China News Network, May 5 (Zhongxin Financial Reporter Zuo Yukun) On the 19th, the "18 Top 2023 Research Report of China's Real Estate Listed Companies" released by the China Index Research Institute showed that the total asset scale of real estate listed companies in 10 showed negative growth. Among them, the shrinkage of the industry balance sheet mainly stems from the shrinkage of private housing enterprises, the asset scale of central enterprises remains stable, and local state-owned enterprises expand against the trend.
On the same day, the "10 China Real Estate Listed Companies Research Results Release Conference and the 2023st Industry-City Integration Investment and Financing Conference" was held hosted by the China Enterprise Evaluation Association, the Real Estate Research Institute of Tsinghua University and the Beijing Zhongzhi Information Technology Research Institute, and undertaken by the China Real Estate TOP<> Research Group of the Beijing Zhongzhi Information Technology Research Institute.
The "Report" pointed out that under the background of the real estate market entering a deep adjustment, listed real estate enterprises have entered the stage of shrinking their balance sheets. Listed real estate enterprises actively reduced the scale of investment, the scale of inventory at the end of the year declined, and the scale of monetary funds fell for two consecutive years due to the decline in sales and financing restrictions; At the same time, through increasing cooperation to expand the scale of equity investment, moderately increase the scale of holding properties, adapt to the requirements of the new stage of real estate development, and promote the orderly decline of total asset scale.
Specifically, the average total assets of Shanghai and Shenzhen listed real estate companies was 1409.3 billion yuan, down 5.4% from the previous year, and the growth rate was 9.6 percentage points lower than the previous year. The average total assets of mainland listed real estate companies in Hong Kong amounted to MOP2407.6 billion, down 5.8% from the previous year, and the growth rate was 12.6 percentage points lower than the previous year.
It is worth noting that the supporting role of local state-owned enterprises in the industry has gradually emerged, and the average total asset scale of local state-owned enterprises in 2022 will be 1002.3 billion yuan, a year-on-year increase of 4.5%, which is higher than that of other types of listed real estate enterprises, showing strong counter-cyclical development capabilities. On the whole, private enterprises that maintained rapid development in the early stage are slowing down, while central enterprises and local state-owned enterprises have reflected strong sustainable operation capabilities, and are still moving steadily in the counter-cyclical stage, and a new pattern of industry development is gradually taking shape.
When the industry as a whole is in a stage of deep adjustment, the profitability and liquidity of listed real estate enterprises have also encountered challenges. In 2022, the revenue of listed real estate companies will turn downward, and more than one-third of listed real estate enterprises will lose money; The gearing ratio of Shanghai and Shenzhen listed companies after excluding pre-receivables decreased slightly, while that of mainland listed companies in Hong Kong increased slightly.
The "Report" pointed out that in the future, the momentum of the new housing market scale to continue to break through will weaken, the differentiation of enterprises will continue to deepen, the competition of real estate listed companies will enter the era of differentiated competition, and in the future, real estate listed companies with good fundamentals and core business operation advantages will release higher enterprise value.
The "Report" believes that the effect of continuous optimization of real estate policies in 2022 is emerging. Listed real estate enterprises need to repair both internally and externally, adjust their financial structure internally in accordance with the cycle, maintain sufficient solvency, and create a risk buffer; Make full use of policy resources, give full play to their own advantages, seize the window period to replenish financing funds in a timely manner, optimize the balance sheet with the help of policy tools, and prepare in advance to adapt to the new cycle of the industry. (End)
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