Many people who have bought residential areas have no place to live, and they can only live in "unfinished buildings" that are still semi-finished. They have to find their own way to solve the daily water and electricity. According to residents, the electricity they used was generated by some community owners who pooled their money to "buy" a generator, and cooking was solved by buying liquefied gas by themselves.
But that's it. A mortgage of several thousand yuan a month can't be broken. To this end, some owners have turned the construction site of the villa area into a vegetable field, and reduced the burden of life through self-sufficiency in growing vegetables. Some owners said helplessly: Unexpectedly, they bought the house of "Jinyang No.1 Farm" and really lived in the "farm".
So why didn't the property be delivered as scheduled? The reason is actually that the capital chain of a very common development enterprise is broken.
Real estate development is a capital-intensive industry, which needs a lot of capital, so the financing ability of real estate enterprises will greatly affect its development prospects. I only have 1 yuan, and I want to do something with 10000 yuan. If the bank loan is not approved, the capital chain will be broken. Real estate developers in our country all use bank loans.
The closed-loop capital chain of real estate enterprises is: project financing → project development → delivery → sales payment → payment of external financing costs → a new round of project financing.
Each of the above links may lead to the break of the capital chain. However, the impact effect is different in different environments. At present, under the background of tight state funds and banks' reluctance to lend, if the self-owned funds of real estate enterprises have been used up and the sales rebate or new funds have not flowed in in time, the capital chain of real estate development projects is easy to break.
China Securities Network reported that a quarterly report showed that among real estate development enterprises, nearly 20 companies, such as CCCC Real Estate, Greenland Holdings, Taihe Group, *ST Songjiang, Sunshine City and Cinda Real Estate, had an asset-liability ratio of over 85%, and nearly half of them had an asset-liability ratio of over 70%. Even a recognized high-quality housing enterprise like Vanke, the asset-liability ratio still reached 82% in the first half of last year.
The debt scale of leading housing enterprises has approached one trillion yuan, and the leverage ratio of some small and medium-sized housing enterprises is also amazing. As we all know, in the past, in order to pursue scale, developers borrowed money to get land or even land kings at all costs, and finally caught up with real estate regulation and restricted purchases and sales, which put impulsive developers in an embarrassing situation. The cost of capital rises and the debt ratio continues to rise.
Speaking of the overdue delivery of uncompleted residential flats, if the owners get this uncompleted residential flats, it can be said that they are exhausted.
In response to this case, the Construction Bureau of Chongqing High-tech Zone Management Committee responded that the project has completed the preliminary audit evaluation report of bankruptcy reorganization and the review of the creditor's rights of the actual purchaser. Put forward the draft reorganization plan. On February 29th, 2020, the bankruptcy administrator published the announcement of the second creditors' meeting of Chongqing Nanheng Vocational Co., Ltd. on the national enterprise bankruptcy reorganization case information website, and it is scheduled to hold the second creditors' meeting on 2002165438 to review the reorganization plan. In the next step, the administrator will continue to carry out relevant work, promote the bankruptcy reorganization plan to be voted through, and start the resumption of work procedures. Relevant departments of the CMC are paying attention to and actively promoting the disposal of related issues of concern to the masses.