Read the list and watch the situation.
Editor’s note: This article is from WeChat public account Hexun Real Estate (ID: hexunhouse) , author: Miao Xueyan.
Since the second half of the year, the news that the housing enterprises “selling the whole staff” to grab customers and reduce prices has been heard. In the “Golden September and Silver 10” marketing table that was exposed, “high turnover, destocking, and payment” became the key words.
The logic behind this approach is that in the context of tightening external financing and fierce competition, housing companies can only rely more on internal improvement to speed up the payment and ensure the continued stability of cash flow.
So, in the first half of the year, which housing products sold the best, the fastest payment, and the least dependence on loans?
The exclusive list of the inventory real estate inventory of the first half of 2019 published by Hexun Real Estate (hereinafter referred to as the “list”), calculated according to the formula [inventory cash rate = the first half of the year, the first half of the year) The ratio of the inventory realizing rate can roughly show the realisation of stocks in the first half of each year.
It should be noted that the higher the inventory realization rate, the better the sales of the first half of the product, the faster the return, and the less dependent on the loan. The opposite is the risk of inventory liquidation, which refers to the possibility of product sales being blocked due to changes in the product market.
The List shows that the top ten stock realisation rates are: Zhongliang Holding, Country Garden, Zhongnan Land, Xincheng Holding, Jianye Real Estate, Dexin Real Estate, Binjiang Group, Vanke Real Estate, Power Construction Real Estate and Poly Development. . These companies have the least sales pressure. Among them, the “top of the list” Zhongliang inventory real estate rate as high as 95.2%, becoming the only more than 90% of housing enterprises; Country Garden, Central South Land, New City Holdings, Jianye ratio of about 80%. In the top ten, Zhongliang Holdings and Dexin Real Estate are two real estate companies that have just listed this year. In terms of operational efficiency, the ROE of these real estate enterprises is also expected to be in the forefront of the industry. In the “2019 first half of the 2019 ROE list”, Zhongliang ranked first with a 31% return on net assets.
From the overall ranking of the list, it is not the inventory of large housing enterprises.The realization rate is high, and it is not that the inventory realization rate of small and medium-sized housing enterprises is not high, because the ranking of each echelon enterprise is still very obvious. The inventory liquidity ultimately depends on the degree of sale of each product, the amount of money returned, and the amount of inventory.
However, the recent ranking of “all-market marketing” is not high, that is, the inventory real-time rate is not high. For example, the era of China, which was recently forced to sell all the staff and set the assessment indicators from the ordinary employees to the vice president level, ranked 43rd in the list, and the inventory realization rate was 42.57%, which was lower than the average. Time China also responded externally after the event that “all members selling houses are true, but no hard targets have been issued.”
The insiders said that the marketing of all employees is not new in housing enterprises, but this year’s financing adjustments have tightened. The performance of housing enterprises in this area is more obvious and more urgent this year.
In fact, when the financing port is blocked, this also shows that the housing companies hope to use the sales side to protect the cash flow. In the mid-term performance meeting of the first half of this year, many housing companies also said that the important task in the second half of the year is to “preserve cash flow.”
Country Garden: In the future, we will adhere to sound financial policies and risk control measures, supplement high-quality land reserves, optimize project location layout, strengthen contract sales and collections, and strictly control various costs and expenses;
Hengda: This year, the cash reserve has increased to 288 billion, ensuring that the company has sufficient cash when the risk occurs, and the debt ratio is slightly stable;
Sunchuang: will maintain real estate development as the main industry, accelerate de-transformation, release operating cash flow, support the company’s steady, high-quality growth, maintain leverage and credit rating;
Xu Hui: In the second half of the year, it will set production by sales, reduce inventory, increase the price, and speed up the payment.
In addition, another signal revealed by the “List” is that those housing companies with low inventory realization rate and lower rankings have greater sales pressure and do not rule out the possibility of price reduction sales. Although it is not necessary to do so, housing companies generally do not take price reduction measures, and under the tone of “staying and not speculating”, price cuts are not conducive to stable expectations, but once faced with tight capital pressure and difficult to integrate money, The price cuts of housing companies will also be forced to do so.