Holding a large amount of cash is still crying lack of money, which is the current status of public housing prices. Statistics found that 38 listed, including China Vanke, etc. Housing prices announced refinancing plan, financing, totaled about 730 billion yuan. To increase this year, the Housing Enterprise of macroeconomic adjustment, the main reason for lack of money.
Although the end of 2009 reached 23.0 billion cash in hand makes the Vanke has become public housing enterprise in the "Cash King", but in its annual report, the Vanke A (000002) said its refinancing program has been submitted to relevant departments review, raise not exceed U.S. 11.2 billion.
Access to Information show that in February 2010, Vanke's sales area of 211,000 square meters, selling the amount of 2.51 billion yuan, respectively, over the same period in 2009, a substantial reduction of 59.1% and 35.4%. Vanke's get to the speed, but no less. The report shows that, the company access to new projects in 2009 a total of 44, corresponding to the interests Vanke 10.36 million square meters floor area. In which the second and third tier cities accounted for more than 90%, the average land price 2401 yuan. In the newly started, the company plans to start a new 8.55 million square meters, up by over 52%.
Guangzhou, vice general manager Liu Yu of a real estate agency that would face after a large number of newly started to buy land needed for the follow-up funding and the projected sales for 2010 are not optimistic about making Vanke even holding a large amount of cash nor financing for 2010 is no longer done preparation.
Enterprises wait in line for approval
According to reporter statistics, the two cities Equity refinancing plan proposed but not yet approved by the housing prices there are 38, involving an amount of up to 73 billion yuan.
Under the new audit rules, real estate company Equity refinancing should increase the ministry review. Ministry of Land Resources will be returned to the SFC's reply on the comments made by specific instructions.
News Analysis
Housing prices are still short of money?
Reporter Statistics found that over half of the cash in hand an increase of housing prices to double.
Why hand the large amount of cash is still short of money, the industry, said Liu Yu, told this reporter in 2009, making the real estate hot real estate market listed companies to earn pours. Starting from the end of 2009, the central control of the property market hit a series of "combination punches" and enter after 2010, the property market are beginning to turn around turnover and price down. According to newspaper statistics, in Beijing, Shanghai, Shenzhen, Guangzhou and other cities in the country line, the property market turnover year on year in February and the chain have been shrinking dramatically.
Chung Merchants Securities, said tightening credit funds in the bank case, the real estate developer funds will be faced with challenges, developers in 2010 to buy a new need, as well as newly started development of the follow-up funding and follow-up.
Poly Real Estate, General Manager, SONG Guang-ju's remarks may represent the aspirations of the many real estate developers in the recent 2009 Annual General Meeting, SONG Guang-Ju said that to maintain growth is inseparable from the capital market support, Paul Lee in 2010 has re - financing plans.
Operational recommendations for the
Investors still cautious
For the stocks of real estate investors in the secondary market opportunities, day care analysis of congenial, said investors focus on lower price-earnings ratio, and the re-financing needs urgent public real estate companies.
However, the real estate industry, Mr. Zhou Quedui stocks with caution. In his view, the recent refinancing may be subject to the real estate downturn has brought a wave of rally plates, but the performance of real estate stocks in 2011 can not be optimistic, and therefore not to the better fundamentals, the real estate stocks in the first half of this year the opportunity to not Large, investors still cautious
Real Estate Enterprises: Investment still depends on "core business"
In anticipation to the good performance of 542 companies, real estate development enterprises reached 7.93 percent accounted for. The results have been published, the performance is still the main theme of steady growth, monetary control policy seems to be for the majority of real estate enterprises, especially large enterprises, not significant.
Recently published results show that the real estate industry leader China Vanke in 2009 to achieve revenues and net profit of 48.9 billion respectively, and 53.3 billion yuan, an increase of 19.2% a year earlier and 32.1%. Guancheng Chase in 2009 net profit of 280 million yuan, an increase of 63%; Fanhai construction in 2009 net profit rose 3.52 percent to reach 2.1 billion; China business in 2009 net profit up 23%, reaching 310 million yuan.
Source of growth performance to differ materially from
However, the real estate business in 2009 increased performance of the high-but not all of the main sources of genuine self-growth; faced with policy control, the enterprises to find a different way out.
First of all, cost control, many enterprises have become the winning opportunities, and some enterprises the main business income of less, but the performance is still growing. Guancheng Chase in 2009 the main business revenues decreased 2%, but because of cost control properly, the main industry, the profit was still up 12.6%.
The Vanke A shares with Shimao in sharp contrast with them. Vanke A, the main industry in revenue in 2009 increased significantly by 19%, but the main business profit compared with last year has changed little economies of scale but decreasing; Shimao shares Similarly, cost control, shall not be treated, the main industry in revenue growth 122%, the main industry, the profit growth of 114%.
Moreover, the performance of some enterprises from economies of scale, such as Shanghai, China companies. Its main business revenues in 2009 increased by 24%, due to a good year to catch up with the World Expo, the main business profit jumped 79%.
Finally, Guangyu development of small and medium enterprises, investment income, operating income growth constitute the performance of main engine of growth. Guangyu Development in 2009 the main industry, main business revenue and profits of the state showed a decline, but its nearly 1-fold significant increase in investment income, operating income surge 52%, making the final of the three-fold significant increase in net profit actually.
Expert Viewpoint
Hongyuan's Liu Zhian that the main business revenue, operating efficiency has been a steady growth in business, but also have the medium to long term investment value, but also less susceptible to the impact of monetary policy control. The main business operators backwards, investment income and corporate surge that some such as "nouveau riche", the stability that bad, can still do short-term speculation is not appropriate to do value investing
