Over 70% of the 19 housing enterprises had negative cash flow minus 5.8%

After the closure of the capital market's gates for more than a year, some real estate companies have already experienced a "hunger and thirst" of funds. According to the 19 listed real estate companies that have published the 2010 annual report, 70% of the company’s cash flow is negative, and Baoli Real Estate, the top four real estate leading enterprises, has incurred a cash “deficit” of 22.37 billion yuan. At the same time, half of the housing enterprises still did not give up asking for money in the capital market. Poly is also among them.

Vanke's cash flow shrank by 75.8%

According to Wind data, as of March 10, 19 real estate listed companies, including Vanke A, Wantong Real Estate (microblogging), OCT A, and Poly Real Estate, released the 2010 annual report. From the point of view of operating income and net profit, although in 2010 the city suffered the “tightest” real estate regulation policy, the days of these real estate listed companies are still quite “moisturizing”. The 19 companies achieved a total net profit of 20.939 billion yuan, a substantial increase of 44.95% from the 14.073 billion yuan in 2009.

In the past performance of the beautiful, lurking is the surging of "cash flow crisis".

The 19 annual reports of the listed companies disclosed indicate that the net cash flow generated from operating activities in 2010 amounted to -333.909 billion yuan. The total net cash flow of the 19 companies in 2009 reached 18.289 billion yuan. Among them, the cash flow of 13 housing enterprises is negative. In 2010, Poly Real Estate, which achieved the best historical results, had the largest net cash flow deficit at the end of the year - reaching -22.37 billion yuan. By the end of 2009, Poly Real Estate had a cash flow of -11.45 billion yuan.

In addition, OCT A, which had relatively abundant cash flow in 2009, also dropped from 7.256 billion yuan at the end of 2009 to -5.362 billion yuan at the end of 2010. The cash flow of Chinese companies also decreased from 37.36 million yuan at the end of 2009 to 5.14 billion yuan at the end of 2010. In addition, the cash flow of Jiakai City, Huayuan Real Estate, AVIC Real Estate, and Guangyu Development also changed from a positive value at the end of 2009 to a negative value at the end of 2010.

Vanke A, a leading real estate company known for its "stable cash flow," had a net cash flow of 9.25335 trillion yuan at the end of 2009. By the end of 2010, Vanke A's cash flow had shrunk to 2.237 billion yuan, and the amount of funds had shrunk by 75.8. %. Xie Jian, an analyst at Southwest Securities, said that due to the lag in performance of real estate companies, it is necessary to truly reflect the company's performance and future growth expectations. Cash flow from operating activities is one of the most important indicators.

28 housing enterprises increase the number of cases still pending approval to see 2010 is not difficult to find, a number of housing enterprises, "shortage of food," due to the Securities and Futures Commission suspended the approval of housing enterprises **.

Wind data shows that since 2009, a total of 59 real estate companies in the two cities have announced plans for additional issuances. Up to now, despite the suspension of the implementation of the issuance of 26 housing enterprises, there are still 28 companies that are eager to let the issuance program fly again for a while, including Poly Real Estate. In addition, large-scale housing enterprises such as the Pan-Sea Construction Group and the Gemdale Group are still waiting for the capital market to open the door to blood transfusions.

Gemdale Group announced a fixed increase announcement on April 12, 2010. It plans to issue a non-public issuance of no more than 400 million A shares at a price of no less than 12.4 yuan per share. It is expected that the funds raised will not exceed 4.8 billion yuan; The plan for private placement was announced on March 4th. It is planned to increase the issuance of no less than RMB 400 million shares to no less than RMB 11.18 per share. It is estimated that the amount of funds raised will be RMB 4.8 billion; Poly Real Estate will issue a private placement plan on March 21, 2010. A total of 910 million shares will be issued at a price of no more than 13.71 yuan/share, and it is expected to raise 12.474 billion yuan. As for Poly Real Estate, which is most adept at using capital market funds, in addition to the 2010 additional issuance cases, private placements were implemented in 2007 and 2009, raising 8 billion yuan and 7 billion yuan respectively.

All along, landing the A-share market is a real estate company's long-cherished wish to find a sustainable "fund pool." In fact, listed real estate companies are indeed more easily able to raise funds than unlisted companies, but all of them have undergone fundamental changes since 2010. Since the beginning of 2010, none of the real estate listed companies have gained access to the capital market. The last two listed housing companies that squeezed on the “last train” were Phoenix Stock and Zhonghong Real Estate. They completed targeted private placements on January 5 and January 11, 2010.

Behind the “close door” is the State Council’s “most severe” real estate regulation. On October 15, 2010, the China Securities Regulatory Commission formally announced that it had suspended the acceptance of real estate development company reorganization applications in order to implement the real estate regulatory policies of the State Council, and sought the opinions of the Ministry of Land and Resources on the applications for real estate restructuring that have been accepted. This measure has continued to this day.