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Exploring Real Estate Financing in China and the Us

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Exploring Real Estate Financing in China and the Us EXPLORING REAL ESTATE FINANCING IN CHINA AND THE U.S.: A COMPARISON CASE STUDY APPROACH A Thesis Presented to the Faculty of Architecture and Planning COLUMBIA UNIVERSITY In Partial Fulfillment of the Requirements for the Degree Master of Science in Urban Planning by Qun Huang May 2018 ABSTRACT This thesis intends to explore the difference in how the real estate companies are financed between China and U.S, via a comparison case study of Vanke (万科, 000002 SHE) and AvalonBay Communities, Inc. (AVB NYSE). To answer that question, we have to explore in detail the financing needs of the two companies based on their operating conditions and financial dispositions. An evaluation on corporate capital efficiency is thus necessary. This thesis intends to analyze the two companies from perspectives of profitability, solvency and operating conditions. Furthermore, the analysis results are synthesized based on Financial Matrix model to explore the capital structure and financing needs of the companies. With the analysis results of the capital structure and financing needs of the companies, the thesis will explore the major external financing instruments applied in the companies, which hopefully indicates tip of the iceberg. The analysis will be developed with three basic questions: how are the instruments applied? How do the instruments help the development of the companies? What are the internal and external factors affecting the selection and usage of the instruments? Based on the analysis of financing instruments applied by the companies in our case study, this thesis intends to summarize and potentially generalize the differences. i Table of Contents ABSTRACT ................................................................................................................................................... i Table of Contents .......................................................................................................................................... ii List of Figures ............................................................................................................................................... v List of Tables .............................................................................................................................................. vii INTRODUCTION ........................................................................................................................................ 1 METHODOLOGY ....................................................................................................................................... 3 Study on the Financing Instruments Applied ............................................................................................ 3 Corporate Analysis .................................................................................................................................... 6 Selection of the Companies................................................................................................................... 6 Profitability Analysis ............................................................................................................................ 7 Solvency Analysis ................................................................................................................................. 8 Operating Analysis ................................................................................................................................ 9 Financial Matrix .................................................................................................................................. 10 CASE STUDY ON REAL ESTATE FINANCING IN CHINA: VANKE ................................................ 13 A Brief Introduction to Vanke ................................................................................................................ 13 Evaluation on Capital Efficiency of Vanke ............................................................................................ 14 Profitability Analysis: Net Profit Margin & Roe ................................................................................ 14 Solvency Analysis: Quick Ratio, Cash Ratio and D/A Ratio ............................................................. 16 Operating Analysis: Inventory Turnover and Total Assets Turnover ................................................. 19 Financial Matrix: Economic Value-Added (EVA) & Sustainable Growth Rate ................................ 21 ii Main External Financing Instruments of Vanke ..................................................................................... 25 Bank Loans ......................................................................................................................................... 25 Corporate Bonds ................................................................................................................................. 25 Domestic Capital Market .................................................................................................................... 26 Overseas Capital Market ..................................................................................................................... 27 Highlight: Vanke Joint Development ................................................................................................. 28 Supplementary on Real Estate Financing Instruments in China ............................................................. 30 REITs: Poly Properties (保利地产) .................................................................................................... 30 Perpetual Bonds: Evergrande Group (恒大集团) ............................................................................... 32 Conclusion on other major real estate financing instruments in china: .............................................. 34 Analysis on Financing Vanke ................................................................................................................. 35 CASE STUDY ON REAL ESTATE FINANCING IN THE U.S.: AvalonBay Inc. .................................. 38 A Brief Introduction to AvalonBay Inc. ................................................................................................. 38 Evaluation on Capital Efficiency of AvalonBay Inc............................................................................... 38 Profitability Analysis: Net Profit Margin & ROE............................................................................... 38 Solvency Analysis: Quick Ratio, Cash Ratio and D/A Ratio ............................................................. 41 Operating Analysis: Inventory Turnover and Total Assets Turnover ................................................. 44 Financial Matrix: Economic Value-Added (EVA) & Sustainable Growth Rate ................................ 47 Main External Financing Instruments Applied By AVB from 2012 To 2017 ........................................ 51 Bank Loans ......................................................................................................................................... 51 Credit Facility ..................................................................................................................................... 52 iii Corporate bonds and notes payable .................................................................................................... 53 Capital Market .................................................................................................................................... 55 Analysis on Financing AVB ................................................................................................................... 56 COMPARISON STUDY BETWEEN VANKE AND AVALONBAY ..................................................... 58 What Is The Difference In Capital Efficiency? Why? ............................................................................ 58 What Is The Difference in Financing Instruments Applied? Why? ........................................................ 62 CONCLUSIONS......................................................................................................................................... 64 REFERENCES ........................................................................................................................................... 66 iv List of Figures Figure 1Composite REIT Market Capitalization .......................................................................................... 2 Figure 3 Corporate Financing Methods ........................................................................................................ 3 Figure 4 Real estate financing in the US ....................................................................................................... 4 Figure 5 Real estate financing industry in China .......................................................................................... 4 Figure 6 Real estate financing in China ........................................................................................................ 5 Figure 2 Financial Matrix ........................................................................................................................... 12 Figure 7 Market and Vanke: Net Profit Margin 2012-2017 ....................................................................... 14 Figure 8 Market and Vanke: ROE 2012-2017 ............................................................................................ 15 Figure 9 Market and Vanke: Cash Ratio 2012-2017
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