Every year, the interest alone will be paid back to 500 billion! These 80 housing enterprises have interest-bearing liabilities exceeding 7 trillion yuan.

In the second half of the year, the "three red lines" of housing financing is definitely a hot topic. The main purpose of setting up "three red lines" is to control the unlimited growth of interest-bearing liabilities of housing enterprises.

According to the survey conducted by the research group of listed real estate enterprises of Dunant University Data Research Institute, except for a real estate enterprise just listed last year, 82% of the 80 surveyed real estate enterprises have increased their interest-bearing liabilities compared with the same period last year.

Among them, the interest-bearing liabilities of 7 real estate enterprises increased by over 50%, 6 enterprises increased by 30%-50%, and 20 enterprises increased by 15%-30%. In addition, there are 14 housing enterprises with negative growth in interest-bearing liabilities.

On the whole, the interest-bearing liabilities of 80 housing enterprises reached 7.2 trillion yuan. According to the average financing cost of 7%, the annual interest to be repaid may exceed 500 billion yuan.

Even leading real estate enterprises, the outside world can still feel the "pressure" of debt repayment from the expansion of interest-bearing liabilities.

The interest-bearing liabilities of seven housing enterprises all exceeded 200 billion.

Interest-bearing liabilities of housing enterprises, that is, debts that need to pay interest in corporate liabilities, can better reflect the real debt level of housing enterprises. Specifically, as of the first half of this year, there were 7 housing enterprises with interest-bearing liabilities exceeding 200 billion yuan.

Evergrande, which shouted "debt reduction", still surpassed the leading housing enterprises in the same camp in interest-bearing liabilities, reaching 835.5 billion yuan. Country Garden and Greenland Holdings followed closely, with interest-bearing liabilities as high as 342.04 billion yuan and 329.844 billion yuan respectively. In addition, there are Sunac, Poly, Vanke and Huaxia Happiness in this interval.

The total interest-bearing liabilities of these seven housing enterprises are ***2.6 trillion, accounting for about 36% of the total interest-bearing liabilities of 80 housing enterprises.

Xu Jiayin, Chairman of the Board of Directors of Evergrande Group, announced in March that "from 2020, Evergrande will begin to change its development mode and fully implement the development strategy of' high growth, scale control and debt reduction'. We must use the greatest determination and strength to reduce debt. " In the first half of this year, thanks to "high growth" and "scale control", Evergrande's interest-bearing liabilities decreased by about 40 billion yuan compared with the new strategy proposed at the end of March.

According to Evergrande's Debt Reduction Plan, the debt will be reduced by 450 billion in the next three years, and the total debt will be reduced to less than 400 billion by 2022. To this end, Evergrande will further increase sales repayment in the second half of the year, continue to implement negative growth of land reserve, and gradually split up high-quality assets and list them one after another. "We are confident that by the end of this year, interest-bearing liabilities and net debt ratio will drop significantly." Xia Haijun, president of Evergrande, said.

Country Garden's leading companies are also more obvious in recovering funds and reducing debts. In the first half of the year, the equity repayment rate reached 94%, which has been higher than 90% for five consecutive years, and its own hematopoietic function is strong. At the same time, as of June 30, the balance of interest-bearing liabilities decreased from 369.6 billion yuan at the end of last year to 342.04 billion yuan, a decrease of 7.5%. As of June 30, the company's book available cash balance was 205.52 billion yuan, and the cash on hand was abundant.

Greenland Holdings' sales performance declined in the first half of the year, and its cash flow was supplemented by recovering money, while loan financing was increased to ensure capital turnover. However, the increase in external borrowing has led to the simultaneous increase in interest-bearing liabilities. By June 30, 2020, the monetary capital of enterprises was 87.25 billion yuan, a decrease of 65.438+65 billion yuan compared with the end of 2065.438+09, but the interest-bearing liabilities increased by 3.650 to 329.84 billion yuan. On the whole, the increase of interest-bearing liabilities leads to the increase of net debt ratio again.

The lowest interest-bearing liabilities are also nearly 6 billion.

For a long time, housing enterprises have expanded their business scale by borrowing money, and grasped the debt and scale to test the financial control ability of enterprises. Dunant Data monitors 80 listed real estate enterprises with interest-bearing liabilities10 billion-200 billion (excluding), representing leading real estate enterprises such as R&F, Longhu, China Resources, China Merchants, Shimao and China Shipping.

The total interest-bearing liabilities of China Resources Land reached a new high, reaching 654.38+064.5 billion yuan, and the net debt ratio also increased to 45.9%. According to reports, on the one hand, the epidemic has increased the short-term cash flow tension, on the other hand, it is an early bond swap action, which uses the relaxed financing environment in the first half of the year to pave the way for the debts that are about to expire.

The management admits that Caesar is really under great pressure to achieve a balance between scale, cash flow and profit. Interest-bearing liabilities in the first half of the year were 1, 21.70 billion yuan, of which 43% were domestic and 57% were overseas. Among the 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%. According to the interim performance meeting of the management, the next step is not only to ensure timely delivery, but also to shorten the time for sales payment. At the same time, it is necessary to improve the quality of investment expansion, earn reasonable profits and strong cash flow, strengthen repayment, expand investment with available funds, and achieve a balance between scale, profit and cash flow.

50 billion-/kloc-0 billion (excluding) interest-bearing liabilities 2 1, representing Agile, Jinmao, Xincheng, Ocean Shipping, Hejing Taifu, Zhongnan and other housing enterprises.

In addition, there are 35 housing enterprises with interest liabilities less than 50 billion yuan, representing urban construction, Zhong Jun, Zheng Rong, Jianfa, Greenland Port and other housing enterprises.

Twice the maximum! The debt growth rate of these six real estate enterprises is amazing.

Moderate leverage can effectively use social funds and resources and provide ammunition for long-term development. However, under many uncertainties, it is not optimistic whether the road of high debt and high leverage can achieve stable operation in the future.

Dunant Data Research Institute monitors 80 listed real estate enterprises. Except for a real estate enterprise just listed last year, the interest-bearing liabilities of 65 real estate enterprises increased year-on-year, accounting for 82%.

Among them, the year-on-year growth rates of Sansheng and China traffic were as high as 207.08% and 1.6 1.04% respectively. The year-on-year growth rates of Aoyuan, Jianfa, Dexin and COFCO all exceeded 50%.

Faced with the acceleration of industry reshuffle, Sansheng Holdings has accelerated its nationwide expansion under the strategic drive of its parent company. 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. At the same time, three sheng's debt is inevitably rising. As of the interim report, bank loans and loans from financial institutions were about 654.38+0.0139 million yuan, and bonds payable were 65.438+23.6 million yuan. Among the loans, the loan due within one year is about 72.9/kloc-0.0 billion yuan, the loan due after one year is about 4.084 billion yuan, and the cash and cash equivalents (including time deposits and restricted deposits) are only about 65.438+0.946 billion yuan, which is not enough to repay. However, due to the incomplete injection of assets of Sansheng Holdings, its core financial indicators can not fully reflect the actual situation of its parent company Sansheng Group.

In the first half of the year, CCCC's real estate investment intensity reached 222%, up 12 1% year-on-year. With the continuous growth of land reserve, the real estate debt level of CCCC keeps rising, and the year-on-year growth rate of interest-bearing liabilities ranks in the forefront of the industry, and all three red lines are trampled underfoot. However, from the integration of CCCC's real estate business, it is not difficult to see that the Group attaches great importance to the real estate business sector and the background of central enterprises has brought many conveniences to financing, which has the inherent advantages of high leverage and low financing cost expansion.

In the first half of 2020, Aoyuan's interest-bearing liabilities, net debt ratio and short-term interest-bearing liabilities all increased significantly year-on-year, among which interest-bearing liabilities rose sharply from 53.67 billion yuan in the first half of last year to 65.438+00305 billion yuan. However, the management of Aoyuan said that the debt due in the second half of the year was about 20 billion yuan, and the company's cash balance was about 69.4 billion yuan by the end of June. At the same time, its unused credit balance is about 94.3 billion yuan, and the short-term debt pressure is not great.

Jianfa's international performance developed at a high speed, and its sales amount increased by about 52.87% year-on-year. By the end of 2020, the goal of Jianfa International is to reach 70 billion yuan. With the expansion of the scale, CDB's total international liabilities increased, and the ratio of long-term and short-term liabilities was 65,438+09.2, an increase of 3,365,438+0.5% compared with the beginning of the year. However, the sales return of Jianfa International is 26.63 billion yuan, and the cash flow can cover short-term debts. Thanks to the parent company's state-owned enterprise background, the financing cost of Jianfa International is at a low level in the industry.

There are 33 companies with a growth rate of 15%, accounting for over 40%.

Together with the above six companies, there are 33 companies with a year-on-year growth rate exceeding 15%. Among them, there are 7 companies with a year-on-year growth rate of 30%-50% (excluding), representing real estate enterprises including Zhongzhou, Jianye, Hesheng and Aoyuan; There are 20 companies with a year-on-year growth rate of 15%-30% (excluding), representing housing enterprises such as Greentown, Poly Real Estate, Shimao, Gemdale, Vanke, Longhu and Times.

Starting from 20 19, Greentown China concentrated on the layout of first-and second-tier cities, and the investment gradually increased. In the first half of the year, the construction area of new soil storage increased by 24 1%, and the value of new goods increased by 1, 8 1%. However, the management of Greentown said that Greentown has achieved a relatively good growth rate in the past two years. The reason why it has achieved such good development is by financing leverage, not by financing. In the first half of the year, short-term loans16.806 billion yuan and long-term loans were 57.293 billion yuan, both of which increased year-on-year. At the end of 20 19, the debt due during the year decreased by 5.5 percentage points, accounting for 3 1. 1% of the total debt.

On the other hand, the total liabilities of Vanke, a leading enterprise in the industry, should not be underestimated, but it basically maintains a good debt structure. Taking Shimao as an example, it has laid a solid foundation for coping with the complex changes in the economic and financial environment and the subsequent sustainable development. In the first half of the year, the total loans were142.98 billion yuan, with long-term loans accounting for 72.3% and short-term loans accounting for 27.7%. The long-term and short-term loan structure is at a safe and healthy level for a long time. The short-term debt ratio of cash is 1.8, with good liquidity and strong short-term solvency.

There is Vanke, which has always maintained a sound financial position and good anti-risk ability. By the end of June, Vanke's interest-bearing liabilities were mainly in the medium and long term, accounting for more than 60% in one year. The monetary funds held are 654.38+094.29 billion yuan, which is much higher than the total interest-bearing liabilities due within one year of 96.82 billion yuan.

In addition, the short-term debt of Longhu reached1721400 million yuan, and the long-term debt reached151340 million yuan. Total liabilities increased by 20.35% compared with the same period of last year, of which short-term liabilities accounted for only 10 1%. In the first half of the performance conference, CFO Zhao Yi said that Longhu kept its financial structure safe in the first half of the year and exchanged self-discipline for freedom. However, the growth rate of total debt in the first half of this year was faster than that in the same period of last year, and it still needs reasonable control.

In addition, there are 32 real estate enterprises whose year-on-year growth rate is below 15%, representing real estate enterprises such as Yuexiu, Financial Street, China Merchants, Sunac, Agile, Caesar, Midea Real Estate, Evergrande and Xincheng.

Negative growth! This 14 housing enterprises reduce debts.

At the same time, there are 14 housing enterprises with negative growth in interest-bearing liabilities, of which Jinlu's interest-bearing liabilities decreased by 63.58% year-on-year. Taihe, Peking University Resources and famous cities all experienced double-digit negative growth year-on-year.

Taihe's revenue in the first half of this year was 2.463 billion yuan, down 83.02% year on year; The net profit was-65.438+58.2 million yuan, down by 206.5438+0.33% year-on-year, and the unpaid interest only reached 4.332 billion yuan. The final financing balance is 96 billion yuan, with an average financing cost of 10.03%, and the maturity is 713.72 million yuan within one year. In its financing structure, non-standard financing such as trust is 578.1600 million yuan, accounting for 60.20%. In order to solve the company's difficulties, Taihe Group intends to introduce Vanke, but Vanke has not yet made a final decision. At Vanke's interim results briefing, Vanke CEO Zhu Jiusheng thought that Taihe's product strength and basic ability were good, but he also repeatedly stressed: "Vanke's intervention is conditional."

Although the net interest rate and gross profit margin both declined, from the data of cash flow and solvency, China Shipping Real Estate achieved a rise against the market. The bank and other loans and notes payable of China Shipping Real Estate are129.29 billion yuan and 79.32 billion yuan respectively, and the interest-bearing liabilities are 2088 1 billion yuan, of which the interest-bearing liabilities due within one year are 33.44 billion yuan, and the short-term cash debt ratio is more than three times. Yan Jianguo, chairman of China Shipping Real Estate, said that China Shipping experienced the financial storm of 1997. At that time, due to the high debt ratio, it faced the risk of bankruptcy, and the lesson was extremely profound. Since that time, the operation of China Shipping has been very stable, especially for the debt ratio and cash leverage, and a strict red line has been set internally.

For a long time, heavy hotel assets have made R&F face a lot of debt pressure, but in the first half of this year, debt reduction was slightly effective. In February this year, R&F issued US$ 400 million senior notes to redeem US$ 202 1 senior notes, and extended the maturity period. In the first half of the year, domestic bonds were handled/kloc-0.08 billion yuan, reducing the scale of interest-bearing liabilities. According to the plan, the group will handle 25-35 billion yuan of debts in the next nine months, more than half of which will be reorganized, 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 the debt reduction. Li Silian, chairman of R&F Real Estate, also said that debt reduction will continue in the future, and the company's land reserve will still be mainly based on the old reform.

Industry observation: debt reduction will become the new normal, and price reduction promotion will not be ruled out.

The researchers found that in the context of market supervision and tightening of financing channels, housing enterprises with higher growth rate of interest-bearing liabilities in the first half of the year. On the one hand, it is a housing enterprise with high growth rate but small scale, such as three sheng and Dexin; On the one hand, it is a medium-sized housing enterprise, such as Aoyuan. The expansion in recent years has led to excessive debt growth.

In order to control the scale of interest-bearing liabilities of real estate enterprises and prevent real estate risks, the regulatory authorities put forward new financing regulations, set up "three red lines", and divide real estate enterprises into four grades: "red, orange, yellow and green" to control the growth rate of interest-bearing liabilities. This also means that in the second half of the year, debt reduction will become the "new normal" of the industry.

In this context, many housing enterprises also agree that to increase the debt ratio and improve the financing structure, it is also necessary to rush the annual performance, and repayment ability will be the key to sustainable operation. Therefore, urban layout, land acquisition opportunities, product building and resource aggregation will also face more postgraduate entrance examinations. In the second half of the year, for some enterprises with heavy debt pressure, it is necessary to continuously try to reduce debts in the future, and the possibility of actively reducing prices and promoting the withdrawal of funds is not ruled out.

Planning: Guang Lin

Leader: Wang Yanling

Researcher: Yi, Qiu Yongfen,

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