With large real estate of the annual report from the listed company in succession, real estate enterprise financing area the reality of serious highlighted again. High leverage, huge rent house shanghai inventory of differentiation, serious levels of performance, coupled with the macro economy overall callback make real estate enterprises are faced with capital and sales pressure.
Although quarter credit policy there is an obvious loose trend, but at the central SanLingWuShen emphasis on real estate regulation not be moved background, want to get out of the difficult situation, receivables, real estate enterprise seems to be the only "depreciate sales promotion" one path.
Inventory huge room enterprises operation still in trouble
According to recent published in the annual report 2011 enterprises listed room, although large enterprises in the control room of the benchmarking still the most severe in a year can achieve high operating income, but performance of differentiation trend has obviously. Part of the room of enterprises sales annulus comparing appeared declines, at the same time, more and more inventory pressure also be room for the future development of the enterprises great hidden dangers.
From the center of the study of centaline property data show that by the end of the end of march, has reported annual 48 A shares listed room 2011 business enterprises realize income amounted to RMB 223.395 billion, up 26.4%; Operating costs 128.634 billion yuan, up by 22.2%; Share A room overall business enterprise profit margins to improve.
But at the same time, each room here to digest the large inventory cycle extended. Statistics show that, 48 A shares listed enterprises room at the end of 2011 total inventory as high as 590.674 billion yuan, A year-on-year increase of 45.8%, with the development of the last year and sales schedule, 48 room at present the digestion of the cycle inventory enterprises of 4.6 years. And at the end of 2010, the room of the whole enterprise stock digestive period is 3.84 years. This means that, by the end of 2011 share A room of inventory turnover days up enterprises for extended the nine more months.
"Although in March, the volume of parts of the city began to recover, but compared with 2011 still in average, continue to thaw is unlikely." The real estate research ZhangDaWei director, said the housing boom period accumulation of stock at present is still under pressure in the heart of the most high devote a boulder.
Debt financing funds don't reduce the pressure increase
Huge inventory of pressure means that the money collecting the slow speed, the extreme rely on money fast operation of the real estate industry is undoubtedly the chains of huge for. Since the first quarter, including China's overseas, countless visitors, investment real estate (000024), YaJu joy, and $JingTai rich, huayuan real estate (600743) and A number of listed company announced himself in A shares and H share financing plan.
At the same time, this year from the trust issue situation, the first two months in real estate trusts blowout. According to data that shows its trust, currently in the sale of real estate trust product set are still in 98. 1 to 2 years period trust products in the field of real estate to trust products expected returns on the highest still. Analysts believe that the room that a number of short term capital shortage is very high.
House property market research department's chain FengLian league think, quarter a number of large room intensive enterprises financing, manifests the room enterprises in 2012 for the need for the funds still have large scale. At the same time, it shows that the 2011 housing enterprises of money collecting and expect to have a certain gap between, and in this year of the great situation to continue regulation, room for this year's high unavoidable also money collecting has raised concerns about the situation.
However, in the room have start new financing plan enterprises, everywhere "change" at the same time, more and more high leverage also become room capital chain enterprises face the new pressure. Due to real estate trusts, gradually the bank credit, have all become room enterprises must confront and resolve problems of funds.
According to the real estate market research statistics chain home in 2011, vanke, investment promotion, first open, shimao four benchmarking room expensive total liabilities, over the rising at 41.8%, 43.2%, 53.5% and 27.4%. Have carried high debt room enterprises, and then the scale of the financing, the future of the debt burden is to further increase the risk.
Promotion upgrade for price change quantity jiancheng trend
In fact, triggered by stock collection pressure is only affect room capital condition one of the factors of the enterprises. In addition, macro economic growth at the fall and the credit tightening, room enterprises capital source to the constant change of the structure of real estate investment back, continue to influence or reflect room enterprises "money tight" situation.
According to the 2012 1 to 2 months of the national real estate development and sales data, real estate development enterprise funds this year 1.4151 trillion yuan, up 16.2%, than 2011 annual growth rate increased by 2.1%. In real estate development enterprise in the capital source, self-raised funds is 599.5 billion yuan RMB, a 43.3% growth year, during the year funding sources to account for 42.3%, better than the 1.4% increase.
Shanghai enjoysmart real estate, vice President of the institute YangGongXu to predict, 2012 quarter, self-raised funds will continue to keep higher growth, in real estate development enterprise this year the proportion of funds will be further improved.
"Comprehensive many index trends, expect 2012 quarter real estate development enterprise funds could be close to or below the condition in 2008 whole year the level in the external financing environment. To improve the situation, real estate enterprise through the depreciate sales promotion of receivables, still is to alleviate the pressure of the main path funds." YangGongXu said.
The reality of the market in verifying the analysts forecast. Quarter began, a number of large enterprises have increased room depreciate sales promotion efforts. From 1 month, poly real estate (600048) to the 40 cities of nearly 100 project on a large scale depreciate sales promotion; To start mid February, evergrande real estate in guangdong province eight programs introduced a "1 billion participants discount activity; Investment real estate on the 14 cities in 22 project also introduced a different degree of discount activity. In addition, China vanke, richly, China resources and other large room enterprises in the quarter also launched his own discount promotion plan.
ZhangDaWei said, the promotion of enterprise benchmarking room upgrade undoubtedly have strong demonstration significance, want to get rid of the shanghai villa huge financial pressure as soon as possible, in order to price change volume has is inevitable trend.
Post je objavljen 05.04.2012. u 11:26 sati.