It is reported that Country Garden announced on the evening of September 7, the Hong Kong Stock Exchange announced on August 31, its non-wholly owned subsidiary Country Garden Property Services has its first public offering of A shares and listed on the Shanghai Stock Exchange to the China Securities Regulatory Commission to submit filings Received notice of acceptance on September 7th. This column argues that there is an unintended risk to the A-share investors who buy shares of property companies in the presence of too many connected transactions and interests in the listing of property developers' spin-off properties.

At present, many developers are trying to spin off the market. According to the understanding of most people, property services companies are mostly a real estate business sector, they take orders from the real estate business, mainly to real estate and property owners in the housing after the contact role, and property costs are often with the real estate business housing quality For example, many owners are dissatisfied with the quality of property developers, the preferred method of protest is to refuse property costs.

This column appears, the real estate business property company's profit level, to a large extent with the real estate business business decisions, but also can be understood as a real estate business through a series of price policies to control the profitability of its property services company, Real estate developers have the ability to make property services companies earn a lot of money or earn a lot of money according to their own needs, this risk to the property company's investors to bring a lot of uncertainty. It can also be understood that the real estate business services company is difficult to be understood as a can be the interests of all shareholders to maximize the pursuit of pure market enterprises.

Now Country Garden property service company if the A-share market, this column that its prospectus profit level must be very beautiful, but this excellent profit margins can really continue to grow, there is a big deal of uncertainty. This column argues that property developers are likely to try to maintain the high growth of property services companies, but this high growth will rely entirely on the developers to take care of, whether it really has the investment value is hard to say.

In fact, in the A-share market, there have been a lot of such a part of the assets listed on the precedent of packaging, especially when the stock market bear the state-owned enterprises out of the task period, there is a large number of state-owned enterprises, although the overall loss, but able to find profitable departments to take Out of listing, and then get to raise funds to the entire enterprise. Practice has proved that some of these listed companies do help enterprises to survive the storm, and finally through the overall market into the A-share market; but there are a small number of companies, the last profit sector has become a loss, listed companies ST, Has become a shell of resources, investors to raise funds lost. If all the companies are profitable to bring their own business, to bear the cost and loss of the part to stay in the major shareholder of the book, then the A-share market and a large number of high-quality enterprises, is this really okay?