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棱镜 | 19万亿债务压顶,房企融资时不惜饮鸩止渴_财经_高鹰生殖中心

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搜狐公益棱镜 | 19万亿债务压顶,房企融资时不惜饮鸩止渴_财经

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    划重点:11月份,房企发债总量546.5亿元,综合发债成本8.54%,创下2015年以来单月融资成本的最高水平。大多数房企的发债目的是“借新还旧”。值得玩味的是,在融创、恒大、碧桂园开始强调“安全第一”之际,财务一直很“安全”的万科却开始激进扩张。“上一轮调控最紧的时候,大批地方房企资金链断裂,老板跑路。这轮行情起来,大家又有些飘飘然了,真以为房子卖得好是自己的本事。”作者|张庆宁编者按:2014年春天,一位青岛女开发商在楼市调控中资金链断裂,远遁海外躲债,留下一个占地600余亩的烂尾楼盘和至少12亿元的欠款。伴随着上一轮楼市刺激政策,她的烂尾楼盘奇迹般复活,还以借鉴美国长岛模式的高端定位,一举售罄。女地产商不再失联,而是回国收割红利,又过上了开着游艇、出海钓鱼的生活。反反复复的调控,成就了一个个人间传奇,同样让人产生房价越调越高的预期。自2016年10月开始的这一轮调控,迄今过去两年多时间,依旧没有松绑迹象。甚至有观点称,中国房地产行业已经站上历史大顶。确实,房企融资越来越难、拿地越来越谨慎。就连“宇宙第一房企”万科都在高喊“活下去”。寒冬之中,各个利益群体正在如何度日?寒冬过后,我们又将遇见一个什么样的中国楼市?本期开始,《棱镜》将从房企融资、土地市场等角度,推出“楼市后调控时代”系列报道,试图拨开迷雾、管中窥豹。对于房企来说,资金如水,但水价越来越贵。正如富力地产,2017年豪掷200亿元收购万达77家酒店,激进投资之后,而今却躺在干涸的资金池中等待救援。该公司截止2018年三季度报显示,有息负债高达1556亿元。约63亿元的账面资金,尚不足以支付未来一年的财务成本。今年以来,富力连续四次发债失败,只得通过股权增发等手段,争取资金上的喘息空间。这对于一向注重公司股权控制的华南房企来说,不啻于断臂求生。富力不是孤例,即便是恒大、融创等销售规模排名全国前五的龙头房企,同样面临着债务和融资的双重压力,其中恒大11月份发债年利率已经高达13.75%,接近过去的两倍。按照恒大研究院的计算,除去民间融资和类金融机构贷款,中国房企截止2018年上半年的有息负债余额已是19.2万亿元的天量,每年的财务成本不会低于1.7万亿元。在这个资金并不宽裕的年份,中国银监会又要求严格执行“加强土地储备贷款管理”和“严控房地产开发贷管理风险”等分类监管规定,过去凭借高杠杆、高负债、高周转、高规模发展的房企们,现在面对高成本资金,不惜“饮鸩止渴”。融资的政策窗口此时悄然打开,在刚刚过去的11月份,房企发债总量546.5亿元,环比上月上升99.0%,尽管综合发债成本高达8.54%,创下2015年以来单月融资成本的最高水平。腾讯新闻《棱镜》注意到,大多数房企的发债目的是“调整公司债务结构、满足资金需求、偿还境内公司债券及金融机构贷款”。这是中国房企一直以来的“借新还旧”游戏,恒大、融创等巨头房企,更是资金链上踩高跷的个中高手。在这些巨头都在高喊“安全第一”、“活下去”的口号之时,其他中小房企的日子又是怎么样呢?房企都在借新还旧恒大是中国房企的风向标,该激进时激进,该减债时减债。而在中国房企资金链最紧张的时刻,恒大同样动作频繁。自10月以来,这家2017年销售规模全国第二的房企启动了一系列融资动作,不惜将尚未付清价款的香港“恒大中心”再次抵押,寻求筹集15亿美元的融资。此后的一个多月,恒大通过全资附属公司景程有限公司先后发行四期美元优先票据,合计融资28亿美元,年利率最低11%,最高达到13.75%,比该公司2017年净利率(11.9%)还高出1.85个百分点。其中,恒大董事长主席许家印自行认购10亿美元,以示对公司的支持和信心。发债年利率如此之高,足可反映出恒大急需资金。该公司2020年到期的部分未偿美元债的收益率尚只有7.5%。恒大是中国负债第一的房企,截止2018年上半年,有息负债净额6762亿元,净负债率虽有所下降,但依旧停留在127.3%这一高位。自2018年6月底起算,该公司此后一年共计2800亿元左右的债务到期。该公司长期依靠短期融资和“借新还旧”,缓解债务压力。此次美元优先票据的融资目的,即“主要为现有离岸债务再融资”。“在中国境内的融资环境趋紧的情况下,规模比较大的中国房企,大多都在寻求海外发债,而且愿意接受更高的年利率。”一位长期活跃在香港的金融中介对腾讯新闻《棱镜》感慨,投资者一方面担忧中国房企的偿债能力,一方面又抵制不了高回报的诱惑。截止2018年11月底,中国房企在海外发行美元债券总额约41亿美元,环比增长419.3%,平均境外债融资成本11.47%,较前10月境外发债成本6.45%增长5.02个百分点。按照国际评级机构穆迪测算,尽管11月份中国房企的境外收益债券利息成本大幅提升,但预计该成本会在未来保持在较高水平。即便如此,对那些房企来说,这依旧是难得的政策窗口期。自2017年以来,中国房地产行业进入最严调控时期,中国证监会放缓了境内公司债券的审批速度,包括融创在内的多家头部房企公司债中止发行。与此同时,国家发改委自当年第二季度起,基本暂停发放房企海外发债的批文。2018年上半年,呼吁监管部门放宽发债限制的声音渐高。中国社科院一位专家在《银行家》杂志撰文建议,“对于有能力赴海外发债的房地产企业,发改委和外汇局在完善备案制度的同时,应进一步简化直接境外发债的审批程序,降低直接海外发债的门槛,通过政策引导募得资金的用途,帮助房企更便利地以较低成本获得海外资金。”“进入10月,监管部门明显加快了发债审批速度,不管是海外美元债还是境内债券,从拿到批文到完成发债,前后一个多月就完成了。”一家A股上市房企的CFO对腾讯新闻《棱镜》分析,房企债务大量到期,可能是债券发行审批加快的关键原因。恒大研究院近期发布的一份报告显示,2018下半年到2021年是房企债务集中兑付期,规模分别为2.9万亿元、6.1万亿元、5.9万亿元和3.4万亿元。面对这一难得的政策窗口,各家房企都在加速融资。据中原地产统计,进入11月份以来,有30余家房企发布了境内外融资公告,既有行业龙头,也包括民营企业,融资类型包括增发、优先票据、中期票据、可换股债、公司债、短期融资券、ABS等形式,总规模超过1000亿元。在别人恐惧时贪婪有的房企融资是“借新还旧”,还有一些则在逆势扩张。包括恒大、碧桂园、万科、融创、保利在内,中国房企Big5截止2018年上半年的有息负债总和高达1.585万亿元。值得玩味的是,在融创、恒大、碧桂园开始强调“安全第一”之际,财务一直很“安全”的万科却坐不住了。据不完全统计,2018年1月以来,万科至少发起14次并购,累计耗资超过230亿元。除却通过并购间接拿地之外,万科前10个月新增建筑面积为4193.4万平方米,累计耗资1338.17亿元。据证券时报统计,2018年第三季度,万科合计拿地金额达到458.7亿元,相当于恒大、碧桂园、保利、融创四大房企拿地金额总和(477.5亿元)。万科的底气源于其稳健的财务状况。以净负债率来看,该公司2017年底的这一指标仅8.8%,只相当于恒大、融创的零头。截至2017年底,万科持有货币资金1741.2亿元,远高于短期借款和一年内到期长期借款的总和(622.7亿元)。这样的房企自然成了融资市场的宠儿。11月15日,万科2018年度第二期中期票据完成发行,实际发行总额为20亿元,发行利率仅4.03%,相当于恒大新发美元债年利率的1/3。该公司发行的2018年度第八期超短期融资券,发行金额为10亿元,利率为3.15%,是11月份房企融资中成本最低的一笔。不管是万科创始人王石,还是现任董事长郁亮,一直都以居安思危著称。万科2018秋季例会上,会议现场挂着满场鲜红的宣传标语——“活下去”,似乎给当今房地产行业浇了一盆冷水。“每到形势严峻,万科总会打响行业的第一枪,不仅带头喊行业不行了的口号,还会率先降价出货,”一位龙头房企中层对腾讯《棱镜》抱怨道,不要被万科的口号蒙蔽,它非常擅长“在别人恐惧时贪婪,“毕竟它的负债是最低的、现金流是最健康的,在这个行业低迷期一定会抓紧时间壮大规模。”万科的“贪婪”正在见效。这家公司2018年前11个月累计实现合同销售面积3599.0 万平方米,合同销售金额 5439.5 亿元,排名重回行业第一。而在过去的2017年,万科的合同销售额一度落后于碧桂园和恒大。保利同样野心勃勃。2017年保利的合同销售额3092.27亿元,排名行业第五,仅以27.57亿元的微小领先优势领先行业第六的绿地。连续6年未曾进入行业前三的保利,喊出“2018年重回前三”的口号。这家央企背景的龙头房企之所以底气十足,与其融资成本极低关系莫大。克尔瑞地产研究显示,2018年上半年,保利通过各类融资方式,新增有息负债796.13 亿元。不过,截至2018年上半年末, 保利的综合资金成本为4.86%,仅相当于恒大、融创等民营龙头的60%。凭借融资成本优势,保利还首次动用永续债这一武器。永续债的财务成本逐年攀升,一般来说,三年后所支付利率可能高达9%,甚至更高。比如,主动“去杠杆”的恒大于2017年6月30日,已经全部赎回了1129.4亿元永续债。而保利在11月29日发布公告称,公司成功发行2018年度第四期中期票据(永续中票)。该永续中票计划发行总额15亿元,实际发行总额15亿元,利率4.63%。2018年前三季度,保利累计新拓展项目108 个,新增容积率面积2456 万平方米;获取总成本1636 亿元,拿地金额占比销售金额53.9%。尽管截止前11个月的销售额依旧是行业第五,但从拿地金额来看,保利已经冲进前三,仅次于碧桂园和万科。出来混总是要还的与万科、保利形成鲜明对比的是“华南房企五虎”之一富力,这家公司2018年以来的发债融资尝试大多以失败告终。2月9日,富力地产取消发行10亿元中期票据;5月23日,富力取消了10亿元超短融发行计划;5月29日,富力一笔60亿元住房租赁专项公司债宣告终止;8月29日,富力一笔60亿元的住房租赁专项公司债券再次被终止。幸运的是,伴随着政策窗口打开,富力在9月份发行了三期资产支持专项计划ABS,合计拟发行总金额为122.21亿元;10月9日,富力获批发行面值总额不超过130亿元的公司债券。即便如此,富力依旧需要继续融资。该公司在11月5月宣布增发约8.0559亿股H股,募资约85亿元,用于“偿还债务、补充营运资金、项目投资”。这意味着,富力从9月起的三个月时间内,计划融资约315亿元。富力是房企中资金链吃紧的典型。该公司2018年三季度报显示,账面可用现金约63亿元,总负债高达2863亿元,有息负债高达1556亿元,经营性现金流净额-27.73亿元。截至11月底,富力地产实现总权益合约销售金额约1138.5亿元,与去年同期相比增长56%,但与其高企的有息负债相比,依旧难以匹配。富力之所以负债高企、现金流吃紧,与其此前的激进扩张关系莫大。2017年7月,万达、融创、富力的世纪大交易中,富力以200亿元价格拿下万达旗下77家酒店。2018年4月,富力地产还以57亿元收购部分海航资产,合作开发海口项目。“在市面上资金宽裕的时候,谁都觉得自己是在抄底,等现在融资环境下行,他们才发现自己是站上山顶。”一位粤系房企前高管对腾讯新闻《棱镜》说,“出来混总是要还的,除非市场环境快速好转,但现在来看这是不现实的。”大批中型房企都试图通过股权融资,获得资金补给。据腾讯新闻《棱镜》统计,截止2018年11月底,正荣地产、弘阳地产、大发地产、美的置业、恒达集团登录港股IPO,分别融资净额系38.44亿港元、19.81亿港元、7.4亿港元、29.17亿港元、3.13亿港元。2018年以来,中梁控股等7家中型房企申请赴港上市,目前都处于审批状态中。“中型房企还可以上市融资,但那些规模更小的地方房企,可能很难撑下去了。”一位河南本地房企副总对腾讯新闻《棱镜》说,“上一轮调控最紧的时候,也就是2014年冬天、2015年春天,大批地方房企资金链断裂,老板跑路。这轮行情起来后,大家又有些飘飘然了,真的以为房子卖得好是自己的本事。”

hua zhong dian: 11 yue fen, fang qi fa zhai zong liang 546. 5 yi yuan, zong he fa zhai cheng ben 8. 54, chuang xia 2015 nian yi lai dan yue rong zi cheng ben de zui gao shui ping. da duo shu fang qi de fa zhai mu di shi" jie xin hai jiu". zhi de wan wei de shi, zai rong chuang heng da bi gui yuan kai shi qiang diao" an quan di yi" zhi ji, cai wu yi zhi hen" an quan" de wan ke que kai shi ji jin kuo zhang." shang yi lun tiao kong zui jin de shi hou, da pi di fang fang qi zi jin lian duan lie, lao ban pao lu. zhe lun hang qing qi lai, da jia you you xie piao piao ran le, zhen yi wei fang zi mai de hao shi zi ji de ben shi." zuo zhe zhang qing ning bian zhe an: 2014 nian chun tian, yi wei qing dao nv kai fa shang zai lou shi tiao kong zhong zi jin lian duan lie, yuan dun hai wai duo zhai, liu xia yi ge zhan di 600 yu mu de lan wei lou pan he zhi shao 12 yi yuan de qian kuan. ban sui zhe shang yi lun lou shi ci ji zheng ce, ta de lan wei lou pan qi ji ban fu huo, hai yi jie jian mei guo chang dao mo shi de gao duan ding wei, yi ju shou qing. nv di chan shang bu zai shi lian, er shi hui guo shou ge hong li, you guo shang le kai zhe you ting chu hai diao yu de sheng huo. fan fan fu fu de tiao kong, cheng jiu le yi ge ge ren jian chuan qi, tong yang rang ren chan sheng fang jia yue diao yue gao de yu qi. zi 2016 nian 10 yue kai shi de zhe yi lun tiao kong, qi jin guo qu liang nian duo shi jian, yi jiu mei you song bang ji xiang. shen zhi you guan dian cheng, zhong guo fang di chan hang ye yi jing zhan shang li shi da ding. que shi, fang qi rong zi yue lai yue nan na di yue lai yue jin shen. jiu lian" yu zhou di yi fang qi" wan ke dou zai gao han" huo xia qu". han dong zhi zhong, ge ge li yi qun ti zheng zai ru he du ri? han dong guo hou, wo men you jiang yu jian yi ge shen me yang de zhong guo lou shi? ben qi kai shi, leng jing jiang cong fang qi rong zi tu di shi chang deng jiao du, tui chu" lou shi hou tiao kong shi dai" xi lie bao dao, shi tu bo kai mi wu guan zhong kui bao. dui yu fang qi lai shuo, zi jin ru shui, dan shui jia yue lai yue gui. zheng ru fu li di chan, 2017 nian hao zhi 200 yi yuan shou gou wan da 77 jia jiu dian, ji jin tou zi zhi hou, er jin que tang zai gan he de zi jin chi zhong deng dai jiu yuan. gai gong si jie zhi 2018 nian san ji du bao xian shi, you xi fu zhai gao da 1556 yi yuan. yue 63 yi yuan de zhang mian zi jin, shang bu zu yi zhi fu wei lai yi nian de cai wu cheng ben. jin nian yi lai, fu li lian xu si ci fa zhai shi bai, zhi de tong guo gu quan zeng fa deng shou duan, zheng qu zi jin shang de chuan xi kong jian. zhe dui yu yi xiang zhu zhong gong si gu quan kong zhi de hua nan fang qi lai shuo, bu chi yu duan bi qiu sheng. fu li bu shi gu li, ji bian shi heng da rong chuang deng xiao shou gui mo pai ming quan guo qian wu de long tou fang qi, tong yang mian lin zhe zhai wu he rong zi de shuang chong ya li, qi zhong heng da 11 yue fen fa zhai nian li lv yi jing gao da 13. 75, jie jin guo qu de liang bei. an zhao heng da yan jiu yuan de ji suan, chu qu min jian rong zi he lei jin rong ji gou dai kuan, zhong guo fang qi jie zhi 2018 nian shang ban nian de you xi fu zhai yu e yi shi 19. 2 wan yi yuan de tian liang, mei nian de cai wu cheng ben bu hui di yu 1. 7 wan yi yuan. zai zhe ge zi jin bing bu kuan yu de nian fen, zhong guo yin jian hui you yao qiu yan ge zhi xing" jia qiang tu di chu bei dai kuan guan li" he" yan kong fang di chan kai fa dai guan li feng xian" deng fen lei jian guan gui ding, guo qu ping jie gao gang gan gao fu zhai gao zhou zhuan gao gui mo fa zhan de fang qi men, xian zai mian dui gao cheng ben zi jin, bu xi" yin zhen zhi ke". rong zi de zheng ce chuang kou ci shi qiao ran da kai, zai gang gang guo qu de 11 yue fen, fang qi fa zhai zong liang 546. 5 yi yuan, huan bi shang yue shang sheng 99. 0, jin guan zong he fa zhai cheng ben gao da 8. 54, chuang xia 2015 nian yi lai dan yue rong zi cheng ben de zui gao shui ping. teng xun xin wen leng jing zhu yi dao, da duo shu fang qi de fa zhai mu di shi" tiao zheng gong si zhai wu jie gou man zu zi jin xu qiu chang huan jing nei gong si zhai quan ji jin rong ji gou dai kuan". zhe shi zhong guo fang qi yi zhi yi lai de" jie xin hai jiu" you xi, heng da rong chuang deng ju tou fang qi, geng shi zi jin lian shang cai gao qiao de ge zhong gao shou. zai zhei xie ju tou dou zai gao han" an quan di yi"" huo xia qu" de kou hao zhi shi, qi ta zhong xiao fang qi de ri zi you shi zen me yang ne? fang qi dou zai jie xin hai jiu heng da shi zhong guo fang qi de feng xiang biao, gai ji jin shi ji jin, gai jian zhai shi jian zhai. er zai zhong guo fang qi zi jin lian zui jin zhang de shi ke, heng da tong yang dong zuo pin fan. zi 10 yue yi lai, zhe jia 2017 nian xiao shou gui mo quan guo di er de fang qi qi dong le yi xi lie rong zi dong zuo, bu xi jiang shang wei fu qing jia kuan de xiang gang" heng da zhong xin" zai ci di ya, xun qiu chou ji 15 yi mei yuan de rong zi. ci hou de yi ge duo yue, heng da tong guo quan zi fu shu gong si jing cheng you xian gong si xian hou fa xing si qi mei yuan you xian piao ju, he ji rong zi 28 yi mei yuan, nian li lv zui di 11, zui gao da dao 13. 75, bi gai gong si 2017 nian jing li lv 11. 9 hai gao chu 1. 85 ge bai fen dian. qi zhong, heng da dong shi zhang zhu xi xu jia yin zi xing ren gou 10 yi mei yuan, yi shi dui gong si de zhi chi he xin xin. fa zhai nian li lv ru ci zhi gao, zu ke fan ying chu heng da ji xu zi jin. gai gong si 2020 nian dao qi de bu fen wei chang mei yuan zhai de shou yi lv shang zhi you 7. 5. heng da shi zhong guo fu zhai di yi de fang qi, jie zhi 2018 nian shang ban nian, you xi fu zhai jing e 6762 yi yuan, jing fu zhai lv sui you suo xia jiang, dan yi jiu ting liu zai 127. 3 zhe yi gao wei. zi 2018 nian 6 yue di qi suan, gai gong si ci hou yi nian gong ji 2800 yi yuan zuo you de zhai wu dao qi. gai gong si chang qi yi kao duan qi rong zi he" jie xin hai jiu", huan jie zhai wu ya li. ci ci mei yuan you xian piao ju de rong zi mu di, ji" zhu yao wei xian you li an zhai wu zai rong zi"." zai zhong guo jing nei de rong zi huan jing qu jin de qing kuang xia, gui mo bi jiao da de zhong guo fang qi, da duo dou zai xun qiu hai wai fa zhai, er qie yuan yi jie shou geng gao de nian li lv." yi wei chang qi huo yue zai xiang gang de jin rong zhong jie dui teng xun xin wen leng jing gan kai, tou zi zhe yi fang mian dan you zhong guo fang qi de chang zhai neng li, yi fang mian you di zhi bu liao gao hui bao de you huo. jie zhi 2018 nian 11 yue di, zhong guo fang qi zai hai wai fa xing mei yuan zhai quan zong e yue 41 yi mei yuan, huan bi zeng zhang 419. 3, ping jun jing wai zhai rong zi cheng ben 11. 47, jiao qian 10 yue jing wai fa zhai cheng ben 6. 45 zeng zhang 5. 02 ge bai fen dian. an zhao guo ji ping ji ji gou mu di ce suan, jin guan 11 yue fen zhong guo fang qi de jing wai shou yi zhai quan li xi cheng ben da fu ti sheng, dan yu ji gai cheng ben hui zai wei lai bao chi zai jiao gao shui ping. ji bian ru ci, dui nei xie fang qi lai shuo, zhe yi jiu shi nan de de zheng ce chuang kou qi. zi 2017 nian yi lai, zhong guo fang di chan hang ye jin ru zui yan tiao kong shi qi, zhong guo zheng jian hui fang huan le jing nei gong si zhai quan de shen pi su du, bao kuo rong chuang zai nei de duo jia tou bu fang qi gong si zhai zhong zhi fa xing. yu ci tong shi, guo jia fa gai wei zi dang nian di er ji du qi, ji ben zan ting fa fang fang qi hai wai fa zhai de pi wen. 2018 nian shang ban nian, hu yu jian guan bu men fang kuan fa zhai xian zhi de sheng yin jian gao. zhong guo she ke yuan yi wei zhuan jia zai yin hang jia za zhi zhuan wen jian yi," dui yu you neng li fu hai wai fa zhai de fang di chan qi ye, fa gai wei he wai hui ju zai wan shan bei an zhi du de tong shi, ying jin yi bu jian hua zhi jie jing wai fa zhai de shen pi cheng xu, jiang di zhi jie hai wai fa zhai de men kan, tong guo zheng ce yin dao mu de zi jin de yong tu, bang zhu fang qi geng bian li di yi jiao di cheng ben huo de hai wai zi jin."" jin ru 10 yue, jian guan bu men ming xian jia kuai le fa zhai shen pi su du, bu guan shi hai wai mei yuan zhai hai shi jing nei zhai quan, cong na dao pi wen dao wan cheng fa zhai, qian hou yi ge duo yue jiu wan cheng le." yi jia A gu shang shi fang qi de CFO dui teng xun xin wen leng jing fen xi, fang qi zhai wu da liang dao qi, ke neng shi zhai quan fa xing shen pi jia kuai de guan jian yuan yin. heng da yan jiu yuan jin qi fa bu de yi fen bao gao xian shi, 2018 xia ban nian dao 2021 nian shi fang qi zhai wu ji zhong dui fu qi, gui mo fen bie wei 2. 9 wan yi yuan 6. 1 wan yi yuan 5. 9 wan yi yuan he 3. 4 wan yi yuan. mian dui zhe yi nan de de zheng ce chuang kou, ge jia fang qi dou zai jia su rong zi. ju zhong yuan di chan tong ji, jin ru 11 yue fen yi lai, you 30 yu jia fang qi fa bu le jing nei wai rong zi gong gao, ji you hang ye long tou, ye bao kuo min ying qi ye, rong zi lei xing bao kuo zeng fa you xian piao ju zhong qi piao ju ke huan gu zhai gong si zhai duan qi rong zi quan ABS deng xing shi, zong gui mo chao guo 1000 yi yuan. zai bie ren kong ju shi tan lan you de fang qi rong zi shi" jie xin hai jiu", hai you yi xie ze zai ni shi kuo zhang. bao kuo heng da bi gui yuan wan ke rong chuang bao li zai nei, zhong guo fang qi Big5 jie zhi 2018 nian shang ban nian de you xi fu zhai zong he gao da 1. 585 wan yi yuan. zhi de wan wei de shi, zai rong chuang heng da bi gui yuan kai shi qiang diao" an quan di yi" zhi ji, cai wu yi zhi hen" an quan" de wan ke que zuo bu zhu le. ju bu wan quan tong ji, 2018 nian 1 yue yi lai, wan ke zhi shao fa qi 14 ci bing gou, lei ji hao zi chao guo 230 yi yuan. chu que tong guo bing gou jian jie na di zhi wai, wan ke qian 10 ge yue xin zeng jian zhu mian ji wei 4193. 4 wan ping fang mi, lei ji hao zi 1338. 17 yi yuan. ju zheng quan shi bao tong ji, 2018 nian di san ji du, wan ke he ji na di jin e da dao 458. 7 yi yuan, xiang dang yu heng da bi gui yuan bao li rong chuang si da fang qi na di jin e zong he 477. 5 yi yuan. wan ke de di qi yuan yu qi wen jian de cai wu zhuang kuang. yi jing fu zhai lv lai kan, gai gong si 2017 nian di de zhe yi zhi biao jin 8. 8, zhi xiang dang yu heng da rong chuang de ling tou. jie zhi 2017 nian di, wan ke chi you huo bi zi jin 1741. 2 yi yuan, yuan gao yu duan qi jie kuan he yi nian nei dao qi chang qi jie kuan de zong he 622. 7 yi yuan. zhe yang de fang qi zi ran cheng le rong zi shi chang de chong er. 11 yue 15 ri, wan ke 2018 nian du di er qi zhong qi piao ju wan cheng fa xing, shi ji fa xing zong e wei 20 yi yuan, fa xing li lv jin 4. 03, xiang dang yu heng da xin fa mei yuan zhai nian li lv de 1 3. gai gong si fa xing de 2018 nian du di ba qi chao duan qi rong zi quan, fa xing jin e wei 10 yi yuan, li lv wei 3. 15, shi 11 yue fen fang qi rong zi zhong cheng ben zui di de yi bi. bu guan shi wan ke chuang shi ren wang shi, hai shi xian ren dong shi zhang yu liang, yi zhi dou yi ju an si wei zhu cheng. wan ke 2018 qiu ji li hui shang, hui yi xian chang gua zhe man chang xian hong de xuan chuan biao yu" huo xia qu", si hu gei dang jin fang di chan hang ye jiao le yi pen leng shui." mei dao xing shi yan jun, wan ke zong hui da xiang hang ye de di yi qiang, bu jin dai tou han hang ye bu xing le de kou hao, hai hui shuai xian jiang jia chu huo," yi wei long tou fang qi zhong ceng dui teng xun leng jing bao yuan dao, bu yao bei wan ke de kou hao meng bi, ta fei chang shan chang" zai bie ren kong ju shi tan lan," bi jing ta de fu zhai shi zui di de xian jin liu shi zui jian kang de, zai zhe ge hang ye di mi qi yi ding hui zhua jin shi jian zhuang da gui mo." wan ke de" tan lan" zheng zai jian xiao. zhe jia gong si 2018 nian qian 11 ge yue lei ji shi xian he tong xiao shou mian ji 3599. wan ping fang mi, he tong xiao shou jin e 5439. 5 yi yuan, pai ming chong hui hang ye di yi. er zai guo qu de 2017 nian, wan ke de he tong xiao shou e yi du luo hou yu bi gui yuan he heng da. bao li tong yang ye xin bo bo. 2017 nian bao li de he tong xiao shou e 3092. 27 yi yuan, pai ming hang ye di wu, jin yi 27. 57 yi yuan de wei xiao ling xian you shi ling xian hang ye di liu de lv di. lian xu 6 nian wei zeng jin ru hang ye qian san de bao li, han chu" 2018 nian chong hui qian san" de kou hao. zhe jia yang qi bei jing de long tou fang qi zhi suo yi di qi shi zu, yu qi rong zi cheng ben ji di guan xi mo da. ke er rui di chan yan jiu xian shi, 2018 nian shang ban nian, bao li tong guo ge lei rong zi fang shi, xin zeng you xi fu zhai 796. 13 yi yuan. bu guo, jie zhi 2018 nian shang ban nian mo, bao li de zong he zi jin cheng ben wei 4. 86, jin xiang dang yu heng da rong chuang deng min ying long tou de 60. ping jie rong zi cheng ben you shi, bao li hai shou ci dong yong yong xu zhai zhe yi wu qi. yong xu zhai de cai wu cheng ben zhu nian pan sheng, yi ban lai shuo, san nian hou suo zhi fu li lv ke neng gao da 9, shen zhi geng gao. bi ru, zhu dong" qu gang gan" de heng da yu 2017 nian 6 yue 30 ri, yi jing quan bu shu hui le 1129. 4 yi yuan yong xu zhai. er bao li zai 11 yue 29 ri fa bu gong gao cheng, gong si cheng gong fa xing 2018 nian du di si qi zhong qi piao ju yong xu zhong piao. gai yong xu zhong piao ji hua fa xing zong e 15 yi yuan, shi ji fa xing zong e 15 yi yuan, li lv 4. 63. 2018 nian qian san ji du, bao li lei ji xin tuo zhan xiang mu 108 ge, xin zeng rong ji lv mian ji 2456 wan ping fang mi huo qu zong cheng ben 1636 yi yuan, na di jin e zhan bi xiao shou jin e 53. 9. jin guan jie zhi qian 11 ge yue de xiao shou e yi jiu shi hang ye di wu, dan cong na di jin e lai kan, bao li yi jing chong jin qian san, jin ci yu bi gui yuan he wan ke. chu lai hun zong shi yao hai de yu wan ke bao li xing cheng xian ming dui bi de shi" hua nan fang qi wu hu" zhi yi fu li, zhe jia gong si 2018 nian yi lai de fa zhai rong zi chang shi da duo yi shi bai gao zhong. 2 yue 9 ri, fu li di chan qu xiao fa xing 10 yi yuan zhong qi piao ju 5 yue 23 ri, fu li qu xiao le 10 yi yuan chao duan rong fa xing ji hua 5 yue 29 ri, fu li yi bi 60 yi yuan zhu fang zu lin zhuan xiang gong si zhai xuan gao zhong zhi 8 yue 29 ri, fu li yi bi 60 yi yuan de zhu fang zu lin zhuan xiang gong si zhai quan zai ci bei zhong zhi. xing yun de shi, ban sui zhe zheng ce chuang kou da kai, fu li zai 9 yue fen fa xing le san qi zi chan zhi chi zhuan xiang ji hua ABS, he ji ni fa xing zong jin e wei 122. 21 yi yuan 10 yue 9 ri, fu li huo pi fa xing mian zhi zong e bu chao guo 130 yi yuan de gong si zhai quan. ji bian ru ci, fu li yi jiu xu yao ji xu rong zi. gai gong si zai 11 yue 5 yue xuan bu zeng fa yue 8. 0559 yi gu H gu, mu zi yue 85 yi yuan, yong yu" chang huan zhai wu bu chong ying yun zi jin xiang mu tou zi". zhe yi wei zhe, fu li cong 9 yue qi de san ge yue shi jian nei, ji hua rong zi yue 315 yi yuan. fu li shi fang qi zhong zi jin lian chi jin de dian xing. gai gong si 2018 nian san ji du bao xian shi, zhang mian ke yong xian jin yue 63 yi yuan, zong fu zhai gao da 2863 yi yuan, you xi fu zhai gao da 1556 yi yuan, jing ying xing xian jin liu jing e 27. 73 yi yuan. jie zhi 11 yue di, fu li di chan shi xian zong quan yi he yue xiao shou jin e yue 1138. 5 yi yuan, yu qu nian tong qi xiang bi zeng zhang 56, dan yu qi gao qi de you xi fu zhai xiang bi, yi jiu nan yi pi pei. fu li zhi suo yi fu zhai gao qi xian jin liu chi jin, yu qi ci qian de ji jin kuo zhang guan xi mo da. 2017 nian 7 yue, wan da rong chuang fu li de shi ji da jiao yi zhong, fu li yi 200 yi yuan jia ge na xia wan da qi xia 77 jia jiu dian. 2018 nian 4 yue, fu li di chan hai yi 57 yi yuan shou gou bu fen hai hang zi chan, he zuo kai fa hai kou xiang mu." zai shi mian shang zi jin kuan yu de shi hou, shui dou jue de zi ji shi zai chao di, deng xian zai rong zi huan jing xia xing, ta men cai fa xian zi ji shi zhan shang shan ding." yi wei yue xi fang qi qian gao guan dui teng xun xin wen leng jing shuo," chu lai hun zong shi yao hai de, chu fei shi chang huan jing kuai su hao zhuan, dan xian zai lai kan zhe shi bu xian shi de." da pi zhong xing fang qi du shi tu tong guo gu quan rong zi, huo de zi jin bu ji. ju teng xun xin wen leng jing tong ji, jie zhi 2018 nian 11 yue di, zheng rong di chan hong yang di chan da fa di chan mei di zhi ye heng da ji tuan deng lu gang gu IPO, fen bie rong zi jing e xi 38. 44 yi gang yuan 19. 81 yi gang yuan 7. 4 yi gang yuan 29. 17 yi gang yuan 3. 13 yi gang yuan. 2018 nian yi lai, zhong liang kong gu deng 7 jia zhong xing fang qi shen qing fu gang shang shi, mu qian dou chu yu shen pi zhuang tai zhong." zhong xing fang qi hai ke yi shang shi rong zi, dan nei xie gui mo geng xiao de di fang fang qi, ke neng hen nan cheng xia qu le." yi wei he nan ben di fang qi fu zong dui teng xun xin wen leng jing shuo," shang yi lun tiao kong zui jin de shi hou, ye jiu shi 2014 nian dong tian 2015 nian chun tian, da pi di fang fang qi zi jin lian duan lie, lao ban pao lu. zhe lun hang qing qi lai hou, da jia you you xie piao piao ran le, zhen de yi wei fang zi mai de hao shi zi ji de ben shi."

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