Since this year, real estate enterprises have accelerated their departure, which has made the market sweat. According to the announcement website of the people's court, as of July 23, 271 real estate enterprises in China had declared bankruptcy and liquidation in 2019. From the perspective of the scale of real estate enterprises, small and medium-sized real estate enterprises account for the majority, and are concentrated in the third and fourth tier cities.
Li Yujia, senior researcher of Shenzhen real estate research center, said in an interview with Zhongxin Jingwei client: "there are too many real estate enterprises in China, and not every real estate enterprise aims at long-term survival. The bankruptcy of real estate enterprises mostly ends in the form of transfer projects, and the exit is not as tragic as expected." According to the statistics of the National Administration for Industry and Commerce in 2018, there were 97000 real estate developers registered with the Administration for Industry and commerce, which can not be called a small number.
"Among so many real estate enterprises, many are large real estate enterprises that set up subsidiaries in different cities. After the projects in these cities are completed or there are no suitable projects, the subsidiaries withdraw in the form of bankruptcy liquidation. There are also some real estate enterprises that set up shell companies to avoid tax. When the purpose of tax avoidance is completed, they also go bankrupt and exit the local. " Li Yujia said that this happens every week.
However, Li Yujia also agreed that the tightening of credit conditions this year has exacerbated the financing difficulties of small and medium-sized enterprises, which also led to the bankruptcy of some real estate enterprises due to the rupture of the capital chain. According to the data of the Bureau of statistics, from January to June, the funds in place of real estate development enterprises were 8496.6 billion yuan, a year-on-year increase of 7.2%, 0.4 percentage points lower than that from January to May.
In addition, on July 12, the national development and Reform Commission issued the notice on the relevant requirements for the filing and registration of the application for the issuance of foreign debt by real estate enterprises, requiring that the issuance of foreign debt by real estate enterprises can only be used to replace the medium and long-term overseas debt due within the next year. The external debt issued by real estate enterprises can only be used to repay the old debt, which means that another financing channel of real estate enterprises has been tightened.
"Financing is becoming more and more difficult. As a result, it is beneficial to large enterprises. The projects in the hands of small and medium-sized real estate enterprises are acquired by large real estate enterprises. This situation will continue in the second half of the year." Li Yujia said.
In addition to the tightening of the financing environment, there are also factors of poor operation of small and medium-sized real estate enterprises. Yan Yuejin, research director of the think tank center of E-House Research Institute, said that the bankruptcy of small and medium-sized enterprises is related to poor housing sales and few land acquisition opportunities. From the policy level, including purchase and sales restrictions, will also affect their housing sales, and eventually form restrictions and constraints on some small and medium-sized real estate enterprises. However, with the strengthening of economic stimulus, some competitive real estate enterprises, including some small and medium-sized real estate enterprises, still have the opportunity to rise. For example, well planned third and fourth tier cities will have many new market development opportunities.