Real estate business since 1991, China Vanke A shares in the market, the domestic real estate companies in the stock market has reached more than 120. Particularly since 2006, with the domestic stock market boom, the domestic real estate business is listed with the stock market issuance, bond issuance, equity financing, mergers and acquisitions, etc. to 1200 from a billion. This is the real estate business over the years since the biggest breakthrough in the stock market financing. However, despite being so, the real estate business in the stock market accounted for by the funds set financial house in 2007 total 3.7256 trillion yuan real estate development investment proportion is still only 3.2%.
However, we should also see that the real estate listed companies in the national real estate industry in a minority, 59,000, only about 120 real estate companies listed. relative to unlisted companies, real estate, the scale of strength of the larger listed companies, transparency, management more standardized, and the asset-liability ratio is lower than the industry average. This will help guard against financial risks. In particular, the real estate inventory turnover ratio of listed companies and land development and progress of the high ratio of non-listed companies, store room store to listed companies do not meet the pursuit of balanced and stable revenue system. can be said that with the prosperity of the domestic real estate industry, through the capital markets, including real estate enterprises, including conditions to promote a group of high-quality enterprises bigger and stronger, it will also help to improve the industry structure of financial support, help to improve the level of industry standard operation is conducive to rapid conversion of land needed for the residents of the housing, balance supply and demand, to prevent prices rising too fast. Therefore, the real estate companies listed on the domestic real estate industry is a good thing.
However, we should also see emerging markets as China's stock market, and its market system is far much difference with the mature markets, particularly China's stock market under the guidance of the government and security, listed companies to set capital market financing is not how the purpose of effective allocation of financial resources, not how to bring better returns for investors, on the contrary, the stock market became a listed company tool. real estate companies listed on the stock market is also true purpose.
When real estate companies listed is to allow the real estate business flock to the stock market will natural. At the same time, the role of capital-intensive industry, real estate companies, real estate companies when the stock market to open a low-cost or no-cost financing, not only large real estate company to Bay into the stock market financing, has been listed for further market financing, but also for the money received from the stock market will not be seriously effective use. On the contrary, the stock market low-cost capital, increasing the desire for real estate companies on the stock market financing.
For example, the annual report has been published from the performance of listed companies of view, many real estate companies in terms of operating income or net profit has increased greatly, but under its cash flow has a dramatic negative. such as Poly Real Estate in cash per share flow -7.65 Yuan, Golden Group of -7.52 per share in cash flow, investment real estate cash flow per share -4.74 Yuan, Emori development was -2.53 per share,cheap UGG boots, cash flow, and so on. In order to change this situation, Most real estate companies want to refinance from the stock market, and hope to seek more diversified financing channels to solve the problem of tight funding.
the other hand, real estate developers in 2007, ; in the real estate industry, the one who set off from the stock market 70 Main real estate company's latest statistics show: Since 2007, there are 38 listed real estate companies implemented or announced the issuance of additional programs, involving funding of up to 102.43 billion yuan, and Vanke Golden plans to issue corporate bonds were also 7.1 billion; and landed another small companies through the IPO board, fund-raising 1.586 billion yuan. In other words, just the domestic capital market, real estate development companies to finance more than 1100 billion yuan of funds collected. If coupled with market, the domestic real estate enterprises more financial funds collected.
crazy when the real estate finance companies to enter the large amount of money received after the times, their next target is how to from ; enclosure companies, greatly increased the performance of listed real estate companies, and thus to push up stock prices. The rapid rise in stock prices, the stock market became the company refinancing conditions. can be said that the current real estate listed companies misappropriating, ring to push up stock prices, and then grabbing the money, then enclosure, pushed stock prices, which have become a malignant tumor in the domestic stock market.
can say that in this round of the domestic stock market fell down, and H, the real estate Not only the stock began to fall early, but the magnitude of decline is alarming. For example, in some real estate companies listed in Hong Kong shares fell more than half the rate. Of course, in this round of rapid decline in the domestic stock market situation,UGG boots clearance, the real estate market also bear the brunt of the company's stock. Its range and speed will drop more than other sectors of the stock market. because, from the current economic policy, bear the brunt of the tight monetary policy is the real estate business. This is not only for the bank credit to real estate a significant reduction in corporate credit, strictly limit the size of the real estate credit, but also the performance of investment demand for the real estate market is severely restricted. such as the 359 issued in 2007 documents and 452 documents, not only for real estate to make strict distinction between consumption and investment, Government policies to encourage housing consumption, the real estate housing real estate investment is strictly limited. in China first and second tier cities to real estate investment-led market, if government policies and central bank management of real estate credit real estate investments strictly limited, then the real estate needs of home sales or housing must be severely affected, real estate sales will be in serious decline. For example, in Guangdong and Shenzhen, home prices declined rapidly; in Beijing and Shanghai housing sales has a price without the city, are described Government policy on the current real estate market real estate macro control a huge impact. while the domestic housing market changes, they will certainly be reflected in the level of real estate performance of listed companies up. Although the real estate listed companies from the current performance report released point of view, good growth in its performance, but this is what 2007, 2008, whether that performance continued to be quite uncertain. This is the domestic real estate stock prices of listed companies important reason for the rapid decline.
can be said that the domestic stock market's decline on the impact of the real estate market has gone from being displayed in all aspects. For example, the stock market decline, not only some real estate enterprises listing and financing more difficult, for example, there are several real estate companies plan H stock market listing in Hong Kong for two months, but due to poor market conditions, taking into account these real estate companies to sell company stock less than a good price, so have all delayed time to market. The real estate company listed frustrated, not only to reduce the financing of real estate companies channels, but also makes a lot of real estate companies do not have enough money to shoot to. you can see, most recently a lot of first and second tier cities 流拍 land or land auction prices and the related rapid decline.
Also, the stock market prices fall, also increased the domestic regulatory standards for real estate corporate finance. According to reports, the most recent real estate corporate finance, corporate starting the process of raising funds for any hoarding of land, housing, or for the purchase of development land, etc. , will not be approved. Meanwhile, real estate transparency in corporate disclosure has also been strongly emphasized. starting when the focus on financing for investment projects in this development, and project funds use plan, this fund-raising disclosure in the prospectus whether plan consistent; then focus on financing the project last fund-raising progress, whether effective consistent with the prospectus disclosure, whether the full implementation of commitments. In addition, in a recent State Council on the promotion of conservation land in the notice issued, the regulators require review and follow-up business enterprises to submit materials to be issued by the sponsor and counsel to conduct due diligence around the notification by one, one by one make a clear professional advice. the Government has been tightening standards for listed companies in the real estate business, not only is this a drop in the stock market and the listed companies do not get out, funding is not easy.
this round of stock market decline, not only reduced the set of real estate enterprises to facilitate the financing channels, but also makes reversal of the wealth effect of domestic residents to a serious decline in the demand for housing. We know real estate in 2007 The hot and prosperity is the prosperity of the stock market. This correlation mainly in two aspects. One aspect of the real estate market boom, housing prices, a lot of investors using the bank's mortgage and refinancing plus , a lot of money from the bank into the stock market, and then, after rapidly rising prices in the stock market, again out to make money from the stock market into the real estate market. It is this stock market prices and market prices of the interactive floor, making many investors to promote rapid increases in domestic real estate market prices and the real estate market boom. On the other hand, in the first half of 2007, due to rapid increases in stock prices,UGG boots cheap, many stock market investors in the stock market to earn the first mortgage payment, have adopted housing mortgage loans into the real estate market, making the domestic real estate sales reached an unprecedented growth. For example, in 2007 merchandise sales area of 761.92 million square meters, an increase of more than 30%, while real estate sales amounted to 2.9603 trillion yuan, an increase of nearly 50% .
However, in the stock market decline, the stock market wealth effect is not only severely weakened, and the rapid decline in the price of the stock market, investors into the stock market basically stuck. investors not only can not get money from the stock market effects of the mortgage down payment to purchase a home section, and locked in a serious case of the stock market, investors are stuck with the stock impossible to serious losses in the stock market and out into the real estate market. In this case, not only to reduced demand for real estate investment and real estate housing consumption demand reduction. Recently, I was told to drop as the domestic stock market, many investors will reduce the loss of funds into the stock market out into the real estate market. I told them, that is simply impossible. because the stock market down,bailey UGG boots, all serious investors locked into the stock market, if investors quit at this time, then he must have suffered serious losses. and investment in the case of heavy losses suffered another into another bubble market, then investors or whether it is housing consumers will be faced with another serious hold-up risk. Therefore, the stock market fell as investors locked in serious cases will not withdraw from the stock market and into the housing market.
short, a serious decline in the domestic stock market, not only difficulties in financing to real estate developers, real estate development companies can not facilitate access to needed capital, but also for housing, access to real estate investors and consumers to reduce the conditions that would seriously affect the supply and demand in the real estate market. And The changes in supply and demand, also sparked the domestic real estate market downturn. Although the total number of local real estate companies want to market quickly to reverse this situation better, but it is only a hope, the domestic real estate market decline in the stock market and government real estate policy, driven by a fundamental reversal is inevitable, which no facts have not changed. but sooner or later this reversal only.
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