Yesterday real estate stock collective big setback enterprise calmly treats the land value added tax to settle the question

Yesterday many real estate listed company's stock price once collective plunge, the industry leader Vanke A (000002) intraday fell the biggest decline to 4.23%, the Merchant Estate (000024), Shahe shares (000014),　　Shenzhen Real estate companies, such as Shen Zhen (000006), have even fallen by more than 5% per cent. By coincidence, yesterday's news that Shenzhen was about to settle the project's land value-added tax on real estate companies since 2005 was quietly circulated.　　Sources said that this April Shenzhen land tax system has asked the real estate development company to provide 1-2 sample projects to test the mapping, for the future settlement of the value of VAT preparation. However, according to our correspondent investigation, it is not yet possible to determine whether the Shenzhen tax system is preparing to carry out the land VAT.　　At the same time, the relevant listed companies and industry insiders believe that, because the real estate listed companies in the financial statements in the past, even if the settlement, the performance of the listed companies have no big impact. Reporters yesterday from the Shenzhen local tax bureau understand that the current agency does not explicitly require real estate companies to carry out land VAT, but the levy of land value-added tax has been carried out. This year, in particular, the Shenzhen local tax bureau has significantly strengthened the revenue control of property companies. It is understood that this year, the Bureau of the city set up a set of real estate accounts, detailed registration of each property developers, construction party, at the same time for real estate project development time span, many links, cost calculation complex characteristics, strengthen the real estate developers of the accounting management, asking developers to provide property cost accounting information, sales Ledger,　　and strengthen supervision, and focus on ensuring business tax and land value-added tax timely and full warehousing. Deep vibration industry officials told reporters that there is no information on land value-added tax payment. But since the tax department to declare the land value-added tax, the company every year to carry out the land value-added tax, and to account for operating costs. Therefore, the payment will not have a big impact on the company's profitability, the only possible impact is the company's cash flow.　　A Lee surnamed Li, a member of the shares in Shahe, holds the same view. 2008 Annual report shows that Vanke prepaid land value added tax 163 million yuan at the end of last year, and Vanke based on the cumulative replenishment of liquidation to raise the land value-added tax reserve of 3.617 billion yuan, and the supplementary of the land value-added tax on the impact of income tax confirmed deferred income tax assets.　　The amount of land value-added tax involved in the deep vibration industry is 254,800 yuan, and the value added tax for Shahe shares payable is 21.3115 million yuan. A senior real estate analyst told reporters that the current economic environment for the previous development project land value-added tax for full settlement of the possibility is very low, may be the government wants to understand the current developer pressure on how much. Moreover, given that many of the land of property-listed companies were obtained at high prices in 2007, as long as the gross profit margin of the project is below 30%, there is basically no value-added space to pay taxes. Overall, the issue of land value added tax settlement has no great influence on the listed companies of real estate.