本报见习记者 王丽新

Our newspaper reporter WangLiXin apprentice

　　“楼市预期改变之时，房企往往要推出好的房源借势提价，这是开发商一贯的营销策略。不过，今年下半年这种情况可能更加突出，因为多家企房上半年净利率和毛利率下滑。对开发商及其投资者来说，这意味着掘金空间被压缩，利润隐忧凸显。”一位市场分析人士向本报记者表示，“因此，部分房企下半年在营销策略上可能更加注重提升利润空间，例如收窄降价空间，取消打折优惠活动，甚至保价提价以拉升其利润水平”。

“The property market is expected to change when the，Room enterprises tend to launch good availability taking advantage of price increase，This is the developer consistent marketing strategy。but，The second half of this year the situation may be more prominent，For several enterprises in the first half of the room net interest rates and gross profit margin decline。The developers and investors，This means that the nuggets space compressed，Profit malaises highlight。”A market analysts to our reporter said，“therefore，Part of the room in the second half of the enterprises in the marketing strategy may pay more attention to improve profits space，For example narrow price cut space，Cancel the discount activity，Even the price valuation to pull to rise the level of return”。

　　据同花顺(300033,股吧)iFinD统计数据显示，截至8月19日，沪深两市共有61家上市房企发布2012年上半年中期业绩报告，其中，30家净利润同比下滑，包括招商地产(000024,股吧)。除此之外，与沪深上市房企一样，内房企也出现了营收下滑，利润下滑和库存增长的局面，包括企富力地产，雅居乐地产和SOHO中国。

According to the straight flush(300033,guba)IFinD statistical data display，As of August 19,，Shanghai and shenzhen two city a total of 61 listed room by enterprises in the first half of 2012 the medium-term performance report，the，30 net profit year-on-year decline，Including investment real estate(000024,guba)。In addition，And Shanghai and shenzhen listed room as enterprises，Inside room enterprises also appeared revenue decline，Falling profits and inventory growth situation，Including FuLi real estate enterprises，This column music property and SOHO China。

　　对此，多家房企已经开始寻找利润增长点，借势市场回暖后“保价”的销售策略，通过多元化布局，以及加大自持物业等方式实现转型。

this，Several room enterprises have begun to looking for the growth point for profit，Taking advantage of the market after the milder“valuation”Sales strategy，Through the diversification layout，And strengthening self sustaining property, etc. To realize transformation。

　　多家房企增收不增利 Several room enterprises' income not ZengLi

　　从目前披露的数据看，上半年，多家房企的业绩出现增收不增利的现象，甚至部分房企营收与利润双降，比如滨江集团(002244,股吧)。

From the current disclosure of data to see，In the first half of，Several room the performance of enterprises' income not appear ZengLi phenomenon，Even some room to revenue and profit double drop，Such as riverside group(002244,guba)。

　　值得一提的是，中海地产以67.9亿元净利蝉联最赚钱上市房企，比万科超出30.6亿元。据汇丰银行分析，中海上半年平均销售价格同比增长12%，而土地成本仅占售价20%，使其达到近41%毛利率、27%净利率。此外，龙湖地产上半年合同销售达人民币174.6亿元，核心溢利增长72.1%至人民币33.5亿元。

Be worth what carry is，China real estate with 6.79 billion yuan net profit ranked most profitable enterprises listed room，Vanke than more than 3.06 billion yuan。According to HSBC bank analysis，In the first half of the average sales price year-on-year growth of 12%，And the land cost accounts for only 20% of the price，Make it reached nearly 41% gross profit margin、The net interest rate of 27%。In addition，Longhu real estate sales contract in the first half of 17.46 billion yuan，The core of profits increased by 72.1% to 3.35 billion yuan。

　　不过，这两家房企的高盈利并不是普遍现象。数据显示，万科上半年虽然净利润同比大增25%，但毛利率、净利率分别同比下降5.6%、2.2%。而龙头中最典型的保利和招商净利率情况也并不理想，两家上半年净利率都同比下跌6%。其中，保利上半年销售额虽然同比增27.5%，但净利润同比大跌12%至24.55亿元；招商上半年销售额大增136%至161亿元，净利润也大跌16.9%至12.2亿元。

but，The two room enterprise of high profit and not common phenomenon。Data display，In the first half net profit year-on-year vanke although increased 25%，But gross profit margin、The net interest rate of 5.6% year-on-year drop respectively、2.2%。And the most typical leading poly and investment promotion net interest rate of the situation is not ideal，Two in the first half net interest rates are down 6% year-on-year。the，In the first half year-on-year poly sales although increased by 27.5%，But net profit year-on-year drop 12% to 2.455 billion yuan；In the first half of the investment promotion sales soar 136% to 16.1 billion yuan，Net profit also plunged 16.9% to 1.22 billion yuan。

　　此外，据链家地产市场研究部统计数据显示，中海、富力、雅居乐和SOHO中国四家标杆内房企上半年营收合计421.1亿元，同比下降4.5%；利润合计108.2亿元，同比下降7.18%。其中，SOHO中国利润下滑幅度最为严重，同比骤降65%；富力地产利润同比下跌35.08%。显然，这意味着标杆内房企的营收和利润也出现了下滑现象。

In addition，According to the chain home real estate market research department statistics show，China、FuLi、This column SOHO China and four in the post room enterprise revenue in the first half of the total is 42.11 billion yuan，4.5% year-on-year drop；Profit total 10.82 billion yuan，7.18% year-on-year drop。the，SOHO China profit decline amplitude is most serious，Fell by 65% year-on-year；FuLi real estate profits fell 35.08% year-on-year。obviously，This means that the enterprises in the post room revenue and profit has also suffered a drop phenomenon。

　　对此，有业内人士表示，净利润上涨虽然表示盈利增加，但净利率和毛利率下跌，则从另一个侧面说明企业利润被摊薄，反映了一个企业的赚钱能力在下降。

this，The personage inside course of study says，Net profit rose although said profit increases，But net interest rates and gross profit margin fell，From another side is that corporate profits to be diluted，Reflects an enterprise's earning power in decline。

　　链家地产市场研究部常清则认为，受调控政策的影响，房企主动降价让利，争取快速回笼资金是其利润下滑的主要原因。此外，土地和建筑成本上涨也侵蚀了房企利润。

Chain home real estate market research is considered a temperamental predominance，By the influence of the regulation and control policy，Room to active price cuts and benefits，For rapid withdrawal of funds is the main reason for the decline its profit。In addition，Land and building cost rise has also eroded the room enterprise profit。

　　此外，有分析人士向记者表示，调控之后，不少房企抱团取暖，合作项目的增多也摊薄了房企的利润。

In addition，Have analysts told reporters，Regulation after，A lot of room to BaoTuan heating，The increase of cooperation projects also diluted the room enterprise profits。

　　寻求新的利润增长点 Seek new profit growth point

　　据链家地产市场研究部统计，中海、富力、雅居乐和SOHO中国四家内房企的持有现金合计551.4亿元，与年初相比增长18.62%；短期负债合计305.4亿元，与年初相比增长17.14%；投资物业合计为498.4亿元，年内上涨8.94%。

According to the chain home real estate market research statistics，China、FuLi、This column and SOHO China's four domestic room to hold cash amounted to RMB 55.14 billion in total，Compared with the early growth of 18.62%；Short-term debt amounted to RMB 30.54 billion in total，Compared with the early growth of 17.14%；Investment property amounted to RMB 49.84 billion，Year rose 8.94%。

　　对此，有业内人士向记者表示，房企目前现金状况得到缓解。在开发商手持大量现金情况之下，以价换量，现金为王的销售策略已经过时。接下来，多数项目成本价入市和新盘低开入市的情况将大幅减少。借势市场回暖预期，房企保价和小幅提价是其提升利润空间的主要策略之一。

this，The personage inside course of study to reporters，Room enterprises at present cash situation ease。In the developers with large amounts of cash circumstances，To price in quantity，Cash is king sales strategy have been out of date。The next，Most of the project cost price entering the market and XinPan low open the market situation will sharply reduce。Taking advantage of market milder expected，Room enterprise valuation and small price increase is its improve profits space is one of the main strategy。

　　对此，同策咨询研究中心总监张宏伟也认为，在这样一个特殊的市场转型阶段，房企不必过急于上调下半年销售业绩指标进一步扩大规模，追求量上的增加，而将在质上也就是利润率上做文章。

this，With strategy consulting research center director ZhangHongWei also think，In such a special market transition stage，Room enterprises don't have to rush to increase sales in the second half of the performance index to further expand the scale，The pursuit of quantity increase，And in quality is the make an issue of on profit margins。

　　据消息人士向记者透露，部分房企内部高层已经认为自己上半年卖亏了，称要在三四季度的产品销售上采取保价提利的策略。

According to insiders revealed to reporters，Part of the room to internal high-level have think they sell in the first half of the lost，Says to want to be in the three or four quarters of product sales take valuation tiria strategy。

　　值得注意的是，手握大量现金的房企势必会寻求新的盈利增长点而加大投资。除了抄底土地市场的常规投资外，还有一些房企将目光瞄向了国外旅游地产，或者开发，或者干脆只做投资。

It is important to note that，Holding a large amount of cash room enterprises will seek new profit growth point and increase investment。In addition to copy the bottom of land market of conventional outside investment，There are some room enterprises will be an eye on foreign tourism real estate，Or development，Or simply only do investment。

　　除此之外，传统专注做住宅产品的房企在向商业地产转型，传统做商业地产的房企向加大自持力度转型。日前，SOHO中国就计划将开发-销售的商业模式转型为“开发-自持”的商业模式。

In addition，The traditional focus do residential product room to commercial real estate enterprises in transition，The traditional commercial real estate enterprises do the room to increase the self sustaining power transformation。a，SOHO China program will develop - sales business model for transformation“Development - self sustaining”Business model。

　　对此，SOHO中国董事会主席潘石屹向媒体表示：“告别散售，转型后的SOHO中国将是北京上海优质商业物业的最大拥有者，SOHO还将是上海外滩上最大的业主。公司目前拥有150亿资金，净负债率仅为20%，将使公司有能力完成此次具有历史意义的转型，并有能力在未来获得更多商业机会。今天，我们不但要把土地变成房子，还要将升值延续下去。”

this，SOHO China's board of directors chairman Mr Pan said to the media：“Farewell bulk sale，After the transformation of the SOHO China will be Beijing Shanghai quality commercial property owners the biggest，SOHO will also is the bund largest owner。The company currently has 15 billion funds，Net ratio is only 20%，Will make the company has the ability to complete the historic transformation，And have the ability to get more business opportunities in the future。today，We not only to put the land into the house，And he will continue appreciation。”

　　常清进一步表示，在住宅地产调控短期内难以松动的预期下，内房企加大商业物业自持力度，或会对其他房企产生引导。

Further said temperamental predominance，In residential real estate regulation in the short term is difficult to loose the expected，Inside room to increase commercial property self sustaining efforts，Or will to the other room to produce guide。

　　分析人士称，上半年多家上市房企增收不增利，下半年开发商将注重提升利润空间

Analysts say，More than in the first half of the listed room enterprises' income not ZengLi，In the second half of the developers will pay attention to improve profits space