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COTENTS
China's real estate management and development ............................................................................ 3 China's real estate market of the specific trend ................................................................................. 4 Trend of the stock situation——(Wangke) ....................................................................................... 4
Important date ........................................................................................................................... 5
short-term debt paying ability analysis ............................................................................. 5 Profit ................................................................................................................................. 5
Last words ......................................................................................................................................... 7 References ......................................................................................................................................... 8
2006-2012 years Real estate situation change analysis
Real estate is the leading industry of the national economy in China , in the modern social economic life plays a vital role. The growth mode of real estate is speed to pay attention to the scale of lay particular stress on benefit. Nowadays, applying the data of 2006-2012 years of China we can to analyze the change of real estate situation.
一、 China's real estate management and development Floor Space of Floor Space of Total sale of Total sale of Commercialized Commercialized Commercialize Commercialize Builidings sold Builidings sold Buildings Buildings year (10000sq.m) Growth rate(%) (10000 yuan) Growth rate 2006 61857.07 11.48% 20826.96 18.49% 2007 77354.72 25.05% 29889.12 43.52% 2008 65969.83 -14.72% 25068.18 -16.13% 2009 94755.00 43.63% 44355.17 76.93% 2010 104764.65 10.56% 52721.24 18.86% data sources： investment to complete the forehead40000.0035000.0030000.0025000.0020000.0015000.0010000.005000.000.0020062007200820092010 residenceOffice buildingCommercial businesshousesotherForm the two tables, we can analysis China's real estate form two hands. Macro analysis: Macro control of real estate properties and characteristics: Nowadays both consumer goods and real estate investment, in the national economy has an important position. Governments will be in different degree of the real estate market in macroeconomic regulation, intervene according to market the development degree of the different and different. In view of the current real estate market, because of the investments is too large and the real estate prices rise too fast, the government give some adjusting Policy to control China's real estate .(a).combination market regulation policy and administrative control (b) the central and local policy are synchronous coordinate Microscopic analysis: In 2006, In order to alleviate warms up again real estate s , the government put more attention to turn to the housing structure .As is known to us, since 2006 to 2010, the completed investment by enterprise for estate makets can increasd year after year. And was sold more and more, From 61857.07 million yuan to rise 104764.65 million yuan. On the one hand, we can understand that the real estate investment accounts for total investment in fixde assets in the whole country by more than the previous yeas, hence, it increase can make more efferct to adcance that total investment in fixde assets in the whole country increased year by year . we can attention 2009, there is a inflation point, form 2009 to 2010, the residence increase more faster than other year. Why? There are a lot of international factors, on the one hand, after the 2008 financial crisis, the dollar is still in the ascending phase, the global economic crisis is still bogged down , the inflation has become a consensus global monetary liquidity release in 2009.On the other hand, Economic growth depend on real estate situation are stable and the real estate’s growth have a good affect on economic. 二、China's real estate market of the specific trend Policy: Central adhere regulation does not shake,reasonable requirement protected (a) First, the prices will return to rational gradually, If the relevant control policies timely and effective, to resolve the current real estate bubble risk and promote its healthy development, It can be achieve transition smoothly; while if real estate according to current trends in advance, it is depend on. (b) Affordable housing will be strengthened. China will increase affordable housing construction as known to us year by year (c) Prices slowly return to reasonable price. Nowadays, current prices have reached a peak, year after year, with the economic development and Industrial adjustment, the price wil be reasonable. For instance we can see this year, the first quarter of 2012,to further consolidate control achievements , promote real estate reasonable regression , the central government has repeatedly stressed the insist on real estate regulation not be moved . 三、 Trend of the stock situation——(万科地产) 05-22 on Tuesday the latest price:9.01 volume:4578(hand) turnover:412.45(ten thousand yuan) average:8.89 Important date Data sources:http://www.eastmoney.com/ 2007 2008 2009 2010 Operating income 35526.61 40991.78 48881.01 50713.85 （$one million） Operating income 15.38% 19.25% 3.70% growth rate（%） Net income 4844.24 4033.17 5329.74 8839.61 （$one million） Net income -16.74% 32.15% 65.85% growth rate（%） EPS(yuan) 0.48 0.64 short-term debt paying ability analysis Short term debt paying ability Accounting year 2009/12/31 2010/12/31 2011/6/30 Liquidity 1.41 1.59 1.75 Quick ratio 1.41 1.59 1.75 2011 71782.75 41.50% 11599.61 31.22% 0.87 Cash ratio 34.65 34.74 38.47 2011/12/31 1.54 1.54 28.26 Sales in the first quarter 2012 , Vanke sales down,sales 10% year-on-year drop , to this , China Vanke enterprise will adjust sales strategy , depreciate sales promotion efforts continue to widen,means more varied.Give land,China Vanke give land still cautions attitude,continue to take to spending less.Capital funding , only deposits and advance receipts a year-on-year decline , self-financing accounted continue to improve. Profit Profit forecast 2011 2012 2013 2014 EPS（yuan） 0.8800 1.1163 1.3704 1.6679 Before January forecast earnings 0.8800 1.0964 1.3694 1.6847 Net assets yield 19.8300 18.7935 19.1080 19.6826 Net income(hundred million) 96.25 123.66 153.71 189.99 Business income 717.83 941.96 （hundred million）1199.96 1453.73 Prediction number of institution 47 36 20 Net assets per share（yuan） 4.8200 As China's economic strength unceasingly expands,the rapid development of science and technology power , real estate enterprise is no longer the whole industry chain a simple node, but have taken their key technology and core competitiveness, the enterprise of the industry layout to complete industry chain upstream and downstream direction expansion year 2009 2010 2011 account receivable turnover(time) Inventory turnover(%) 68.35 0.29 68.1 0.28 57.19 0.23 total asset turnover(%) 0.32 0.3 0.27 Date source:http://finance.sina.com.cn/stock/ It is known that the enterprise in 2009-2011, and all the indexes fell, such as account receivale turnover fell from 68.53 to 57.19. In general account receivale turnover isthe higher the better,.shows that the speed of our good, collecting average period short. Inventory turnover ratio, the higher means the number of that enterprise sales growth, sales ability is better. But we can see, poly real estate's inventory turnover declined, explain the sales declines. Total asset turnover also declined, although the size is not big, still explain enterprises measures should be taken to improve the utilization rate of the assets& remove unused redundant assets As a whole, real estate and the development of the national economy than the relationship was positively, so long as our country steady economic growth , government macro-control proper , housing price won't appear too big wave motion . The limited land resources is the real estate rising incentives , and chased period of the land price increases , drive the rise in real estate s situation . On the one hand , the developer in order to improve the grade of real estate, build brand, will lead to rising real estate s; the other hand, with the national economic development and the improvement of people's income, the demand for housing, more and more strong, but in the market as well as national policy under the control of growth of prices, the increasingly stable . year 2009 2010 2011 return on sale (%) 17.44 15.34 15.66 ROE(%) 14.03 16.56 18.52 return on total assets(%) 5.59 4.55 4.24 Earning per share(yuan) 1.06 1.08 1.1 in 2009-2011, the enterprise return on sale and return on total assets is declined, because the company buying land in 2007, then in the 2009-2011 years have settlement, it was down the enterprise's profit margins, in addition, the 2010 focuses on the number billions of security room settlement project, making the company the sorting of decline gross profit. However, we can see that the enterprise ROE (%) and Earning per share increased. The main reason is: 2008 global financial crisis spread of China's real estate market has a great impact, profit margins line from 12.22% in 2007 to 11.9% in. Yield per share of common stock of reflect the profit level, from the table we can see that, Wangke group earnings yields present a trend of increased year by year, and the growth rate is bigger, visible evergrande stock profitability is stronger, but, this kind of situation is may be the factors such as real estate investment overheating in earnings per share is growing rapidly, so in the choice of investments or should be prudent. Sales net interest rates is to measure enterprise in the period of the gain of sales income ability. From the above we can see, Wangke group sales net interest rate is higher, although slightly every year a bit down, but not very significant, it can see is due to increased sales income and net profit less of the causes. This is part of the reason is probably because real estate investment overheating but the government for real estate control increase, although sales income to high, but one of the reasons for the low net profit.The net assets of the company is interest rate indicator is used by all the assets profit level, the index is higher, shows that the input and output level is high, the more effective assets operation, management level is higher. From the above we can read Wangke group assets is higher and the net interest rate has been increasing year after year trend, explain Wangke group in assets on the use efficiency is higher, and increase in income and save money also it achieved good effect. 四. Last words Real estate is a third financial, a third are policy,a third are real estate properties, Poly real estate founded nearly 20 years, although now the entire macroscopic economy environment, the development of the real estate industry is still hard, but the poly real estate industry still holds a pivotal position in China real estate. References [1] NI Peng-fei, china real estate under the influence the financial crisis:maket analysis and prediction of china real estate,2008-2009.[J] modern urban research 2009 [2] Li shu cheng,Zeng hua long.LI lin.Astudy on effect of house price on the monetary policy Transmission [J] The theory and practice of finance and economics 2008 [3] WWW.CEI.GOV.CN.The fourth quarter of 2010, the real estate industry（2011,February） [4] Li jing，Ma jinbo (2010,July) ,Chinese real estate market macro-control policies，Enterprise Guide [5] Huang ping,Wu chunyi. (2011,September) , China's real estate industry development status and trend analysis, New construction: modern property on Xunkan [6] Pan gaojie,(2011 ,February) , Analysis of the Chinese real estate development course, Time Finance [7] http://stock.eastmoney.com，Oriental wealth network [8] Li qingsong，(2010 ,February), The real estate industry in the next ten years the development trend,Henan building materials [9] http://wenku.baidu.com/view/41067f26a5e9856a5612603f.html，Galaxy Securities Research report [10] Gong Yuan Yuan .Zheng WenBo ,Yang YueAnalysis of the Real Estate Fluctuation Theory [J] Journal of ShenYuan Jianzhu University;social Science 2011 因篇幅问题不能全部显示，请点此查看更多更全内容