首页 社会正文

五湖四海足球吧:Insight - As one Evergrande falls, another rises in the Saudi desert

admin 社会 2022-08-04 03:07:17 9 0

皇冠正网平台出租www.hg108.vip)是皇冠(正网)接入菜宝钱包的TRC20-USDT支付系统,为皇冠代理提供专业的网上运营管理系统。系统实现注册、充值、提现、客服等全自动化功能。采用的USDT匿名支付、阅后即焚的IM客服系统,让皇冠代理的运营更轻松更安全。

Cause of collapse: A woman leaves the China Evergrande Centre in Hong Kong. Much of Evergrande’s downfall can be attributed to the way that it tried to buck organic trends for political reasons. — AFP

EVERYTHING about Neom – the futuristic city being developed near the shores of the Red Sea by Saudi Crown Prince Mohammed bin Salman – seems fantastical.

From flying elevators to 100-mile long skyscrapers to a floating, zero-carbon port, it seems to owe more to Coruscant and Wakanda than to any urban forms outside of science fiction.

Even Neom’s financials are superlative. The first phase of the project until 2030 will cost 1.2 trillion riyals (US$320bil or RM1.4 trillion), with half of that amount provided by the Public Investment Fund, Saudi Arabia’s sovereign wealth fund, Crown Prince Mohammed bin Salman told reporters in Jeddah last week.

By 2030, he expects some 1.5 million people to be living in the twin horizontal skyscrapers, called The Line.

Believe it or not, those numbers aren’t as implausible as they seem.

Take China Evergrande Group, the vast Chinese developer that’s mired in vague restructuring plans after ratings companies labeled it a defaulter last year.

Neom’s promise to eventually become home to 10 million people seems, if anything, modest next to Evergrande’s boast that it’s housed 12 million.

,

五湖四海足球吧www.hgbbs.vip)凝集民间高手免费提供各联赛足球资讯、足球推荐、足球贴士等,致力为广 *** 友提供更全面、更专业的赛前预测分析,让更多球迷随时随地找到自己想要的赛事资讯,以及在本站尽情发言自己的观点。

,

Evergrande’s investment cash outflow, net of divestments, has been 605 billion yuan (US$89bil or RM396.2bil) since 2010, about 28% of Neom’s budget.

Given China’s income levels and construction costs have been about 40% of Saudi Arabia’s over the past decade, that suggests a budget that’s on the generous side, but far from insane.

Neom’s vast-sounding construction budget isn’t so excessive when you consider it in relation to Evergrande.

Of course, if you were to choose a model for Saudi Arabia’s future it would probably not be a distressed developer from a Chinese property sector that S&P Global Ratings thinks may be headed as a whole toward insolvency.

Still, the biggest problem with Neom isn’t so much its cost and scale. Instead, it’s the way a will-to-power grandiosity is written into its very DNA, as Vivian Nereim explored in a recent Bloomberg BusinessWeek article.

For all Evergrande’s problems, it was always a pretty efficient user of capital. One reason it’s been hit with mortgage strikes of late is that it depended on pre-sales, in effect getting interest-free loans from its customers for the full value of properties before they’re built – something that becomes a problem when construction work goes into extended hiatus.

China’s fastest developers could turn round a project in 12 months from conception to return of cash. At least in its early years, Evergrande’s numbers suggested it was consistently returning more than its cost of capital.

版权声明

本文仅代表作者观点,不代表本站立场。
本文系作者授权发表,未经许可,不得转载。

发表评论

评论列表(0人评论 , 9人围观)
☹还没有评论,来说两句吧...

热门标签

    此处不必修改,程序自动调用!