Four-quarter real estate companies will be significantly tighter capital

In the first half of this year, the biggest change of real estate listed companies is capital outflow. As of August 31, 2010, the half annual report of real estate listed company has been announced. In the first half of the real estate classification of the 135 listed companies operating income of 145.215 billion yuan, an increase of 36.55%, net profit of 22.465 billion yuan, an increase of 30.44%, earnings per share of 0.11 yuan, an increase of 13.36% per share of operating cash flow is-0.70 yuan/share,　　Sales gross profit margin of 36.68%. In the first half of this year, the biggest change of real estate listed companies is capital outflow. According to statistics, as of June 2010, the assets and liabilities of 135 real estate listed companies were 67.79%, up 6.02% year-on-year, compared with 65.03% at the end of 2009. 135 companies to borrow up to 331.7 billion yuan, year-on-year growth of 212 billion yuan in June 2009 56.46%, the end of 2009 increased by 32.06%, of which long-term borrowings for 248.7 billion yuan, 141.1 billion yuan in June 2009, 76.26% per cent growth,　　The end of 2009 increased by 34.86%, short-term loans for 83 billion yuan, the June 2009 71 billion yuan growth of 16.9%, year-on-year increase of 24.35%. Looking at the cash flow, although the real estate listed companies in 2009 per-share operating cash flow to achieve the best status in nearly 10 years, but experienced in the first half of the real estate development funds and two quarter sales of large contraction, as of June real estate listed companies of the operating cash flow of 0.70 yuan/share, has created a maximum negative value in recent years.　　At the same time, real estate development company's inventory is increasing, as of June 2010, 135 listed companies in the inventory of 773.5 billion yuan, compared to 2009 June increased by 47.01%, than the end of 2009 increased by 20.75%, two quarterly market sales have been a big impact on real estate development companies. "Investment proposals" we anticipate that four quarter of real estate development enterprises will be significantly tighter funds, and this will force enterprises to increase promotional efforts, on the other hand, will greatly weaken the development of commercial housing sales price of high expectations; the next 4 months, commercial housing sales increased activity, sales price fluctuations will increase, 9, October sales price changes will have a great impact on the future. We still give the real estate "bullish" investment rating, the proposal focused on the earnings per share of good growth, each share of the advance payment and inventory of companies, such as Avic Real estate, poly Real estate, Cofco Real estate.