High-debt in the room, such as green garden gray burden

Chen Zhi one side is all over the "king" frequency, while the housing enterprises actively diversify funding. 2009, the real estate listed companies will be the most strong debt issuance. Including Vanke, gold, poly, Jinrongjie, including 25 real estate companies issued corporate bond financing 40.98 billion yuan, only the second half of the 18 issue of corporate bonds, financing 24.68 billion yuan.　　Among them, Sino-ocean Real Estate has become the first mainland in Hong Kong to issue RMB bonds in the past two years, with a total of 2.6 billion yuan of 6-year corporate debt issued last June, in addition to Longhu real estate (1.4 billion yuan), Forte Group (1.9 billion yuan) and pan-Sea construction (3.2 billion yuan). However, since last October, domestic real estate companies to go to Hong Kong listed a break, it is the capital market for real estate companies to make a silent warning of high debt.　　The point is to find a "balance" between the high debt rate and the maturity of a large number of bonds. The debt repayment crisis looms in early September, when Bea Garden announced a debt financing, it was also included in the negative credit watch list by the S & P and Moody's.　　The ratings agency said it was mainly concerned about the leveraged high of its financing structure.　　The main purpose of this debt financing is to repay the 35 million US dollar loan of Citic Ka Wah Bank in full, the development of existing and new property projects and the general operating expenses of the group, the statement said. But the real reason for the downgrade was that its medium-term financial data began to slide.　　Said a Hong kong-based mutual fund manager.　　Last year, the profit margin from 43% to 26%, before interest tax and depreciation amortization, rose from 1.7 times to 2.9 times times the same period a year earlier, and investors began to feel "under the wrong bet". "The general market believes that real estate companies to earn 2 yuan, to take 1 yuan to the bank to pay interest, is tantamount to working for the bank, not for shareholders to create value."　　"said Chen Yishu, director of Wah Evaluation Limited." Once the real estate companies are determined to borrow new and old, in order to ensure the success of the issuance of debt, usually have to raise interest rates or shorten the loan period, the introduction of early redemption, and other means, some real estate companies in order to reduce the cost of issuing debt (the bond coupon rate lower), and even　　For example, in February 2008, BI Garden issued convertible bonds in Singapore, raising about 600 million U.S. dollars, with a nominal interest rate of only 2.5%, but as a result of 1.95 billion Hong Kong dollars as collateral, and Merrill entered into a cash-settled shares swap agreement, resulting in real annual interest rate of more than 6.2%. To prevent the crisis, some real estate companies have opted to increase their own cash flow pressure, early redemption of debt.　　In 2009, Greentown China offered to redeem 400 million dollars of bonds due in 2013 at 85% of the par value.　　Hard to "lighten up" Hong Kong investors had once been a hot market for mainland real estate companies in the development model of highly leveraged loans, but now, the situation has changed. "This must be based on the rising trend of price and land prices," he said. "But now many institutional investors are not talking about house prices," said the Hong Kong fund manager.How long it will be, but the financial situation of mainland property developers, risk control capacity.　　"The changes in the rules of capital markets are prompting real estate companies to find shortcuts to reduce their debt ratios," he said. Hang Shing Real estate to Hong Kong before the IPO, last June Shanghai Industrial Bulletin said: "Its and Hengsheng property reached an agreement to 2 billion yuan to buy the Gulf Hao Court four building projects under construction."　　3 years later, Hengsheng Real Estate has the right to buy back the project through its subsidiaries, during which the real holding is expected to obtain equity gains of nearly 900 million yuan. There was a rumour that the money would be used partly to repay the 500 million dollar bills issued by the firm in 2007, such as Goldman Sachs, which amounted to $210 million in total interest. Through the "replacement of bonds" and other capital operation mode to reduce the debt rate, Hengsheng's financing advantage effect again appeared.　　January 5, Hengsheng announced that the group has received 8 billion yuan from the Bank of China Credit. More lack of "external financing opportunities" of the mainland real estate companies, can only through the self-digestion to reduce their own debt rate. The financial director of a real estate company disclosed that the more convenient approach is to "transfer" the amount of interest expenditure by means of accounting, and to set up various names for the interest expenses of the bonds, which are included in the property cost of the development project or affiliated subsidiary projects. This means that the spending will not have to be directly charged to financial costs, which would be tantamount to higher profits and cash flows and lower short-term interest spending.　　Second, through the company's executives or shareholders buy back part of the development of projects, improve the company's sales and capital turnover, and indirectly "peel off" debt. "They aim to improve their financial statements, look for opportunities to refinance their finances, bank credit, or prepare for listing financing," he said. Many property companies have vast untapped land reserves, which are largely difficult to pay for most of their debt by the money they earn from project sales.　　The financial controller said. Only, the domestic capital market to the real estate company high debt issuance debt worry also is heating up. At the beginning of September last year, the Jinrongjie 5-year corporate bond coupon rate was 5.7%; only one months ago, the 5-year corporate bond interest rate for real estate companies such as Wantong had risen to about 7% per cent, and two yuan 900 million-year bonds in billion-city shares had reached an ultra-low interest rate of 5.