First, the asset-liability ratio after excluding advance payment shall not be higher than 70%;
2. The net debt ratio shall not be higher than100%;
3. The ratio of cash to short-term debt shall not be less than 1 times.
First of all, real estate is related to people's livelihood, and the three red lines can effectively control land prices, thus controlling local housing prices and ensuring people's housing construction.
Secondly, the three red line standards can prevent the financial crisis. The real estate company is very big. Once the debt is too high, there will be problems in repayment, which will affect the security and stability of the financial system.
Finally, according to the relevant provisions of the Notice of the Ministry of Housing and Urban-Rural Development and other eight departments on Continuing to Rectify and Standardize the Order of the Real Estate Market, the main goal of rectifying and standardizing the real estate market is to strive to make the order of the real estate market improve obviously in about three years. Illegal activities have been effectively curbed, the supervision system has been continuously improved, the supervision information system has been basically established, the management pattern of departments has gradually taken shape, and the number of letters and visits from the masses has dropped significantly.
Calculation method and explanation of three red lines;
These three red lines are: after deducting the advance payment, the asset-liability ratio of the developer reaches 70%; The net debt ratio is greater than100%; The short-term debt ratio is less than 1 times, as follows:
1 red line
The asset-liability ratio after deducting the advance payment shall not exceed 70%;
Calculation formula:
Asset-liability ratio after deducting prepayment = (total liabilities-prepayment)/(total assets-prepayment).
Advance payment refers to the down payment and deposit of the house purchased by the developer before development under the pre-sale sales model. The assets that appear to belong to the developer actually do not belong to the developer's own funds. Therefore, the asset-liability ratio calculated after deducting these advance accounts can truly reflect the developer's debt level.
Explanation:
Excessive net assets indicate that developers are under great pressure of long-term solvency and face long-term business risks. But from another point of view, developers have large advance payment, larger total plate, more assets, larger sales volume and higher sales amount. Therefore, the red line 1 needs comprehensive sales analysis, and it cannot be simply said that the net asset-liability ratio is greater than 70%. Secondly, some of the real debts of public shares are included in equity financing, and the total assets are much larger, but the debts have actually increased.
Red line 2
The net debt ratio shall not be greater than100%;
Calculation formula:
Net debt ratio = (interest-bearing liabilities-cash equivalents)/100% of net assets.
They are all borrowed from various financing channels such as interest-bearing liabilities. Developers with high net debt ratio may have little risk. There may be a large number of long-term loans in the debt structure, and these loans have sufficient collateral property equivalents. The net debt ratio is not equal to the net asset debt ratio. Secondly, without considering perpetual bonds, perpetual bonds are characterized by indefinite or long term. If you can issue perpetual bonds, you will have no worries in the short term.
Explanation:
2 Red line indicators mainly reflect the financial structure of developers, but it is difficult to reflect the real liabilities of developers. The net debt ratio is greater than 100%, indicating that the overall risk is high. But even if the red line 2 exceeds the above standards, its financial situation may be healthy.
Red line 3
The ratio of short-term cash liabilities shall not exceed 1 times.
Calculation formula:
Short-term debt ratio = unlimited cash/short-term debt 1
The so-called unrestricted cash refers to the funds that developers can use freely at any time. Less unlimited cash and more short-term debt mean that developers can use all cash at any time to repay short-term debt.
Explanation:
It shows that the short-term risk of developers is high and they may close down at any time. Of course, it's not that developers don't have money, but the funds may be limited at present and they can't be drawn out in the short term.
Generally speaking, any single red line above cannot truly reflect the solvency of developers. Therefore, in order to better match the actual debt situation, the relevant policies are different according to the "three red lines" and re-pilot.
202 1 List of Three Red Line Housing Enterprises in the First Half of the Year
Related question and answer: What is the so-called "three red lines" policy? This means that the central bank and the Ministry of Housing and Urban-Rural Development will restrict the financing of developers, and it will be implemented in the whole industry from 202 1, 1. To put it simply, the father of the central bank said to the developer, "The money you people owe me is as hard to pay off as snowballing. If you want to borrow money again, you must obey my rules. "Three red lines" are three standards for all developers, namely: 1, and the asset-liability ratio after excluding advance payment is greater than 70%; 2. The net debt ratio is greater than100%; 3. The short-term cash debt ratio is less than 1. If all housing enterprises step on the "three red lines", they will be classified as red files, and the consequence is that the scale of interest-bearing liabilities cannot be increased. If you only step on the "two red lines", it will be listed as an orange file, and the annual growth rate of interest-bearing liabilities shall not exceed 5%. If you only step on "a red line", you will be classified as a yellow file, and the annual growth rate of interest-bearing debt will be enlarged to 10%. For enterprises that have not stepped on, they are listed as green files, and the annual growth rate of interest-bearing debts can be relaxed to 15%. According to these three standards, it can be seen from the figure that Sunac, Evergrande, Greenland, Huaxia Rongxin, COFCO, Greentown, Midea, Jinmao, Sunshine City, Jinke, Rong Sheng, Aoyuan, Agile, Blu-ray, Zheng Rong, Xuhui, Shimao, Country Garden, Vanke, Xincheng and Jianye are in danger. In this regard, the industry believes that under the new rules of "three red lines", it will be difficult for housing enterprises to expand their scale by borrowing. Many housing enterprises can't repay their debts by borrowing, and they can only rely on sales. Yan Yuejin, research director of the think tank center of Yiju Research Institute, believes that the financial data of enterprises in the green file is excellent and healthy, and it is less likely to face supervision in the future. Enterprises can continue to maintain their existing strategic advancement. " Red-file enterprises are likely to face policy supervision in the future, and financing will be limited. In order to reduce risk financing, strategic expansion and adjustment are needed. More importantly, it may affect the cooperation between these enterprises and other real estate enterprises. ""This policy is essentially a concrete manifestation of a long-term mechanism, which is the detailed rules for fund monitoring and financing management of key real estate enterprises. It can be understood as opening a path to ensure that housing enterprises can not only do a good job in the future, but also develop steadily, reflecting the concept of living and living. "Back to the Hefei market, the biggest impact of the" three red lines "policy on the Hefei property market should still be at the local auction level. Some developers may be very cautious about taking land, so be cautious and use limited funds in the most profitable places.