This is the 330th article in this column.Today (February 11), “100 billion” sales of real estate companies zhenro system two shares fell sharply, with flash crash description is not an exaggeration.At HK $1.30 a share, Zhenro Property was down more than 64%.Zhenro Services was down 54.52 per cent at HK $1.86.Of course, the volume of the day is not low, it seems that there are investors on the market feel that the price fell into such seems to be able to move, do not know whether the real control of the major shareholders in their own copy of bottom protection.There are rumors that short sellers are looking at problems in the company’s operations, though no official confirmation has been made.Short-selling institutions are actually vultures in the capital market, hovering in the sky staring at the animals below every day, once there is no animal, immediately rushed up to eat a meal, vultures are the signal of survival of the fittest in the natural ecology, but also accelerate the death of injured animals.At present, it is said that Zhenro previously had a perpetual debt of $200 million, which theoretically has no repayment pressure and generally has a higher interest rate.Because of interest on the 10.25% dollar bond, Zhenro issued a notice in January to redeem the debt, scheduled for March.At present, it is obvious that the capital market has got any news in advance, and the redemption of this debt is closely related to the capital situation of Zhenrong Real estate.Another problem is that even the service of the property sector is also dragged down so much, it is worrying about the management level of the market value of zhenro.Compared with real estate stocks, property service business is xiangbobo, the property sector of major real estate enterprises are separated and listed independently, and the stock price is generally better than the performance of the main business real estate.Theory of imagination, the area of property management and revenue is more than real estate development is worth looking forward to, but this is rong service followed lost more than half the price, understand that investors and market, for many enterprise, real estate and property management degree is too high, and property services listed as the way of financing, actually not distinguish with the real estate business.Since last year, real estate companies thunderstorms, debt default has become a very high-profile sensitive words, the market is staring at, so this time Zhenro’s uncertainty about the debt problem, not before, but now is likely to make the capital market jitters.What’s more, the foundation of Zhenro has yet to be examined. In the real estate development business, although the rapid growth in the past few years has made it one of the companies with a rapid sales rate of over 100 billion yuan, it is difficult to say that it has enough core competitiveness on the basis.We look at the current housing enterprises seem to be the same, in fact, there are differences in the level of accumulation.If you only see the surface, is glorious property in addition to rapid growth, there are a few more to the market can shape the image: such as recruitment threshold is high, as long as 211, 985 graduates, the best employer image and hongqiao headquarters of various welfare and working environment and so on, in short in the past few years is a very “with” (*) has also been understood as decoration.In the period of rapid development of each brand housing enterprises in fact, the investment in human resources are not small, but such as Zhenro deliberately build this aspect of the brand, the scale up, but the positioning of high-end products are not good, only some representative projects of point distribution;Moreover, cooperative development and table enlargement, and marketing lack of real core competitiveness, too end of the result is empty, very empty.Many real estate partners who have done or come into contact with Zhenro should feel that this kind of exemption directly affects its expansion and accumulation. Even if many defects are covered up in the bonus period, they cannot be avoided now.And this abstinence actually costs employees time, when they could have put in the effort.In fact, the continuous personnel adjustment of Zhenro in the past two years has also affected the resumes of many employees.When Zhengrong headquarters packaging, recruitment requirements of soft text flying, but accompanied by the bitter tears in and out of the reciprocating real estate.In other property companies are relatively stable period in regional structure adjustment, but last year the enterprise capital chain tension, is glorious and there is no news, is quite stable, but if the base of the project, the fundamentals of the company management system will not be enough to sustain the size of enterprises, then the problem exposed only time before.The double killing of stocks and bonds is hardly news now. Finally, take a look at Zhenro’s current debt. The holding group has nearly $6 billion in debt, more than a quarter of which maturities in less than a year.Overseas issuer Zhenro Has more than $3.7 billion in debt, most of which also matures within a year.It would not be surprising if The short-selling agencies were targeting The good student image packaged in those days, as well as the early and relatively large issuance of US dollar debt.Of course, there is a possibility that this share price is really suitable for buying and selling, such news comes out, and then deny in the future, or solve this debt problem, DO not know whether it will be a kind of operation.More columns are welcome to leave a comment.