21世纪网讯 21 century network-

　　长三角再现金融危机。

Long triangle represent financial crisis。

　　但处于危机中心地带的浙江房地产企业，却毅然选择了“死磕”房地产调控。

But in a crisis in the centre of zhejiang real estate enterprise，But did she make her choice“Ke death”Real estate regulation。

　　“海宁市立德房地产开发公司，近期出现了很大的问题，或许面临破产的困局。”浙江省建筑行业龙头民企公司一位高层向21世纪网透露。

“Haining khalid real estate development company，Recent big problems，Perhaps the dilemma facing bankruptcy。”Zhejiang province building industry leading corporation company a top to 21 century network said。

　　21世纪网发现，海宁立德房地产开发公司的官方网站已很久没有更新，并且挂着各种与地产毫无关系的商业广告。

21 century nets found，Haining khalid real estate development company's official website haven't updated，And hang various and a real estate no relationship commercials。

　　当21世纪网根据网站上留下的联系方式，试图联系立德房地产时，却得到“您拨打的号码有误”的语音提示。

When the 21 st century nets according to the website of the left contact information，Try to contact when estate khalid，But get“You call a wrong number”The speech hint that。

　　据上述知情人士透露，目前浙江省内小地产公司都面临着生死存亡的困局，而压死骆驼的最后一根稻草也将随时降临。

According to the people familiar with，At present little real estate company in zhejiang province are facing life and death of the boat，And killed the camels last straw will also come at any time。

　　“最近浙江跑路的又多起来了，所以银行手里虽然有钱，也都不敢贷款了。”浙江省当地一家大型商业银行内部人士告诉21世纪网。

“Recently zhejiang run road and picking up，So the bank although rich in his hand，Also can't loan。”A large commercial bank of zhejiang province local source told the 21 st century nets。

　　实际上，在最近长三角“金融危机”的传言中，不仅是中小房地产公司濒临倒闭，就连房地产行业的上市公司情况也好不到哪里去。而浙江企业的信用，随着“跑路潮”带来的恐慌，而被银行抛弃。恶性循环正在上演。

In fact，In recent long triangle“Financial crisis”Amid the，Not only is the medium and small real estate company is on the verge of collapse，Even the real estate company listed are not good。And zhejiang companies credit，as“Run road tide”Scare as，And be bank abandoned。Vicious circle was going on。

　　新湖中宝(600208,股吧)情况堪忧

The new lake treasure(600208,Shares it)Grim situation

　　位于浙江省嘉兴市中山路禾兴路口的新湖中宝（600208.SH），无疑是长三角房地产行业上市公司遭遇资金困局的典型代表。

Is located in jiaxing in zhejiang province zhongshan road shocks of the crossroads new lake treasure（600208. The SH），The real estate industry is undoubtedly long triangle listed companies were the typical representative of this money。

　　据同花顺(300033,股吧)统计数据显示，尽管新湖中宝今年一季度的资产负债率只有69.27%，在地产企业中并不突出，但与此同时，该公司的速动比率仅为0.52。

According to straight flush(300033,Shares it)Statistics show that，Although the new lake treasure of the first quarter of this year to asset ratio was only 69.27%，In real estate enterprise is not serious，But at the same time，The company's fast acting ratio of just 0.52。

　　“这个数据还是蛮低的，这就相当于，这家公司短期内需要偿还1块钱的债务，但眼下只能拿得出0.52元用来偿还这笔债务。如果债主同时上门讨债的话，公司就面临着破产的危机。”一位分析人士指出。

“This data is pretty low，This is equivalent to，The company needs to pay the short term debt of $1，But for now, can only be produced 0.52 yuan to repay this debt。If the creditor and the door if debt collection，The company is facing the danger of bankruptcy。”One analyst said。

　　“不过新湖中宝目前有216亿元的存货，这些存货都可以通过降价销售来紧急回笼现金。”上述分析人士补充道。

“But the new lake treasure now has 21.6 billion yuan in stock，The inventory can through the sale to an emergency cash cage。”The analysts added。

　　其实，今年一季度以及去年，新湖中宝还是盈利的，并且净利润数据可观。

In fact，In the first quarter this year and last year，The new lake or profit of treasure，And net profit data is considerable。

　　数据显示，新湖中宝今年一季度实现净利润2.01亿元；2011年的净利润更是高达14.56亿元。

Data shows，The new lake treasure net profit of 201 million yuan in the first quarter of this year；2011 years of net profit is as high as 1.456 billion yuan。

　　但与此同时，今年一季度新湖中宝经营活动产生的现金流量净额却为负数。数据显示，新湖中宝今年一季度经营活动产生的现金流量净额为-7.26亿元。

But at the same time，In the first quarter this year xinhu zhongbao management activity generation net cash flow but is negative。Data shows，Xinhu zhongbao business activities of the first quarter of this year generated net cash flow for-726 million yuan。

　　其实，在刚刚过去的2011年，新湖中宝此项数据同样不容乐观。同花顺统计数据显示，2011年，新湖中宝经营活动产生的现金流量净额为-25.5亿元。

In fact，In just the past 2011 years，The new lake treasure the data as not optimistic。Straight flush statistics show，2011 years，Operating activities create xinhu zhongbao of net cash flow for-2.55 billion yuan。

　　也就是说，今年一季度2.01亿元，以及去年14.56亿元的净利润仅仅是“纸上财富”，新湖中宝并未收回真金白银。

That is，The year to the first quarter of 201 million yuan，And last year 1.456 billion yuan net profit is only“Paper wealth”，The new lake did not take back treasure real gold and silver。

　　新湖中宝股东频繁股权质押

The new lake treasure shareholders frequent equity pledge

　　一面是虽然实现了2.01亿元的净利润，却赚得的仅是“纸上财富”；一面却是高达69.27%的资产负债率，以及0.52的速动比率，新湖中宝从何处取得公司运营的巨额现金流呢？

One side is although 201 million yuan net profit of realization，But earn only“Paper wealth”；One side is as high as 69.27% of the asset-liability ratio，And the 0.52 hydraulic ratio，The new lake treasure from where the operation of the company made huge cash flow？

　　上市公司股权成了新湖系实际控制人黄伟手中的秘密武器。

The listed company of new equity became practical control people working in the hands of a secret weapon。

　　21世纪网据同花顺统计数据发现，今年以来，新湖中宝前三大股东频繁将其持有股份进行股权质押融资。

21 century network according to statistics found that straight flush，Since this year，Xinhu zhongbao three shareholders will frequently before the shares held by for equity pledge financing。

　　截至7月23日，新湖中宝前三大股东，先后25次将其所持有的新湖中宝的股份进行股权质押。

By July 23,，Xinhu zhongbao three shareholders before，Successively held by the 25 times the new lake of treasure for equity shares pledge。

　　其中，新湖中宝的第一大股东浙江新湖集团股份有限公司（下称“新湖集团”），进行股权质押最频繁，累计质押21次。第二大股东宁波嘉源和第三大股东浙江恒兴力，则股权质押新股中宝股份分别2次。

Among them，The new lake of treasure of the first largest shareholder zhejiang new group Co., LTD（Said the“New group”），The most frequent pledge for equity，Total 21 times pledge。The second big shareholders ningbo JiaYuan and the third largest shareholders zhejiang hengxing force，The pledge in new equity shares treasure were two times。

　　从质权人来看，银行和信托公司成为新湖中宝的两大质权人。接受新湖中宝股权质押的银行包括：中国农业银行(601288,股吧)、中国银行(601988,股吧)、交通银行(601328,股吧)、华夏银行(600015,股吧)以及浦发银行(600000,股吧)。

From the pledgee and see，Bank and trust company become of xinhu zhongbao two big the pledgee。Accept the new lake treasure the Banks including equity pledge：Agricultural bank of China(601288,Shares it)、The bank of China(601988,Shares it)、Traffic bank(601328,Shares it)、Huaxia bank(600015,Shares it)And Shanghai pudong development bank(600000,Shares it)。

　　与此同时，接受新湖中宝股权质押的信托公司则多达7家，分别是：中诚信托、厦门国际信托、江西国际信托、华鑫国际信托、华宝信托、渤海信托和安信信托(600816,股吧)。

At the same time，Accept the new lake treasure the trust company is equity pledge as many as seven home，Respectively is："Honesty、Xiamen international trust、Jiangxi international trust、HuaXin international trust、Huabao bird trust、The bohai sea trust and access to the trust(600816,Shares it)。

　　其实，这一情况从2011年下半年就已开始。

In fact，The situation from the second half of 2011 began。

　　仅2011年下半年，新湖中宝就累计发布了23则关于上市公司股权解除质押和重新质押的公告。与2012年类似，这些股权均被质押给一些银行和信托公司。

Only in the second half of 2011，The new lake treasure is accumulative total released 23 is on listed companies pledged to remove equity and pledge announcement。And 2012 years in similar，These shares are to some Banks and pledge the trust company。

　　“股权质押基本上可以归结到资金流的问题上，这么频繁的股权质押动作，很难让人不联系到新湖系资金链的紧张上，另外不排除挖东墙补西墙的嫌疑。”一位不愿具名的分析人士称。

“Equity pledge basically can boil down to the cash flow problems，So frequent equity pledge action，It is hard to make people not linked to the new department capital chain tension，Another did not rule out the east wall BuXiQiang dig suspicion。”An anonymous analysts said。

　　长三角“金融危机”下的地产行业

Long triangle“Financial crisis”The real estate industry under

　　值得指出的是，新湖中宝并非个案，其0.52的速动比率，也并不是长三角上市房地产公司中最低的。

And, as noted，The new lake treasure is not the case，The hydraulic ratio of 0.52，And not long triangle listed among the lowest of the real estate company。

　　据同花顺统计数据显示，长三角40家上市房地产公司中，今年一季度速动比率低于0.5的多达19家，占比将近一半。

According to straight flush statistics show，Long triangle 40 listed real estate company，In the first quarter of this year the rate below 0.5 hydraulic as many as 19，Accounting for nearly half than。

　　其中，荣安地产(000517,股吧)（000517.SZ）尤为让投资者担心。该公司今年一季度的速动比率已低至0.076，而资产负债率却高达77.34%。

Among them，RongAn real estate(000517,Shares it)（000517 SZ）Particularly let investors worry。The first quarter of this year the company of hydraulic rate has low to 0.076，And the asset-liability ratio is as high as 77.34%。

　　相比新湖中宝，今年一季度荣安地产的存货也高达98.59亿元。

Compared with the new lake treasure，In the first quarter of this year RongAn real estate stock also is as high as 9.859 billion yuan。

　　此外，华丽家族(600503,股吧)（600503.SH）今年一季度的速动比率为0.11；中华企业(600675,股吧)（600675.SH）也仅为0.17。这两家公司截至2012年一季度的存货分别为37亿元和183亿元。

In addition，Luxuriant family(600503,Shares it)（600503. The SH）The first quarter of this year hydraulic ratio of 0.11；The enterprise(600675,Shares it)（600675. The SH）Also was only 0.17。The two companies by the end of 2012 the quarter of inventory respectively for 3.7 billion yuan and 18.3 billion yuan。

　　与此同时，今年一季度资产负债率排名前五名的上市公司分别为：华夏幸福(600340,股吧)高达87.49%、京投银泰(600683,股吧)为82.87%、大港股份(002077,股吧)82.24%、数源科技(000909,股吧)为81.05%、滨江集团(002244,股吧)为80.21%。

At the same time，In the first quarter of this year to asset ratio of the top five listed company respectively：Huaxia happiness(600340,Shares it)87.49%、Beijing's investment bank(600683,Shares it)82.87%、Dagang shares(002077,Shares it)82.24%、Number generator technology(000909,Shares it)81.05%、Binjiang group(002244,Shares it)80.21%。

　　“现在的情况，银行不可能给房地产企业贷款，就算是万科、绿城这样的大地产商想贷款，也都要报到总行。虽然目前跑路的还不多，但是银行总体报上来的不良率在提升，所以我们手上有钱也不敢贷款出去。”上述浙江银行人士透露。

“The situation，The bank may not give real estate enterprise loans，Even China vanke、Green city on such a big property developers want to loans，Will report to the head office。Although at present the run road also not much，But the bank for the overall up in ascension defective rate，So we hand out money also dare not loans。”The zhejiang bank sources。

　　虽然，新湖中宝赚到的仅仅是“纸上财富”，但今年一季度2.01亿元的净利润仍让那些已经亏损的公司艳羡不已。

although，The new lake treasure to earn only“Paper wealth”，But this year the quarter net profit of 201 million yuan still let those who have the loss of the envy of the company。

　　数据显示，今年一季度，长三角房地产上市公司已有7家出现亏损。其中，位于浙江省宁波市的京投银泰（600683.SH）亏损最为严重，净利润仅为-6900.43万元。

Data shows，In the first quarter of this year，Long triangle listed property company has 7 home loss。Among them，Ningbo city, zhejiang province is located in Beijing's investment bank（600683. The SH）Most serious losses，Net profit only-69.0043 million yuan。

　　“上次降息以后，我们以为信贷数据会好起来，但是实际上并没什么改观。”上述银行人士无奈的表示。

“After the last cut interest rates，We think the credit data will be better，But in fact and nothing changed。”The bankers helpless said。

　　“其实现在的资金紧张问题，对于这些上市公司而言都不是什么大事，问题就在于他们愿不愿意降价销售以回笼资金，但以现在的情况看，大家很明显都在赌调控的放松，所以舍不得降价。”前述不愿具名的分析人士坦言。

“In fact the problem now funds，For these listed companies are not what great things，Problem is that they would be willing to sale to receivables，But with the current situation look，You obviously bet on the relaxation of the regulation，So won't reduce the price。”The anonymous analysts said。

　　“房地产商这是在死磕中央的调控政策”该分析人士补充道，“如果因此而真的破产清算，只能说是死有余辜”。（21世纪网：饶玉哲）

“This is the real estate business in death of central control policies cracking”The analysts added，“If so and really bankruptcy liquidation，Can only say that SiYouYuGu”。（21 century network：RaoYuZhe）