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商业银行开发贷资产质量承压:分析师提示“周转率为王”

2017-09-26 07:32:57   中国经济网

同花顺数据显示,上市房企今年中期的加权净资产收益率在 -52%至31%之间,可谓相差十分悬殊。其中,龙头房企的加权净资产收益率大多在6%左右,除了华夏幸福以外,均未超过10%。不过,与银行不同,上市房企该项指标的波动率较高。

房贷竞争3.0时代

周转率为核心

事实上,除了基础财务数据以外,项目开发周期对于房企的融资成本和承压能力而言也是至关重要,甚至可能关系到房企未来的核心竞争力。

金地集团中报显示,尽管其具备较强的项目运作能力以及较为丰富的项目运作经验,但如果项目的某个开发环节出现问题,可能会直接或间接地导致项目开发周期延长、成本上升,存在项目预期经营目标难以如期实现的风险。

中粮地产、华夏幸福等公司也纷纷表示,其营业周期通常从购买土地起到建成开发产品并出售收回现金及现金等价物为止的期间,该营业周期通常大于12个月。

长江证券研报指出,时代变迁,房企核心竞争力不断切换:1.0是土地为王时代;2.0是杠杆为王时代,房企通过多渠道融资并囤积土地,追求高杠杆并享受地价重估的高毛利;3.0是周转为王时代,房企核心竞争力是运营能力。研报指出,在3.0阶段,房企由提升资金杠杆转为提升资金效率,即高周转经营,代表指标为开盘周期、资产周转率、存货周转率。在这一阶段,一方面资金环境收紧导致融资成本上升,另一方面房企资金杠杆基本上用足,房地产企业的核心竞争力转为提升运营能力实现高周转,从财务指标上体现为开盘周期加快、资产周转率提升、存货周转率的提升。

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