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The following article was published in our article directory on March 15, 2011.
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The cash flow decreased dramatically from which to get money

Article Category: Business

Author Name: xia zihui

New Year's spring breeze blow green river has real estate enterprises, south of the capital winter or will continue. With strict control policy continued operation of real estate development loans from the bank, get more difficult, fight in property for "businessmen are get money from where the problems to worry about.

"Dangerous and alienation" plates

By night on March 8, real estate leading enterprise vanke A (000002. SZ) announced the 2010 annual report. Annual report showed, vanke 2010 sales 1081.6 billion yuan, became the first domestic sales exceed 10 billion yuan of real estate enterprises; Ownership of the shareholders of a listed company 72.8 billion yuan, a net increase in 2009 36.65%.

The housing sector another important vane poly real estate (600048. - after SH) issued 2010 annual also show that listed companies realize net profit nearly 50 billion yuan, an increase of four percent.

According to the China economic weekly statistics and comprehensive other public data, despite tough regulation policies, but head listed enterprises of real estate in the past year did not appear large wealth ". Sluggish" About 60% of the real estate year-on-year growth, or listed enterprises realized right.

"Although from last year real estate enterprise's financing channel is nervous, but 2010 sales situation is a relatively good, this gives most real estate enterprise brought stability fund flows." The JianBu close to live one industry analysts to the China economic weekly comment said.

However, appearance, burnishing the financial figures behind a high may have started in the room of a faltering capital road. Operating cash flow dropped substantially is obvious. According to the current home already publicly listed property enterprise 13 net profit of BNP paribas, although 81.4 billion yuan, 41.08% year-on-year rise, but business cash flow is 1777.61% year-on-year drop.

Another analysis restricted, said the measures added higher housing mortgage rates could make a few months before this year than new home sales dropped 40% in the fourth quarter of 2010 to 60%. And most developers 95 percent of the cash flow are from the housing sales, many people start to worry about real estate developers can resist this housing sales "winter".

Listed companies in real estate, some originally publication of annual report to the listed companies involved in the real estate sector but planned to "law-abiding" to stay away from.

Jilin pharmaceutical (000545. SZ) March 7 announcement to say, on March 23, will be held for the first time in 2011, the extraordinary shareholders' general meeting adopt on-the-spot vote and vote the way of the combination of the network is an important bill: decision concerning the company intends to apply to the CSRC material assets reorganization application documents to withdraw the bill ". Jilin pharmaceutical said: "so far, because of the real estate industry state macro-control, have been involved in jilin pharmaceutical the material assets reorganization of real estate industry already don't have implemented matters foundation."

Before this, * ST broadcom (SH) 600455. On March 5 also releases announcement to say to China securities regulatory commission, prepare the material assets reorganization application withdraw administrative licensing filing materials, the reason is, "in order to resolutely implement" the state council about resolutely curb prices rising rapidly in some cities, notice of acceptance, the SFC has suspended spirit of real estate development enterprise restructuring application. Assets reorganization is approved by placing assets for real estate equity, its headquarter located in 100% real estate business, not in compliance with the relevant requirements."

Still in the S * ST suspended state 600681. WanHong (SH) also face real estate policy regulation cause material assets reorganization process slow situation.

A requested anonymity listed enterprise senior finance manager of real estate, said: "some public enterprise due to the current severe estate regulation, I could never do the assets reorganization of real estate project in the process; has only stop or let regulators review. Macro-control effect has been restricted level from listed company rose to influence various running project. Many companies chose to other types of assets reorganization."

More from bill tightening mouth

If the listed company will still depend on capital market to obtain some financial support, so some of the estate enterprise unlisted facing "DuanLiang" risk will be even more severe.

February 23, guangzhou big bankers investment consultant company's managing director, published HuangGuRong titled "bank comprehensive stop issuing development loan to property developers," the blog article, it immediately became the focus of media storm. Although widely believed that the bank complete halt the possibility of real estate development credit is nearly zero, however, credit tightening is the fact that does not dispute.

China construction bank a public business manager told the China economic weekly, at present although did not receive any such notice, but the current loans index is relatively nervous, real estate development business is not in the ranks of the first supported.

March 4, media quoted the CPPCC national committee, China industry and commerce bank President YangKaiSheng words, reported icbc to increase the sme loans, while in the scale of real estate development loans contraction business to adjust the credit structure.

On March 8, engaged in private and trust industry economic researchers SunFei told reporters: "now real estate enterprise are generally lack of money, I recently has just done to a private financing projects." He would not reveal too much information about the project, but made him excited is, the financing channels "shrink" may be able to help him seeking to more customers.

"Stop completely the real estate development loans from Banks is impossible." SunFei thinks, at present a lot of affordable housing need bank credit support, and, if you stop credit instead of enterprises will be directly let room to Banks themselves risk conduction.

A state-owned real estate enterprise financial manager told reporters: "there is now a bank to large quality real estate enterprise customer strengthened mortgage audit dynamics, and small and medium-sized developers are difficult to loans. And mortgage rates rise, many small and medium-sized enterprise has after money." can't afford loan

The finance manager, said further mortgage review mainly includes application enterprise financial situation, the audit report has in recent years, the whole enterprise project to enterprise future cash flow and the forecast. "Under construction area, sales area, carrying-over of income, land reserve, the future land reserve acquisition plan etc, these are bank review range. The key is to see a company's cash flow and the guarantor and pawn, etc."

Bank wu tight pocket, developers must obtain funds from other channels, which will include private and trust. However, these two financing costs are significantly higher than bank credit costs.

A once engaged in real estate private financing and trust financing of the real estate industry sources told reporters: "trust to raise funds cannot be used to buy land, and cost on average than bank financing cost high three times. Private equity is higher, is down by about 25 times." Originally the high cost of disdain by developers financing channel may now be they saivation.

Around under the influence of restricted measures, sales money collecting blocked also let room enterprises unprepared. From the Beijing real estate transaction management nets data show that the February of this year, Beijing faster 2925 sets, for residential volume than January's more than 9,000 sets down 70 percent.

Another according to weiye I love my home market research institute data show that the February, commodity residential house for a cycle of new supply of 1812, annulus 95%, year-on-year drop down 31%.

"This is almost a volume most rapidly repression." The state-owned property enterprise financial manager so evaluation. He said: "volume reduce drag down the real estate company directly money collecting the sales pace. If this situation continues, even depreciate, may also won't have significantly higher sales."

But, from China real estate association is a senior analyst anticipation: "in the second half of 2011, the majority of real estate enterprise will meet capital pressing problem. But if they start from now on sale, accelerate backflow cash words, capital chain or can get some relief."

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