Real estate enterprises: what to list?

Since the listing of "real estate enterprises" was lifted, many domestic real estate enterprises are eager to try. Real estate listed companies are stepping up the development of real estate projects, while non-real estate companies are also entering the real estate industry on a large scale. Unlisted housing enterprises are waiting for an opportunity to try to land in the capital market. One of the reasons for these phenomena is the recent recovery and popularization of the real estate industry. However, the performance of real estate listed companies in the securities market has not improved significantly, and many indicators of listed companies in the real estate sector are still lower than the average level of listed companies. Then, why is the real estate development market booming while the real estate sector in the capital market is bleak? This can not be simply attributed to the government's control and restraint, nor can it be simply considered that the capital market is too cautious. Behind this is a question that the government, housing enterprises and investors must be clear about: how to judge and evaluate real estate stocks? What is the standard of judgment? What do listed real estate enterprises take to attract investors and consolidate investors' confidence in real estate stocks? As for the listed "real estate enterprises", it is generally believed that there should be the following standards: 1, with good quality and high market image. The high risk of the real estate industry determines that the company can't make mistakes in decision-making, otherwise it will be difficult for the whole company to turn over in a few years, and having good enterprise quality and market image can often turn disadvantages into advantages. 2. There are few historical problems. The problems left over from the history of listed real estate enterprises are serious, mainly reflected in the housing backlog. 1999 The average inventory of real estate listed companies is 790 million yuan, and a large amount of funds cannot be revitalized. Therefore, few problems left over from history are the basis for real estate listed companies to achieve good performance. 3. High-quality projects under construction and good land reserve Whether there are high-quality development projects is the most important criterion to measure real estate listed companies. A high-quality real estate project should at least have the following characteristics: First, it should have a certain scale. The second is to have location advantages and plan well. The third is that the acquisition cost is relatively low. Summing up the above evaluation criteria of "real estate enterprises" listing, what should real estate enterprises take when listing? First, enterprise quality has a harmonious image; Second, there is no bad performance; Third, there are high-quality projects and a certain land reserve. If we further analyze these factors, we will find that if we only take the above three as the basic conditions, it is not enough to attract investors. The quality and image of an enterprise are intangible capital, and its performance is only in the past. In fact, the project and land are only the company's current assets, and can't even be counted as the company's assets, because after the project is completed, the real estate and land will be transferred from real estate enterprises to owners or banks. Investors invest in real estate stocks in order to bring their own investment returns through the appreciation of real estate. However, if real estate enterprises can't make good real estate, they only sell investors a certain liquid assets and image, not fixed assets. How can investors confirm that their investment is investment rather than speculation? When some non-real estate enterprises go public, their real estate can be listed at a fixed price, and their real estate becomes their real estate, that is, fixed assets. On the contrary, our real estate enterprises cannot produce their own fixed assets, but can only develop land or projects for sale. Strictly speaking, this kind of land or project can only be regarded as the pending products or finished products of real estate enterprises. These products must be sold as soon as possible, otherwise they will stay in the enterprise and affect the capital turnover of the enterprise. These products are not fixed assets of enterprises, which actually forms an interesting situation, that is, non-real estate enterprises can list their real estate as fixed assets, while real estate enterprises have no real estate as fixed assets. In this case, it is difficult to distinguish between real estate stocks and non-real estate stocks, and it is also difficult for investors to establish confidence in real estate stocks. In other words, if a real estate company wants to go public, it should have real estate. Under the land system of paid transfer of land use rights, real estate companies should have a certain number of long-term management rights of land use rights. Only by operating the land for many years and obtaining land rent is a real estate developer. This means that large real estate companies should own the ownership of office buildings or shopping malls and rely on the rental of office buildings or shopping malls to obtain land rental income. Only in this way can we distinguish real estate developers from other types of enterprises, and in the stock market, real estate stocks can be distinguished from other types of stocks. For investors, investing in real estate stocks is of special significance. Some real estate development enterprises believe that the performance of listed housing enterprises is generally due to the inability to obtain stable dividend income on a regular basis. Because the production cycle of the real estate industry is long, in fact, this reason shows that listed companies lack the accumulation and experience of managing real estate. If they can hold and manage real estate for many years, they will have a stable income. Investors can invest in real estate stocks as long-term investments, and investors can get stable returns. Hong Kong Land owns 40% of the office buildings in Central Hong Kong. Most of the land paved by Watsons Shopping Mall in Hong Kong is from Li Ka-shing. The companies of these real estate developers are listed companies, and investors value their fixed assets and stable returns. These real estate companies have a history of decades or even hundreds of years. At this point, the real estate companies in China are far from reaching this level. The growth period of China real estate companies is very short and naive. Most enterprises only have the experience of speculating when the real estate is hot. Some of the development enterprises that survived the real estate boom only have experience in developing residential properties in recent years, and many real estate enterprises have no experience in developing real estate, let alone long-term experience and ability in holding and operating real estate. Real estate enterprises have no long-term experience in holding and managing office buildings, apartments, hotels, shopping malls and other properties, and are unwilling to carry out such long-term operations. They are all willing to take a shot and change places, exposing the dryness of the whole real estate industry. There are reasons for the short-term tendency of this behavior. Long-term operation and holding of property to obtain rental income requires considerable financial strength. China's real estate enterprises have limited funds and can only realize long-term holding and operation by accumulating short-term residential development income. Except for a few professional real estate companies, many development companies are only project companies. From the above analysis, on the one hand, it is imperative for real estate enterprises to go public, because listed real estate enterprises can get social capital support and overcome short-term behavior. On the other hand, without long-term listed companies, there will be no long-term investors, and without responsible listing and investors, there will be no sustainable economy. Therefore, in this case, it is reasonable for the government to be cautious about the listing of real estate enterprises. If many developers who haven't accumulated go public and can't come up with solid assets as the basis, it is easy to make listing financing become a disguised "money-circling", and investing in real estate stocks can only be speculation. Real estate enterprises that don't have the ability to manage property for a long time will only go public on the basis of their current performance, and it is more likely to circle money for listing by concept packaging. When listed companies and investors believe in the concept and ignore the real rental return, the virtual capital of real estate will be divorced from its real economic base, so the listing of real estate enterprises will become an opportunity to create an economic bubble. This has to cause vigilance. Therefore, when examining and approving the listing of real estate enterprises, we should increase the standards to examine whether they have the ability to hold and operate properties for a long time. This is of great significance to the development of China's securities market and real estate industry.