A large number of uncompleted residential flats appear, and the property market can only survive the fittest.

As the property market enters the stage of structural adjustment, real estate enterprises have ushered in a new round of differentiation and integration, and each round of property market reshuffle is full of tests for small and medium-sized housing enterprises.

According to the data of the National Bureau of Statistics, in 20 14 years,1-1.0115 trillion yuan, up 0.6% year-on-year, while 2065438+. The growth rate of real estate investment has been declining, and the growth rate of funds in place for housing enterprises has slowed down, making it increasingly difficult for developers to get money.

Since last year, almost every once in a while, the news that the capital chain of small and medium-sized housing enterprises has broken has been exposed. According to incomplete statistics, up to now, about 30 projects in Chengdu, including Wulong Mountain Scenic Resort Scenic Area Yufu and Madison Square, are in a state of shutdown or semi-shutdown, and some developers even committed suicide by jumping off a building because of the broken capital chain.

With the deterioration of real estate data, a large number of housing enterprises are facing the danger of capital chain breakage, and the phenomenon of "unfinished buildings" emerges one after another. Although there are many reasons for the phenomenon of uncompleted residential flats, the problem of funds has become the last straw to crush developers. Many think tank experts said in an interview with House Watch that the emergence of uncompleted residential flats is the result of "survival of the fittest" in market competition. When the accelerating land acquisition financing drama encounters the dilemma of the property market, developers are in financial difficulties and cannot continue this gamble. "Survival of the fittest" is a very likely situation for housing enterprises in the future.

A boss of the island government in Wulong Mountain Scenic Resort scenic spot stopped working for more than a month and was suspected of committing suicide.

Project Name: Yufu in Wulong Mountain Scenic Resort Scenic Area

Property address: Sanmu Road, Xindu (next to Wulong Mountain Scenic Resort Scenic Area Park)

Project type: residence

Developer: Sichuan Rong De Investment Co., Ltd.

Downtime: 2065438+February 2005

In April this year, it was reported that the Yufu project in Xindu Wulong Mountain Scenic Resort Scenic Area was suspended for more than a month due to the break of the capital chain, and the boss suspected suicide.

It is understood that the project had no construction activities as early as the Spring Festival. Except for the basic appearance of the project, the internal garden has not yet started, and the construction elevators and tarpaulins on the external walls of some buildings have not been completely removed. The shareholders of the company have begun to liquidate the project and prepare for the overall transfer.

The Yufu Project of Wulong Mountain Scenic Resort Scenic Spot in Mulan Mountain Road in Xindu District is an asset developed by Sichuan Rong De Investment Co., Ltd. The company's existing assets include Rong De Sports Leisure Plaza located in Qingxi East Road, West Second Ring Road, Chengdu, and Rong De Villa (renamed Huang Fu Villa) located in Dafeng Rong De Road, Xindu District. The Rong De Sports Plaza and Rong De Villa are managed by Chengdu Xinyue Company under Sichuan Rongde Investment Co., Ltd. and are in normal operation. Wang Youliang, the boss of the company, did fall to his death. Moreover, some employees leave the company, and the company also faces certain asset disputes.

Madison Square on Ertianfu Avenue has been ruined by the owners' rights protection.

Project name: Madison Square

Property address: south section of Tianfu Avenue, Tianfu New District, Chengdu (opposite to Polar Ocean Park)

Project Type: Complex

Developer: Chengdu Chengnan Star Real Estate Co., Ltd.

Downtime: 2065438+May 2005

2065438+On May 23rd, 2005, a group of property buyers blocked the Madison Square project to protect their rights.

The project covers an area of 76 mu, and the whole project has basically stopped working. As early as 20 12, the project was about to be capped. Until now, engineering scaffolding and federated eye network have not been removed.

It is understood that the developer of Madison Square is Chengdu Nanxing Real Estate Co., Ltd. and the investor is Chengdu Ruiding Investment Co., Ltd. On the surface, these are two local enterprises in Chengdu. However, it is reported that "the hotel sector is managed and built by a well-known five-star hotel in the United States, and it is a high-end commercial project created by Shu Hua Fund (Group), one of the four major real estate funds in the world."

Judging from the current data, some of the houses for sale in this project are in the state of being sealed up or mortgaged, even the houses that have been sold are in the state of being sealed up or mortgaged. According to the owners' announcement, what the owners have learned is that "the legal representative of Chengnan Star (project developer) was investigated because other companies illegally absorbed public deposits, and the land ownership under the name of Chengnan Company was seized by the court." The incident is still under investigation and the details have yet to be confirmed.

Three Yuehui companies have been shut down for many months, and their shareholders and construction companies have changed.

Project name: Jiayuehui

Address: No.666 Yizhou Avenue, High-tech Zone (next to China Resources Phoenix)

Project type: residence

Developer: Chengdu Jiahuamei Industrial Co., Ltd.

Downtime: 2065438+early May 2005

2065438+July 2, 2005, the Jiayuehui project, which was still selling well some time ago, was surrounded by more than a dozen people. Not far from them, a police car was parked and several policemen kept order at the scene. Just after 6 pm, the sales department of Jiayuehui Project was empty. Except for two or three staff members, all the booths were empty, and none of the lights in the huge sales department were on.

According to the information provided by activists on the spot, Jiayuehui project was stopped in early May, and several help banners were posted on the external walls of some buildings, close to the ceiling.

According to a person in charge of Jiayuehui developer Chengdu Jiahuamei Industrial Co., Ltd., the project was suspended due to financial problems. Now the company has changed its new shareholder "Ya Nan" and its business has been suspended first. Now the construction company has been changed to Huaxi, and we are still talking about compensation with the last construction company.

The person in charge of Sijingju Hua Ting Chenglanwei Company lost contact collectively.

Project name: Ju Jing Hua Ting

Property address:No.11Beishun Street, Jinjiang District (next to Longzhou Road Primary School)

Project Type: Garden House

Developer: Sichuan Foguang Real Estate Co., Ltd.

Downtime: 2065438+August 2004

20 14,10 in June, it was reported that the Foguang Junting (alias Jujing Huating) building in Longzhou Road, Chengdu had been shut down for two months, and materials were piled up between the buildings, and various sundries were piled up in the building rooms.

It is understood that due to the collective loss of the person in charge of the developer Sichuan Foguang Real Estate Co., Ltd., the property was not completed and stopped, and the house was not delivered within half a year. Developers have publicly announced that the capital chain is broken. After many attempts to contact, the owners spontaneously organized hundreds of owners to go to the sales department to defend their rights.

More than 60 mu of land in the center of Wubeicheng has grown grass and has been in a state of suspension for a long time.

Project name: North City Center

Address: Longtansi West Road, chenghua district, Chengdu.

Project Type: Complex

Developer: Huayu Group

Downtime: 2065438+early July 2003

It is understood that Huayu Real Estate won the bid for 63.58 mu of land at the intersection of Niu Long, Changsi Town, Longtan, Chengdu in June 20 13, but the land has been put on hold for more than two years.

According to relevant data, since the beginning of land acquisition, no tiles have been seen in this project, and even the earthwork has not been completed. On Huayu Real Estate official website, the North City Center has been marked as a "project for sale" so far, but there is only a shallow pit at the scene. Due to the long-term shutdown, more than 60 acres of shallow pits are full of weeds.

A related person from Chengdu Huayu Real Estate said that the company is studying the design and construction scheme and will start construction in the near future. However, it is reported that it is impossible to confirm the time of resumption of work, and the original resumption of work will eventually be lost.

Industry review:

Zhang Shuanghong, research director of Zhongyuan Real Estate Strategic Development Department: Developers should be cautious when entering unfamiliar development fields.

With the economic transformation and industrial restructuring, the real estate market has entered a period of "de-capacity", and the emergence of uncompleted residential flats is the result of market competition "survival of the fittest". Since 20 14, there have been more and more unfinished projects in Chengdu, but most of them are large-scale commercial, office and professional markets. The housing market is relatively healthy, and there are fewer unfinished projects.

In recent years, there has been a boom in commercial real estate development in Chengdu. Under the background of the overall over-exploitation of commercial real estate, the market supply exceeds demand, and the deterioration of the living environment of the project has become an "external cause".

Real estate development funds take up many links and have a long cycle, especially commercial real estate development tests the financial strength and operational ability of developers. There must be no "mistakes" in the process of financing, design, positioning, investment promotion, operation and repayment. If there is a deviation in one link, the capital chain will break, leading to the unfinished project.

During the adjustment period of the property market, developers should cautiously enter unfamiliar development areas such as commercial and industrial real estate. For projects under development, it is necessary to broaden financing channels, conduct full market research on product positioning, and hire a professional team to manage investment operations to ensure that all aspects of development are effectively controlled and the capital chain is not broken. For unsustainable projects, actively seek partners or buy houses, minimize losses through transfer, and protect the interests of investors.

Liu Lu, Associate Professor, School of Economics, Southwestern University of Finance and Economics: Developers should open financing channels and accurately predict the market.

The number of "unfinished" real estate projects is indeed closely related to the macroeconomic environment and the cycle of the real estate market. For example, the real estate markets in Hainan and Beihai in the early 1990s are typical examples.

Judging from the current situation, the Chengdu market is far from reaching this amazing level. I prefer to use "the speed of project progress" to describe the current market state: some projects progress faster, while others progress slower. However, it should be said that there are still few unfinished projects in absolute sense.

Some projects have made slow progress, mainly due to the sluggish real estate market, slow sales, slow payment, and difficulties in payment of project funds. In addition, the situation of each company is different. But I think the two most important elements are cost and cash flow. It costs a lot. In addition to the basic costs of materials, construction and labor, marketing and management, the biggest difference between real estate companies is the cost of land acquisition and the cost of capital.

If you take land when the land market is high, it is inevitable that the land cost will be high, which will greatly affect the profit rate of enterprises and the sustainability of the project under the downward pressure of the market. The difference of capital cost of each real estate company is mainly reflected in the nature of the company and financing channels. Listed companies can issue additional shares, large companies can issue bonds, and companies with good relations with banks can get bank loans. These are all low-cost channels. Many small and medium-sized housing enterprises have to turn to social funds including private lending, and such financing costs are very high.

To avoid stopping or even ending the project, I think we should start from the source, that is, we should have correct expectations and judgments on the market and not take land on impulse. In addition, of course, we should also pay attention to the risk control of financing, and try our best to use financing channels with too high cost. Many enterprises were crushed by high interest rates. Finally, if the development is really unsustainable, it is also a way to stop loss in time and find a reliable next home.

Kerry Chengdu Regional Research Manager Zeng: Many projects in Chengdu are troubled by funds, and developers should formulate development strategies according to their own conditions.

The main reason for the shutdown is the problem of funds. Although the current real estate market shows signs of gradual recovery, not as bleak as last year, it does not mean that developers can sit back and relax. If it is not developed properly, it will still cause financial shortage. The scene of small and medium-sized developers going bankrupt one after another last year should not be forgotten. At present, there are still many projects in Chengdu that are more or less plagued by funding problems. It is not uncommon to start repairing a little after selling a suite. In the current market, developers' development strategy should be in line with their own actual situation, especially for some developers with weak strength, and stability should be given priority to.