Back to the financial difficulties behind the

-Our correspondent Uping refinancing valve tight, bank development credit strictly controlled, trust financing channels blocked ... This round of real estate regulation let a lot of developers throats high price land.　　Recently, developers retreat from the phenomenon began to emerge quietly, behind the hidden capital chain pressure also surfaced. According to the Shanghai Municipal Bureau of Land announcement, the deal at the beginning of this year two cases located in Shanghai Jiading of the plot was re-listing transfer. Among them, Jiading Real South Road south, Zou Tang west of the plot in January this year by Shanghai Bao Hua Enterprise Group Co., Ltd., the land total price of 2.419 billion yuan. Another case is located in Jiading Road West, Heng Rong Road south of the land in February this year by Lemon Baoshan Information Consulting (Shenzhen) Co., Ltd. competition, the total price of 1.105 billion yuan.　　Due to more than 300% of the premium rate and 12,500 yuan per square metre of floor premium, the real South road plot has also become the region's land price "benchmark." There are news that two companies retreat, mainly because of the obstruction of financing channels, enterprises are unable to solve the problem of capital.　　Unable to successfully raise funds, can not pay the land transfer within the stipulated time. In fact, as early as the beginning of the year, the "King of the Land" of Tai Lung landed a wave of recovery. Look at these two retreat storms, which have similarities but also different. The difference is that the Big Dragon property is due to the price of arrears by the relevant departments forcibly resumed land, and Shanghai Two of the land is the developers "active" retreat.　　The same is because the company can not afford to pay the price, unable to digest the high price of this "big fat." Since the second half of 2009, the national first-line urban land prices began to soar, popular plots are often robbed by many developers, the transaction premium rate in more than 100% of the plots in endlessly.　　Obviously, once in the land market hot period of the birth of high price plots, with the developer capital chain tightening and the outbreak of many problems. Usually in the real estate development funds, enterprises and institutions own funds accounted for less than 20%, self-financing accounted for about 30%, the use of domestic loans and deposits and advances in the proportion of more than 40%.　　As a capital-intensive industry, real estate enterprises generally rely on financial leverage to maintain survival and expansion. However, since this year, China's real estate policy tone has been strict, not only in the two-tier market for real estate refinancing to stop, and has suspended the acceptance of real estate development enterprises reorganization applications, and accepted the real estate reorganization applications to seek advice from the Ministry of Land and Resources.　　In addition, the relevant departments also stipulated that the existence of land idle and speculation of the behavior of the real estate development enterprises, commercial banks to stop the issuance of new development projects loans, regulatory authorities suspend the approval of their listing, refinancing and major asset restructuring. After the rapid expansion of 2009 and the beginning of this year, some developers ' capital-chain pressures have already been highlighted. Only from the financial situation of listed companies, most of the housing enterprises operating cash flow is negative, financial costs are rising rapidly.　　In this case, to speed up turnover, to do everything possible to finance has become a lot of developers of the top priority. Despite the current view, developers retreatIt is only an example, but it also highlights the enormous pressure on the capital turnover of the housing enterprises in the face of the obstruction of financing channels. Industry insiders expect that, in addition to individual housing enterprises in the capital risk, the current real estate industry is still within the scope of control, capital chain pressure will gradually appear next year.