Sino-Singapore Jingwei Client, September 1 (Meng Zhang) As of August 31, according to the industry classification of the China Securities Regulatory Commission, the semi-annual reports of 131 listed A-share real estate companies have all been disclosed, of which 72 have declined in net profit, accounting for nearly 55 %.
In the first half of the year, more than half of A-share real estate companies' net profit fell
In terms of net profit, in the first half of the year, 102 of the 131 A-share listed real estate companies were profitable, accounting for 78%.
In addition, there are 68 real estate companies whose net profits attributable to shareholders of listed companies exceed 100 million yuan, and 20 currently have net profits of more than 1 billion yuan.
Among them, Vanke, Poly, and Greenland three listed real estate companies in net profit ranked the top three, with 12.508 billion, 10.124 billion, and 8.20 billion respectively.
From the perspective of changes in net profit, 72 real estate companies experienced a decline in net profit, accounting for nearly 55%.
Among them, Jinghan shares fell the most, down 5842.3%.
There are 49 real estate companies with a net profit drop of more than 50%, accounting for nearly 40%.
Chen Xiao, an analyst at Zhuge Housing Data Research Center, pointed out in an interview with Sino-Singapore Jingwei Client that in the first half of the year, affected by the epidemic, sales offices were closed and construction was delayed. Under the general tone of "no speculation", real estate companies will maintain a relatively stable development for a longer period of time.
13 real estate companies shortlisted in the "100 Billion Club"
Source: Middle Finger Research Institute
The Zhongzhi Research Institute pointed out that in the first half of 2020, real estate companies will gradually repair their performance due to the epidemic. The average sales of TOP100 real estate companies was 51.21 billion yuan, a year-on-year decrease of 1.45%, and the TOP100 market share was 57.5%.
Among them, there are 13 real estate companies with sales exceeding 100 billion yuan, an increase of 1 over the same period last year (12); 107 real estate companies with 10 billion yuan in sales, a decrease of 14 from the same period last year (121).
In terms of performance targets, from the 28 real estate companies that announced sales targets, the performance completion rate in the first half of the year reached 40%. Among them, Evergrande completed 53.7%, ranking first.
Affected by the epidemic, the threshold value of TOP100 in the first half of the year fell to 11.22 billion yuan.
Among them, the threshold value of TOP10 real estate companies is 110.6 billion yuan, an increase of 5.16% over the previous year. The competition among leading real estate companies has become more intense.
In addition, according to the People's Court Announcement Network, 228 real estate companies went bankrupt in the first half of the year.
In Chen Xiao’s view, the leading real estate companies themselves have more advantages in terms of scale and land acquisition and financing. Faced with increasing downward pressure on the market and the impact of the epidemic, they are more resistant to risks. In the case of insufficient cash flow and financing difficulties, the future living environment will be more difficult, and the differentiation between real estate companies among and within each camp has further intensified.
Real estate financing or tightening in the second half
On August 20, the Ministry of Housing and Urban-Rural Development and the Central Bank held a symposium on key real estate companies. The meeting pointed out that in order to further implement the real estate long-term mechanism, implement the real estate financial prudential management system, and enhance the marketization, regularization and transparency of real estate corporate financing, they will cooperate with related parties. On the basis of the extensive consultation in the early stage, the department has formed the fund monitoring and financing management rules for key real estate enterprises.
New latitude and longitude in the data map, photo by Xiong Siyi
Statistics from Centaline Real Estate Research Center show that in August, domestic and overseas financing of real estate companies across the country blowout, and domestic bonds were found to exceed 65.9 billion in a single month, an increase of 5.1% over the same period in 2019, continuing the financing blowout data since July.
Especially in the second half of August, real estate companies intensively released large-scale financing. On the whole, from July to August, real estate financing set a new historical record for the same period.
Zhang Dawei, chief analyst of Centaline Real Estate, told the Sino-Singapore Jingwei client that overall, domestic real estate sales have eased, and sales of most companies have increased. However, real estate companies are still increasing all financing methods recently to maximize financing as much as possible.
In order to cope with possible future market changes, most real estate companies have accelerated their reserve funds.
For companies with relatively high leverage, financing pressure has increased recently.
Yan Yuejin predicts that real estate financing may be tightened in the second half of the year. It is expected that all regions will tighten the string of real estate regulation at all times, but at the same time they will not blindly suppress real estate enterprises.
Chen Xiao also believes that in the second half of the year, there is a high probability that the financing of real estate companies will be tightened, and the impact will be relatively small for leading real estate companies. However, for high-debt, high-leverage real estate companies, operating pressure will increase in the second half of the year. In the future, it may ease the pressure on cash flow by accelerating turnover and sales collection.
Attachment: Semi-annual report data of 131 listed real estate companies in A shares
(Zhongxin Jingwei APP)
All rights reserved by Sino-Singapore Jingwei. Without written authorization, no unit or individual may reprint, extract and use in other ways.