Profitability of housing companies will weaken

-Our correspondent Lin Yu as a capital-intensive industry, the rate hike will have a significant negative impact on the management of the housing enterprises. This mainly shows that the cost of real estate enterprises will be increased, the demand for home purchase will be a certain degree of containment, thus affecting the housing enterprise sales, gross margin will also fall.　　The industry is expected to start next year, the real estate industry's net profit growth rate will further slow.　　The development cost enhances the national credit securities pointed out that, from the policy means, the tightening monetary policy such as raising interest rate and raising reserve ratio will directly increase the financial cost of real estate enterprises. Market expectations, the 2011 Real Estate development loan interest rate will increase, that is to say, developers to develop loans interest will increase.　　And the increase in financial costs will affect the developer's inventory turnover level, project profitability. At present, the real estate industry's assets and liabilities ratio is generally more than 60%, and in the direct financing is blocked, the domestic real estate financing channels are relatively single, bank credit funds to a large extent control the lifeblood of the development of the industry.　　Therefore, under the background of monetary policy tightening, the indirect financing cost of real estate industry will undoubtedly improve. Industry experts pointed out that the real estate enterprise development costs increase, not only reflected in the financial costs of financing costs.　　After the rate hike, the residents will rise in the monthly supply, in the context of high housing prices and strict regulation, the rise in the cost of home purchase will lead to the real estate company's sales become more difficult. Galaxy Securities researcher Ding Wen pointed out that the real estate company's sales link will undoubtedly be affected by credit tightening, sales decline will gradually appear, will inevitably affect the cash withdrawal and capital turnover efficiency.　　In the current high housing prices, the increase in mortgage costs will further weaken the purchasing power of housing. A study has shown that tightening policies such as interest rate hikes will directly curb demand for investment-buying, which is largely driven by "cheap money", which is gradually amplified in the form of "margin trading" when credit conditions are loose.　　This kind of investment demand is the first containment of monetary policy. Industry integration to accelerate industry experts pointed out that after the rise, the first is the high debt rate, lack of financial strength of some small and medium-sized property developers.　　If the financing costs continue to improve, coupled with poor sales, capital withdrawal block, then the strength of the flat real estate enterprises, the impact is great. In the real estate industry, three core resources, namely land, capital (including financing channels) and the distribution of development capacity is not balanced, three resources are very strong enterprises are not too many. After raising interest rates, the real estate enterprises with multiple financing channels will gradually reveal their advantages in the competition, accelerate the acquisition of land resources and enlarge market share rapidly. This kind of advantage in the real estate leading enterprise manifests especially obviously.　　Therefore, the future of real estate stocks structural differentiation is inevitable. 21st Century Real Estate market director Lin Lei that the financial strength is the real estate industry competition and sustainable development of the primary factor, whether the diversification of access to land is the key to the future development of real estate enterprises.　　After raising interest rates, large housing companies with ample money will be given more resources. At present, the roomThe property market is gradually getting colder, and the industry competition is intensifying. With the tightening of monetary policy, some enterprises with poor management level and unclear product positioning have the possibility of being eliminated, and the brand companies with sense of hardship often have the advantages of first-run and core competitiveness.