Weaksalesendandpressureonthecapitalchainofsmalland

2022-06-16
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The fund chain of small and medium-sized real estate enterprises with weak sales end is under pressure

the fund chain of small and medium-sized real estate enterprises with weak sales end is under pressure

. On the 26th, a number of companies including Greentown group, Xincheng holdings and Oceanwide holdings announced financing announcements on the same day

according to the announcement, Greentown plans to issue a corporate bond with a total scale of no more than 1.5 billion yuan. Xincheng holdings plans to issue the first phase of ultra short term financing bonds in 2020, with an amount of 750million yuan. The raised funds will be used to repay the matured debt financing instruments and interests. In addition, Oceanwide holdings is also applying for a financing of 2.4 billion yuan

as an asset intensive industry, the real estate industry usually adopts the mode of "high turnover and high leverage". Among them, the "high turnover" requires real estate enterprises to "get the land quickly, start construction quickly, open the market quickly and sell quickly". However, with the outbreak, "stop production, stop sales" suddenly blocked the original high-speed production line, resulting in a sharp drop in revenue

(picture source: Internet, invasion and deletion)

"at the same time, the 'high leverage' means that real estate enterprises still need to face the expenditure pressure of matured debt and rigid costs. This unbalanced situation undoubtedly increases the cash flow pressure, and the smooth turnover of funds directly determines the fate of real estate enterprises." An analyst from Kerui Real Estate Research Center pointed out

in 2019, the real estate sales market has been facing great downward pressure. Superimposed on the impact of the epidemic in early 2020, the sales end will bear greater pressure. Recently, listed real estate enterprises have successively released 2019 performance reports, which shows that the debt ratio of many of them rose in 2019

at the same time, without significant improvement in the external financing environment, the cash flow of real estate enterprises is highly dependent on sales collection. The source pointed out that "the sales pressure brought about by the epidemic will make the capital of real estate enterprises face a big test. It cannot be ruled out that small and medium-sized real estate enterprises with weak anti risk ability will go into bankruptcy liquidation."

the above analysts pointed out that it is difficult for SMEs to finance, and there are few channels to fill the capital gap. As a result, for these enterprises, the lack of sales collection will directly lead to the tightening of capital and serious financial crisis. For example, recently, Chengdu real estate enterprise Zhongdi Hebang was disclosed that the capital chain was broken and had been in arrears for two months

according to the announcement website of the people's court, since the beginning of 2020, more than 100 real estate enterprises in China have declared bankruptcy, and 2 to 3 real estate enterprises have been liquidated on average every day for several days. Among them, many real estate enterprises are small and medium-sized development enterprises in second and third tier cities

the person pointed out that in combination with the 2019 performance report, under the condition that the industry is always strong, large-scale real estate enterprises have more prominent advantages in financing, while the current capital situation of small and medium-sized real estate enterprises is still facing a big test

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