Bank risk and developers high debt.In this round of regulation, to limit the loan, the shanghai property rent primarily policy, tightly hold developers "QianGen", this also let room of capital chain enterprises constantly in the test.
According to media reports, by April 15,, the shenzhen two city 33 home real estate development enterprise issued the first quarter results forecast, including 13 home room appear XuKui, 4 net enterprises home room gets enterprises, reduce, 6 companies room first qi deficient, occupying 70% of the total amount, the increase of the room only 6 enterprises home. In recent three years on average room enterprises listed ratio of 65.8%, 70.2% and 72.1% respectively, last year reached a record industry ratio of 72.1%.
To ensure sufficient funds, since this year room enterprises through various channels to speed up the pace of financing. According to the real estate statistics, by the end of April, vanke, such as the sea, hua tap room has determined or junk-rated finish high compared to the same period last year by about six into.
National bureau of quarter economic data shows, the real estate investment growth in the first quarter is eased back, this explains from flank at present the developers of funds, continue to the will of the investment is reduced. In addition, sales r not ideal, plus the part of the Banks began to control the development of real estate lending, forcing developers to's finances.
The other according to media reports, mid April, construction bank has the nation to 38 branches issued 2012 real estate industry credit adjustment of document, regulation "branch offices shall not extend loans to small businesses in real estate development, and the development of public credit loan scale more than 15% of the level of each branch, P- city branch is located, shall be strictly controlled new loans, reduce the concentration on". The construction bank of the policy for small and medium-sized developers certainly is a bad news, this means that the developers want to get loans from Banks increasingly difficult.
But it is worth noting that, in the stimulus to just drive, the developers even launched including "ten percent down" to the way down ratio for promotions, Beijing alone has more than ten quarter building launched "down staging" reduce the purchase threshold marketing method.
"In essence, or whether it was falling down in this reduce the purchase price threshold manner directly, the purpose is the one, is to raise volume, but for a way before, actually we do not advocate." Shanghai university of finance and economics institute of real estate, standing deputy director YaoLingZhen said. She says, the latter by national policy limitation, which is based on the bank of the current financial risk prevention, because nothing down or down ten percent compared with normal down its move capital leverage effect is different, and this is the cause ChaoFang hot a factor. And now the housing downturn, development business through the mat endowment or other means, playing outside, essentially bank financial will brings negative effect. "If home prices fall, the bank will later for a lot of risks, and so this kind of promotion actually have the suspicion of illegal, not should be encouraged."
Room enterprises internal adjustment speed
On the other hand, in the housing market regulation under high pressure, the real estate industry began to make changes, from previous frenzy began to return to reason.
In early April this year, hangzhou Venus real estate development Co., LTD. For capital chain formal apply to the court for bankruptcy, which is believed to be the first case in the room domestic enterprises. April 12,, guangdong foshan shunde area a real estate company GuangDe industry, said the company intends to apply to the court for bankruptcy reconciliation. With April, the other a real estate enterprise hangzhou hangzhou jinxiu company also filed for bankruptcy heaven and earth.
In fact, this regulation start, since a lot of room for sales enterprises not free, capital to rupture and equity transfer or the merged, hangzhou Venus real estate development Co., LTD is not isolated cases bankruptcy events. Since 2010, China's real estate industry of merger cases began to sustained growth. Up to now, real estate has occupied in the merger and acquisition (m&a) market many the forefront of the industry. With the macro control policies, market competition, and other external thrust, and obtain resources, enterprise development strategic adjustment of the internal factors such as common function, later on this year, and real estate industry will have a new round of m&a wave of integration.
According to Beijing central plains market research statistics show that the national real estate equity trading quarter project increase obviously, clinch a deal the number of 38 cases, clinch a deal amount of 10.2 billion yuan, both innovation high, than last year the corresponding period of the 23 Pope, 5.06 billion yuan were up by 65.2%, 101.7%.
ManTangGong strategic management department senior director ShenRuiPei think, some room for further seems to result in enterprise bankruptcy caused by the macro regulation, but at bottom, its focus from industry itself model of development. In recent years the soaring house prices, a lot of money into real estate, high debt, high leverage ratio of real estate industry has become a common phenomenon, bring high returns to room enterprises at the same time has contained the huge risk. When control unceasingly thorough, volume and house prices decline when the top of the house, the risk is high capital exposed, part of the strength of weak small and medium enterprise nature will take the lead down.
Many industry experts say, there will be more and more little rooms in high couldn't resist the policy impact, the bankrupt enterprise will increase, but number won't be too much. Real estate economics experts, said DengHaoZhi, room enterprises failed a domino effect won't begins, actually have a lot of little rooms enterprises can't hold, will sell more even project enterprise of strength are big enterprise, therefore so future enterprise bankruptcy will not become boom room, but they would not rule out a tide of merging appears.
Shanghai real estate enjoysmart academy, director of the office ZhouJianCheng also believes that the current, high m&a present a strength room differentiation and integration of speed characteristics, that is, mergers and acquisitions side more than in the capital market for marketer for years, or by way of the radiation large room enterprises; And the merged party is a project or land is small, but dimension financing channel, background of the small in less little enterprise, like green city being less housing in shanghai merger cases. Some of the merged, and out of passive choice, some of the merged, is of active give up.
Post je objavljen 11.05.2012. u 12:29 sati.