新华网武汉7月28日电（记者王乔、徐海波）陆续公布的半年报显示，上半年房地产企业近六成出现利润下滑或亏损。随着各部委密集表态坚持楼市调控不放松，房企未来形势将更加严峻，运行风险正在增大。缓解库存压力，加快资金回笼，仍是房企的当务之急。

Xinhua net wuhan July 28--（Reporter WangQiao、XuHaiBo）Published in the half annals display，Real estate enterprise nearly sixty percent in the first half appear falling profits or losses。With the intensive ministries to control not relax statement property market，Room will be more severe situation future enterprises，Operating risks is growing。Ease pressure inventory，Speed up the money collecting，Top of the enterprises is still room。

上半年房企整体状况不佳 Enterprises in the first half of the whole room situation is not good

　　近日，沪深两市已有49家房企以快报或预告等形式公布了上半年业绩情况。其中近六成房企出现了不同程度的亏损或利润下滑，亏损房企达13家。

recently，Shenzhen city has two 49 home to express or warn room enterprises such as released the first half performance form。With almost sixty percent room appear different degrees of enterprise losses or falling profits，Loss of 13 house room enterprises。

　　从统计结果来看，中小房企亏损面继续扩大。在净利润降幅超过100%的10家企业中，排名100名之后的企业占绝大多数。除珠江、金宇车城(000803,股吧)、国兴为续亏外，剩余7家全部为首亏，其中沙河股份(000014,股吧)、高新发展(000628,股吧)等预估亏损均在900万元以上。

From the statistics result，Little KuiSunMian continued to expand in enterprises。More than 100% of the net profit drop in 10 enterprise，In 100 after the enterprise in a majority of cases。In addition to the pearl river、JinYu cities(000803,Shares it)、GuoXing for XuKui outside，7 all remaining headed home a deficit，Shares of shahe(000014,Shares it)、High-tech development(000628,Shares it)Estimated loss and all is in 9 million yuan of above。

　　大型房企的表现虽然略好于中小房企，但也难现昔日好景。据链家地产统计，在排名前100的17家大型房企中，约47%的房企出现了亏损或利润下滑。其中，保利地产(600048,股吧)上半年签约面积和签约金额均同比增长27%以上，但净利润下降12.13%。

Large room the performance of enterprises is slightly better than little rooms in although enterprises，But former ning is difficult。According to the chain home real estate statistics，In the top 100 enterprises of large-scale room in 17，About 47% of the room stand losing money or falling profits。Among them，Poly real estate(600048,Shares it)Sign in the first half of the area and amount signed a year-on-year increase of 27% or more，But net profit fell 12.13%。

　　纬联地产市场策略资源部高级分析师周飞就此认为，房企利润下降并不等同于亏损，只是回归到了比较合理的水平。“之前房企的利润率普遍在20%至30%，目前则已下降到了10%到15%。这个利润率是比较正常的。”

Weft league real estate market strategy senior analyst at think ZhouFei resources，Room stand falling profits is not equal to losses，Just return to a more reasonable level。“High profit margins common room before in the 20% to 30%，At present has dropped to 10% from 15% to。The profitability is a more normal。”

　　对于一些飘红报喜的数据，同策咨询研究中心总监张宏伟表示怀疑。他说，从上市房企年度销售指标的制定与去年同期销售金额对比来看，个别房企公布的年中业绩存在粉饰的成分。

For some wave red report good news of data，Strategy consulting research center director with d a skeptical。He said，From listed room enterprises annual sales planning and the same period last year compared to see sales amount，Individual room enterprises of existing performance by the composition of the whitewashed year。

以价换量致利润率下滑 To change the price of falling margins

　　近期，一些房企“以价换量”导致了虽然表面业绩上涨、但实际利润率下降的现象出现。同时，部分房企上半年结算收入大幅减少，也导致其盈利能力大幅下滑。

recent，Some room enterprises“To change the price of”Although surface performance led to rise、But the actual profit margins of the decline of the phenomenon to appear。At the same time，Part of the room first half settlement enterprise income is greatly reduced，Also led to a sharp slowdown in its profitability。

　　链家地产市场研究部陈雪认为，由于房地产行业的整体环境对项目销售进度和价格产生了一定影响，半年度实际可结算项目少，导致可确认的销售收入较少。

House property market research ChenXue chain that，Because the overall environment of the real estate industry to the project schedule and sales price has certain influence，Half-yearly actual settlement project less，Can lead to confirm the sales income is less。

　　他指出，“接近六成房企出现亏损或利润下滑，且亏损房企数超过了2011年报披露的8家，表明调控政策对房企利润的影响已十分明显。”在调控作用下，部分开发商为去库存，选择以价换量保持资金链稳定。在这种情况下，即便销售额增加，其利润也会随之减弱。

He pointed out that，“Close to sixty percent room to losses in enterprises or falling profits，And losses room enterprises for more than 2011 annual reports of 8 home，Control policy shows that the effect of high profits to room is very obvious。”In the regulation effects，For some developers to inventory，Choose to change the price of capital chain keep stable。In this case，Even if sales increase，Its profits will also weakens。

　　据统计，上半年销售金额在100亿元以上的房企，平均销售均价同比下降9.5%，平均销售面积同比上升6.2%。其中，万科推盘以刚需产品为主，144平方米以下户型占比近90%，其销售均价同比下降10.6%，销售面积同比上升6.1%；恒大在4月份加大促销力度以来，销售均价环比下降10%，销售面积环比提升126.2%。

According to the statistics，Sales in the first half of the amount is in 10 billion yuan of above room enterprises，Average sales all valence 9.5% year-on-year drop，Average up 6.2% year-on-year sales area。Among them，China vanke push trays to just need to products，144 square meters of nearly 90% than door model，Its sales all valence 10.6% year-on-year drop，Sales rose 6.1% year-on-year area；Evergrande in April increasing sales promotion since efforts，Sales fell by 10% month-on-month average，Sales increased by 126.2% month-on-month area。

　　张宏伟表示，部分大型房企提前且超额完成上半年销售目标，主要得益于降价策略的调整。如果降价走量的动力消失，下半年销售指标能否完成值得进一步观察。此外，业绩较好的房企几乎都是高周转的大型房企，这并不是房地产行业的普遍现象。“从半年报中看，已经完成全年任务指标一半以上的现象并不普遍。”

D said，Part of the large room in advance in the first half and overfulfilled enterprise sales target，Thanks mainly to the adjustment of the price strategy。If the amount of power price go away，The second half can complete sales target is worth further observation。In addition，The results were good room enterprises is almost the turnover of large room high enterprises，This is not the real estate industry phenomenon。“Seen from half annals，Have completed annual targets more than half of the phenomenon is not common。”

加快回笼资金仍是房企当务之急 To speed up the receivables is still room stand top priority

　　在以价换量渐成市场主流的情形下，部分房企的半年报中却呈现量价背离的状况。有专家指出，在长时间的严格调控下，房企融资成本正在不断上升。由于目前楼市尚存在诸多不确定性，下一步应警惕房企资金趋紧而带来的金融风险。

In order to change gradually into the market price of the mainstream of the case，Part of the annual report and a half high room but there from the status of the quantity and price。The expert points out，In the long time of strictly under control，Room enterprises financing costs are rising。Because the present market still has many uncertainties，The next step should be vigilant the room enterprises' capital brought the financial risk。

　　国务院发展研究中心企业研究所、清华大学房地产研究所和中国指数研究院日前共同发布的《2012中国房地产上市公司TOP10研究报告》显示，沪深上市房地产公司的资产负债率与有效负债率近年来持续攀升，2011年达到4年来的高点。截至2011年末，沪深上市房地产公司的资产负债率和有效负债率均值分别达63.43%和50.38%，债务压力进一步加重。

The state council development research center enterprise research institute、Tsinghua university institute of real estate and China jointly issued by index academy《2012 China real estate listed company TOP10 research report》shows，Shanghai real estate company listed to asset ratio and effective leverage in recent years continue to rise，2011 up to 4 years of high。At the end of 2011，Shanghai real estate company listed to asset ratio and effective mean ratio of 63.43% and 50.38% respectively，Debt pressure accentuate further。

　　而在负债水平攀升的同时，房地产上市公司的短期偿债能力也趋于弱化，进一步削弱了资产流动性，加剧了资产减值带来的经营风险。中国指数研究院分析认为，目前近70%的房地产上市公司经营现金呈现“入不敷出”状况，行业整体运行风险加速累积。

And in debt levels rise at the same time，Real estate of the listed company of short-term debt paying ability, tend to be weakening，Further weakening liquidity，Increased with the management risk of asset impairment。China index academy that analysis，Now nearly 70% of real estate listed companies operating cash present“Make ends meet”status，The whole trade operation risk accumulated acceleration。

　　值得注意的是，目前房地产企业资金链状况分化也非常严重。华中科技大学公共管理学院王国华教授指出，招保万金等大型房地产企业，由于项目一般都比较好，资金链状况一直不错，融资成本在不断下降。但与之相反的是，三、四线城市的许多中小型房企，融资成本却在不断提升。

Note the，Real estate enterprise capital chain is also very serious condition differentiation。Huazhong university of science and technology, professor with the public administrative college k.wang said，Called the gold and other large real estate enterprise，The project had compared commonly，Capital chain status has always been good，Financing costs continue to drop。But the opposite is，three、Four lines of city many small and medium-sized enterprises room，But the financing cost is rising。

　　王国华认为，对于房地产企业来说，目前高库存和高负债的状况没有发生根本性改观。房地产企业资金链压力仍然较大，市场量价齐升的态势难以长久维持。

K.wang think，For real estate enterprise for example，At present high inventory and highly indebted conditions have not changed radically。Real estate enterprise capital chain still high pressure，Market price volume JiSheng failed to be lasting。

　　针对下半年市场走势，中指院认为，上市房地产公司将更多地聚焦于深化调整价格策略、创新营销手段。在坚持调控不放松的背景下，采用灵活的销售策略缓解不断攀升的库存压力，加快资金回笼速度，依然是开发商当前亟待完成的艰巨任务。

In the second half of the market trends，Middle finger court think，Real estate public company will be more focused on deepening the price adjustment strategy、Innovative marketing means。On the background of regulation not to relax，Flexibility in the sales strategy ease rising inventory pressure，To speed up the money collecting speed，Still needs to be done is the developer of the task。