Four major aspects of real estate looking for investment opportunities

-This reporter Shen Ming last week, real estate stocks are active, the plate index week rose to 11.26%, especially in the weekend when the index by coal and other weight index stocks, real estate shares are duty-bound to assume a long pioneer, in order to "million, Bao, gold, recruit" led by High-quality real estate stocks under the leadership of the market steady,　　Finally stood on the 9-month long absence of 2,600 points. Price changes in the real estate market early April all over the property market in spite of the trading trend has been differentiated, but the warmer is continuing. The concern is that, as sales have warmed up, prices have started to rebound. The monthly push volume has increased, but because the market digestion faster, Beijing, Shanghai and Shenzhen and other places of commercial housing stock continued to fall.　　Overall, the one or two-line City commercial housing transactions continue to volume, maintained at a higher level of history. According to the East China Sea Securities Research Institute tracked the domestic 15 cities: Fuzhou, Xiamen, Wuhan, Shenzhen year-on-year increase of more than 200%, reached 331.7%, 279.9%, 276.9%, 210.3%, Hangzhou, Shenzhen, Changsha, Nanjing, Tianjin, Xi ' an year-on-year increase of more than 100%, Reached 197.5%, 178.4%, 147.6%, 140.9%, 124%, 107.3% respectively, Shanghai Year-on-year increase of up to 92.3%.　　At the same time, some urban turnover is still growing trend. At the same time, one or two-line city commercial housing prices have stabilized, the chain Pu Cheng structural rally. April, in addition to a few cities, the domestic one or two-line City commercial housing price basic stability, best-selling, low total price of commercial housing general trend of rise, that is, the price of the chain shows structural gains: Hangzhou, Xiamen, Shenzhen, the average sales price of the chain rose by more than 10%, reached 14.7%, 11.6%,　　Suzhou, Fuzhou, Tianjin, respectively, 5.1%, 4%, 2.6%, 2.2%, only Kunming, Wuhan, Xi ' an quarter-on-quarter decline, the decline was 7.5%, 2.5%, 1.6%. "King" to reproduce the developer funds, confidence double warming April The biggest aspect is the land market has warmed up and "Land King" reappearance. First Wenzhou former Wenzhou Long Yun Group Co., Ltd. Plot to 19607 Yuan/square meters of the transaction floor prices, to become the 09 so far the "unit price of the king." Again is the Dalian Gold Match Place Limited company takes 3.748 billion the total price to take the Dalian high-tech zone Mao Red Ling Road two sides 7 parcel plots, becomes this month the total price "the King". In addition, the key residential plots are multiple rounds of bidding and deal obvious premium of the hot scene. Shenzhen is located back to Long West Road and Love Road intersection 2 bundles of land, 14 minutes to 113 times, to high prices of 270 million of the price deal, land premium 51%. Shanghai Qingpu Xu Jing Town 3rd plot has 10 developers to participate in the bidding, the gold to 560 million land, block premium level up to 82%. Chongqing Yubei District Kwan-Yin Bridge Group E zoning plot after 14 developers 19 rounds of bidding,To 49 million yuan in the price of Chongqing Ren strong income in the bag, the plot premium of 43%.　　Joint securities believe that the initial recovery of the land market, once again confirmed some people think the current property market Initial recovery point of view. The proportion of the project capital reduced to the housing enterprises to untie the funds confess recently announced the State Council issued a commodity housing project capital ratio will be lowered notice, for the housing enterprises to untie funds, so that the debt capacity of the housing enterprises and rolling development capabilities are further improved.　　As the State Council statement said, the move is to respond to the international financial crisis, mobilize the enthusiasm of the community and enterprises, expand investment demand, adjust and optimize the investment structure. Real estate development investment occupies more than 20% of fixed assets, which plays an important role in stimulating fixed assets investment. Due to the cautious attitude of real estate developers, since July 08, real estate development investment growth has been declining, in March 09, real estate development accumulated investment year-on-year growth of only 4.1%, and in the same period last year, the growth rate of 32.3%, 87.3% decline.　　Lower real estate development project Capital ratio is conducive to mobilize real estate developers investment enthusiasm, especially for the capital chain more nervous small and medium-sized developers. GF Securities believes that for the project has been started, the reduction in the proportion of project capital to improve the real estate development enterprise funds turnover rate, help to ease the financial pressure of developers. For newly-started projects, the reduction in the proportion of the project capital can play a certain stimulus, but the impact is limited.　　Developers generally cautious outlook, turnover is the key determinant, unless the next regimen of residential sales can be basic or roughly maintained at the current level, otherwise developers will not be able to large-scale increase in new projects. Some of the financial data have improved. A quarterly report shows positive changes according to the 92 listed companies in the real estate industry, the 08 annual reports and the 09 quarterly comprehensive comparative analysis, some of the financial data in the first quarter of this year have shown signs of improvement, mainly reflected in the significant increase in the receivable account,　　The net debt ratio has fallen and sales income growth and so on three aspects. 08 The real estate market deep adjustment, the industry revenue and net profit growth rate dropped sharply, the 09-year quarterly sales rebound has not been reflected in the report, but the 09-year advance in advance accounts significantly, is expected to 09 industry overall growth over market expectations. In 2008, the growth rate of 92 listed companies in the real estate industry fell from 47% in 07 to 16%, and the net profit growth of the owner of the parent company fell from 89% in 07 to 9%; the growth slowed sharply in the first quarter of 09, with revenues falling 8.5% per cent year-on-year Net profit attributable to the owner of the parent company fell 22.9% Year-on-year.　　In the first quarter of 09, there was a sharp pick-up in prepayments, with 92 listed companies rising 17.8% from the end of 08, compared with a 5.3% increase in the 08 quarter from the end of 07. Net debt rate fell, 09-year quarterly sales have warmed up, the industry capital pressure eased. At the end of 08, the property liability ratio of 92 listed companies in real estate industry was 62.9%., which rose by 0.2% per cent from the end of 07, and the ratio of liabilities and net liabilities after the deduction of received accounts increased by 4.3 and 13.1% respectively from the end of 07.　　At the end of the first quarter of 09, the asset-liability ratio was 63.7%, up 0.8% from the end of 08, but the debt rate and net liability ratio fell by 0.7 and 2.3% in the late 08, respectively, which was the latest recovery in the property market, the developer's sales of funds increased significantly and the financial pressure eased. Gross profit margins fell in the first quarter of 09, sales grew, and net profits were expected to grow in 09. From the 08 profit indicators, the adjustment of real estate prices has not been reflected in the decline in profitability, the 08 industry's profit indicators are basically the same as in 07. The 08-09-year price adjustment will be reflected in the 09 settlement income, with 09 gross margin and net profit margin expected to be lower than the 08 3%-5% point. Gross profit margin fell 4.5% in the first quarter of 09, lower than the annual decline of 1.4% in 08, excluding business tax and additional gross profit margin fell 4%, lower than 08 year 1%, net sales rate fell 3.2%, lower than 08 year 1.6%.　　But with sales growth of more than 100% per cent year-on-year in the major cities in 09, the sales growth of listed companies is expected to increase by more than 20% in 09, and sales growth will offset the downside of the decline in profits, which is expected to be the lowest in recent years in the property sector. Industry concentration continues to improve. 08 years of the top 10 business receipts of listed companies accounted for the total operating income of the industry 53.5%, compared to the 07 increase of 3.5%, Vanke accounted for the industry's total operating income of 21.2%, basic and 07 flat.　　2005-2008, the top 10 business income companies, its operating income accounted for from 40.5% to 53.5%, the industry in the accelerated integration process in the focus of a significant situation. Four ways to find investment opportunities but the caveat is that most industry analysts are cautiously optimistic about the real estate market, specific to the trading opportunities, comprehensive Shanxi securities, Haitong Securities, the Yangtze River Securities, Golden Lark Investment views, mainly concentrated in the following areas: first, in the World Expo, Disney, Two-center and other concepts under the influence of the Shanghai Plate investment opportunities in the next few years in the long term. Specific listed companies are divided into two categories: first, in the original Nanhui has a large number of land reserves and other real estate resources related to listed companies, such as Chinese enterprises, Bo shares, and so on, the second is leading the Pudong new area of the four national development zones of Lujiazui, Zhangjiangko, Pudong Jinqiao, Waigaoqiao and other companies, because it is expected to obtain more land reserve resources,　　and will benefit significantly from this. Second, from the industry recovery point of view, Shenzhen and other regions of the real estate recovery signs more obvious. Shenzhen City real estate stocks can be actively tracked, of course, including the total number of business has a large proportion of commercial housing sales of the varieties, merchants Real estate, Gold Group,Shahe shares, the deep wall, deep vibration industry and other varieties is so. Third, the national policy continues to loosen the real estate enterprise money, the liquidity will again become the leading industry development change key factor. The release of liquidity at the enterprise level will mean a gradual stabilization of house prices, a gradual increase in land transactions and a new start.　　Such release, the most direct promotion of the real estate industry, the valuation level of small and medium-sized companies, these enterprises completely out of the crisis of the capital chain, is inverted type of investment opportunities, such as Guangyu group, on the real development. Four, from the market level, such as large shareholder directional additional price high, each share of high net assets, or have performance commitment factors such as stocks, Yunnan City Investment, Sunshine Development, China River Real estate can be tracked.