Although policies have continued to promote the property market in the second half of last year, the profitability of Chinese real estate developers still worsen last year, and the downturn real estate market confidence recasting is still time.
According to the Bloomberg Society on Monday (February 6), among the 60 A -share housing companies that have disclosed the performance report last year, 36 housing companies with a large loss of losses, accounting for 60%.It is the highest since 2016.At the same time, there are 41 companies that have expanded and declined from profitable or net profit from profits or net profit, and the proportion of deterioration is about 68%.
Since Evergrande's debt crisis, the liquidity crisis of the Chinese -funded real estate industry has set off a huge wave in the market, domestic and foreign bond defaults, stock prices have fallen, and the "suspension tide" that has attracted much attention in 2022 has made them all made, all of which have made them all made, all of which have made them all made.The industry is deeply trapped.
China ’s regulatory layers have issued policies such as“ sixteen ”and“ three arrows ”in the second half of last year to help housing enterprises financing, but the industry's recovery still lacks the cooperation of demand.In January, China's top 100 real estate companies decreased by 32.5%year -on -year, showing that house prices declined and revenue reduced income.
Liu Shui, the research director of the enterprise of the China Finger Research Institute, said that the overall profit of the industry is still building a bottom, making the real estate enterprise's investment confidence in insufficient investment, and land acquisition will still be more cautious.However, he also proposed that with the increase in policy support, the Chinese real estate market is expected to stabilize this year, or it has eased from 2022, but the pressure on profit is still there.
According to the regulations, the official annual report and first quarter performance disclosure of A -share listed companies will end at the end of April.In addition, due to the audited 2021 results, China Evergrande and Jiazhaoye Group and other Chinese -funded real estate stocks are still suspended in Hong Kong.
It is reported that although state -owned enterprises have more advantages in financing than private enterprises, the cold winter sales of the property market have greatly reduced some national enterprises.Among them, the largest scale of the largest state -owned real estate developer Poly Development shows that due to the decline in gross profit margin, its net profit in 2022 shrinks by 33%; China Merchants Shekou also said that due to the significant reduction in gross profit, increased asset impairment, property rental property rental, property rental, property rentalFactors such as decline dragged down, last year's profit decreased by 56%to 63%.
Analysts of Jianyin International pointed out in the relevant report that the performance report of state -owned enterprises is not satisfactory and will be the main potential disadvantages of the market.Attitude and worry that the valuation may not be completely reasonable. "
However, despite the deterioration of the overall performance, some real estate companies can still turn their books due to the advancement of debt or asset reorganization.Among them, Guangyu Group has completed the reorganization of major asset projects, including setting up the equity of 23 real estate subsidiaries, and the preview will turn losses.Huaxia Happiness also previews that the income of debt -based reorganization will be converted into profit in 2022, but if the above -mentioned non -recurring profit or loss will be deducted, it will still lose up to 17.3 billion yuan (RMB S $ 3.38 billion) in 2022.
Liu Shui believes that housing companies turn losses into profit, which depends on the impact of accidental events and does not have sustainability.However, he also said that the turn of key events such as debt reorganization and other key events shows that the difficulty of business operations is effectively resolved, which will help the future development of the enterprise.
Analysts of Guoxin Securities also pointed out in the relevant report that the current section of the current sales of the real estate industry has been established, but the recovery speed is still slow.The report believes that demand recovery is the key to solving industry difficulties. It is expected that a package policy will continue to relax.
