Guangzhou then signed changsha 18 billion culture and tourism project oct “joy” strategic curve

On February 10, the 2022 “Cross-strait” investment environment promotion and major investment projects centralized signing ceremony was held in Changsha Wangcheng District, a total of 18 major projects signed and settled in Wangcheng.Among them, the investment amount of overseas Chinese Town Group series cooperation projects is the heaviest.Viewpoint new media learned that the total investment of this series of cooperation projects is up to 18 billion yuan, signed by happy Valley Culture and Tourism Development Co., LTD., Shenzhen Oct Hotel Development Co., LTD.It is reported that OCT Happy Valley Group will develop oct Happy Coast PLUS project, OCT large-scale cultural tourism complex, Mica Mountain high-end theme resort hotel, Konka Semiconductor and the new generation of information technology industrial park in the “one River and two Banks” area of Wangcheng respectively.Coincidentally, at the 2021 Guangzhou Cultural Industry Trade Fair in early December last year, oct also officially signed a contract to settle down in baiyun District, a project investment of 12 billion yuan.The project is located in Jianggao Town, Baiyun District. It is planned to create four functional blocks, namely automobile Happy Valley (super car theme park), track supporting area, automobile carnival area and industrial city development area, supplemented by tourism real estate, business office, catering and accommodation, shopping and leisure, to build a new cultural and tourism comprehensive project.In terms of location, Guangzhou and Changsha, as the old first-tier cities and the new first-tier cities respectively, have a relatively good level of economic development. Excluding the impact of the epidemic, residents have a higher willingness and ability to consume.In addition, policy support is also an important driving force.Before that, OCT had no cultural tour program in Guangzhou and only Window of the World program in Changsha.The landing of the two new projects means that the territory of OCT culture and tourism will be further expanded.Cultural tourism strategy from the initial static tour of the window of the World and other projects, to the creation of happy Valley and other theme parks into new formats, and now to the happy coast in many cities, overseas Chinese Town cultural tourism project has been updated to the fourth generation.According to the disclosed construction content, the above-mentioned projects in Guangzhou and Changsha of OCT belong to the third and fourth generation products.Oct has 27 scenic spots, 26 hotels, 1 travel agency, 6 open tourist areas and 1 entertainment station, according to the company’s teleconference on Jan. 13.In terms of projects under construction, five theme parks including Xi ‘an Happy Valley Land Park, Xiangyang Fantasy Valley and Yueqing Happy Land and Water Park are being promoted.Six open tourism zones in Nanjing, Zhongshan, Zhanjiang, Chuzhou and Chaohu are in progress.Oct said that the theme park will continue to build the theme park product system with Happy Valley as the core, and continue to layout happy Valley chain theme parks in first-tier and second-tier cities.In terms of tourism complex, we will continue to consolidate the development achievements of urban cultural and tourism complex, summarize experience of happy Coast, Happy harbor and Happy Coast PLUS series products, and explore and copy happy Coast series products in first-tier and second-tier cities.It is worth noting that since the beginning of this year, The State Council has issued the 14th Five-Year Plan for the development of tourism, which calls for making full use of digital, networked and intelligent technological innovations to upgrade traditional tourism formats, innovate products and services, and transform tourism from resource-driven to innovation-driven.Oct also mentioned that the meta-universe is an important direction of future digital transformation, and is actively considering the layout of the meta-universe, and carrying out the introduction and research and development of related technologies.Its scenic spots will also strengthen the application of technology in the future to bring better experience for tourists.The emphasis on the development of cultural and tourism industry is directly reflected in the business performance. Oct shows a trend of accelerating the growth of revenue from cultural and tourism business, while the proportion of revenue from real estate business is gradually decreasing.According to the 2021 report, the comprehensive tourism business income of OCT reached 18.922 billion yuan, up 89.93% year on year, accounting for 82.22% of the total revenue, while the real estate business income decreased by nearly 23 percentage points to 17.53%.In the first half of 2020, the company’s tourism revenue accounted for 58.19% of the total revenue, compared with 32.43% in the same period of 2019.According to oct, about 80 percent of the new land bank in 2021 will be located in first-tier and second-tier cities.Behind the expansion of soil storage, oct bears no small financial pressure.According to incomplete statistics, oct has listed at least 9 equity and bond transfer projects since last September, with an announced amount of more than 3 billion yuan.In 2019 and 2020, OCT sold or transferred the equity of more than 30 subsidiaries, bringing in more than 16.8 billion yuan.Industry insiders said the transfer of the project company is to “trade in old for new”, selling some of the less profitable assets, so as to free up funds to buy other high-quality projects.Oct has also responded that this practice is conducive to the company to further focus on the main business, ensure that the enterprise has more energy and resources to focus on the development and construction of cultural and tourism products, and constantly improve the core competitiveness of cultural and tourism.On the other hand, overseas Chinese Town net profit level also showed a large decline, the company is expected to 2021 operating revenue will have more than double digit increase, but is expected to profit 3.188 billion yuan – 4.232 billion yuan, down 67.42%-74.86% than the same period last year;Excluding non-recurring gains and losses, net profit was 2.006 billion yuan to 2.95 billion yuan, down 69.55%-79.29% compared with the same period last year.According to the announcement, the main reason for the decline in net profit is the continuous impact of the repeated epidemic. The net profit of some scenic spots with good profit contribution in the past is expected to significantly decrease or even lose money, and the profit level of the cultural and tourism sector is still difficult to recover to the pre-epidemic level.In addition, real estate control policies and the completion of high gross margin projects in Shenzhen last year and other reasons, resulting in the company’s gross margin decline.One of the most sensitive investors is probably the insurance company.Oct announced on Feb 7 that Foresea Life Insurance had reduced its stake in the company by 47.7439 million shares, accounting for 0.58% of the total share capital.According to oct’s pre-disclosure announcement last October, Foresea Life plans to reduce its total stake in OCT by 164m shares, or no more than 2 per cent of oct’s total share capital.

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