In just over 20 years, real estate companies have developed rapidly into an astonishing scale, and Hengbiwan has more than 500 billion yuan in revenue and more than 50 billion yuan in profits.
Now, suddenly, we find that there is something wrong with it. So, where is the root of the problem?
The real problem is that real estate companies are a really inefficient industry.
Of course, it is not that the operation and management efficiency of real estate enterprises themselves is low, their management is very efficient, and "high turnover" is also known throughout the country.
The inefficiency of the real estate industry is that it uses 20-30% of the money to create less than 10% of GDP.
Data show that the real estate industry accounts for the proportion of the total source of funds in place for fixed asset investment in the whole society, in the range of 22% to 30%, there is a trend of increasing year by year, and the contribution rate of the real estate industry to the national economy in 2020 is 7.34%.
Some people say that real estate can also promote the development of construction and other related industries, and many industries, this proposition is a false proposition, because all industries are related.
Another problem is that the financing cost of the real estate industry has always been very high, averaging about 7%, and the relatively high housing enterprises are as high as 13%. However, the profits generated by real estate companies are only about 10%.
So, in essence, real estate enterprises work for capital, and the money earned is given to the owners of capital. All real estate companies continue to raise funds and build houses, but the money is never exhausted, and the more they borrow, the more they borrow.
So, what is the root of the problem?
Therefore, the high leverage and low efficiency of funds are the essence of the problem, or the original sin of real estate enterprises.
What do you think?