Yesterday afternoon, atPing An2018 of the yearPerformanceAt the report, Chairman of the Board of Directors Ma Mingzhe and the publicExecutiveUnder the flashlight, the future direction of this "financial + technology" aircraft carrier was interpreted. Southern reporters noticed at the meeting that last year, peaceNet profit1204. The two figures of 5.2 billion yuan and the annual tax payment of 121.3 billion yuan roughly conveyed the keynote of the performance report. The real estate ambition of the Ping An Department has become an important point of this year.
"real estateThe biggest invisible investor"
According to the observation of the Southern Reporter, at the beginning of this year, the Bank of China’s Insurance Regulatory Commission issued an "encourage.InsuranceAfter the call for funds to increase the shares of listed companies,Ping AnAnnounced an increase of 4.103 billion yuanHuaxia happiness. As a capital market institutional investment predator, this move reveals the business logic and special preferences behind Ping An’s investment in real estate and holding listed real estate company stocks.
It is mutually credible that an incomplete statistics from the industry shows that in recent years, China’s Ping An has frequently operated and has invested in a number of real estate listed companies, in addition to China’s happiness, includingCountry Garden, Landsea Group,Sunac China,Gemdale GroupXuhui Group,Greenland Holdings, China Resources Real Estate,Poly Real EstateEven the industry rumors that “Ping An has become one of the largest invisible investors in China’s real estate industry”.
“Compatible with the allocation requirements of insurance funds”
However, in the face of the square's doubts, China's Ping An general manager Ren Huichuan responded that Ping An's involvement in the real estate sector is a normal insurance fund investment in the relevant policies of the China Insurance Regulatory Commission and is purely a financial investment. For example, he said, “From the perspective of the total assets of Ping An’s more than 7 trillion yuan, the assets of our real estate-related credit, equity and property rights account for less than 3%. From the perspective of Ping An’s 2. 8 trillion insurance funds, The equity investment in real estate accounted for 2. 2%, and the credit plus property rights together accounted for 7.5%, while the state allowed the insurance company's real estate investment ratio to reach 30%.” The implication is that Ping An real estate investment accounts for Very small.
According to the reporter's observation, the investment of real estate assets by insurance funds is an international industry practice. Ren Huichuan further explained that real estate is one of the ideal long-term matching assets recognized by the global insurance industry. Ping An matches long-term insurance funds with high-quality real estate assets, which is based on the premise of sticking to the risk bottom line, ensuring long-term and stable insurance funds.Fixed investmentReturn on capital, realize the value preservation and appreciation of insurance funds. The real estate industry has the characteristics of value and growth attributes, and it is more suitable for the allocation of insurance funds.
What complements each other is that Nandu reporters have seen from an official statistical data that the total value of investment real estate held by Ping An at the end of 2012 was only 15 billion yuan, accounting for 0% of its total assets. 53%. By the end of 2017, the net value of its investment real estate was 47.2 billion yuan, and the fair value reached 77.1 billion yuan.
"Do not participate in business management, not malicious acquisition"
However, Ping An’s co-CEO Li Yuanxiang said in response to questions from outsiders yesterday that “in fact, 60% of the entire group’s operating profit comes from the life insurance business, so life insurance is the core of the entire group.”
So how do you define or clarify the “subtle” relationship between Ping An and real estate companies? Ren Huichuan emphasized that as part of the allocation of insurance funds, Ping An’s investment in some excellent housing enterprises is purely financial investment, does not participate in business management, does not engage in hostile takeovers, and does not act as barbarians. At the same time, implement the concept of “household and not speculation”.
He explained, "In peace, there is two meanings in living and not speculating. One is to insist on long-term investment, and the other is to seek joint development of long-term rental apartments and health-care apartments to help real estate companies develop and suppress.House priceIrrational rising products. ”
Plus real estate:
What is the "stabilizer" that balances risky returns?
Some industry insiders have analyzed that the addition of “alternative assets” including real estate has enabled Ping An to find a “stabilizer” that balances risky returns between stock market investments with large short-term fluctuations in returns and bond markets with low long-term returns. In other words, the overweight real estate sector will help Ping An’s insurance portfolio get rid of the stock market cycle.
The reporter also noticed that with the total assets of 7 trillion yuan, how can a large amount of peaceful funds participate in the construction of the real economy? Relevant people revealed yesterday that their investment response calls for support for the construction of the real economy, mainly involved in several aspects, including supporting the construction of large-scale national infrastructure and supporting the economic development and construction of governments at all levels. At the same time, the agency also participated in a number of private enterprisesfundThe total size of the fund exceeds 100 billion yuan.
(Article source: Southern Metropolis Daily)