The net debt ratio of the top ten Housing enterprises reached 85percent, only the poly-interest debt ratio declined.

category:Finance
 The net debt ratio of the top ten Housing enterprises reached 85percent, only the poly-interest debt ratio declined.


In the first half of 2019, the weighted average net debt of 174 Housing enterprises was 91.37%, an increase of 4.29 percentage points from the beginning of the year, reaching the highest level in history, and the net debt ratio of nearly 60% of the housing enterprises increased. For the reasons for the growth, Kerry said, it may be because the first quarter of housing financing appeared Xiaoyangchun, most enterprises in this period carried out a wave of financing, at the same time in March and April, the land market is also hot, enterprises take more opportunities, spend more cash.

Overall, the average net debt ratio of Housing enterprises reached a new high in the first half of the year. Among them, 174 Housing enterprises have total interest-bearing liabilities of 7665.4 billion yuan, 70 key housing enterprises have total interest-bearing liabilities of 6628.3 billion yuan, an increase of 11.3% over the beginning of the year. However, with the tightening of real estate regulation in the past two years, the growth rate of the real estate industry has declined. Most of the real estate enterprises are controlling their debt and reducing their leverage. The growth rate of total interest and debt has shown a downward trend since 2018.

In terms of long-term and short-term debt, short-term interest-bearing liabilities in the first half of 2019 amounted to 2366.8 billion yuan, an increase of 4.8% over the beginning of the year, while long-term interest-bearing liabilities amounted to 5295.3 billion yuan, an increase of 13.6% over the previous year. From the growth point of view, the growth of growth debt is much higher than that of short-term debt. The growth of total interest-bearing debt in the first half of 2019 mainly comes from the growth of growth debt.

It is worth mentioning that housing enterprises began to face the peak period of debt repayment in 2019. Some short-term debt has been repaid in the first half of the year. On the other hand, in the case of tight financing, Housing enterprises intend to reduce the risk of debt repayment and make appropriate adjustments to the debt structure so as to avoid the risk of debt default.

In terms of net debt ratio, in the first half of 2019, the weighted net debt ratio of 174 Housing enterprises was about 91.37%, reaching the highest value since 2015, up 4.39 percentage points from the beginning of the year, of which 59.9% showed an upward trend. The weighted net debt ratio of 70 key housing enterprises was 95.37%, up 4.02 percentage points from the same period last year, and the proportion of enterprises whose net debt ratio increased was 58.6%.

For the reasons of the increase of net debt ratio, mainly due to the end of 2018 and the first quarter of 2019, Housing enterprises have a financing window period. During this period, in order to repay debts and collect funds, the debt of Housing enterprises has increased. At the same time, the housing enterprises also increased the land market in that period, so that the total amount of land has been increased. The increase of interest liabilities is larger than that of cash, which leads to the increase of net debt ratio of housing enterprises. At present, the net debt ratio of TOP10 is 85.48%, which is the most obvious increase compared with the end of 2018, with an increase of 7.67 percentage points. However, the net debt ratio of other housing enterprises has increased slightly except for the decrease of the net debt ratio of the central enterprises insurance development. While debt continues to grow, the financing cost of Housing enterprises is also increasing. From the perspective of financing cost, the financing cost of 70 key housing enterprises continued to rise to 7.04% in the first half of the year. The reason for the rising financing cost is that the financing environment at home and abroad is continuously tightening, and the original low-cost corporate bonds are maturing, so the overall financing cost can only rise with it. Source: Wang Xiaowu_NF, Responsible Editor of Peng Mei News

For the reasons of the increase of net debt ratio, mainly due to the end of 2018 and the first quarter of 2019, Housing enterprises have a financing window period. During this period, in order to repay debts and collect funds, the debt of Housing enterprises has increased. At the same time, the housing enterprises also increased the land market in that period, so that the total amount of land has been increased. The increase of interest liabilities is larger than that of cash, which leads to the increase of net debt ratio of housing enterprises.

At present, the net debt ratio of TOP10 is 85.48%, which is the most obvious increase compared with the end of 2018, with an increase of 7.67 percentage points. However, the net debt ratio of other housing enterprises has increased slightly except for the decrease of the net debt ratio of the central enterprises insurance development.

While debt continues to grow, the financing cost of Housing enterprises is also increasing.

From the perspective of financing cost, the financing cost of 70 key housing enterprises continued to rise to 7.04% in the first half of the year. The reason for the rising financing cost is that the financing environment at home and abroad is continuously tightening, and the original low-cost corporate bonds are maturing, so the overall financing cost can only rise with it.