A few days ago, gree real estate issued a clarification announcement, saying that the reports that the company was "insolvent" and "may turn losses this year" were untrue. Gree real estate said that the company's financial position is good and its operation is stable.

However, in addition to the decline in performance, sharply reduced monetary funds and long-term negative net cash flow from operating activities, as well as a large number of debts due soon, gree real estate has increased its financing efforts to repay its debts and replenish its liquidity.

Regarding the company's liabilities, gree real estate brand people told the reporter of "China Business News": "For recent reports, the company has issued relevant announcements. All our information as a listed company is open and transparent. "

The financial pressure has intensified.

By the end of the third quarter of 20 18, gree real estate's asset-liability ratio was 73%. However, the reporter learned that although gree real estate's debt level is not high, it has some pressure on funds, which is also the main reason for its recent continuous financing.

By the end of September, 20 18, the monetary fund in gree real estate was149.3 billion yuan, which was 46.58% lower than the balance of 2.795 billion yuan at the beginning of 20 18. The change was mainly due to the repayment of long-term payables due within one year.

In addition, the net cash flow generated by gree real estate's operating activities has decreased significantly, and it has been negative for a long time. In the first three quarters of 20 15~20 17 and 20 18, the net cash flow generated by the company's operating activities was 654.38+08 billion yuan,-654.38+02 billion yuan,-265.438+03 billion yuan and-654.33 billion yuan respectively.

Recently, gree real estate has stepped up its financing efforts. 2065438+April 2008, gree real estate indicated that it would issue corporate bonds with a total amount of no more than 3 billion yuan to qualified investors by stages. In addition, the medium-term notes registered and issued in 20 17 with a total amount not exceeding 2.8 billion yuan were also issued in 20 18.

In the prospectus of the relevant medium-term notes, gree real estate said that according to the Interim Measures for the Management of Working Capital Loans promulgated by the People's Bank of China, it is assumed that the real estate sales revenue in gree real estate in 20 18 will increase by 10% compared with that in 20 17, and the corresponding working capital will be 1675438+00 billion yuan. After deducting the existing working capital loans and other financing of RMB 565.438+0.53 billion and the borrower's own funds, the short-term funding gap in gree real estate is RMB 65.438+0.65438+0.97 billion. In addition, according to the planning of gree real estate, the planned investment of projects under construction and proposed from 20 18 to 2020 is 8.244 billion yuan.

It should be noted that gree real estate's repeated financing in 20 18 years was mainly to supplement its working capital and repay its debts. Among them, in late July of 20 18, gree real estate also issued two corporate bonds with a total amount of1200 million yuan. According to the previous plan, after deducting the issuance expenses, 800 million yuan will be used to repay short-term interest-bearing debts and 400 million yuan will be used to repay long-term loans.

Gree real estate admits that from July 20 18 to February 20 19, the company had to repay all kinds of loans totaling 7.626 billion yuan, with an average monthly repayment of 424 million yuan.

In view of the related liabilities, gree real estate brand people only told reporters: "For the recent reports, the company has issued relevant announcements. All our information as a listed company is open and transparent. " When the reporter further interviewed relevant issues, the person said that the announcement information shall prevail.

It is worth noting that the current financing environment of small and medium-sized housing enterprises is not optimistic. Liu, an analyst at Guotai Junan, told reporters recently: "The financing environment of small and medium-sized housing enterprises is getting worse and worse, because after the industry concentration is improved, the competitiveness of small housing enterprises is getting weaker and weaker, and the configurable financing resources will become less and less."

The competitive disadvantage is gradually emerging.

According to the data, gree real estate's business includes real estate, port economy industry, marine economy industry, modern service industry and modern financial industry. However, gree real estate's main business income mainly comes from real estate development and sales.

In 20 17, gree real estate achieved an operating income of 365,438+300 million yuan, and the income from the real estate industry reached 2,969 million yuan, accounting for 95% of the total operating income. This ratio exceeded 97% at 20 15 and 20 16.

Generally speaking, the growth of gree real estate's income scale has slowed down in recent years. From 20 15 to 20 17, the operating income of gree real estate was 2.54 billion yuan, 310.20 billion yuan and 310.30 billion yuan respectively.

Real estate sales have fallen sharply. From 20 15 to 20 17, the agreed sales area in gree real estate is162200m2,1521000m2 and 63000m2 respectively. The agreed sales amount is 365.438+002 million yuan, 3.236 billion yuan and 65.438+084.2 million yuan respectively.

The national layout of gree real estate has not yet been opened. In 20 17 years, the operating income of Zhuhai alone reached 3 1. 1 100 million yuan. By the end of March, 20 18, the real estate projects on sale in gree real estate mainly included Zhuhai Gree Plaza, Gree Coast and Pingsha projects, with a total saleable area of 909 1 1,000 square meters, a sold area of 567,900 square meters and a remaining saleable area of 34 1 2,000 square meters. At that time, there were 8 projects under construction in gree real estate with a total planned area of 1, 2 1, 370 square meters, and 8 planned projects with a total construction area of 1, 279,600 square meters, mainly distributed in Zhuhai, Shanghai and Chongqing.

Gree real estate did not disclose the real estate sales in 20 18. Kerry Research Center recently released "20 18 Top 200 Real Estate Enterprises in China", but gree real estate did not make the list.

Ke Rui Research Center pointed out that in 20 18 years, the scale of the top 200 enterprises in each echelon continued to grow, and the concentration of sales amount increased significantly compared with the same period last year. "At present, small and medium-sized housing enterprises still have a certain living space, but it is very difficult to achieve a scale of 30 billion, which requires extremely high investment layout, financing ability and internal control. This interval is the current real estate enterprise.

Senior real estate expert Liu told reporters that in order to seek development, small housing enterprises need to make strategic plans. If it is estimated that the company can't survive in the competition in the future, it is necessary to lay out other areas with potential and its own advantages and make preparations for transformation.