Inventories Of Listed Housing Companies Surged By 50% &Nbsp; Developers Experienced Unprecedented Pressure To Cut Prices.

The monthly inventory pressure report released by Shanghai Yi Ju Real Estate Research Institute on 14 showed that as of the end of February 2012, the total inventory of new commercial housing in 10 typical cities such as Beijing was 57 million 660 thousand square meters, an increase of 38.1% compared with the same period last year, a decrease of 2.27% compared with last month. The total volume of inventories is still larger than that of the previous year, but at a historical high level, the ring ratio has declined for two consecutive months, which is related to the recent rebound in the volume of the property market and the increase in the supply volume.

In the first tier cities, the total inventory of newly built commercial housing in 4 cities of Beijing, Shanghai, Shenzhen and Guangzhou reached 29 million 280 thousand square meters, an increase of 37.1% compared with the same period last year. The second tier cities, Qingdao, Nanjing, Xiamen, Hangzhou, Nanchang, Fuzhou, 6 typical second tier cities, the total inventory of newly built commercial housing was 28 million 390 thousand square meters, up 39.1% compared with the same period last year.

Yang Hongxu, vice president of Shanghai Yi Ju Real Estate Research Institute, said that in the first two months of this year, due to seasonal factors, developers pushed smaller volumes, resulting in a monthly supply shortage. However, under the situation of no loosening of control policies, developers are expected to seize the opportunity to push the market as soon as possible, and the next few months will still return to oversupply.

Premier Wen Jiabao made clear at 14 news conference that some places housing price Far from returning to a reasonable price, regulation can not be relaxed. The market generally believes that this stance means that the real estate control policy in the short term may not be relaxed. With the continuous deepening of regulation, the days of real estate companies will be even more "sad." The 2011 Annual Report, which has been disclosed, also shows that while the stock market is surging, short-term liabilities have also risen sharply, while cash and cash equivalents have decreased significantly.

According to WIND statistics, according to the industry classification of Shen Yi class, as of March 14th, 26 real estate enterprises in two cities have published their annual reports in 2011. From the asset liability ratio, excluding ST enterprises, the average asset liability ratio of the above housing enterprises was 59.41%, up slightly from 2010. The assets and liabilities ratio of real estate Vanke increased from 74.69% to 77.10%.

From the profit point of view, the 26 companies in 2011 Housing prices The total operating income reached 127 billion 500 million yuan, an increase of 29% over the same period, and net profit attributable to shareholders of the parent company totaled 18 billion yuan, an increase of 24% over the same period last year. Despite the overall growth trend, the net profit of 7 enterprises, including innovative resources, Hi-tech Development (000628), and Sino Hong Kong stock (000979), declined by more than 17% in the whole year of 2011. The fourth quarter is not optimistic. In the four quarter of 2011, the total operating income of the housing enterprises totaled 62 billion yuan, an increase of 30% over the same period, but the net profit was 8 billion 750 million yuan, up 17% from the same period last year. In the four quarter of 2011, net profit fell to 10.

From the perspective of cash flow, it is also not optimistic. WIND statistics show that in 2011, the net cash flow of 26 Housing enterprises operating activities was 3 billion 770 million yuan, compared with 1 billion 260 million yuan in the same period last year, but after excluding Vanke, the net cash flow of 25 Housing enterprises was only 380 million yuan. By the end of 2011, the cash and cash equivalents of 26 housing companies had been reduced by 8 billion 460 million yuan, while the net income of the 26 houses increased by 17 billion yuan at the end of 2010. In the four quarter of 2011, the net increase in cash and cash equivalents of the above housing companies was only 680 million yuan, compared with 5 billion 900 million yuan in the same period last year, a decrease of 88% over the same period last year.

Inventory data is even more worrying. Statistics show that the above housing prices at the end of 2011 Stock The total amount reached 325 billion 870 million yuan, a sharp increase of 50% compared with the 217 billion 300 million yuan at the end of 2010. Of the 25 households with comparable figures, 17 showed year-on-year increases in inventories. Among them, Vanke's inventory grew by 56% yuan from 133 billion 300 million yuan a year last year to 208 billion 300 million yuan. In addition, the accounts receivable of the above housing enterprises rose from 4 billion 60 million yuan to 4 billion 200 million yuan, while current liabilities rose from 206 billion 100 million yuan to 298 billion 600 million yuan, up 45%.

According to the latest statistics released by the National Bureau of statistics, from 1 to February 2012, the real estate development enterprises completed 100 million 940 thousand square meters of housing, an increase of 45.2%, an increase of 31.9 percentage points. Among them, the completion area of residential 79 million 360 thousand square meters, an increase of 47.9%. New era Securities believes that the current industry sales / completion ratio is 0.69, showing a pattern of oversupply. With the completion of a large number of projects started in 2010, 2012 will be the peak year for completion of the industry. It is estimated that the growth rate of the completed housing area will be maintained at an annual growth rate of around 30% in 2012. Increasing pressure on industry inventories and sluggish sales will continue to stimulate developers to implement the market strategy of "price to volume".

Data show that in late 2012 2, the national commercial housing sale area of 305 million 260 thousand square meters, an increase of 33 million 320 thousand square meters at the end of 2011. Among them, the residential sale area increased by 26 million 740 thousand square meters, and the number of residential sales increased continuously.

"Link home real estate" Market Research Department Feng Lian Lian believes that from the current market situation, developers from the second half of 2011 is facing the pressure of inventory, and in January and February the spanaction is lower, the sale of commercial housing month increased by nearly 300 thousand sets (according to 90 square meters per square meter), under the huge inventory, and constant market wait-and-see strong, developers will still face greater sales pressure, or will urge developers to further reduce prices to promote sales.