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2021-09-22

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经济日报：房企行至十字路口，降杠杆是头等大事

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16:37","market":"sh","language":"zh","title":"经济日报：房企行至十字路口，降杠杆是头等大事","url":"https://stock-news.laohu8.com/highlight/detail?id=1165976892","media":"经济日报","summary":"在利润降低、增长速度转慢的变化之下，需要企业认真思考未来的发展路径。","content":"<p>作者：亢舒</p>\n<p>目前，个别大型房地产企业生产运营过程中出现了一些困难，遇到了发展的“十字路口”。国家统计局新闻发言人对此表示，<b>这对整个行业的影响仍需进一步观察。</b>此前，金融主管部门也曾要求有关房企努力保持经营稳定，积极化解债务风险，维护房地产市场和金融稳定。一方面，大家都希望企业渡过难关，把对购房者、供应商、投资者等的影响降到最低。另一方面，应该从个别房企债务风险中得到警示，认清行业发展新路径。</p>\n<p><img src=\"https://static.tigerbbs.com/3cd6d0dbd5eaa8399f5ef03e0e40e7f5\" tg-width=\"1080\" tg-height=\"721\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p><b>个别房企出现债务危机，是房地产行业长期高杠杆、高负债模式下蕴藏风险的集中体现。</b>近一两年来，陆续有个别房企出现开发项目停工、资金链吃紧、因为经营困难寻找战略投资方等消息传出，涉及的既有地方企业，也有大型知名企业。高杠杆和高负债必然伴随高风险，但个别企业经历过行业的高速发展阶段，习惯于高负债、高杠杆模式下带来的高利润而不愿转变。</p>\n<p><b>这些债务风险给整个行业敲响了警钟。</b>一旦资金链出现断裂，项目停工，已经支付购房款的购房者不能如期收房，将面临资金损失，大量企业员工离职。一些建筑材料供应商、施工企业等难以拿到货款或结算资金。在房企难以偿还贷款的情况下，银行或将面临一定坏账，从而带来财务困境和风险。</p>\n<p><b>房地产领域体量大，产业链长，对整个经济社会发展牵一发而动全身。</b>房地产行业对经济增长、投资增长的贡献率高，给地方财政带来的财力支撑作用强，就业人数庞大，其平稳健康发展对整个经济社会至关重要，企业的经营风险值得高度关注。尽管当前只是个别房企暴露了债务危机，整个行业也亟需全面梳理并及时化解存在的风险。</p>\n<p><b>高杠杆、高负债模式如不改变，可能还会有更多企业走向危机。</b>从这个角度讲，有关部门出台重点房地产企业资金监测和融资管理的“三线四档”规则恰逢其时。“三线四档”给房企经营设立了清晰的参照指标，有利于督促其回到安全经营轨道上来。“三条红线”——剔除预收款后的资产负债率大于70%；净负债率大于100%；现金短债比小于1，体现的正是企业杠杆的高低，以及资金流动性是否安全和短期偿债能力。踩一条红线的企业归为黄档，踩两条是橙档，三条线都踩则是红档，只有三项指标都合格才是安全的绿档。这不但是一项管理规则，也将成为消费者选择房企品牌的重要参考。</p>\n<p><img src=\"https://static.tigerbbs.com/ad01944cdc397c9e913c29f327e112b7\" tg-width=\"1080\" tg-height=\"810\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p><b>当前，降杠杆、降负债应成为房企的头等大事，房企应该认真对照“三线四档”规则。</b>从贝壳研究院根据上市房企2021年中期报告整理的一份房企“踩线”情况看，纳入统计的85家企业中，有8家企业位于红档，占比9%，经营风险值得高度警惕。此外，橙档企业13家，占比15%；黄档企业32家，占比38%；绿档企业32家，占比38%。</p>\n<p><b>应该清醒地认识到，房企靠高杠杆、快周转实现高利润的阶段恐已不再。</b>我国住房总量已经总体告别短缺，在房地产长效机制建立并不断完善，高质量发展、房住不炒等政策和背景下，房地产行业正在从过去的高歌猛进到目前的稳步前行。<b>企业增长方式应从财务杠杆驱动的规模扩张型向稳健发展的质量效益型转变。</b></p>\n<p>行稳致远，细水长流。企业经营者须尽快转变心态，积极应对形势变化。我国经济基本面长期向好，城镇化进程继续推进，人民对美好居住生活的向往不断提升，房地产行业仍有很大发展空间。值得关注的是，<b>在利润降低、增长速度转慢的变化之下，需要企业认真思考未来的发展路径。</b>比如，有企业提出将向综合型的城市服务商、产城融合的新区发展商转型，将努力提升产业投资和科技园运营能力。紧跟未来发展方向，房企或能在城市更新、老旧小区改造、住房租赁、物业管理、社区养老等方面赢得更多发展机会。</p>","source":"lsy1597656426531","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" 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0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n经济日报：房企行至十字路口，降杠杆是头等大事\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-22 16:37 北京时间&nbsp;&nbsp;&nbsp;<a href=https://mp.weixin.qq.com/s?__biz=MjM5NjEyMzYxMg==&mid=2657589858&idx=1&sn=acfded464ed101562027ca2fc21e4a3e&chksm=bd7d3cd18a0ab5c760c688e235627b5e96bdfec4a38422a7a0a4a9a45e64033dfbe11c32cdb8&mpshare=1&scene=23&srcid=0922yOlNChgOreHipm33SSJI&sharer_sharetime=1632294632831&sharer_shareid=fbf3e6a28882bb91c07a361d6d431142#rd><strong>经济日报</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>作者：亢舒\n目前，个别大型房地产企业生产运营过程中出现了一些困难，遇到了发展的“十字路口”。国家统计局新闻发言人对此表示，这对整个行业的影响仍需进一步观察。此前，金融主管部门也曾要求有关房企努力保持经营稳定，积极化解债务风险，维护房地产市场和金融稳定。一方面，大家都希望企业渡过难关，把对购房者、供应商、投资者等的影响降到最低。另一方面，应该从个别房企债务风险中得到警示，认清行业发展新路径。\n\n个别...</p>\n\n<a href=\"https://mp.weixin.qq.com/s?__biz=MjM5NjEyMzYxMg==&mid=2657589858&idx=1&sn=acfded464ed101562027ca2fc21e4a3e&chksm=bd7d3cd18a0ab5c760c688e235627b5e96bdfec4a38422a7a0a4a9a45e64033dfbe11c32cdb8&mpshare=1&scene=23&srcid=0922yOlNChgOreHipm33SSJI&sharer_sharetime=1632294632831&sharer_shareid=fbf3e6a28882bb91c07a361d6d431142#rd\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/fef638505077c7fab156f7d2a9303d36","relate_stocks":{"512200":"房地产ETF"},"source_url":"https://mp.weixin.qq.com/s?__biz=MjM5NjEyMzYxMg==&mid=2657589858&idx=1&sn=acfded464ed101562027ca2fc21e4a3e&chksm=bd7d3cd18a0ab5c760c688e235627b5e96bdfec4a38422a7a0a4a9a45e64033dfbe11c32cdb8&mpshare=1&scene=23&srcid=0922yOlNChgOreHipm33SSJI&sharer_sharetime=1632294632831&sharer_shareid=fbf3e6a28882bb91c07a361d6d431142#rd","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165976892","content_text":"作者：亢舒\n目前，个别大型房地产企业生产运营过程中出现了一些困难，遇到了发展的“十字路口”。国家统计局新闻发言人对此表示，这对整个行业的影响仍需进一步观察。此前，金融主管部门也曾要求有关房企努力保持经营稳定，积极化解债务风险，维护房地产市场和金融稳定。一方面，大家都希望企业渡过难关，把对购房者、供应商、投资者等的影响降到最低。另一方面，应该从个别房企债务风险中得到警示，认清行业发展新路径。\n\n个别房企出现债务危机，是房地产行业长期高杠杆、高负债模式下蕴藏风险的集中体现。近一两年来，陆续有个别房企出现开发项目停工、资金链吃紧、因为经营困难寻找战略投资方等消息传出，涉及的既有地方企业，也有大型知名企业。高杠杆和高负债必然伴随高风险，但个别企业经历过行业的高速发展阶段，习惯于高负债、高杠杆模式下带来的高利润而不愿转变。\n这些债务风险给整个行业敲响了警钟。一旦资金链出现断裂，项目停工，已经支付购房款的购房者不能如期收房，将面临资金损失，大量企业员工离职。一些建筑材料供应商、施工企业等难以拿到货款或结算资金。在房企难以偿还贷款的情况下，银行或将面临一定坏账，从而带来财务困境和风险。\n房地产领域体量大，产业链长，对整个经济社会发展牵一发而动全身。房地产行业对经济增长、投资增长的贡献率高，给地方财政带来的财力支撑作用强，就业人数庞大，其平稳健康发展对整个经济社会至关重要，企业的经营风险值得高度关注。尽管当前只是个别房企暴露了债务危机，整个行业也亟需全面梳理并及时化解存在的风险。\n高杠杆、高负债模式如不改变，可能还会有更多企业走向危机。从这个角度讲，有关部门出台重点房地产企业资金监测和融资管理的“三线四档”规则恰逢其时。“三线四档”给房企经营设立了清晰的参照指标，有利于督促其回到安全经营轨道上来。“三条红线”——剔除预收款后的资产负债率大于70%；净负债率大于100%；现金短债比小于1，体现的正是企业杠杆的高低，以及资金流动性是否安全和短期偿债能力。踩一条红线的企业归为黄档，踩两条是橙档，三条线都踩则是红档，只有三项指标都合格才是安全的绿档。这不但是一项管理规则，也将成为消费者选择房企品牌的重要参考。\n\n当前，降杠杆、降负债应成为房企的头等大事，房企应该认真对照“三线四档”规则。从贝壳研究院根据上市房企2021年中期报告整理的一份房企“踩线”情况看，纳入统计的85家企业中，有8家企业位于红档，占比9%，经营风险值得高度警惕。此外，橙档企业13家，占比15%；黄档企业32家，占比38%；绿档企业32家，占比38%。\n应该清醒地认识到，房企靠高杠杆、快周转实现高利润的阶段恐已不再。我国住房总量已经总体告别短缺，在房地产长效机制建立并不断完善，高质量发展、房住不炒等政策和背景下，房地产行业正在从过去的高歌猛进到目前的稳步前行。企业增长方式应从财务杠杆驱动的规模扩张型向稳健发展的质量效益型转变。\n行稳致远，细水长流。企业经营者须尽快转变心态，积极应对形势变化。我国经济基本面长期向好，城镇化进程继续推进，人民对美好居住生活的向往不断提升，房地产行业仍有很大发展空间。值得关注的是，在利润降低、增长速度转慢的变化之下，需要企业认真思考未来的发展路径。比如，有企业提出将向综合型的城市服务商、产城融合的新区发展商转型，将努力提升产业投资和科技园运营能力。紧跟未来发展方向，房企或能在城市更新、老旧小区改造、住房租赁、物业管理、社区养老等方面赢得更多发展机会。","news_type":1},"isVote":1,"tweetType":1,"viewCount":613,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":358979310899328,"gmtCreate":1728649347269,"gmtModify":1728652253686,"author":{"id":"3474770125790313","authorId":"3474770125790313","name":"融合","avatar":"https://static.tigerbbs.com/e72bbb45a9ddb7594996ffdf742745cc","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3474770125790313","authorIdStr":"3474770125790313"},"themes":[],"htmlText":"进入中国股市，不是傻就是蠢","listText":"进入中国股市，不是傻就是蠢","text":"进入中国股市，不是傻就是蠢","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/358979310899328","isVote":1,"tweetType":1,"viewCount":404,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":277478502309968,"gmtCreate":1708772923293,"gmtModify":1708775951242,"author":{"id":"3474770125790313","authorId":"3474770125790313","name":"融合","avatar":"https://static.tigerbbs.com/e72bbb45a9ddb7594996ffdf742745cc","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3474770125790313","authorIdStr":"3474770125790313"},"themes":[],"htmlText":"&nbsp; 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