本报记者 张昊

Our reporter zhang

　　随着国务院派出督查组赴16省市对房地产市场调控政策措施落实情况开展专项督查，政策收紧的预期再一次出现。多家房地产开发商对中国证券报记者表示，虽然近期楼市成交有所回暖，但房企并未对政策放松抱有幻想，国务院派出督查组一事再次表明，加快周转去库存是目前唯一的生存策略。

As the state council sent DuZhaZu to 16 provinces and cities to the real estate market regulation and control policies and measures to carry out the situation to carry out special supervision，Policy tightening expected again。Several real estate developers to China stock certificate report reporter said，Although the recent property market has warmed clinch a deal，But room enterprises of the policy did not relax dream，The state council sent the DuZhaZu that again，To speed up the turnover to inventory is currently the only survival strategy。

　　调控没有松动 Regulation not loose

　　某龙头上市房企人士对中国证券报记者表示，媒体此前报道的“楼市预调微调”并不准确，此次督查组开展专项督查更说明政府不会对楼市调控政策有所放松。“限购限贷政策都没有解除，地方政府的放松尝试屡屡被叫停，怎么能说政策放松呢？”

A leading enterprises of China listed room person stock certificate report reporter said，The media reported previously“Property market adjustment preset”Is not accurate,，The DuZhaZu carry out special supervision that the government would not more to the property market regulation and control policy to relax。“Purchasing limit credit policy did not remove，Local governments have been stopped repeatedly try to relax，How can you say policy to relax？”

　　不过，该人士并不认为国务院督查组开展督查解读为新的调控政策即将出台。该人士称，近期形成了楼市回暖的舆论氛围，国务院督查组的目的可能是了解真实情况。“我个人认为，楼市并没有真正回暖。降息的确导致部分刚需入市，但刚需对价格异常敏感，开发商的资金状况并没有好转，新房的房价并没有上涨空间，开发商都在加紧出货。”该人士还表示：“开发商期待政策能够有持续性。房地产本来就是强周期行业，如果政策反复，必定会加大开发商的经营风险，我们特别希望政策能够稳定。”

but，This personage don't think DuZhaZu under the state council to carry out reading of supervision for the new regulation and control policy is about to come。This personage says，Recently formed a market warms up in the public opinion atmosphere，The purpose of DuZhaZu under the state council may is to know the truth。“Personally, I think，The property market and not really warmed。Cut part does lead to just need to entering the market，But just need to abnormal price sensitive，Developers of the capital position and not improved，Bridal chamber house prices did not rise space，Developers are in step up shipment。”This personage also said：“Developers are looking forward to the policy to have continuity。Real estate was strong cycle industry，If policy repeatedly，Will increase the management risk of the developers，We especially want policy to stability。”

　　另一家上市房企高管认为，此次国务院督查组的目的在于检查调控政策的落实情况，由于调控政策此前没有实质性放松，因此近期出台新调控政策概率不大。该房企高管介绍，随着5月以来的成交回暖，公司中小户型房源的库存消化迅速，目前仅剩去年同期中小户型库存的10%。另一方面，6月起大户型的销售也出现回暖，这表明改善性需求和投资性需求也开始入场。不过，据该人士观察投资性需求十分有限。目前公司的策略是加大中小户型的开工量，顺应政府的调控意图。“我们对调控放松不抱任何希望，我们已经做好了行业回归正常利润水平的准备。”

The other a public room enterprise executives think，The DuZhaZu under the state council is aimed at inspection regulation policy to carry out the situation，Due to the regulation and control policy previously, there had been no substantive relaxation，So the recent new regulation policy probability is not big。Leased building enterprise executives is introduced，With 5 months to clinch a deal the milder，The company of small and medium-sized family houses inventory digestion quickly，Currently, only small and medium-sized family with the same period last year 10% of the stock。On the other hand，June large family sales also appears milder，This suggests that improve sexual demand and investment demand also began to admission。but，According to the people to observe the investment demand is very limited。At present, the company's strategy is to increase the small and medium-sized family starts，Comply with the regulation of the government intention。“We don't have any hope to relax regulation，We are prepared to the industry regression normal profit level of preparation。”

　　加快存货周转 Accelerate inventory turnover

　　国务院派出督查组的另一个背景是近期土地市场迅速回暖。近期国土资源部加大了土地市场监管力度，有分析人士表示，国土部的相关要求会推动开发商寻找更高安全边际的土地。结合此次国务院派出督查组的形势来看，积极定价和快速开发已经成为多数开发商的既定策略。

The state council DuZhaZu sent another background is the recent rapid milder land market。Recently the ministry of land and resources increase the land market supervision dynamics，Have analysts said，The ministry of land requirements will promote developers find higher margin of safety of the land。Combined with the situation of the state council DuZhaZu sent to see，Positive pricing and rapid development has become the most of the developers of the established strategy。

　　金地集团(600383,股吧)表示，截至2011年末，公司土地储备达到1537.40万平方米，从拿地到开盘，金地目前的平均周期是12个月左右。因此，国土资源部要求逐宗清理超期1年未开工构成闲置的土地对公司的影响不大。同时，金地集团目前持有现金186亿元，新购土地不需要动用银行贷款。不过，一直宣称今年将积极拿地的金地至今在土地市场仍没有动作。金地集团相关人士称，随着土地市场的回暖，公司相中的土地已经没有合适的价格，金地集团下一步将秉持理性的投资态度，积极争取有较高安全边际和投资收益的优质土地资源。

Ltd.gemdale corporation(600383,Shares it)said，By the end of 2011，The company land reserves reached 15.374 million square meters，Take place to opening，The average gold base period is 12 months or so。therefore，The ministry of land and resources requirement by Pope cleaning extended 1 year start not constitute idle land on the impact of the company is not big。At the same time，Ltd.gemdale corporation currently hold cash 18.6 billion yuan，The new purchase land don't need to use a bank loan。but，Having been declared this year will actively take the gold base so far in the land market is still no action。Ltd.gemdale corporation relevant personage says，Along with the land market thaw，The company in the phase of land has not the right price，Ltd.gemdale corporation the next step will uphold the rational investment attitude，Actively strive for a higher margin of safety and investment income of high quality land resources。

　　雅居乐集团表示，集团一直采取审慎积极的购地策略，购买土地的资金主要来源于自有资金，在财务稳健的情况下考虑购入价格合理、地点优越及具发展前景的地块，致力维持可持续发展的土地储备。

This column music group said，Group has been taken cautiously positive purchase strategy，Buy land funds mainly come from their own funds，In the financial steady cases consider buying the price is reasonable、Location is superior, and provides the development foreground of the block，To maintain sustainable development of land reserve。

　　分析人士表示，国务院派出督查组开展督查活动以及国土部严格房地产用地管理的要求有利于催促开发商加快去库存。世联地产(002285,股吧)首席分析师吴志辉对中国证券报记者表示，国土部强调严格实施竞买人资格审查，落实不得使用银行贷款缴交土地出让价款的规定。这意味着开发商必须使用自有资金购买土地，将促使开发商加快处理手中的存货，房价上涨的趋势有望得到抑制。

Analysts said，The state council DuZhaZu sent to carry out supervision activities and land real estate department strict land management requirements to urge developers accelerate to inventory。The world union real estate(002285,Shares it)WuZhiHui chief analyst on China's stock certificate report reporter said，Land department emphasizes the strict implementation of the bidder credentials，Carry out bank loans shall not be used for land transfer price regulations。This means that developers must use their own funds to buy land，Will enable the developers to speed up the processing in the hands of inventory，House prices rising trend is expected to be suppressed。

　　也有分析人士表示，如果近期土地市场继续回暖，不排除此轮督查组督查之后中央出台新的调控政策。同策咨询研究中心总监张宏伟表示，如果土地市场正在酝酿类似2009年-2010年的复苏行情，这极有可能使市场走向出现偏差，或将导致楼市调控政策由当前的定向“微调”转为再度有针对性强化。

Also analysts said，If recent land markets continue to milder，Don't exclude the wheel DuZhaZu after protecting central introduce new regulation policy。With strategy consulting research center director ZhangHongWei said，If the land market is brewing similar to 2009-2010 years of recovery market，This is likely to make the market to appear deviation，Or will lead to the property market regulation and control policy by the current orientation“fine-tuning”To strengthen again targeted。