mysterycardroulette| Real estate enterprise financing policy shift: High-quality real estate enterprises maintain financing advantages, and cash holdings fall by 15% year-on-year

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In 2023, the financing policy for real estate enterprises will shift to implement the strategy of coexistence of rescuing projects and rescuing enterprises. High-quality real estate enterprises have gained financing advantages, but the industry's financial pressure is still tight. The cash of 65 sample listed real estate companies fell by 15% year-on-year. Short-term debt repayment pressure was high, and the net debt ratio rose to 91mysterycardroulette.16%。

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[Real estate enterprise financing policies will usher in positive changes at the end of 2022] The end of 2022 marks an important turning point in real estate developers 'financing strategies. The focus of assistance has expanded from a single project rescue to a dual strategy including corporate rescue.

Entering 2023, multiple departments have spoken out one after another, emphasizingmysterycardrouletteWe have emphasized the importance of promoting the normal operation of the financial and real estate sectors, and implemented policies and measures called the "16 Financial Articles" by the industry. In this context, high-quality real estate enterprises and white-listed companies with capital advantages continue to maintain their first-mover advantage in financing.

In the fourth quarter of this year, the People's Bank of China, the State Administration for Financial Supervision and the China Securities Regulatory Commission jointly held a symposium on financial institutions. Subsequently, a number of state-owned commercial banks successively held symposiums on housing enterprises. Financing coordination mechanisms in various places continued to advance. Although the financing policy is improving, the actual benefits of the market are mainly limited to those high-quality real estate enterprises with strong financial strength. The entire real estate industry is still facing financial pressure that cannot be underestimated.

[The financial situation of sample real estate enterprises shows pressure for capital shortage] Financial data shows that cash holdings among the 65 key sample listed real estate developers fell by 15% year-on-year at the end of 2023, showing a downward trend for three consecutive years; total interest-bearing liabilities decreased by 4.23% year-on-year to RMB 5.5431 billion.

Against the background of a slight decline in short-term interest-bearing debt by 0.69%, the rapid decline in cash holdings led to the ratio of unrestricted cash to short-term debt falling to 0.50, while the net debt ratio rose to 91.16%, deducting the prognosis. The ratio rose to 71.82%, highlighting that the short-term debt repayment pressure faced by real estate companies is still severe.