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Wanda financing fog

Titanium media note: This article comes from WeChat official account Phoenix WEEKLY Real Estate (ID: FHZKDC), author | Fu Linlin, editor | Cao Bei, titanium media is authorized to publish.

On the last day of the deadline, Wanda submitted its prospectus for the fourth time. The same thing was repeated several times, but Wanda still failed to go public.

Just before the announcement of the prospectus, Wanda Commercial Management suspended its application for the issuance of 6 billion-scale small public bonds.

In the first half of this year, Wanda lived between two faces: on the one hand, a string of excellent figures were presented to the regulators, waiting to be listed in the capital markets; on the other hand, the issue of the capital chain was directly put on the table, questioned by the China Securities Regulatory Commission, frozen equity, and project rights protection.

No one can give a definite answer. What happened to Wanda?

But expectations for the company have clearly reversed, from the prospect of returning to the top of the housing company to being in the quagmire, waiting for rescue.

On June 28, the official website of the Securities Supervision Commission announced the notice of the suspension of registration procedures for domestic bond issuance by Dalian Wanda Commercial Management. The planned issuance scale of the small public offering is 6 billion yuan, and the main underwriters are Guotai Junan and Kaiyuan Securities.

This is Wanda’s initiative to apply for the suspension of bond registration. In the face of the difficulties in financing real estate enterprises, the reasons behind the suspension of registration by Wanda Commercial Management have caused a lot of speculation, many of which are related to the listing of Zhuhai Wanda.

Wanda’s explanation is that Dalian Wanda Commercial Management terminated the issuance of small public bonds because the market conditions did not meet the company’s expectations and voluntarily gave up the issuance. However, the suspension of the bond registration process of the distribution company will not have a significant impact on the company’s liquidity in the short term, and it does not rule out resubmitting the bond issuance application in the future if conditions are met.

According to relevant regulations, if the China Securities Supervision Commission and the stock exchange decide to suspend the review based on the application of the issuer and the lead underwriter, after the relevant circumstances disappear, the issuer and the lead underwriter may apply to the China Securities Supervision Commission and the stock exchange to resume the review.

The bond has experienced many twists and turns since the application began.

On March 21, the website of the Securities Supervision Commission issued an inquiry letter on the application documents of the joint stock company of Dalian Wanda Commercial Management Group to disclose the bonds of the distribution company to professional investors.

Zhuhai Wanda, a subsidiary of Wanda Commercial Management Group, is currently applying for listing on the Hong Kong Stock Exchange. If the listing is not successful at the end of 2023, Wanda Commercial Management Group needs to pay about 30 billion yuan to pre-listing investors for share repurchase.

The Securities Supervision Commission requested Wanda Commercial Management Group to further post script on the listing progress of its subsidiary Zhuhai Wanda and assess the impact of the above matters on the issuer’s short-term solvency.

According to the disclosure of the application materials, in the past three years and the first phase (2020, 2021, 2022 and 2023 January-March), the net cash flow generated by the financing activities of Wanda Commercial Management Group was – 24.50 billion yuan, – 32 billion yuan, – 11.30 billion yuan and – 18.20 billion yuan.

The Securities Supervision Commission requires Wanda Commercial Management Group to post script the reasons and rationality for the continued large negative net cash flow of financing activities, and to evaluate the impact on the repayment of this bond.

According to the "Administrative Measures for the Issuance and Trading of Corporate Bonds" (Order No. 180 of the Securities Supervision Commission), Wanda Commercial Management Group is required to implement it item by item and submit a written reply and electronic documents to the Shanghai Stock Exchange within 3 months. If the reply cannot be made on time, the Securities Supervision Commission may make a decision to terminate the review according to law.

At present, Wanda Commercial Management has not replied to the above questions, but has only publicly replied to some news circulating in the market.

A real estate investment and financing person told Phoenix WEEKLY Real Estate: "If Wanda wants to reply, the principal and the law firm must confirm the signature. After this aspect is resolved, the regulators will agree or not."

Shen Meng, a director of Chanson Capital, said: "Suspension of bond issuance is usually chosen after full informal communication with relevant institutions and confirmation that it is difficult to move forward. Therefore, it cannot be ruled out that Wanda believes that the success rate of bond issuance at this time has been greatly reduced based on the current overall situation."

The suspension of bond registration and the issuance of the fourth prospectus at the same time have also raised questions about whether the two are related.

However, a Financial Institutions Group source told Phoenix WEEKLY: "The main body is different. Wanda Commercial Management needs money now, and the money after the listing should be to increase capital to Zhuhai Wanda. The impact on Wanda Commercial Management is that there is no need to deal with the redemption of shares."

In fact, the suspension of the financing of the 6 billion still has an impact on the Wanda business management in a state of tight funds. Recently, there have been rights protection in many places such as Wanda business tickets and housing delays.

Wanda is also raising money by selling stakes in project companies.

On June 26, according to the information disclosed by the National Enterprise Credit Information Publicity System, the shareholders of Wuhan Huada No. 9 Innovation Investment Partnership (Limited Partnership) under Wanda Real Estate changed.

According to the change of shareholders information, Wanda Real Estate Group Co., Ltd. and Huarong Capital Management Co., Ltd. respectively transferred 85.7206% of the shares and 0.3175% of the shares of Wuhan Huada No. 9 Innovation Investment Partnership (Limited Partnership), and the transferee was China Huarong Asset Management joint stock company.

After the equity transfer, China Huarong held 86.0381%, Wanda Real Estate Group Co., Ltd. held 13.9104%, and Huarong Capital Management Co., Ltd. held 0.0515%.

The only foreign investment company of Wuhan Huada Jiu Innovation Investment Partnership (Limited Partnership) is Wuhan Wanda East Lake Real Estate Co., Ltd., which is the project company of Wuhan Central Cultural District.

Here is Wanda’s benchmark project, Hanjie.

According to public information, the Wuhan Wanda Chuhe Han Street Project is located in the Wuhan Central Cultural Center. It is a "world-class cultural tourism project" built by Wanda with culture as the core and integrating tourism, commerce, business and residential functions. The project is the largest investment in the cultural industry of a single project in China. The investment in pure culture reaches 8 billion yuan, the total investment is about 30 billion yuan, and the total construction area is 3.40 million square meters. It officially opened on September 30, 2011.

A person familiar with the matter told Phoenix WEEKLY Real Estate: "In fact, it was in May. On the surface, it was an equity financing. In fact, Chongqing Trust expired and had no money to pay it back. I asked Huarong to do a financing. In fact, it was a real debt."

And "Phoenix WEEKLY Real Estate" found that the project companies under Wanda Real Estate Group are basically 100% shareholding, and only a few trust companies have been introduced as shareholders. It is difficult to guarantee that this method of Wuhan projects will not be replicated in the future. After all, many of Wanda’s real estate projects across the country are facing the risk of shutdown.

The above-mentioned fund person said: "The key is for the Financial Institution Group to recognize Wanda. Trusts are all raised money and cannot come out. Investors will protect their rights."

At present, the financing channel of Wanda Plaza is still smooth.

On June 13 this year, the Shanghai Stock Exchange disclosed that the project status of the first phase of the asset-backed special project plan of CICC Huatai-Wanda Plaza was updated to "Feedback". The bond variety is ABS, the proposed issuance amount is 3.501 billion yuan, the plan manager is Huatai Securities (Shanghai) Asset Management Co., Ltd., the original equity is Dalian Wanda Commercial Management Group joint stock company, and the project acceptance date is March 30, 2023.

This year, the Securities Supervision Commission has conducted two inquiries on Wanda, the first for bond issuance and the second for listing.

Listing is the biggest hurdle for Wanda this year. According to the latest version of the prospectus, in 2022, Wanda Commercial Management will achieve revenue of about 27.12 billion yuan, gross profit of about 12.984 billion yuan, profit before tax of 9.303 billion yuan, and net profit attributable to shareholders of about 7.503 billion yuan.

In terms of business scale, by the end of 2022, Wanda Commercial Management managed 472 commercial plazas with a construction area of 65.60 million square meters under management. In 2020, 2021 and 2022, the average occupancy rate of Wanda Commercial Management’s commercial plazas under management (excluding parking spaces) was 98.6%. By the end of 2022, Wanda Commercial Management had 181 reserve projects, including 163 independent third-party projects.

The data is still very bright, but the key question, Wanda still did not reply.

In June, the Securities Supervision Commission released the latest "requirements for publicity of supplementary materials for the filing of overseas issuance and listing", of which Zhuhai Wanda was the first to issue seven requirements, involving six issues.

Among them, it is required to clarify the post-listing fundraising management and red lines, as well as to refine the fundraising management and commitment not to directly or indirectly flow into real estate.

In addition, according to the prospectus, Zhuhai Wanda’s cumulative cash dividends during the reporting period (2019 to 2021 and the first half of 2022) were 13.27 billion yuan, exceeding the total net cash flow from operating activities for the same period by 11.548 billion yuan.

In addition to the huge dividend, Zhuhai Wanda’s shareholder meeting in late September last year approved the "dividend 3.478 billion yuan" proposal. After listing, the board of directors plans to recommend at least 65% of the annual distributable profit to be used for dividends at the shareholder meeting.

The Securities Supervision Commission requires Zhuhai Wanda to explain: the rationality of the cash dividend amount and future cash dividend policy during the reporting period, whether there is a significant impact on the company’s solvency and continuing operation, and the necessity and rationality of implementing this financing in the case of large cash dividends.

The two questions directly point to the relationship between real estate and business management in Wanda’s business.

One analyst said: "In Wanda’s business system, the existing funding problem is the real estate business. The rental income goes to the commercial management, and the depreciation of shopping malls and loan interest go to the real estate. This has resulted in high profit margins in the commercial management business, which is convenient for listing. Before listing, the profits were used to repay the debt of the real estate, but after listing, the money is not easy to do. The problem with the Securities Supervision Commission is that since you have so much profit to pay dividends, why are you still listed for financing?"

Other issues related to corporate governance, the relationship with the parent company, the authenticity of data, and the risk of gambling all require Wanda to resolve them one by one.

"With Wanda’s current business income, if the Zhuhai Commodity IPO cannot go ahead, Wanda’s solvency may be greatly weakened," Ms Shen said. "Zhuhai Commodity IPO has been delayed and Dalian Wanda has suspended bond issuance, which will exacerbate the tension in Wanda’s capital chain and even cause liquidity risks."

For Wanda, the top priority is to go public, but under the many problems, it is difficult to attract widespread attention by submitting a listing application four times. The outside world is only waiting for the end of the year. Before that, this giant ship is still sailing in the fog. If it wants to go public smoothly, it may first have to sail out of the fog.

Two ministries and commissions up the ante network car-hailing special project rectification, comprehensive removal of non-compliant vehicles

　　People’s Daily Online, Beijing, September 11 (Reporter Qiao Xuefeng) Recently, the illegal operation of online booking taxis (referred to as online car-hailing), private passenger car sharing (also known as hitchhiking, carpooling), and vicious criminal cases have occurred frequently, especially in Zhengzhou and Wenzhou. The murder case of Didi Hitchhiking driver has attracted widespread attention from the society, seriously endangering the safety of people’s lives and property, and affecting social stability and the healthy and orderly development of the industry.

　　The reporter learned from the Ministry of Transport that on the 10th, the General Office of the Ministry of Transport and the General Office of the Ministry of Public Security jointly issued the "Emergency Notice on Further Strengthening the Safety Management of Online Booking Taxi and Private Passenger Car Sharing" (hereinafter referred to as the "Notice"). The notice requires a comprehensive investigation of potential safety hazards and weak links in the industry. If there are potential safety hazards, relevant enterprises should be urged to take effective measures to rectify them. If there are violations of laws and regulations, they should be dealt with according to law. Conduct a comprehensive cleanup of the drivers of the existing online car-hailing and private passenger car sharing services. By December 31, 2018, the vehicles and drivers who do not meet the conditions will be fully cleared, and the compliance of the online car-hailing platform companies, vehicles and drivers will be basically realized.

　　Launch an industry safety inspection immediately

　　Local transportation authorities, public security organs and other departments should immediately organize a joint safety inspection of locally operated online car-hailing platform companies and private passenger car sharing information service platforms. Through the inspection, comprehensive investigation of industry safety hazards and weak links. Where there are potential safety hazards, relevant enterprises should be urged to take effective measures to rectify them; where there are violations of laws and regulations, they must be dealt with according to law.

　　The Ministry of Transport will organize the member units of the Inter-Ministerial Joint Conference on Coordinated Supervision of New Formats of Transportation to conduct a safety inspection of Didi and other online car-hailing platform companies. Didi and other platform companies should fully carry out self-inspection and rectification of potential safety hazards, and stop private passenger car sharing information services indefinitely before completing the rectification of potential hazards.

　　Strengthen the background verification of drivers on online ride-hailing and ride-hailing platforms

　　Local transportation authorities and public security organs shall strictly abide by the requirements of the "Notice of the General Office of the Ministry of Transport and the General Office of the Ministry of Public Security on Practically Doing a Good Job in the Background Verification and Supervision of Taxi Drivers" (Hanobanyun [2018] No. 32), and conduct background checks on drivers who engage in or apply for online car-hailing services to ensure that online car-hailing drivers meet the conditions stipulated in the "Regulations on the Administration of Taxi Drivers’ Qualifications" (Order No. 63 of 2016 of the Ministry of Transport). The private passenger car sharing information service platform shall refer to the relevant requirements of the background verification and supervision of taxi drivers, and conduct background checks on drivers who engage in or apply for private passenger car sharing services. It is necessary to conduct a comprehensive clean-up of the drivers of the existing online car-hailing and private passenger car sharing services, fully remove the vehicles and drivers that do not meet the conditions before December 31, 2018, and basically realize the compliance of the online car-hailing platform companies, vehicles and drivers.

　　Strictly urge enterprises to implement the main responsibility for safe production and stability maintenance

　　Local transportation authorities and public security organs should urge local online car-hailing platform companies and private passenger car-sharing information service platform service enterprises to implement the main responsibility of enterprise safety production management and maintaining industry stability. Relevant platform companies should strictly regulate the management of dispatching orders, and shall not send orders to drivers without background verification, and shall apply technologies such as facial recognition before dispatching orders to review the consistency of vehicles and drivers; to strengthen operational risk management and control, using big data technology to warn of risks such as route deviation and unreasonable long-term stay, and to deal with abnormal situations in a timely manner; to limit the number of orders received by Hitch to prevent illegal online car-hailing services in the name of ride-sharing; to implement a random dispatch mechanism, prohibiting drivers from selecting passengers, allowing passengers to choose drivers; to establish a complaint freezing mechanism, and shall not send orders to the complained driver if the passenger’s complaint has not been checked and handled; to strengthen passenger information protection, close the social functions of the Hitch platform, block passenger information, and prevent personal disclosure Privacy; It is necessary to standardize vehicle safety requirements, encourage qualified platform companies to paste special signs in prominent positions of online car-hailing, and the light transmittance of the windows should meet the requirements of taxis to ensure that the situation in the car is visible. The child lock should not be opened during the operation of the vehicle, which is convenient for passengers to escape in case of emergencies. It is necessary to regularly randomly check offline operating vehicles and drivers, check the consistency of registration information with the actual situation, and prevent problems such as "license modification and number change" and "impersonation".

　　Improve the complaint alarm and rapid response mechanism

　　Local transportation authorities and public security organs should take various measures to vigorously strengthen safety education and reminders for ride-hailing passengers. It is necessary to urge online ride-hailing platform companies and private passenger car sharing information service platforms to set up a safety prompt interface on the homepage of the APP launch, prompting passengers that the 110 alarm phone is the most effective way to ask for help in an unexpected emergency. When the safety of life and property is threatened, they should immediately call 110 for help. At the same time, they should set up "one-click alarm" in a prominent position of the APP, so that drivers and passengers can promptly alert the platform when there is an unexpected emergency. Relevant platform companies should provide technical interfaces, real-time push platform drivers, vehicle registration data, vehicle location, driving track, passenger information and other data to the public security organs in accordance with the law. It is necessary to set up a special 24-hour operation of safety management and emergency response team, identify and deal with the first time after receiving the warning, and immediately report to the public security organs as appropriate. Local transportation authorities shall take the initiative to accept and quickly verify and deal with all kinds of complaints from all walks of life involving online ride-hailing and ride-hailing through their own portals or by opening complaint phone numbers. Local public security organs, transportation authorities and relevant platform companies shall establish a working mechanism for rapid response and joint handling of illegal and criminal activities of online ride-hailing and ride-hailing. After receiving the alarm, the public security organs shall organize the police force to respond quickly and effectively. Transportation authorities and relevant platform companies shall make every effort to provide technical, information and other service support. The relevant platform companies and their directly responsible supervisors and other directly responsible personnel that obstruct the people’s police from performing their duties according to law and refuse to provide technical support to the public security organs shall be investigated in strict accordance with the provisions of the People’s Police Law, the Public Security Administration Punishment Law, the Cyber security Law, the Anti-Terrorism Law and the Criminal Law.

　　Strictly crack down on illegal business operations

　　Illegal operations threaten the personal safety and legitimate rights and interests of passengers, and seriously disrupt the order of market competition. Local transportation authorities and public security organs should attach great importance to it, give full play to their respective functions, carry out joint law enforcement, and strictly investigate and punish all kinds of illegal operations. Those who carry out illegal operations on online ride-hailing platforms and private passenger car sharing information service platforms should increase the penalties for platform companies and other enterprises. It is necessary to establish a "double random" spot check mechanism to effectively perform statutory supervision duties. It is necessary to promote the system of publicizing administrative law enforcement, the system of recording the whole process of law enforcement, and the system of legal review of major law enforcement decisions, so as to achieve strict, standardized, fair and civilized law enforcement. Acts that hinder the staff of the transportation department from performing their duties according to law shall be investigated and punished by the public security organs according

　　The notice also requires that from now until December 31, a special project rectification action to combat illegal taxi business will be organized nationwide. The action will be carried out in three stages:

　　① Arrange the deployment stage (from now until September 30): All local transportation departments and public security organs should arrange the deployment of special project rectification actions, clarify the importance of cracking down on illegal operation, widely publicize the harm of engaging in illegal operation activities and taking illegal operation vehicles, educate and guide the general public to consciously resist illegal operation vehicles, and publish the reporting phone number and website, and encourage the exploration of the establishment of reporting reward system. It is necessary to supervise the online car-hailing platform companies to speed up the cleaning up of non-compliant vehicles and drivers on the online car-hailing platform.

　　② Centralized rectification stage (October 1 to November 30, 2018): Local transportation authorities and public security organs should establish a joint law enforcement mechanism, organize joint law enforcement, and implement rectification by combining fixed-point inspections and mobile inspections. Strictly investigate and punish acts such as engaging in taxi business activities without obtaining a business license, inconsistent online and offline vehicles and drivers, and illegal operations in the name of private passenger car sharing. It is necessary to increase online supervision of online car-hailing, regularly inspect online car-hailing platform companies, strengthen the investigation and judgment of non-compliant vehicles and drivers on the platform, and highlight key points to improve law enforcement efficiency. It is necessary to strengthen the supervision of key time periods, key areas, and key enterprises, and strengthen law enforcement inspections during key time periods such as morning and evening passenger traffic peaks, bad weather, and important holidays, as well as key areas such as city hubs, business districts, and tourist attractions. Measures such as night law enforcement, staggered law enforcement, and fixed-point law enforcement are used to strictly investigate illegal operations. All provincial-level transportation departments and public security organs are encouraged to strengthen organization and coordination, and guide cities to carry out joint rectification to form a deterrent effect.

　　③ Summarize and consolidate the stage (December 1 to December 31, 2018): All local transportation authorities and public security organs should summarize and promote the work experience and results obtained, explore long-term measures to standardize the order of the taxi market, and gradually establish a long-term working mechanism for unified government leadership, joint law enforcement by transportation and public security departments, and active participation of the general public in combating illegal operations. It is necessary to continue to strengthen daily supervision and law enforcement, consolidate the results of special project rectification actions, and prevent illegal operation activities from rebounding.

　　The provincial transportation authorities shall, together with the public security organs at the same level, report the implementation and results of the special project rectification actions within their jurisdiction to the Ministry of Transport (Transportation Services Department) before January 15, 2019, and copy them to the Ministry of Public Security (Transportation Administration). During the special project rectification actions, the Ministry of Transport and the Ministry of Public Security will supervise the implementation of special project rectification actions in various regions.

The three-dimensional parking garage of the Third Hospital of Beijing Medical University opened the queuing parking building for medical vehicles, but it was ＂empty＂

Qianlong-France Evening Joint Report (Reporter Gong Zhu) In order to alleviate the traffic congestion and parking difficulties around the hospital, last year, the Third Hospital of Peking University started to build a "mechanical three-dimensional parking garage", increasing the original 30 parking spaces to nearly 300. It is understood that the "parking building" was officially put into use in June.

Has the chronic disease of "full of cars" been cured?

At 2 o’clock in the afternoon of June 11th, the reporter came to the Third Hospital of Beijing Medical University, which is located in Huayuan North Road, and saw that the citizens who came to see the doctor had already driven to the third traffic light on the road outside the hospital. One of the drivers told the reporter that it took nearly two hours to get to the hospital gate.

However, the mechanical three-dimensional parking garage officially put into use recently is in a "semi-paralyzed" state, and the building is "empty".

The parking administrator told the reporter that the new parking building has restrictions on the size of vehicles, and vehicles exceeding this size still need to park in the ground parking lot. In addition, because the ground parking lot and the three-dimensional parking building "share" an entrance, so "the big car is blocked in front, and when the ground parking lot is vacant, the small car should also be blocked in the back." The administrator said.

phenomenon

Vehicles waiting in line for medical treatment are "empty"

It is understood that in the past, there were only ground parking lots in the Third Hospital of Beijing Medical University, and the number of parking spaces was small. Parking in the hospital had to wait in line at the door for a long time, which led to the consistent congestion at the surrounding intersections.

In order to improve the parking difficulty in hospitals, the foundation stone laying ceremony of mechanical three-dimensional parking garage was opened in the Third Hospital of Beijing Medical University on May 29th last year. It is understood that the three-dimensional parking garage is located between the hospital beauty center building and the outpatient building, covering an area of 576 square meters. The parking building has a total of 12 floors and 24 meters high, with a total of 281 parking spaces, using vertical lifting double-column tower garage technology.

At 2 o’clock in the afternoon of June 11th, the reporter came to the Third Hospital of Peking University, which is located in Huayuan North Road, and saw that the vehicles driven by the citizens who came to see the doctor were lined up for nearly 1 kilometer, and they were discharged from the hospital gate to Longxiang Road (outside the third traffic light of the hospital). One of the drivers in the front told the reporter that he had been in line for nearly two hours and still had no vacancy.

The reporter saw at the scene that the ground parking lot was "hard to find", but in the mechanical three-dimensional parking garage that was officially put into use recently, it was "empty" and almost no vehicles were parked.

In this regard, a parking administrator told reporters that the new parking building has a small capacity specification, which limits the size of vehicles. Vehicles exceeding this size, such as medium and large vehicles, still need to park in the ground parking lot, and even vehicles within the size specification often encounter situations where they can’t park, so most parking spaces are empty.

Find business opportunities at the entrance of 39 yuan parking service Hospital　　　

Parking difficulty has become a major social problem, but from another perspective, helping users solve parking difficulties has also become a business opportunity.

At the intersection outside the Third Hospital of Beijing Medical University, the reporter saw a man wearing a blue vest patrolling back and forth. He came forward and asked that he was the driver of "e-driver" and usually helped park around here during the day.

The man told reporters that his main purpose is to "help drivers who are in a hurry to stop and queue up for them". He has parked three cars today. If the time does not exceed 1 hour, the fee for one trip to parking service is 39 yuan.

In addition, some netizens in Weibo broke the news that there were arbitrary charges in the nearby parking lot. The reporter visited a roadside parking lot opposite the Third Hospital of Beijing Medical University and found that there was no "arbitrary charges". The parking administrator told the reporter that the parking fee is 10 yuan/hour, and there is no charge within 15 minutes.

Explore the cause

The specifications are limited, and the garage can only enter the "car"　

The reporter saw at the scene that the new three-dimensional parking garage in the hospital is located between the beauty center building and the outpatient building of the hospital. There are six garage entrances, and each entrance is guarded by a parking administrator, and the driver is instructed to park the berth smoothly.

"Most parking spaces in the parking building are empty." A parking manager told reporters that the parking garage is currently "paraplegic". He explained that "the new parking building has restrictions on the size of vehicles, so the big car can’t get in and the small car can’t stop. However, because the ground parking lot and the three-dimensional parking garage in the courtyard have to enter from this entrance, the big car is blocked in front, and the small car will be blocked in the back when the ground parking lot is empty."

The reporter noticed that there are obvious vehicle size signs at the entrance of the parking garage. Among them, the bus size is less than or equal to 5.1 meters in length, less than or equal to 1.85 meters in width, less than or equal to 1.55 meters in height and less than or equal to 2.2 tons in weight.

However, the reality is that for comfort, people are more willing to buy SUVs or medium-sized and large cars now. Moreover, at the hospital site, the reporter also noticed that the citizens who came to see a doctor mainly drove such vehicles, and small cars accounted for a minority. Moreover, in the common models, most of the vehicle sizes are beyond the capacity specifications of the three-dimensional garage, which is easy to be "stuck". Therefore, car owners can only wait for the original few ground parking spaces.

In addition, the reporter learned at the scene that even the models that meet the specifications are basically in line with the "garage door". It is difficult for drivers to drive the car in one step, and some novices even need to get off the car repeatedly to check the distance.

"I have reversed the car several times. If I am a novice, I guess I can’t stop!" A car owner who just parked his car said that he spent nearly an hour in line today.

Coach Zhang of Jingshun Driving School also said that even the old drivers have to rub a few steering wheels to get in, which is very difficult for novices. Coach Zhang also said, "Generally, the open space in front of the garage entrance should be 1.5 to 2 times the length of the car, and the width of the garage should be 60cm wider than the car body (excluding the rearview mirror). Obviously, the width of the garage and the distance before the entrance are not enough, so it is very difficult to stop."

The reporter called the Third Hospital of Beijing Medical University about the car capacity design of the parking building. As of press time, we have not received any relevant reply.

One-week box office：＂Mysterious Superstar＂ lost to ＂Don’t Ask West East＂, and domestic literary films came in spring.

Last week was the third week of 2018 (1.15-1.21), and the market closed at 1.021 billion, a slight decrease compared with 1.106 billion last week. The weekly box office also dropped from 1.758 billion last week to about 1 billion today. "Previous 3" still has a trace of residual temperature, accounting for 11.3% of the total box office, ranking fourth in the week; "Mysterious Superstar" won the box office championship on Friday with 44 million yuan on the first day, accounting for 170 million box office, accounting for 17.0% of the comprehensive box office; With the word-of-mouth counter-attack, Wu Wen Xi Dong has not been affected at all under the strong siege of new films such as Miracle Boy, Adventure of Bull, Hero’s True Color 2018 and Mystery Nest. The comprehensive box office accounted for 29.1%, and the daily attendance rate was as high as 35.2%. Last Friday and Saturday, eight films at the same time broke 10 million at the box office, which is very rare;

Hollywood’s "Olympic Games", "Miracle Boy" and the cartoon "The Adventure of Bull" both got a high score of 9.3. The Adventure of the Bull only earned 9.1166 million box office on the first day of its release. On the second day of its release, the Adventure of the Bull rose to the third place in the Japanese box office by word of mouth, beating the new films released at the same time, such as Miracle Boy, Mystery Nest and Hero 2018. Natalie portman’s new work "The First Lady", which received great acclaim abroad, only got 654,000 box office on the first day.

Last Friday, amirkhan’s new work "Mysterious Superstar" was released, which won the box office for three days in a row, with a reputation as high as 9.5 points, and the first day’s 44 million yuan was far more than "Wrestling!" Dad scored 14.7 million on the first day when it was released, which is close to half of the box office in India. At present, the box office is still making efforts. From the perspective of word-of-mouth and box office trend, the film is predicted to have a box office of 620 million in the cat’s eye, and it is almost difficult to copy Wrestling! The box office miracle of Dad.

With the mysterious superstar, it is the domestic film "No Ask West East". Under the attack of the new film, "No Ask West East" still maintains its attendance for 10 consecutive days. At present, the film’s box office in the cat’s eye is predicted to be 687 million. Looking at Fanghua, which won a high box office in the early stage, the spring of domestic literary films has officially arrived.

The Hollywood blockbuster Game of the Brave: The Battle of the Jungle, which was released on the same day as No Questions, still maintained a daily score of 10 million. These two films also got the same score of 8.6 in the cat’s eye, while the latter’s popularity gradually faded; Star Wars: The Last Jedi took in 264 million yuan, and the weekly box office was only 11.74 million yuan. I’m afraid it’s far away to break 300 million yuan. In the latest week, Star Wars 8 may quit the China movie "stage".

The phenomenal movie "Ex-3: Goodbye to Ex-3" has remained a little warm for 24 days. Last weekend, it recorded an average of more than 10 million yuan every day, and the attendance rate was as high as 20.0%, surpassing the newly released "Miracle Boy", "Mystery Nest" and "Heroes 2018".

Reporting/feedback

Everyone is searching.

Don’t ask West East Box Office Don’t ask West East Box Office How many mysterious superstars will end up at the box office?

issue

Cross the sea to pick up shells 81ca64

On the 12th, I watched the movie "Ask Nothing", and I’m going to see it for the second time!

2018-01-22

Guangdong

report

answer

Lvo55

Me too. Watching it for the second time will have a different and deeper feeling.

2018-01-22

report

answer

three

Xiong chenyan

"Don’t Ask West East" is really an excellent domestic film, which is very shocking and moving!

2018-01-22

Tianjin

report

answer

fifty-two

Me too. Watching it for the second time will have a different and deeper feeling.

@ crossing the sea to pick up shells 81ca64

：

On the 12th, I watched the movie "Ask Nothing", and I’m going to see it for the second time!

2018-01-22

report

answer

Chun guang he Xu Fang Cao Yu Hua cb

A wonderful film, worth seeing!

2018-01-22

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nine

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2018-01-22

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New Year’s Eve： a reunion dinner, a reunion year.

　　When it comes to New Year’s Eve, what comes to mind? Have a delicious jiaozi, eat the warmth of the New Year’s Eve, or stick Spring Festival couplets and window grilles?

　　"In the sound of firecrackers, the old year is over, and the wintersweet smiles in the spring." In fact, its connotation is far from being as simple as a New Year’s Eve dinner. In the folk, "Chinese New Year" is a time period. From the early years and even the Laba Festival, people prepare new year’s goods, clean houses … and are busy welcoming the New Year. New Year’s Eve is the first "highlight".

　　Data Map: On the Lunar New Year’s Eve, the entrance of ditan park in Beijing was decorated with large door gods and red lanterns. China News Service reporter Hou Yushe

　　The Legend and Origin of New Year’s Eve

　　New Year’s Eve is also called New Year’s Eve, New Year’s Eve, Big Dark Day and so on. In most cases, there are thirty days in December of the lunar calendar, so it is also called New Year’s Eve and New Year’s Eve. When there is a small moon in December, the New Year’s Eve will become the 29th, and some areas will be renamed Erjiu.

　　Many people have done textual research on the meaning of the name New Year’s Eve. Literally, the original meaning of the word "except" is "go", which is extended to "easy", that is, alternating; The original meaning of the word "evening" is "sunset" and extended to "night", which vividly illustrates the alternation of the old year and the new year.

　　It is said that there was a monster named "Xi" in ancient China, which was particularly fierce and often hurt human beings. Until one day, a child named Nian told everyone the way to get rid of the evening beast: it was afraid of red, fire and explosion.

　　According to the method taught by the children, everyone really drove away the evening beast. To celebrate, people put on new clothes and hats one after another and went to their relatives and friends’ homes to congratulate them. The day when Xi was driven away in 2008 was called "New Year’s Eve".

　　However, according to "Lu Chunqiu Ji Dong Ji", the ancients used drums to drive out "the ghost of plague" on the day before the New Year. This is another way of saying the origin of "New Year’s Eve".

　　Data Map: The picture shows people choosing Spring Festival couplets. Photo by Lu Ming

　　Stick grilles, Spring Festival couplets … The taste of the year is also in it.

　　In the early morning of New Year’s Eve, many families will get up early and put up Spring Festival couplets at the gate. Spring Festival couplets are also called spring stickers, peach symbols, etc. The characters are neat and dual, and they simply express their expectations for the New Year.

　　It is said that the custom of posting Spring Festival couplets in the New Year originated in the Song Dynasty and became popular in the Ming Dynasty. In the Qing Dynasty, Spring Festival couplets became both exquisite and artistic. Liang Zhangju’s monograph "Poems on Spring Festival couplets" discussed the origin of couplets and the characteristics of various works.

　　There are many kinds of Spring Festival couplets, which can be divided into frame pairs, spring strips and bucket squares according to the places of use. The "frame pair" is attached to the left and right door frames, and the "spring strips" are attached to corresponding places according to different contents, and so on.

　　In the folk, people also like to stick various paper-cuts on the windows, that is, window grilles. At the same time, the word "Fu" is pasted on the door, wall and lintel. Sometimes, the word "blessing" will be pasted upside down, indicating that "the blessing has fallen (arrived)"

　　In addition, the word "Fu" can also be finely carved into various patterns, such as longevity, longevity peach, carp jumping over the dragon gate, abundant grains, dragons and phoenixes, and so on.

　　A New Year’s Eve dinner, a reunion year.

　　New Year’s Eve is extremely important for China people. In addition to welcoming the old and welcoming the new, it is one of the customs at this time to have a reunion dinner and keep the old.

　　Liang Shiqiu also said in the article that the Chinese New Year needs to be in his hometown to have a taste. "It’s bleak to travel, and there is only a sigh in the next year. How can there be a little joy?"

　　Data Map: jiaozi. Photo by Wang Yuyang

　　In the past, some dishes for New Year’s Eve were prepared a few days before the Chinese New Year. In the north, jiaozi on the first day of New Year’s Eve is also wrapped up at 30 nights, and the sounds of chopping vegetables and meat are woven together with laughter to form a cheerful movement on New Year’s Eve.

　　On New Year’s Eve, a table was filled with rich New Year’s dishes, and the whole family sat together to have a reunion dinner, enjoying both delicious food and a happy atmosphere for the New Year.

　　Generally speaking, there will be hot pot on the dining table, which symbolizes the prosperous days; In some places, you must eat fish. "Fish" and "Yu" are homophonic, symbolizing that "Jiqing has more than enough", and also pinning the good wish of "having more than every year".

　　There are these taboos in the old days, and I look forward to a smooth new year.

　　In order to express the meaning of getting rid of the old and welcoming the new, there were many taboos on New Year’s Eve in the past. For example, don’t say unlucky words such as ghost, death and murder, don’t break dishes, don’t speak ill words, and don’t spill sewage.

　　Data Map: Citizens in Huludao, Liaoning Province enjoy a sumptuous New Year’s Eve dinner with their families at home. China News Agency issued by Haiyang Photo

　　Especially at the New Year’s Eve, if some tea fruits are finished, you should say "I’m happy" or "too much" instead of saying "no" … These auspicious words are the "homework" that people must do, and adults should teach their children to say them, otherwise the New Year will not be smooth.

　　Before the New Year’s Eve dinner, many families will prepare offerings to worship their ancestors. After Zuling is invited, no one can occupy the seats on both sides of the altar; Of course, we must not make noise or swear, otherwise we will disrespect our ancestors.

　　Nowadays, with the passage of time, many taboos on New Year’s Eve have been broken, and the old customs are developing in a more scientific and healthy direction. But the only thing that remains unchanged is people’s attachment to their families: it is also the most rare happiness for the whole family to spend the whole year together. (Reporter Shangguan Yun)

Promote the further expansion of automobile consumption

Analects of Finance and Economics

Author: Wang Qing (Deputy Director and Researcher, Institute of Market Economy, the State Council Development Research Center)

Automobile is a large-scale and relatively high commodity in China’s consumption market, and it is also an important field for the continuous upgrading of residents’ consumption structure. To effectively expand and better release automobile consumption, we should grasp the new changes, trends and requirements in the automobile market, and speed up filling shortcomings, unblocking points and optimizing the environment.

At present, China’s automobile consumption has obviously accelerated, and there are many bright spots in market growth, which is the "highlight" of national and local consumption promotion. Driven by a number of policies, the automobile market has obviously warmed up. From January to October this year, a total of 23.97 million vehicles were sold, up 9% year-on-year, and the growth rate increased by 4.5 percentage points over the same period; The total retail sales of automobile products was 3.9 trillion yuan, accounting for 11.3% of the total retail sales.

At the same time, the upgrading trend of automobile consumption structure is obvious. Statistics show that the proportion of sales of models below 100,000 yuan continues to decrease, and the proportion of middle and high-priced models above 100,000 yuan continues to rise, especially luxury brand models above 300,000 yuan continue to sell well, with a year-on-year growth rate of over 30%. The consumption heat of new energy vehicles continues to climb. From January to October, a total of 7.28 million new energy vehicles were sold, up 37.8% year-on-year, accounting for more than 60% of the global sales in the same period. In October, the sales volume approached the million-vehicle mark, and China became the world’s largest new energy vehicle consumption market for eight consecutive years. Automobile exports continue to maintain a high growth trend. In the first 10 months of this year, China exported a total of 3.92 million vehicles, up 60% year-on-year, including about 1 million new energy vehicles, which doubled last year and is expected to become the world’s largest automobile exporter this year.

From the general law of automobile consumption in developed countries, there is generally an "S"-shaped change between the car ownership per thousand people and the per capita GDP, and there are three stages: introduction period, popularization period and maturity period. In the popularization period, it will experience two stages of high-speed and medium-speed growth, and the dividing point is about 100 cars per thousand people. After crossing the 100-vehicle mark in 2014, China’s automobile ownership has gradually turned to medium-speed growth, and has exceeded 200 vehicles in 2021. After turning to the medium-speed growth stage, the market increasingly presents two prominent characteristics: first, the potential growth rate of automobile demand, that is, the growth rate that potential demand can actually support, gradually falls back; Second, the main driving force to promote the growth of automobile consumption has shifted from the demand for first-time car purchase to the demand for upgrading. It is estimated that by 2030, China’s automobile market will still maintain a growth rate of about 3%, and in the past two or three years, it will be roughly at the level of 4%~5%, and automobile consumption still has great growth potential.

From the structural point of view, the structural change of automobile demand has begun to strengthen the supporting role of sales. The first is the replacement and update demand brought by consumption upgrading. At present, nearly 100 million private cars in China have reached or exceeded 6 years old, and they have entered a large-scale renewal cycle. Updating 1% every year can drive considerable sales. In 2022, about 60% of China’s automobile sales will be purchased or replaced. The second is the demand for new energy vehicles led by technological progress. The market share of new energy vehicles is 20% to 50%, which is the fastest growing stage. It is predicted that by 2025, the market share of new energy vehicles in China will reach 50% and the annual sales scale will reach 15 million. Third, the demand for cascade expansion supported by the rural market. From 2018 to 2022, the average number of family cars per 100 households in rural areas increased from 22.3 to 32.4, with an average annual growth rate of 12%, twice the growth rate of towns in the same period, and it is in the fastest stage of increasing the number of cars per 1,000 people. The fourth is the related consumption demand of automobile aftermarket expansion. The personalized and fashionable consumption of young consumers is rising day by day, and the demand for car modification and beauty is very strong, with great growth potential.

To effectively expand and better release automobile consumption, we must conform to the new characteristics and general trends of automobile consumption and market, speed up the filling of consumption shortcomings, unblock policy blockages, and optimize the market environment.

Actively promote the upgrading of old models. Combined with local policy experience, promote the adjustment and upgrading of automobile stock and stimulate incremental consumption. Appropriately increase the replacement subsidy and increase the reward for upgrading fuel vehicles to new energy vehicles. Promote the abolition of unreasonable restrictions on second-hand car transactions, further facilitate second-hand car transactions in different places, and promote the standardized and large-scale development of the second-hand car industry.

Continue to expand the consumption of new energy vehicles. Accelerate the planning and construction of charging facilities, and accelerate the charging facilities to enter communities, highways, scenic spots and public parking lots (parking spaces), effectively alleviating mileage anxiety and charging anxiety. Accelerate the research and development of related technologies and further reduce the cost of car purchase and car use.

Accelerate the activation of rural automobile consumption market. Improve rural roads, gas stations, charging stations and other infrastructure conditions, guide the sinking of automobile distribution and service networks, and realize the synergy of automobiles and services to the countryside. Promote the precise management of pickup trucks, and clarify regulations such as annual inspection, scrapping and high-speed charging.

Orderly release the market consumption demand after the automobile. Promote the standardized, transparent and efficient development of automobile parts circulation, promote the upgrading of automobile maintenance services, and accelerate the construction of new energy vehicle maintenance technical standard system. Build a multi-level automobile race pattern, orderly release consumer demand such as automobile beauty, and activate the aftermarket consumption potential of automobiles.

Focus on optimizing the automobile consumption policy and environment. Optimize the tax rate of automobile purchase tax and consumption tax, and effectively promote automobile echelon consumption. Strengthen the construction of urban smart transportation and create a good car environment. Strengthen comprehensive financial support for automobile consumption services.

Guangming Daily (15th edition, November 23rd, 2023)

Source: Guangming Net-Guangming Daily