"Dr. Paul million payment" cash flow negative 39.4 billion yuan in the first half

Cash flow from operating activities developers have turned negative, of the continuing high level, like chess in that regulation to the credit bureau.

August 12 evening, the first open shares (600,376) (600,376) semi-annual report released shows that its net cash flow from operating activities -29.06 billion, become the real estate investment (000 024), Jia Kai City (000 918), the another emergency cash flow a property company.

Shares started the semi-annual report shows that its first half net profit was 8.76 billion yuan, up 173.57 percent over the previous year, but net cash flow -29.06 billion yuan, up 795.50 percent last year, down substantially.

Similarly, the Beijing Urban Construction released the same day (600 266) (600 266) semi-annual report also shows that the first half of Beijing Urban Construction to achieve 363 million yuan in net profit (up by 97.82%), while the same negative cash flow, net -7.49 100 000 000 element.

However, the first open shares, Beijing Urban Construction cash flow is negative, because in the first half crazy to take to the consequences. Among them, the first open shares added 2.133 million square meters of land reserves, Beijing Urban Construction land planning new construction area 735,000 square meters.

On the one hand because of crazy hold real estate to pay the increase, while sales of the full hold on the price plummeted.

Not only is the above real estate company, as on August 13, a total of 38 real estate companies released semi-annual report. Of these, 28 real estate companies operating activities Net cash flow was negative. Among them, Poly Real Estate (600,048) (600,048) to -233.48 million in cash flow top, Vanke -95.14 billion in cash flow, payments to the Group (600,383) Cash flow -45.36 billion real estate investment cash flow -19.99 billion. Four known real estate giant, "Dr. Paul Wan Kim," total cash flow from operating activities was negative 39.397 billion yuan.

Among them, the four giant cash flows are more strained, according to the first quarter. Poly, Wanke, gold, the investment in the first quarter cash flow was -150.16 billion -68 billion, -34.06 billion, -7.94 billion, for a total -260.16 billion.

The cash-flow positive in the 10 real estate companies, the maximum value is called the first real estate stocks, Zhejiang Guangyu Group (002 133), its cash flow is 4.43 million, one-quarter cash flow was 2.26 million, which Guangyu Group benefited from the reporting period no new land reserve.

However, very few such cases, the first half of sales revenue, but to take to become the most real estate companies in increasing the double-edged. Generally negative cash flow, increase volume, indicating real estate developers started to take, the greater the short term expenditure. Such as China Vanke, the sales amount in the first half as high as 36.77 billion yuan, while a great cash flow withdrawn from circulation more rapidly in the second and third tier cities in large holdings of land. Vanke semiannual reports showed the first half of new land 38 Vanke, the corresponding interest calculated in accordance with the planning of Vanke total 8.93 million square meters floor area.

You can see the new trend is the continued high level of negative cash flow gradually to take to discourage real estate developers. Recently, frequent Liupai land, a substantial decline in trading volume is indicative of the property market has been significantly effective regulation of real estate from the high degree of steering the economy boom of the long-term low. Can predict the next step will help to achieve competitive real estate expansion.

However, credit control, lack of market timing under the direct financing, developers must also showed the development of banks compete for loans. Central Bank statistics show that the second quarter, new development loans 121.6 billion yuan, 199.1 billion yuan less than a quarter. So, faced with shrinking piece of cake development loans, bank funds will choose to have the strength of the real estate business tilt. This large property developers, or dare to tight money in the first half to take the time to keep one of the reasons.

Subsequently, the same limited by tight cash flow, small developers, or again Baotuan heating alternative, have cut prices, and even land sales, real estate industry, the resulting pattern will be divided.

Thus, in 2010, continued to deepen the real estate under the New Deal will be regulating real estate since 2005, the best time effective. Developers under tight cash flow, in the second half might trigger a price war, if out of the housing bubble can and will take to expand senses, is market fortune. So since the banks worry about credit risk on the property can also be phased ending.