Short-term debt pressure exposure of leading housing enterprises: 76 housing enterprises have 2.5 trillion debts to pay back within one year.

Short-term debt due within one year is undoubtedly the biggest pressure for enterprises.

With the stabilization of the property market, the government adheres to the main tone of "housing and not speculating", and the financing supervision of the real estate industry has become stricter. Optimizing the debt structure and reducing the debt have become the top priority of housing enterprises' financing. On the one hand, further reduce the proportion of short-term liabilities, on the other hand, control and reduce financing costs to prepare for "survival".

Dunant Data Research Institute investigates the liabilities of housing enterprises. The interest-bearing liabilities of 76 housing enterprises due within one year exceed 2.5 trillion yuan, accounting for about 35% of all interest-bearing liabilities. According to the average financing cost of 7%, the annual interest to be repaid exceeds 654.38+070 billion.

Short-term debt TOP 10 was released, totaling over 1.2 trillion.

There are four companies with interest liabilities exceeding 654.38+000 billion yuan in one year, with Evergrande, Sunac, Greenland and Country Garden reaching 395.7 billion, 654.38+04.06 billion, 654.38+02/kloc-0.4 billion and 654.38+0058 billion respectively. There are six companies with interest-bearing liabilities exceeding 50 billion yuan-1000 billion yuan due within one year, namely Vanke, Huaxia, R&F, Taihe, China Merchants and Poly.

It can be seen that R&F has the smallest sales scale, but its short-term debt is as high as 74.8 billion yuan, and the pressure is not small. Li Silian, chairman of R&F Real Estate, said that the company will continue to reduce its debts in the future, and the company's land reserve will still be dominated by the old. The interim financial report shows that the expenditure on land in the first half of the year is only about 6 billion yuan, while 20 19 and 20 18 are about 25 billion yuan and 37 billion yuan respectively. It is expected that land acquisition will continue to be reduced in the next 6 to 12 months, and inventory and new product launch will be accelerated to maintain operating cash flow to repay debts. Chen Zhihao, assistant to the chairman of R&F, also said that in the next nine months, the Group will deal with debts of 25 billion to 35 billion yuan, more than half of which will be restructured, and the rest will be offset by funds or sales, and the equity of investment properties and development projects will be sold to speed up debt reduction.

At the beginning of the year, Sun Hongbin, the chairman of Sunac, proposed that Sunac should do three things in 2020-"reducing the financing cost, optimizing the asset structure, carefully taking land, and being in harmony with people at the right time". The semi-annual report shows that Sunac's short-term debt is 65.438+040.623 billion yuan, and its disposable cash is 85.23 billion yuan, which cannot cover all short-term debts. Sun Hongbin once said that in the future, the target of sales scale will be diluted, and profit and debt reduction will become the top priority. And in order to get more cash flow, we will dispose of some assets.

30 Short-term debt is 654.38+0 billion-30 billion, accounting for the largest proportion.

The short-term debt scale of over 60% housing enterprises is concentrated in the range of 654.38+00 billion-50 billion yuan. Among them, there are 16 companies with interest-bearing liabilities exceeding 30-50 billion yuan due within one year, representing real estate enterprises such as Aoyuan, Gemdale, China Resources, Agile, Shimao and China Shipping.

There are 30 real estate enterprises with interest liabilities exceeding 654.38+0 billion-30 billion within one year, including Xuhui, Times, Zhongnan, Ocean Shipping and Longhu. In addition, there are 20 housing enterprises such as Ligao, China Communications, Urban Construction, Greenland Hong Kong and Jianfa whose short-term liabilities do not exceed 654.38+0 billion yuan.

Four times at most! Short-term debts of over 80% of housing enterprises are increasing.

Dunant Data Research Institute monitors the year-on-year data of 65 real estate enterprises (some real estate enterprises have incomplete data), and the interest-bearing liabilities of 52 real estate enterprises due within one year increase year-on-year, accounting for as high as 80%.

In terms of regions, the interest-bearing liabilities of 65,438+02 real estate enterprises due within one year increased by more than 65,438+000% compared with the same period of last year, and the highest growth rate of three sheng Holdings reached 483.78%.

Three sheng Holdings' interest-bearing liabilities and short-term liabilities both doubled within one year. Driven by the parent company's strategy, Sansheng Holdings has accelerated its nationwide expansion. In the first half of the year, it successively won four plots in Haimen, Jiangsu, Wenzhou, Zhejiang and Wuxi, Jiangsu, with a total land price of about 2.754 billion yuan, more than four times the total land purchase price in the Yangtze River Delta region in 20 19. As the scale is getting bigger and bigger, the debt is inevitably rising. As of the first half of the year, the interest-bearing liabilities were 65.438+00/kloc-0.39 million yuan, the liabilities due within one year were about 7.29 729. 100 million yuan, the liabilities due after one year were about 4.084 billion yuan, and the cash and cash equivalents (including time deposits and restricted deposits) were only about 65.438+0946 billion yuan, which was not enough to repay.

In the first half of this year, the short-term liabilities of China Resources Land reached 41125 million yuan, a substantial increase over last year. Because only 6.5% of 20 19 interest-bearing liabilities need to be repaid within one year, and this year this proportion has increased to 25%. However, at the end of the period, the company's capital reserve of more than 60 billion yuan is enough to cover the company's short-term debt, and the ratio of short-term debt to cash is 65,438+0.47, so there is no obvious debt repayment pressure in the short term.

In the past few years, Hejing Taifu has adopted a more active land purchase strategy, with increasing land reserves and project construction, and large-scale inventory and investment properties, which also directly affected a number of financial indicators. By the end of the first half of this year, the debts due within one year of Hejing Taifu increased by 40.9% to 33.43 billion yuan compared with the end of 20 19, and the cash with unlimited sales at the end of the year decreased by 2.88 billion yuan to 48.6.10 billion yuan compared with the beginning.

In addition, nine interest-bearing liabilities due within one year increased by 50%- 100% year-on-year, representing real estate enterprises such as Ocean Shipping, Greentown, Xincheng and Xuhui.

Since last year, Xincheng Holdings has sold a large number of assets, and the debt problem has eased. In the first half of this year, the short-term debt of Xincheng Holdings reached 37.585438 billion yuan, accounting for a relatively high level, and the debt structure has room for improvement. Considering that the company's monetary funds and limited cash reached 64.995 billion yuan at the end of the period, there is no obvious debt repayment pressure in the short term.

Xuhui strictly controlled the total debt scale in the first half of the year, and the interest-bearing liabilities increased by 1 1.08%, which was at a reasonable level. However, the short-term debt due within one year increased by 53.3% year-on-year, with a large increase. "Management has always wanted to use more resources at a lower cost. Xuhui's development model is a steady and balanced development of scale, profit and finance. " Yang Xin, CFO of Xuhui Holdings, said that Xuhui hopes to control the net debt ratio below 70%.

With the endorsement of CCCC, Greentown's financing channels are smooth, so the overall interest-bearing liabilities are increasing in the first half of the year. By the end of the first half of 2020, the interest-bearing liabilities of Greentown were118.52 million, an increase of 17% compared with the beginning of the year. Among them, one-year short-term debt was 34.79 billion, a year-on-year increase of 93.7%. But holding 628.5% cash, the short-term debt ratio of cash reaches 1.8, and the net debt ratio is only 66%, so the risk is controllable.

Interest-bearing liabilities due within one year were 65,438+02, up 30%-50% year-on-year, representing China Merchants, Vanke, Aoyuan, Zhongnan, Caesar, Poly, Jinmao and other housing enterprises.

Facing the challenge of the post-epidemic period, Vanke has made some efforts to maintain a stable financial situation. In the first half of the year, the company continued to maintain positive operating cash flow. Although the total interest-bearing liabilities due within one year reach 96.82 billion yuan, the monetary funds held are 654.38+094.29 billion yuan, which is much higher than the one-year short-term debt.

Compared with other state-owned enterprises, Yuexiu's debt level is obviously lower, and it performs better in local state-owned enterprises. Chen Jing, chief financial officer and executive director of Yuexiu Property, said, "At present, the company's cash flow is stable, and the investment intensity and development progress are controlled in combination with investment and development. Domestic and foreign financing platforms ensure sufficient funds. "

Among Caesar's debts due in the future, the debts due within one year account for 26%, the long-term debts due within five years account for about 765,438+0%, and the debts due over five years account for 3%. The management also said at the interim results conference that the next step is not only to ensure timely delivery, but also to shorten the time for sales collection. At the same time, improve the quality of investment expansion, earn reasonable profits and strong cash flow, strengthen payment, expand investment with available funds, and realize the balance of scale, profit and cash flow.

Interest-bearing liabilities due within one year with a year-on-year increase of less than 30% are 65,438+09, representing real estate enterprises such as R&F, Greenland, Longhu, COFCO, Shimao, Sunac and Evergrande. Among them, Longhu and Shimao are the representatives, and basically maintain a good debt structure; Represented by R&F and Evergrande, some achievements have been made in debt reduction.

Short debts are worry-free! This 13 housing enterprises have achieved leverage reduction.

Dunant Data Research Institute monitored the year-on-year data of 65 housing enterprises (some housing enterprises have incomplete data). From a year-on-year perspective, only 13 of the interest-bearing liabilities of housing enterprises due within one year showed negative growth. Among them, Minmetals, jiayuan, Hong Kong Greenland and Country Garden saw the biggest decline.

With the successful implementation of Minmetals real estate's acquisition of parent company assets? The scale will increase rapidly, and the growth pressure brought by the small number of projects will be alleviated. Compared with 20 19, the short-term debt pressure slowed down in the first half of the year. In 20 19, the short-term cash debt ratio of Minmetals real estate was only 0.53, while it was 3.55 in the same period of 20 18, which was 7 times higher than the same period of last year. The short-term debt due within one year is HK$ 7,262.6 billion, and the cash amount and deposit situation disclosed in the financial report (HK$ 3,850 million) are totally insufficient to pay off these short-term debts. However, as of the first half of this year, the short-term liabilities due within one year decreased by 69.9% year-on-year, and the short-term cash debt ratio increased to 1.25. The announcement pointed out that with the reduction of the impact of the domestic epidemic, Minmetals will continue to strive to seize diversified marketing methods including online marketing, further promote sales, and strive to seize cash withdrawal and reduce cash flow pressure.

At present, among the three red lines, the three indicators of Greenland Hong Kong have not stepped on the line. In the first half of the year, the cash flow control was continuously strengthened, the sales repayment rate was as high as 92%, and the company's book cash stock was 654.38 billion+00.333 billion, completely covering short-term interest-bearing liabilities. In the same period, the total debt was 901700 million yuan, up 1 1% year-on-year, and the net debt ratio increased from 18% at the end of last year to 38%. The ratio of total cash to short-term liabilities decreased from 2. 1 1 last year to 1.86. The effective interest-bearing cost remains below 6% for a long time. Lei Yu, secretary of the Board of Directors, said that due to the low debt level in the industry, Greenland Hong Kong will moderately increase its debt in the future and open up diversified financing channels.

In the previous era of scale expansion, Zheng Rong Real Estate crossed the threshold of 100 billion yuan on 20 18 because of its pursuit of high performance. Zheng Rong launched 20 19-202 1 "New Three-Year Strategy", and stepped up efforts to deleverage and transform from high growth to high-quality development. As of the mid-term, Zheng Rong's book cash was 39.8 billion yuan and its interest-bearing liabilities were 63.6 billion yuan. Among them, short-term liabilities accounted for 30%, down 4 percentage points from the end of 20 19, and bank loans, non-bank loans, corporate bonds and senior notes accounted for 5 1%, 9%, 7% and 33% respectively. The debt structure continued to be optimized, and the proportion of short-term debt was only 30%, which was significantly lower than 34.2% in 20 19.

Industry observation: speed up repayment to meet the peak of debt repayment

By monitoring the total interest-bearing liabilities of typical housing enterprises and the interest-bearing liabilities due within one year, we can see that the overall debt of housing enterprises remains high, testing everyone's capital chain. In 2020, the sales of housing enterprises will be under pressure in stages and usher in the peak period of debt repayment.

Researchers believe that in the face of the upcoming peak repayment period, there are two main ways for housing enterprises to pay back money. One is financing. In order to cope with the peak repayment period, more and more housing enterprises will accelerate the pace of financing. However, the "345 Financing Rules" has been brewing for nearly two years and has been implemented in some key housing enterprises. In the future, the scope of application will be improved and expanded according to the implementation situation. This means that the real estate financial policy is still not optimistic.

The other is to sell, with high prices and less land. How to speed up the return of sales and seize more market share is the top priority of housing enterprises under the normalization of epidemic situation. As real estate executives said, "going to the wrong place is a very painful thing."

Planning: Guang Lin

Leader: Wang Yanling

Researchers: Yi, Qiu Yongfen, and Agnes.

Produced by: Research Group of Listed Housing Enterprises of Dunant Data Research Institute.