, but it is also experiencing the pain of expansion. The tragedy of OCT in the east seems to have no shadow...

[May Point Network] With the advancement of “grab land grabbing”, OCT’s tourism business has expanded rapidly across the country, but it is also experiencing the pain of expansion. The tragedy of OCT in the east does not seem to affect the ambition of OCT expansion. On July 1, OCT won 14 plots in Tianjin with a total construction area of ​​2,209,400 square meters and a total land price of 3.7 billion yuan.

Tianjin grabs land

If you add the 14 plots you just won, this year, OCT has spent nearly 15 billion to acquire land and created two “land kings”. On April 7th, Wuhan Overseas Chinese Town Real Estate Co., Ltd. won the Wuhan East Lake Scenic Area and the surrounding 3167 acres of land for 4.3 billion yuan, becoming the “new land king” of Wuhan. On February 11, OCT won the Shanghai Suhewan plot at a total price of 7.02 billion yuan, equivalent to a floor price of 52,900 yuan / square meter, becoming the national unit price king.

The Tianjin plot was the original project plan of OCT. Like the previous two “land kings”, the Dongli Lake plot in Tianjin will also be built into the Happy Valley project. As early as May 2009, OCT signed a strategic cooperation agreement with the Tianjin Municipal Party Committee, and plans to spend 5 billion yuan to develop the Tianjin Dongli Lake Overseas Chinese Town Project, covering an area of ​​6,000 acres, including 2,000 acres of residential land and 4,000 acres of tourism and commercial land.

With the theme park projects such as Happy Valley, OCT has frequently acquired land throughout the country in recent years, and the land price is low. Based on the total construction area of ​​2,409,400 square meters, the average floor price of 14 plots of Dongli Lake is only 1654 yuan / square meter. All of this has to be attributed to OCT’s consistent “tourism + real estate” model. CITIC Securities believes that tourism development as an important way to enhance the appearance of the district is valued by the local government and can effectively reduce the cost of land acquisition in OCT.

With the advancement of “grab land grabbing”, OCT’s tourism business has expanded rapidly across the country. However, OCT’s “629 accident” also shows the pain experienced by OCT’s “tourism + real estate” model in the rapid expansion path.

Expansion pain

At 16:45 pm on June 29, the "Space Trek" project in the OCT Valley of Shenzhen East OCT was suddenly faulty. The accident directly caused 6 deaths and 10 injuries. This is the biggest security incident in the history of OCT.

OCT said that the current business of OCT is spread all over the country, and the accident will not have a major impact on the overall business of OCT. But in fact, due to security accidents, OCT's share price plummeted 9.84% on the following day. During the period, it fell to a few times and the market value evaporated by 3 billion.

The accident caused the industry to interrogate OCT's “tourism + real estate” model. Relevant analysts pointed out that many theme parks have not received enough attention from operators. "Many domestic developers are working on the construction of the theme park, the first low-cost land, and then the construction of the theme park to sizzling hot land, to develop real estate profits, the meaning of drunkenness is not wine."

A senior executive of the OCT Group pointed out earlier that the core of “Tourism + Real Estate” is to take the land in the name of tourism projects and then serve the real estate projects. Some analysts said that OCT mainly hopes to bring the surrounding environment to the surrounding environment through tourism projects, so as to increase the real estate business to achieve high profits.

According to OCT's 2009 annual report, OCT's tourism and integrated business revenue accounts for about 70% of OCT's business income, but it accounts for about 20% of total profit. The hotel and real estate business sector accounted for 30% of the revenue, but it was up to 80% of the profit.

Although OCT has always insisted that the main business is tourism, the tourism business is also the fundamental support of all other derivative businesses. However, while paying attention to the profitability of the real estate business, it ignores the risks behind the tourism project, and this is precisely the premise that the profit of the real estate business can be guaranteed. The accident has already caused consumers to lose confidence in the safety performance of mobile games in the downstream music of OCT.

According to industry insiders, in order to attract a large number of people and bring the surrounding environment, OCT has spared no expense in stimulating projects. The accident is caused by the lack of inspection and management of facilities. The refined management of OCT still needs to be further strengthened. .

By the end of 2009, OCT has built seven theme parks in Shenzhen, Beijing, Shanghai, Wuhan and other places. There are still many theme parks under construction, and there are no thrilling and exciting play projects. According to industry insiders, the OCT accident has played a warning role for major theme parks in China. The operators need to check the rides frequently to ensure safety. “Otherwise, if an accident occurs, it will cause a heavy blow to the brand and the amusement park itself. ."

Analysts pointed out that the direct performance impact of the accident on the company includes follow-up compensation for the injured and injured, project refurbishment, safety inspection, and the resulting short-term passenger flow decline, which has a certain impact on the cash flow of OCT. (Viewpoint Real Estate Network)

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